The Mediating Effect of Information Asymmetry and Agency Costs on the Relationship Between CSR and Investment Efficiency

The purpose of the present study is to investigate the relationship between corporate social responsibility and investment efficiency with particular emphasis onthe mediating role of agency cost and information asymmetry in a sample of 121firms listed on the tehran stock exchange during the time period from 2012 to2017. the research hypotheses are tested using multivariate regression analysisbased on panel data and eviews software. the results indicate that corporate socialresponsibility is negatively correlated with investment inefficiency. in other words, corporate social responsibility leads to reduced investment inefficiency.also, information asymmetry plays a mediating role in the relationship between corporate social responsibility disclosure and underinvestment, whereas the variable of agency cost mediates the association between corporate social responsibility disclosure and overinvestment.