Document Type : Research Paper
Authors
Abstract
Firms experiencing positive cash flow have substantially more investment opportunities. When facing negative cash flows, a firm would not save the same magnitude of cash holdings, which leads to a cash flow sensitivity of cash. The present research, examines the Asymmetric cash flow sensitivity of cash holdings. In this order, The samples included over 120 sample of companies listed in Tehran Stock Exchange During the years of 2003-2012 was chosen. In order to estimate the statistical model, regression method with panel data has been used. For classification companies in two groups financial constraints and unconstrained, the ww index, Payout ratio and Firm size be used. The results show that, the Positive and negative cash flow sensitivity of cash holdings is different. According to ww index and Firm size, The magnitude of the asymmetry of the cash flow sensitivity of cash is less for a financially constrained firm than for a financially unconstrained firm. Also, The magnitude of the cash flow sensitivity of cash is larger for firms with stronger outside monitoring.
Keywords
نامه کارشناسی ارشد، دانشگاه مازندران.
.. عرب صالحی، مهدی و اشرفی، مجید؛ ) 5001 (." بررسی رابطه بین محدودیتهای مالی و
حساسیت سرمایه گذاری جریان نقدی". مجله پژوهشهای حسابداری مالی، سال سوم، شماره
- 0. . سوم، صص 1
0. کاشانی پور، محمد و نقی نژاد، بیژن؛ ) 5000 (. "بررسی اثر محدودیتهای مالی بر حساسیت
جریان نقدی وجه نقد در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران"، مجله
- ... تحقیقات حسابداری، صص. 00
.. نقی نژاد، بیژن؛ ). 500 (. "بررسی اثر محدودیتهای مالی بر حساسیت جریان نقدی سرمایه
گذاری"، پایان نامه کارشناسی ارشد، دانشگاه مازندران .
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