جستجوی مقالات مرتبط با کلیدواژه "سطح نگه داشت وجه نقد" در نشریات گروه "حسابداری"

For a long time, cash has been the focus of users of financial statements, in terms of its objectivity, as an indicator of the continuity of activity and the company's ability to carry out operations without facing financial problems, as well as as a tool for exploiting opportunities for growth and profitable investment. Creating a balance between available cash and cash needs is one of the most important factors for the economic health of business units and their continued activity. The purpose of this research is to study the effect of agency costs on the relationship between economic uncertainty and cash holding level. The statistical research population of companies admitted to Tehran Stock Exchange and the studied sample includes 152 admitted companies during the years 2017 to 2018. The research method is descriptive and in terms of the relationship between the variables, it is a combination of causality-correlation, and it is practical in terms of the goal. 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 data analysis showed that agency costs have a positive and significant effect on the relationship between economic uncertainty and the level of cash retention.

One of the basic criteria for deciding on a stock exchange is stock returns. Stock returns themselves contain information content, and most actual and potential investors use it in financial analysis and forecasting. The aim of this study was to investigate the effect of the auditor's type of statement on the relationship between the level of retention of the critique and the return on surplus. For this purpose, two hypotheses have been developed, which in these hypotheses are to maintain the level of the critique of the independent variable, the excess return of the dependent variable, and the type of comment of the auditor of the moderator variable. The statistical population of the study of companies listed on the Tehran Stock Exchange and the sample under study, includes 144 companies accepted during the years 2014 to 2018. The research method is descriptive and in terms of the relationship between variables is a combination of correlation and is applied in terms of purpose. Regression methods and panel data, as well as a fixed effects model, have been used to process and test the hypotheses. The results obtained from the analysis of the hypotheses showed that the level of cash holding has no significant relationship with excess return and the type of auditor's statement has a negative and significant effect on the relationship between cash holding level and excess return. Based on the results of the research, it is recommended that companies, by providing accurate and correct financial statements, prevent the auditor's comments from being modified so that they can finance themselves easily and without the need for collateral or any other means.

Companies with financial restrictions increase their cash inventory in response to increased cash flow fluctuations, as financial constraints have created a type of competition and conflict between current and future investment, despite the risk of future cash flows, motivating the direction of the direction of the current cash flow. Action is taken for precautionary savings. The purpose of this study is to impact the financial constraint on the relationship of tax avoidance and the level of maintenance. The statistical population of the research companies accepted in the Tehran Stock Exchange and the sample studied include 140 accepted companies from 2016 to 1399. The research method is descriptive and in terms of the connection between variables is Ali-correlational and in terms of applied purpose and in terms of event, postponement. Regression methods and panel data as well as fixed effects are used to process and test hypotheses. The results show that tax avoidance has a positive and significant relationship with the level of maintenance and the financial constraint has a positive and significant effect on the relationship between tax avoidance and the level of maintenance. According to the results of the study, it is suggested that users of financial reports should consider the possibility of tax avoidance when deciding on the basis of the information contained in the financial statements. Using tax avoidance activities in different companies can have consequences.

Maximizing the wealth of owners is the main goal of businesses. Today, it is clear that profit can not be a good criterion for evaluating the value and performance of these units and economic value added is considered as one of the best indicators of performance evaluation. The purpose of this study is to study the effect of internal control on the relationship between economic value added and the level of cash holdings. The statistical population of the study of companies listed on the Tehran Stock Exchange and the study sample includes 144 companies listed during the years 1394 to 1398. The research method is descriptive and in terms of the relationship between the variables is causal-correlation and in terms of purpose is applied. Regression method and panel data as well as fixed effects model have been used to process and test the hypotheses. The results of analysis for the research hypotheses showed that economic value added has a positive and significant relationship with the level of cash holding and internal control has a negative and significant effect on the relationship between economic value added and level of cash holding.

The value of the company is the result of various management actions and decisions. At the same time, it is an indicator of how the market perceives the company that is derived from the extent and manner of disclosing information. This study seeks to provide a non-linear model of the relationship between voluntary disclosure and firm value in the presence of factors that are expected to have a similar capability to reduce information asymmetry or to influence the value relevance of voluntary disclosure.

Accounting conservatism, product market competition, cash holding levels, corporate governance and macroeconomic instability were considered according to the theoretical and empirical literature and using the panel smooth transition regression model (PSTR), the existence of a nonlinear relationship in the presence of each of these variables was investigated.

The results of analysis of 124 companies listed in the Tehran Stock Exchange during 2013 to 2016 showed that accounting conservatism, cash holding level and macroeconomic instability variables are able to establish a nonlinear relationship between voluntary disclosure and firm value but the presence of cash holding level variable has more power in explaining the optimal relationship. Also, the effect of voluntary disclosure of information at low cash levels is negative, but for values greater than 0.152, this effect is reversed and has a positive effect on firm value.

According to the theory of free cash flow and the agency theory, it is argued that the goal of the manager is not to increase the wealth of shareholders, and by holding free cash, he may take steps for personal gain. Hence, high liquidity is associated with high agency costs. But when the quality of disclosure is high, free cash flows have a stronger impact on firm value. In other words, improving the quality of disclosure improves the use of cash and investment in projects with a positive net present value, reduces the misuse of cash, and increases the firm value. Also, one of the ways to increase the firm value by voluntary disclosure is to reduce the cost of transactions by reducing the cost of financing. Given that most sample companies were in the second regime, the importance of voluntary disclosure in promoting the value of the company would be more important.

The purpose of this study is investigate the relation between Information asymmetry and level of cash holding of listed companies in Tehran Stock Exchange. To do so, the financial information of 74 companies listed in Tehran Stock Exchange from 1388 to 1392 was investigated. Multiple regression with panel data with fixed effects was used to analyze the relation between Information asymmetry and level of cash holding. The results show that there is no significant relationship between Information asymmetry and level of cash holding. Other results indicate that, Sales growth, firm size, cash flow and Taxes has positive effect on level of cash holding and net working capital has negative effect on level of cash holding.

In recent years, the subject of investment-cash flow sensitivity has been an important and controversial issue among researchers. They argued that financially constrained firms have a larger cost differential between internal and external funds and hence rely more on internal cash for making investments (Arsalan et al, 2006). This paper investigates the investment-cash flow sensitivity and the role of cash holding on reducing this sensitivity in an emerging market, named Tehran stock exchange (TSE). This paper contributes to the development of empirical literature on several grounds:1.We use variety proxies (firm size, firm age, dividend payout ratio, business group, financial leverage, percentage of block holders ownership, cash holding and optimal cash model (dynamic model)) as financially constrains agency. From this viewpoint, our work is similar to (Arsalan et al, 2006).2. We use panel data (fixed effects model) to estimate investment model instead of cross-sectional analyses. Because we believe that cross-sectional, analyses may reduce variation in variables, and consequently yield poor results.3. Iranian firms, apart from US, UK, or other developed countries firms, are facing with tighter financial constraints. The TSE is a small market and advanced financial instruments such as options, and futures do not exist in it so far and the place and role of information intermediaries such as financial analysts, industry experts and the financial presses feel is empty in the capital market mechanism. These conditions appear to be good opportunities for studying the impact of financial constraints on cash flow sensitivity of investment. Research Questions or hypothesis: In the absence of capital market imperfections, there are accurate substitutions between internal and external funds and all firms have equal access to external funds. However, for existence of capital market imperfections (information asymmetry and agency conflicts), the costs of internal financing and external financing are different. High wedge between the costs of internal and external financing may lead firms to rely more on internal cash flows for investment financing. The question of this research is:Do financially constrained firms have a larger Investment-Cash Flow Sensitivity than unconstrained firms in Tehran Stock Exchange do? The research hypothesis is as follows: Financially constrained firms have a larger Investment-Cash Flow Sensitivity than unconstrained firms do in Tehran Stock Exchange. The period of research is years 1381-1387. The measure has been used in the literature to assess the degree of financial constraints experienced by firms is the sensitivity of investments to availability of internal funds, after controlling for investment opportunities as measured by Tobin’s Q (Hovakimian,2010). Consequently, investment model is defined under a linear model to determine financial constraints effects on the cash flow sensitivity of investment. (1) INV is the ratio of capital expenditures in the fixed assets to net fixed assets at the beginning of period. CFLOW is the ratio of operating cash flows to net fixed assets at the beginning of period. Q represents growth opportunities measured by the ratio of book value of total liabilities plus market value of equity to book value of total assets. In the perfect capital markets, the coefficient of CFLOW must be insignificant and the coefficient of Q must be significant (Kadapakkam et al, 1998). The positive and significant coefficient for CFLOW interpreted as instances of financial constraints. Financial constraints defined as firms that have restrictive and costly access to external capital markets. As result, financially constrained firms have to rely more on internal funds for making investment (Hovakimian and Hovakimian, 2009). In contrast, financially unconstrained firms have unrestrictive access to capital markets and their external financing costs are tiny. NFC firms do not rely on internal funds for investment making. Then, the first hypothesis is defined as follows: financial constraints (FC) firms have higher investment-cash flow sensitivity than non-financial constraints (NFC) firms. For testing, the above hypothesis, all firms in the sample, were separated into two groups, named, FC and NFC.Then the investment model (model 1) runs in two groups, separately (George et al, 2008).Model (1) is examined based on optimal cash model. Optimal cash model is specified as follows:Firm size: Following Arsalan et al (2006) and Kadapakkam et al (1998) among others, we rank firms on the basis of firm size (measured by natural logarithm of book value of total assets) and assigned to FC (NFC) group those firms whose sizes fall below (above) the median size in the sample. The main argument here is that smaller firms have higher information asymmetry and agency conflicts than larger firms.FIRM AGE: Older firms have an established reputation in the market, which facilitates their access to external finance, mainly because their relationships with creditors settled within a longer time span. Moreover, there is a positive relationship between size and age. We rank firms on the basis of firm age (measured by the number of years that have elapsed from the firm's establishment date) and assigned to FC (NFC) group those firms whose age lies below (above) the median age in the sample (George et al, 2008).Dividend payout ratio: The argument that firms with higher dividend payout ratios can cut dividends in financial distresses and use it for internal financing. However, in using this proxy caution must keep, since cutting of dividends may hurt the firm's reputation and reduce the market value of equity. Dividends may be regard as an efficient instrument to mitigate managers – shareholders conflict. Dividends reduce free cash flow and force the firm to attract capital from external sources. Dividend payout ratio measured by dividend payments to book value of total assets at the beginning of period. We rank firms on the basis of dividend payout ratio and assigned to FC (NFC) group those firms whose dividend payments lies below (above) the median dividend payout ratio in the sample.Business Group: The main argument is that group membership in financial distresses helps the poor membership. Intra-group loans are an important means of transferring cash across group firms and typically used to support financially weaker firms. They argued that the main reason for these financial aids might be to avoid default by a group firm and consequent negative spillovers to the rest of the group. Affiliated firms in comparison with stand-alone firms are less prone to bankruptcy and experiences of financial distresses. The reasons for this claim retrieved from some features of affiliated firms. First, banks and other financial institutions may be more willing to lend to firms that belong to a business group. Second, diversified nature of business groups may cause risk sharing and hence, the cost of external financing will be low. Third, group name can play valuable role (reputation effects). Fourth, intra-group capital markets may look as cheap market for external financing. Economists who have studied business groups have tended to emphasize that group affiliates linked together through equity cross-ownership patterns (George et al, 2008).Financial leverage: The argument is that firms with higher financial leverage ratios had to use internal financing (George et al, 2008). Ownership Structure (Percentage of block holders ownership): The argument is that firms with lower Percentage of block holders ownership have financial constrains (George et al, 2008).Cash holding: There are various explanations for the question why firm hold large amounts of cash and cash equivalents. The assumption of no financial frictions is unrealistic. The capital market imperfections (information asymmetry and agency conflicts) impose severe external financing costs to the firms. As a result, firms hold large amounts of cash balances for minimizing financing costs. However, holding of large cash balances may cause agency conflicts between managers and shareholders with respect to the free cash flow theory (Almeida et al, 2004). Cash flows are measured using operating cash flows obtained from cash flow statement. This study utilized financial information of 96 firms of Tehran Stock Exchange during 1381 to 1387. Results show that financial constraints firms have higher investment-cash flow sensitivity than the other firms do. In other words, financial constraints firms, in investment making decisions rely highly on internal cash flows.Discussion and This paper presents a wide literature in the field of the cash flow sensitivity of investment and the hedging role of cash holding. Our findings show that the cash flow sensitivity of investment in the financially constrained firms is higher than in the unconstrained firms. It seems that firm size, firm age, dividend payout ratio, financial leverage, percentage of block holders ownership and business group proxies are accurate agencies of financial constraint existence according to theories. Moreover, the results show that using cash holding and optimal cash model as a financially constrained agency prudence are not forgotten. It is appropriate to suppose that cash holding acts in the opposite direction of size, age, dividend and business group proxies. In addition, we found cash holding could not reduce the effect of capital market imperfections on investment-cash flow sensitivity. Firms with restricted access to capital markets and high costs of external financing save a high portion of assets in cash but this strategy has failed to reduce financial constraint's effects on investment-cash flow sensitivity.