Abstract

The reporting and accounting system of companies which isimpressed by their company governing, is under the influence of company possession. Therefore State-owned companies Due to special conditions (political relationship with the state), Tolerate Lower costs. The purpose of this research Investigate the relationship sensitivity of investment to internal Financing and borrowings in firms political and non-political. Data used included sample consisted of 103 accepted firms In Tehran Stock Exchange, during the the years 1382 to 1390. For data analysis and hypotheses test, of multivariate linear regression model the method of pooled data Used. The results of the research test the hypotheses show that, non-political companies, have been faced with limitation in providing financial resources and their budget shortage is compensated through cash financial resources and a part of which, is provided through financial resources obtained by sale. So, the sensitivity of investment to internal financial resources in these companies is high. But since political companies have more easier access to external financial resources, they give forth more debt and hold less amount of funding. Therefore, the sensitivity of investment to internal financial resources in these companies is reduced.