The source of information for most of the capital market actors is the financial reports published by the companies, which are periodically made available to the public and are the basis for the decisions of potential and actual investors to buy and sell and invest in the stock market. The purpose of this research is to investigate the relationship between managerial ability and competition in the product market with investment behavior. The statistical research population of companies admitted to Tehran Stock Exchange and the studied sample includes 152 admitted companies during the years 1397 to 1401. The research method is descriptive and in terms of the relationship between variables, it is a combination of correlation, and it is practical in terms of purpose. The regression method and panel data as well as the fixed effects model were used to process and test the hypotheses. The results obtained from the analysis of the hypotheses show that managerial ability has a positive and significant relationship with investment behavior and competition in the product market has a positive and significant relationship with investment behavior at the 5% error level.