M.A. Thesis:

Corporate social responsibility, investment efficiency of Mediating role of information asymmetry and agency costs

The main objective of this research is to examine the relationship between Corporate social responsibility, investment efficiency of Mediating role of information asymmetry and agency costs among listed companies in Tehran Stock Exchange. In this research, investment efficiency was considered as the dependent variable and corporate social responsibility as an independent variable. Also, information asymmetry and representation costs were mediator variables. To collect the data needed to measure the variables of research, 123 companies were selected as the statistical sample for the 6-year period from 2011 to 2016. Data analysis in this study was carried out using data panel regression and cobined regression method with EViews software. The results of analysis of research hypotheses at 95% confidence level showed that corporate social responsibility reduces inefficiency of investment. Information asymmetry has no mediating effect on the relationship between corporate social responsibility and low investment. Representative costs do not have a mediating effect on the relationship between corporate social responsibility and more investment. Research results indicate that social responsibility can lead to increased investment efficiency But that information asymmetry and agency costs do not affect the relationship between corporate social responsibility and investment. This may be due to inappropriate structures of corporate governance and capital markets in Iran.

Keywords: Information asymmetry, Corporate social responsibility, Investment efficiency, Representation cost