رضا باقری

In the current research, the effect of overconfidence of board members on the company's investment efficiency has been investigated with regard to the moderating role of members' ability among companies admitted to the Tehran Stock Exchange. For this purpose, at first, the effect of board members' overconfidence on the investment efficiency of companies was investigated, and then the moderating role of managers' ability on the effect of their overconfidence on the investment efficiency of companies was analyzed. Also, the effect of the variables of company size, financial leverage, operating cash flows, company growth, tangible assets, profitability, discretionary accruals, board independence, board size and ownership concentration were controlled in regression models. The current research is in the descriptive-correlational research group in terms of its practical purpose and data collection method. Also, in order to select the sample size, the systematic exclusion sampling method (screening) was used, and according to the considered conditions, finally, ۱۳۳ companies were selected in the seven-year period between ۱۳۹۴ and ۱۴۰۰ (a total of ۹۳۱ years). company) were analyzed. To check the hypotheses, multivariate regression methods were used using Eviews۸ software and using consolidated data method. The results obtained in this study show that the overconfidence of board members has an inverse and significant effect on investment efficiency. But the ability of board members does not moderate the effect of managers' overconfidence on investment efficiency.

Key words: managers' overconfidence, managers' ability, investment efficiency.