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Studying the Cash Flow Sensitivity of Cash Holdings in the Presence of Information Asymmetry in the Companies Listed in Tehran Stock Exchange
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Abstract: (7550 Views) |
| This paper survey the cash flow sensitivity of cash holdings in the presence and absence of information asymmetry in the companies listed in Tehran Stock Exchange. Specifically to determine the cash flow sensitivity of cash holdings under symmetric information and asymmetric information are investigated. Thus, data collected over a period of 2001 to 2013 for a sample of 96 companies listed in Tehran Stock Exchange. To test the research hypotheses regression models are used. The results show that information asymmetry affects the sensitivity of cash flows, and the level of impact is higher compared to the situation of having symmetric information. The information asymmetry increases the opportunities for managers’ personal benefits, which in turn increases the impact on the cash flow sensitivity |
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| Keywords: Liquidity, Cash Holdings, Information Asymmetry, Cash Flow Sensitivity |
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Full-Text [PDF 780 kb]
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Type of Study: Applicable |
Subject:
Special
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