Maryam Nouri - Department of Accounting, Damghan Branch, Islamic Azad University, Damghan, Iran
Elahe Sarfi - Department of Accounting, Damghan Branch, Islamic Azad University, Damghan, Iran

The aim of this study was to investigate the role of moderator in the relationship between corporate governance, freecash flow and over investment in non-bankrupt company is listed on the Tehran Stock Exchange. To achieve thisgoal, five hypothesis is defined. To test the hypothesis, a sample of non-bankrupt firms listed securities Tehran duringthe years 1389 to 1393 the number of 129 companies (645 years - the company) was selected. In order to analyze thedata, linear regression models using ordinary least squares (OLS) is used in analytical software EViews 8. . The resultsindicated that institutional ownership on the relationship between free cash flow and over investment is significant andnegative impact, but other components of corporate governance, including managerial ownership, board size, boardcomposition and ownership is a major, significant impact on the relationship between free cash flow and no overinvestment.

corporate governance, free cash flow, over investment