THE EFFECT OF INSTITUTIONAL INVESTMENT ON COMPANY CHARACTERISTICS AND STOCK SELECTION IN THE PORTFOLIO OF TEHRAN STOCK EXCHANGE COMPANIES

Abstract The aim of this study was to investigate the effect of institutional investment on the characteristics of the company and the selection of growth stocks and the selection of value stocks in the portfolio of companies on the Tehran Stock Exchange. The statistical population of this study is the companies listed on the Tehran Stock Exchange during the years 1389 to 1396. In this research, systematic sampling method has been used. The results showed that institutional investment has a significant effect on the characteristics of the company and the selection of growth stocks and the selection of value stocks in the portfolio of companies on the Tehran Stock Exchange. That is, out of 10 hypotheses studied in this study, 3 cases of regression coefficient have a negative sign, ie institutional investment has an adverse effect on 3 characteristics of the company and the selection of growth and value stocks, but the other 7 hypotheses have a positive sign regression coefficient, ie institutional investment. It has a direct effect on the characteristics of the company and the selection of growth and value stocks.