Providing a Model to Determine the Relationships Between Social Capital, State Ownership, and Investment Efficiency in Companies Listed on the Tehran Stock Exchange
Keywords:
Social capital, state ownership, , financial constraints, investment efficiencyAbstract
Trust and social capital have always played a key role in human institutions and hold vital importance for the growth and survival of companies. The present study was conducted with the aim of providing a model to determine the relationships between social capital, state ownership, and investment efficiency in companies listed on the Tehran Stock Exchange. In terms of purpose, the overall research approach is applied; in terms of nature, it is correlational; and in terms of type, it is fundamental–empirical. Listed companies, due to the reliability and comparability of their data, were defined as the statistical population, from which 130 companies were selected using the systematic elimination method over a 7-year period (2017–2023). After analyzing the assumptions, the relationships between the variables were evaluated using pooled linear regression based on panel data analysis with fixed effects. The findings of this research indicated that social capital has a positive and significant effect on the level of companies’ investment efficiency. Social capital has positive, positive, and negative significant effects on investment efficiency, overinvestment, and underinvestment, respectively. The variables of state ownership and financial constraints have a negative and significant effect on investment efficiency. In addition, financial constraint, as a moderating variable, influences the relationship between social capital and company efficiency. Finally, state ownership, as a moderating variable, affects the relationship between social capital and company efficiency.
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Copyright (c) 2025 Seyyed Hamidreza Mohtashmian, Hassan Ghodrati, Meysam Arabzadeh, Hossein Jabbari (Author)
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