The Effect of Corporate Governance on the Relationship Between Uncertainty in Macroeconomics and Cash holding

The purpose of this study is to investigate the effect of corporate governance on the relationship between macroeconomic uncertainty and cash holding in companies listed on the Tehran Stock Exchange. For this purpose, 180 companies were selected during the period from 2012 to 2018. In this study, the effect of three macroeconomic uncertainty variables; Economic growth rate fluctuations, inflation rate fluctuations and exchange rate fluctuations have been studied on cash holdings. Corporate governance has been used as a moderating variable. This research is applied in terms of purpose and its method is correlational. And because it examines cause and effect relationships between research variables, it is causal after the occurrence and in order to estimate research models to test the hypotheses of a sample of companies listed on the Tehran Stock Exchange is examined. In this study, multivariate linear regression has been used for analysis. The results of this study show that with increasing macroeconomic uncertainty, cash holding decreases and with increasing macroeconomic uncertainty, strong corporate governance has a positive effect on cash holdings.