期刊名称：International Journal of Finance and Accounting
印刷版ISSN：2168-4812
电子版ISSN：2168-4820
出版年度：2014
卷号：3
期号：4
页码：266-275
DOI：10.5923/j.ijfa.20140304.06
语种：English
出版社：Scientific & Academic Publishing Co.
摘要：This study investigated the moderating effect of institutional ownership on the relationship between free cash flow and assets efficiency in Tehran Stock Exchange over the period 2008-2012. The results showed that there is a significant and negative relationship between free cash flow and asset efficiency. It means that in those firms which have a high level of free cash flow, managers are opportunists. Therefore, it caused to decrease in asset efficiency and increase in agency costs. The evidence showed that institutional ownership has not a meaningful moderating effect on the negative relationship between free cash flow and asset efficiency; it means that institutional ownership could not monitore the use of the firms' assets. Those firms which have a high level of free cash flow and high level of institutional ownership, have not experienced high level of asset efficiency and low level of agency costs.
