THE EFFECT OF COMPETITION CRITERIA (MEASURES) IN THE INDUSTRY ON THE LEVEL OF INVESTMENT OF THE COMPANY LISTED ON THE TEHRAN STOCK EXCHANGE

Considering developments in the developing countries, adaption some strategies for better use of resources and God-given resources to solve the economic problems of the utmost importance. In this regard, one of the main strategies is the expansion and development of investment. The aim of this study is to investigate the relationship between the investment in company and competition in the industry. The statistical population consists of all companies listed on the Stock Exchange Tehran from 1389 till 1393 [in Persian date] that 129 companies were selected as sample. Using multivariate regression, panel data model and estimated generalized least squares estimator (EGLS) the developed hypotheses were tested. The results show a significant and direct relationship between the Herfindahl-Hirschman index and entrance fees to industry with investment of firms listed in the Tehran Stock Exchange; there is a significant and reverse relationship between market size in industry and investment in companies listed on the Tehran Stock Exchange. But there is no significant relationship between the number of companies of industry and concentration ratio in the industry with investment in companies listed on the Tehran Stock Exchange. In general results of the survey show that the increased concentration and monopoly in the industry, increases the investment and competition in the industry will be accompanied by a reduction in investment of companies.