Imam Hossein University Budget and Finance Strategic Research 2717-1809 3 3 2022 12 22 managements overconfidence and efficiency of investment decisions and financing managements overconfidence and efficiency of investment decisions and financing 135 167 207719 FA Aiat Allah Ebrahimi Assistant Professor, Islamic financial management department, management and economics faculty, Imam Hossein comprehensive University, Tehran, Iran 0009-0008-9264-0983 Mohammad Solgi management departmenAssistant Professor, Department of Islamic Financial Management, College of Management and Economy, Imam Hossein University, Tehran, Iran 0000-0002-7652-6805 Armin Vojoudi Nobakht PhD student, Imam Khomeini International University 0000-0003-2294-4494 Majid Mosavi M.A of Program and Budget Manager. Imam Hussein Comprehensive University, Tehran, Iran 0009-0006-7725-5652 Journal Article 2022 04 04 Overconfident managers overestimate the probability and impact of favorable events on the company's cash flows and evaluate it for negative events less than reality. The characteristic of overconfidence in managers affects the way profit and loss are and the book value of assets and liabilities recognized. Financing and investment strategies are the two basic strategies in the field of financial management of an enterprise that the manager must decide. Therefore, the purpose of this study is to investigate the relationship between managers' uncertainty, domestic financing and investment efficiency in companies listed on the Tehran Stock Exchange. To test the research hypotheses, multiple linear regression model based on panel data has been used. The results of the survey of 140 companies listed on the Tehran Stock Exchange during the period 2013 to 2019 indicate that there is a positive and significant relationship between managers' overconfidence and the efficiency of investment and domestic financing. In fact, when managers were overconfident, there was too little investment. In addition, the research findings show that there is no significant relationship between managers' overconfidence and low investment. Overconfident managers overestimate the probability and impact of favorable events on the company's cash flows and evaluate it for negative events less than reality. The characteristic of overconfidence in managers affects the way profit and loss are and the book value of assets and liabilities recognized. Financing and investment strategies are the two basic strategies in the field of financial management of an enterprise that the manager must decide. Therefore, the purpose of this study is to investigate the relationship between managers' uncertainty, domestic financing and investment efficiency in companies listed on the Tehran Stock Exchange. To test the research hypotheses, multiple linear regression model based on panel data has been used. The results of the survey of 140 companies listed on the Tehran Stock Exchange during the period 2013 to 2019 indicate that there is a positive and significant relationship between managers' overconfidence and the efficiency of investment and domestic financing. In fact, when managers were overconfident, there was too little investment. In addition, the research findings show that there is no significant relationship between managers' overconfidence and low investment. https://fbarj.ihu.ac.ir/article_207719_e048bfc0a5d7b15964fd30d325c3c5a9.pdf