بررسي اثر محدوديت هاي مالي بر حساسيت جريان نقدي وجه نقد

An investigation of effect of financial constraints on cash - cash flow sensitivity

. The aim of this paper is investigate of financial constraintʹs effects on cash - cash flow sensitivity. The kind of this study is library - assisted, analytic - cause and effects and is upon on panel data analysis. In this study, financial information of 78 firms which accepted at the Tehranʹs Stock Exchange (TSE) over 1380 to 1385 (468 firm-year observations) is examine. The EVIEWS and STATA statically soft wares utilize for resultsʹ analysis. Using variety criteria (firm size, firm age, dividend payout ratio & business group) as proxy of financial constraints existence, show that cash flows doesnʹt have significant effect on cash holding levels and moreover, cash - cash flow sensitivity of financial constraints firms apart not financial constraints firms doesnʹt have significant difference. The results of this study propose the investment - cash flow sensitivity in comparison with cash - cash flow sensitivity is appropriate criteria for determining financial constraintsʹ existence.