عنوان مقاله [English]
According to agency theory, ownership structure play important role in guiding opportunistic behavior by managers. In this study, will be examined various forms of ownership structure including managerial and institutional ownership structure and their effect on the relationship between free cash flow and efficient use of assets. Therefore, the data related to the companies listed in Tehran Stock Exchange for the period 1384 to 1390 were extracted and the combination regression model were used to test the hypothesis. The results show that there is significant positive relationship between of free cash flow, managerial ownership and efficient use of assets but, the relationship between institutional ownership and asset utilization was not confirmed. Also, the results show that with managerial ownership increases, the relationship between free cash flow and efficient use of assets is more negative and meaningful. Managers willing to invest free cash flows in projects with personal gain and did not follow the foreseen procedures and even ignore negative net present value projects. Total investment of some activities may have a positive ROI, but ROI is less than the cost of capital.