تاثیر ارزشیابی نادرست بر تصمیمات سرمایه گذاری شرکت های پذیرفته شده در بورس اوراق بهادار تهران

The purpose of this research is to examine the effect of stock market misvaluation on firm’s investment decisions. stock market misvaluation is a condition in which the value of stock in the capital market is different from its fundamental value. statistical population of this research includes all companies listed on tehran stock exchange and statistical sample includes of 100 tehran stock exchange manufacturing firms over the period 1381-1390. panel data for these firms are analyzed using gls regression model with fixed effects. the results show that the non-fundamental element of stock value has a positive and significant impact on the firm’s investment. moreover, thee results indicate that the market value of stocks in tehran stock exchange provide information for managers relating to the firm’s investment decisions.