M.A. Thesis:

The moderation effect of debet and dividend on the overinvestment performance relationship

The main purpose of this study is to determine the effect of debt adjustment and dividend distribution on the relationship between overinvestment and company performance in the Tehran Stock Exchange. Efficient investment is a very important responsibility of the company manager, so that making investment decisions is a stimulus for future cash flows, company performance and ultimately the final evaluation of the company. If the company's investment is inefficient, the company's resources are not allocated optimally and have a detrimental effect on the interests of shareholders. This research was conducted for a period of 5 years in the years 2014 to 2018. In this study, firm growth and firm size have also been used as control variables. Sample data of the studied companies were analyzed by analyzing their availability by classifying them using Excel software and analyzing them using Ives software. The research results showed; There is a positive relationship between overinvestment and corporate performance and this relationship is also significant. Since the investment efficiency criterion and its model have been used as an independent variable, so the same relationship was expected, so that with the increase of investment efficiency in fixed assets, the performance of listed companies increases. Debt and dividends also negatively moderate the relationship between overinvestment and corporate performance.

Keywords: Debt - profit sharing - overinvestment - company performance