Determination of influential financial factors on cash holdings of Listed Companies In Tehran Stock Exchange

Cash is a vital and important resource of each economic unit. Making balances between existing cash and cash demands is one of the most critical factors of economic health and continuing operations of commercial units. The aim of this research is to investigate the effective factors on cash held by the firms. To obtain this goal the sample data set is gathered from firms in the stock market in the period of ۵ years (from ۱۳۸۷ to ۱۳۹۱). In order to answer to research questions, ۶ main hypothesis was developed and to test hypothesizes multivariable regression by merging different data sets is used. The research result shows that between financial leverage, Potential liquidity assets, ratio of long term debt to assets and cash held there is a negative significant correlation; between standard deviation of cash arising from operating activities, the growth opportunities and cash held there is a significant positive correlation. In the firms which they Ultimate Controller are public or semipublic sectors, there is a significant positive correlation between the ultimate shareholders and cash held. In contrast, in the firms which they Ultimate Controller are individuals there is a significant negative correlation between the ultimate shareholders and cash held. In addition, there is no significant correlation between profitability, firm sizes, different between debtors of a period and payment of creditors, relation with Financial Institutions, opportunity costs, cash flows and cash held.

کلیدواژه ها:

Cash held ، ultimate shareholders ، financial leverage ، Potential liquidity assets ، and profitability. ، نگهداشت وجه نقد ، سهامداران نهایی ، اهرم مالی ، قابلیت نقد شوندگی دارایی ها ، سودآوری