جستجوی مقالات مرتبط با کلیدواژه "cash holdings" در نشریات گروه "علوم انسانی"

According to the 22 selected features (which are checked during the research) with machine learning methods, this study predicts the cash holding of companies admitted to the Tehran Stock Exchange. 201 companies were investigated from 1396 to 1400. Multiple linear regression, K-nearest neighbor, support vector regression, decision tree, random forest, extreme gradient boosting algorithm and multilayer neural networks are used for prediction. The results show that the multiple linear regression methods provide the k-nearest neighbor of the root mean square error (RMSE) and the mean absolute error (MAE) of the high error. Meanwhile, more complex algorithms, especially support vector regression, achieve higher accuracy; The findings indicated that by reducing to 15 variables, machine learning methods, especially K-nearest neighbor, provided better results. Based on the paired sample t-test, support vector regression has a better performance than other supervised machine learning algorithms except decision tree. Also, the most important variables were company size and capital expenditures (CapEx). The World Uncertainty Index and inflation were also relatively important variables; Therefore, by using the support vector regression algorithm, we may predict the amount of cash to a significant extent.

The main purpose of this research is to investigate the impact of capital structure and the amount of cash retention on audit fees. In this regard, the debt ratio is used to measure the capital structure, and the ratio of cash plus short-term investments to the book value of the company's assets is used to measure the level of cash retention. For this purpose, a sample consisting of 1625 companies admitted to the Tehran Stock Exchange during the years 2008-2020 has been investigated using multivariate regression. The results of the research show that with the increase in the debt-based capital structure ratio, the control of external suppliers and creditors increases compared to the owners. Thus, with the increase of this ratio, the external creditor in order to reduce information asymmetry and conflict of interest has demanded an increase in transparency, more effort and seriousness of the audit work, which leads to an increase in auditors' fees. Also, the research results showed that keeping other factors constant, cash retention has a positive and significant effect on audit fees and reflects the fact that auditors react to different levels of companies' cash retention, which is one of the sources of agency costs.

Cash management policies have always been one of the most important financial policies in the process of managing companies. Considering the importance of cash management in companies and accounting standards, the presentation of the cash flow statement is considered one of the basic financial statements. Cash flows from operating activities indicate that the main and continuous operations and activities that generate the operating income of the commercial unit have led to sufficient cash flows to repay loans, maintain the operating capacity of the commercial unit, pay dividends, and make new investments. Various research has been conducted regarding the relationship between the sensitivity of cash holdings to cash flows. The results of some studies are also focused on the asymmetry of cash flows. However, investigating the effects of corporate governance mechanisms on the sensitivity of cash holdings under the condition of cash flow asymmetry is an issue that has not been investigated. Therefore, the purpose of this research is to investigate the sensitivity of cash holdings to asymmetric operational cash flows, considering the financial constraints and external supervision of institutional owners in companies listed on the Tehran Stock Exchange.

The statistical population consists of all the companies listed on the Tehran Stock Exchange during the Iranian calendar years 1393 to 1400 (2014 to 2022). The sample consists of 104 companies. To check the stationarity of the research variables, Levin, Lin, and Chu's unit root test was used, and to test the research hypotheses, the combined data regression method was utilized. Moreover, for the evaluation of the goodness of the proposed regression models, some necessary pretests were implemented.

The findings show that companies with higher operating cash flows hold more cash. Financial constraints and institutional ownership do not have a significant effect on the sensitivity of cash holdings to asymmetric operating cash flows. Results from control variables also indicate that the Tobin ratio and the size of the company have a positive and significant effect on cash holdings. However, no evidence was found of a positive influence of the debt ratio on the amount of cash holdings.

Findings indicate that the sensitivity of cash holdings to asymmetric operating cash flows is higher in companies with greater operating cash flows. This result may be due to the pursuit of future profitable opportunities or to reduce liquidity risk in the inflationary, unstable, and dynamic business environment of Iran. Other results show that financial restrictions and institutional ownership, contrary to expectations and existing literature, do not have a significant effect on the sensitivity of cash holdings to asymmetric operating cash flows. This lack of effect may be attributed to the presence of state ownership. The results underscore the need for further research in the future.

In recent years, in the financial literature, more attention has been paid to the level of cash holding of companies. So; Forecasting is important to determine the optimal level of cash holding. In this research, using linear and non-linear methods and 13 influential input variables, the amount of cash in 103 companies admitted to the Iran Stock Exchange during the years 2013 to 2021 has been predicted. The methods used include multiple linear regression (MLR), k nearest neighbor (KNN), support vector machine (SVM) and multi-layer neural networks (MLNN) for prediction. The results show that the traditional method of multiple linear regression has not been successful in predicting cash, but machine learning algorithms have been superior with an accuracy of 0.99. The variables of profit per share, the ratio of current assets to current liabilities and the ratio of short-term debt to total assets have had a greater impact in all algorithms. Therefore, managers can use advanced machine learning algorithms to predict the future cash flow of companies.

Cash management is one of the most important duties of company managers in order to maximize shareholder wealth. As both companies, having a financial deficit or/and an excess of cash, will face many problems due to poor (improper) cash management therefore investigation of (the amount of) cash holding deviation from the target, cash adjustable speed to the target level, and corporate factors influencing the adjustment speed are important and significant for company managers. So the main purpose of the study is to investigate the relationship between management skills and cash holding decisions focusing on cash holding adjustment speed to optimal mode and the partial adjustment mode is used.
The study is an applied researchs which is done by a corret approach and the required data are analyzed by combing data sets and ordinary least squares (OLS) regression from 2008-2018 in order to estimate the ratio of target cash.
The results indicate an inverse correlation between adjustment speed of cash holdings and managerial skills. Skillful managers can predict the possible future shocks better than cash flow and are able to determine the optimal level of cash holdings so that these managers with efficient liquidity management and peaceful relations with lenders or suppliers are better able to cope with poor cash flow, so it Will result in reduction of their motivation for raising the cash balance level.  Additionally, existence of subsidiary companies has no effect on the relationship between managerial skills and adjustment of cash holdings as managers in subsidiary companies transfer cash from low-growth companies in high-growth. And even in the financial crisis period they can make a good investment without any limitations, so in these companies there is a lower possibility to witness a decrease in the amount of cash adjustment after a high cash balance.

Deciding on resource adjustment costs in terms of efficient decisions or opportunistic behaviors of managers, on the other hand, the existence of liquidity in the company to meet the expectations of shareholders, increase the company's value or to promote the personal interests of managers, can be effect cost behavior and consequently dividend behavior.  Accordingly, the purpose of this study is to investigate the effect of cost stickiness on dividend stickiness with emphasis on maintaining the cash holdings of companies listed on the Tehran Stock Exchange. This research is applied in terms of purpose and correlation and post-event in terms of method. In order to test the research hypotheses, 154 companies were selected in the period 2013-2021 and analyzed using multiple regression models. The results showed that cost stickiness at the operational level has a significant positive effect and at the total cost level and at the industry level has a significant negative effect on dividend stickiness which indicates the ability to control and manage operating costs and the involvement of managerial decisions in adjusting resources using the main operations of production and sales of the company. The interaction effect of cash holdings with cost stickiness at the operational level, total costs and at the industrial level has a negative effect on dividend stickiness

Studies in the field of cash management have been conducted mainly in the framework of theories such as exchange theory, hierarchy and free cash flow. Analysts and Users of financial statements consider cash holding level as the economic health of firms. The purpose of this paper is to add another theory to cash management theories based on the concepts of stakeholder theory.According to stakeholder theory, firm's responsibility to employees and improving their productivity can affect company's financial policies, including cash holdings. This study is an applied research in terms of purpose and also in terms of the nature of a descriptive and correlation research .The research period is from 2010 to 2018. The findings of this paper show that human capital productivity has a positive and significant relationship with the level of cash holdings, That is, by increasing productivity at the level of manpower, companies are more inclined to hold cash.The empirical results concerning the correlation between cash holdings and productivity provide a reference for firms’ cash management policies.

Adequacy (efficiency) of investment is one of the most important issues in financial management. How to use the company's resources, especially internal funds, is an important decision in the conflict between shareholders and managers. By choosing the right combination of assets and liabilities, managers try to achieve the goal of maximizing the value of the company's stock. In this study, the effect of liquidity and financial leverage of the company on over-investment as well as the effect of firm size and company life cycle in this regard has been investigated. This study is an applied research in terms of purpose and a correlational study using generalized method of moments (GMM) in terms of nature. To test the research questions using systematic elimination method, a sample of 174 companies among the firms listed in the Tehran Stock Exchange during the period of 6 years in (2014-19) selected. The results showed that financial leverage has an adverse effect on over-investment and the effect of cash retention on over-investment is positive. Firm size and life cycle also affect the relationship between financial leverage and cash retention over-investment.

In the present study, the effect of economic value added on the level of cash holding and stock market value of stock exchange companies from 2009 to 2014 has been investigated. The research method is applied in terms of purpose and is post-event causal and descriptive-correlational. The statistical population of this research is 150 companies listed on the Tehran Stock Exchange. In order to collect information, accounting software, the site of Tehran Stock Exchange and Securities Organization were used. In order to analyze the data, data panel method and multiple linear regression were used using Eviews software. The results showed that there is a negative relationship between economic value added and the level of cash holding. There is also a positive relationship between economic value added and stock market value. In the present study, the effect of economic value added on the level of cash holding and stock market value of stock exchange companies from 2009 to 2014 has been investigated. The research method is applied in terms of purpose and is post-event causal and descriptive-correlational. The statistical population of this research is 150 companies listed on the Tehran Stock Exchange. In order to collect information, accounting software, the site of Tehran Stock Exchange and Securities Organization were used. In order to analyze the data, data panel method and multiple linear regression were used using Eviews software. The results showed that there is a negative relationship between economic value added and the level of cash holding. There is also a positive relationship between economic value added and stock market value.

The customer concentration can increase the cash input flow risk, the need to additional cash holdings and the risk of corporate future financial crisis, which could affect cash holdings level and cash holdings adjustment speed. The purpose of this study was to examine the effectiveness test of customer concentration on cash holdings adjustment speed in listed companies in Tehran Stock Exchange. In this regard, have been investigated 140 companies (980 firm-year observations) accepted in the Tehran Stock Exchange during the period from 2011 to 2017. In order to test the hypotheses of the research, has been used multiple linear regression model using combined data (panel method). The results of this research indicate that the customer concentration on cash holdings level and cash holdings adjustment speed hase positive and significant effect. In other words, in companies to major customer, cash holdings level and cash holdings adjustment speed have been higher. These results explainer the importance and effectiveness of the role the company major customers in increasing the cash holdings level and cash holdings adjustment speed.

Deciding to determine the amount of cash reserves of companies is one of the main issues in the financing literature. The main advantage of maintaining an optimal level of cash is to increase the company's ability to take advantage of valuable investment opportunities and avoid the high costs of out-of-company financing; Therefore, the main purpose of this study is to investigate the existence of the critical point of inflation and the optimal level of working capital management and its effect on the level of cash holdings of enterprises.

To achieve the purpose of the research, samples consisting of 100 companies listed on the Tehran Stock Exchange during the period 2008-2019 have been studied using the combined data method. In order to quantify the variable of working capital management of net working capital and to measure the variable of cash holding level, the ratio of changes in cash balance to total assets has been used. The inflation variable is measured by the consumer price index.

The results showed that with increasing inflation, the amount of cash held by business units increases and when inflation reaches a certain level, the amount of cash held by companies decreases with increasing inflation. The results showed that the critical point of inflation for Iranian companies is 16%; But companies with positive working capital have a higher tolerance threshold for inflation, and the critical point for inflation for them is about 19 percent. The results also showed that when working capital increases, the amount of cash held by business units increases, and when working capital reaches a certain level, the amount of cash held by companies decreases with increasing working capital. In other words, the relationship between working capital and the level of cash holdings is nonlinear and inverted U-shaped.

In general, the results showed that efficient working capital management can be a useful tool for managers that if well managed can play an important role in inflationary conditions for the level of cash holdings of business units and many benefits to business units.

Contribution: 

This study shows that the relationship between working capital with inflation and the level of cash holding is nonlinear.

The main concern of managers of economic entities is to choose the optimal capital structure and different ways of providing resources and financial expenditures to maximize shareholders wealth. Maximizing the company's wealth requires the optimal use of financial resources and the earning the returns and the selection of appropriate risk through the selection of favorable financial policies for the company. Undoubtedly, one of the most important factors influencing financial policies is financial flexibility. Financial flexibility indicates the ability of a company to equip financial resources to maximize the value of the company and adapt the capital structure to the needs arising from changing circumstances. The purpose of this study is to investigate the effect of the value of financial flexibility on the dividend policies of companies of listed companie in Tehran Stock Exchange. The statistical sample includes 112 companies in the period 2010 to 2019. To test the hypotheses, a multivariate regression model, with pooled data is used and stata software is employed to analyse the data. Findings indicate a significant and inverse effect of the value of financial flexibility on dividend policies of companies listed on the Tehran Stock Exchange. Higher levels of financial flexibility value; a decrease in cash dividends will lead to a tendency not to pay cash dividends and to hold larger amounts of cash. Therefore, companies with more financial flexibility encourage their shareholders to keep cash in the company, or management has a greater ability to limit dividend payments.

Cash is one of the most important needs of each unit to carry out activities because it can affect various factors and ultimately increase the company's activity and gain returns for shareholders. In this regard, the purpose of this study is to investigate the relationship between cash holdings, working capital and dividend payment with investment policies. This research is descriptive in nature and method and in terms of purpose, it is an applied research and since in the present study the current status of variables has been analyzed using past information through past information, it is in the category of descriptive studies. And post-event type is included. In the course of this research, three hypotheses were formulated and 110 companies were selected through sampling by systematic elimination method for a period of 7 years between 1392 to 1398 and data related to research variables after compilation in Excel software using software Statata version 15 were statistically analyzed. The results of the hypothesis test showed that there is a significant direct relationship between cash retention and investment policies. There is also a significant direct relationship between working capital and investment policies. But no link was found between dividend payments and investment policies.

Considering the importance of maintaining cash and comparing financial statements in the capital market, this research seeks to investigate the impact of the characteristics of the company on the relationship between the ability to compare the financial statements of corporate cash holdings. Company features include financial constraints, financial reporting quality and ownership concentration. In order to achieve the research goals, the period of 1391 to 1395 was tested. In this research, multiple linear regression has been used using panel data. The results indicate that there is a significant relationship between comparability of financial statements and cash holdings. On the basis of the findings, there was a negative and significant correlation between ownership concentration and financial reporting quality on the relationship between comparability of financial statements and cash holdings. Meanwhile, the financing limitation on the relationship between comparability of financial statements and cash holdings did not have a significanteffect. Keywords: ability to compare financial statements, cash holdings, fiscal constraints, financial reporting quality, concentration

Idiosyncratic risk includes risks related to the company's internal factors. One of the causes of non-systematic voluntary risk is agency costs and conflicts of interest between managers and stakeholders of companies. Low investment opportunities can undermine the optimal allocation of internal resources and ultimately the value of the company. Use the interests of shareholders. As a result, the aim of the present study is to investigate the relationship between discretionary idiosyncratic risk, firm cash holdings. This research is analytical and semi-experimental. It is applied in terms of purpose and descriptive in terms of logic. The timing of cross-sectional research is descriptive-survey and quantitative in terms of data. Financial statements of Tehran Stock Exchange companies and codal information site have been used to collect data. The statistical sample of 105 companies is one of the companies listed on the Tehran Stock Exchange during the years 2012 to 2018. The findings of this study show that discretionary idiosyncratic risk has a negative and significant effect on firm cash holdings.
 

The importance of cash in financial literature and decision-making realm has always made it the focus of attention of financial institutions and users of financial statements. Moreover, the issue of social responsibility and its impact on corporates’ financial and social performance has been one of the major issues in accounting and financial research for so long. Also, the relationship between these two variables cannot be studied meticulously without considering the function of other factors such as systematic risk or corporate governance factor. To this end, the main objective of the current study is to investigate the relationship between social responsibility and cash holdings with an emphasis on the mediating role of systematic risk factors and corporate governance. The required data for this study were gathered based on a systematic removal sampling method and the resulting statistical sample consisting of 118 companies between the years 2011 and 2016. To test the hypotheses, multivariate regression analysis and compositional data analysis method were conducted using the econometric software Eviews. The results show that systematic risk and corporate governance have a mediating role on the relationship between social responsibility and cash holdings; in fact, systematic risk weakens this relationship, but corporate governance strengthens it.