Asymmetric Cash Flow Sensitivity of Cash Holdings in Companies Accepted in Tehran Stock Exchange

Cash resources per unit profit is important, because it represents the power of public procurement is often placed on economic exchanges and to study other sources to be handled. Profit units mainly in return for the payment of cash resources required attending And its products are sold in exchange for cash. Often in the form of cash dividends paid. Most Drhsabdary measure is also based on the past, present or future cash flow. Cash holdings enable companies to finance investments and other debt excess of the cost of external funding should be avoided (Acharya et al., 2007). Companies with an increase in cash, cash holdings tend to lead to investors because it is an expression of shock, positive cash flow productivity is higher physical assets (Bao et al., 2012).Ozkan and Ozkan (2004) argue that managers seek to reduce the cost of financing their cash holdings. But maintaining a high level of cash negative economic consequences, in the form of opportunity costs, the company will bring. The aim of this study was to evaluate the relationship between the sensitivity of cash flows to financial constraints, external monitoring and cash flow the company is listed on the Tehran Stock Exchange. The questions raised in this regard is that the factors Bmg-hdasht What is cash? And how existing theories can explain the behavior of the storage means by Iranian companies? What other factors could affect the company's cashholdings.Statement of problem researchKeynes three motives for the transactions, precautionary measures and deal with the risk of cash holdings knew (Aghaie et al., 2010). Research in the field of corporate cash holdings, motivation transactions (the existence of transaction costs) and motivation have put more emphasis caution. Motivation transactions, mainly due to the cost of other assets (other than cash) to carry out financial transactions. Accordingly, we can say that companies that are facing a shortage of domestic resources, could sell assets, creating new debt or issuing new shares or by lack of cash resources to increase their dividend payments. Therefore, it is expected that companies that face higher transaction costs, greater amounts of liquid assets maintenance. On the other hand precautionary motive more to counter the risk of lack of liquidity, the use of trade opportunities and avoid bankruptcy. Accordingly, the company has cash available to deal with unforeseen events hold If the cost is high and other financing sources to finance their investments are used to keep the money supply (Ozkan & Ozkan, 2004). A company that has a shortage of money supply, increased its capital through the capital market, criticizes the existing assets, divided profits and reduce their investments. In the case renegotiate its contracts Or a combination of the above will do. Increased cost of capital, regardless of whether the company through the sale of assets, or by using the capital markets do And these costs consist of both fixed and variable cost component. The variable part is proportional to the amount of the capital increase. Fixed cost access to foreign capital markets, makes the company to increase its capital rarely and usually kept the money supply and uses cash assets. Of course, the opportunity cost of holding cash. On the other hand, cash inventory shortages causing major losses to the company. As a result, a significant amount of net assets, the optimal amount of inventory there will be cash. In other words, there is optimum for money supply so that not too much is needed the company is facing liquidity shortage (Aghaie et al., 2010). According to what was said by many factors the cash holdings by companies that are effectively continue some of them are mentioned. Myers and Majluf (1984) believe that the situation of asymmetry, domestic companies to finance itself. Managers may have to follow the personal goals, to increase the money supply even if this practice is not in line with the interests of shareholders and, consequently, would be a waste of resources or take investment decisions without any efficiency. …