چکیده:
The aim of this study was to investigate the relationship between growth opportunities,
risks, and relative changes in the Company's cash assets. This study is a
literature study and analysis was based on an analysis of panel data. In this study,
a financial data of 112 companies listed in Tehran Stock Exchange during the
period 2009 to 2014 have been reviewed. The results in relation to the first hypothesis
of the present study suggest that between growth opportunities and significant
relationship of changes in cash holdings is straight forward. Also according
to the analysis done in relation to the second hypothesis, we determined that
between now and the risk of changes in cash holdings is an inverse relationship
خلاصه ماشینی:
Therefore, the research main question is whether two variables of the company’s growth and risk opportunities have any effect on the changes ratio in corporate cash holdings or not?
Sunder and Myers investigated the four factors effect including the assets visibility, growth opportunities, the corporate tax situation and profitability on capital structure ( debt ratio)in 157 companies presented[27].
In their study, Karimi and Sadeghi [20] examined the capital asset investment and domestic and foreign financial restrictions in companies listed in Tehran Stock Exchange.
Research Hypothesis The Main Hypothesis There is a significant relationship between growth opportunities, the company’s risk and the ratio of the changes in the cash assets of the companies.
Table 1: The normality of the dependent variable (View the image of this page) The results listed in Table 1 show that the level of statistics significance K-S for the ratio of changes in cash holdings is less than 0.
Thus, according to the analyses made in relation to the first research hypothesis approval, it may be concluded that there is a direct and significant relationship between growth opportunities and the ratio of changes in the company's cash assets.
According to the results of this research and similar studies, Stock Exchange can publish much more comprehensive infor- mation about the ratio of changes in the company’s cash assets for its shareholders, Accounting Standards Authorities also recommend the optional disclosure of comprehensive information about the value and level of growth opportunities and risks of the companies and the ratio of changes in corporate and firm cash holdings.