تاثیر ساختار مالکیت بر ارتباط بین جریان‌های نقد آزاد و استفاده بهینه از دارایی‌ها

According to the agency theory, ownership structure plays an important role in leading opportunistic behavior by managers. in this study, we examine various forms of ownership structure including managerial and institutional ownership structure and their effect on the relationship between free cash flow and efficient usage of assets. we use data for to the companies listed in tehran stock exchange during the period 1384 to 1390 and the combination regression model to test the hypothesis. the results show that there is a significant positive relationship between free cash flow, managerial ownership and efficient usage of assets. however, the relationship between institutional ownership and asset utilization was not confirmed. also, the results show that when managerial ownership increases, the relationship between free cash flow and efficient usage of assets becomes more negative and meaningful. managers are willing to invest free cash flows in projects with personal gain and did not follow the foreseen procedures and even ignore negative net present value projects. some of investment activities may have a positive roi, but this roi is less than the cost of capital.