M.A. Thesis:

The impact of free cash flow ٫ equity concentration and agency costs on firm s profitability

Assessing the performance of companies, evaluating the overall financial situation and the results of operations in order to make logical decisions. One of the most important issues for investors, creditors and, in general, domestic and external decision makers of companies is the issue of evaluating corporate performance. This study examines the relationship between free cash flow, equity concentration, representation costs and profitability. This research was conducted for a 5-year period between 91 and 95 years in listed companies. In this study, financial leverage and company size have also been used as a control variable. The results of the research showed that there is a negative and significant relationship between the concentration of ownership of the owner and the cost of representation, but between the cash flow Free and cost of representation is a positive and significant relationship. Also, there was a positive and significant relationship between the cost of corporate representation and performance (return on assets). The cost of representation as one of the tools to reduce the conflict of interests between managers and shareholders will improve the performance and profitability of the company .

Keywords: Equity Focus, Free Cash Flow, Representation Cost, and Profitabil