Role of Changes in Expected Cash Balance on Firm’s Future Performance

This paper empirically examines effect of changes expected cash balances on future performance . the main findings include : ۱) higher deviation are associated with lower future return on assets (ROA) ; ۲) the effect deviation on future ROA , is statically significant ; ۳) deviation of expected cash balance on future ROA increases as the size of deviations increases . for implement research uses of ۲۱ industry active on exchange Tehran on period ۱۳۸۳-۱۳۸۷ , that include ۹۲ firms . Research use of panel data method . The findings indicate that deviation of cash balance influence on future ROA . And the aforementioned association is found in both positive and negative deviations ; the effect of negative deviation on future ROA is stronger than that of positive deviation . The paper also concludes the size of deviation are significantly effect on future ROA but deviation of expected cash balance , not significantly influence on future return on operating assets (RNOA) .    

کلیدواژه ها:

Expected cash balances ، Future ROA ، Net of financing ، Asset volatility ، وجه نقد مورد انتظار ، بازده آتی دارایی ها ، نوسان پذیری دارایی ها ، بازده آتی دارایی های عملیاتی .