نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشیار، عضو هیأت علمی دانشگاه الزهراء(س)، گروه حسابداری، دانشکده علوم اجتماعی و اقتصادی، تهران، ایران

2 دانشجوی دکتری دانشگاه الزهراء، گروه حسابداری، دانشکده علوم اجتماعی و اقتصادی، دانشگاه الزهراء، تهران، ایران

چکیده

هدف: این پژوهش عوامل مؤثر بر ارزش نگهداشت وجه نقد را در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران در شرایط عدم اطمینان بررسی می‌کند. هدف این پژوهش ارزیابی این موضوع است که آیا در شرایط عدم اطمینان نگهداری وجه نقد ارزشمند است و مواجهۀ شرکت با مشکلات مالی و هزینه‌های نمایندگی و افزایش نرخ رشد چه تأثیری بر روابط این متغیرها می‌گذارد. نتایج این پژوهش، اطلاعاتی‎ درخصوص سیاست وجه نقد نگهداری‌‌شده در ایجاد ارزش، در اختیار سرمایه‎گذاران قرار می‌‌دهد.
روش پژوهش: در این پژوهش، تعداد 168 شرکت فعال در بورس اوراق بهادار تهران طی دورۀ زمانی 1390 تا 1397 به‌منظور آزمون فرضیات انتخاب شد.
یافتههای پژوهش: نتایج آزمون فرضیات نشان می‌دهد بین عدم اطمینان و ارزش نگهداری وجه نقد توسط شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران ارتباط همسو و معناداری وجود دارد؛ به‌ویژه در شرایط عدم اطمینان در صورت وجود مشکلات نمایندگی و محدودیت در تأمین مالی رابطۀ این دومتغیره تقویت می‌شود؛ یعنی ذی‌‌نفعان به ازای هر یک ریالی که شرکت وجه نقد نگهداری می‌کند، بیش از یک ریال برای آن ارزش قائل هستند؛ اما فرصت‌های سرمایه‌گذاری تأثیری بر این رابطه ندارد.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Investigating the Factors Affecting the Value of Cash held in the Companies Listed in Tehran Stock Exchange under Conditions of Uncertainty

نویسندگان [English]

  • Shahnaz Mashayekh 1
  • Sara Razani 2

1 Associate Professor, Department of Accounting, Faculty of Social Sciences and Economics, Alzahra University, Tehran, Iran

2 PhD. Student in Accounting, Department of Accounting, Faculty of Social Sciences and Economics, Alzahra University, Tehran, Iran

چکیده [English]

Abstract
Objective: This study assessed the factors affecting the value of cash held in the companies listed in Tehran Stock Exchange under conditions of uncertainty. The purpose of this study was to evaluate whether cash holding is valuable in terms of uncertainty and what effects financial problems, agency costs, and growth rate have on the relationships between these variables. The results of this research can provide investors with information about the cash policy maintained for creating value.
Method: In this research, 168 companies were listed in Tehran Stock Exchange during the period of 2011-2018. To test the hypotheses, the models of Falkander et al. (2006), Dietmar and Mart Smith (2007), and Dennis and Sibika (2010) were used.
Findings: The results of testing the hypotheses showed that there was an effect between uncertainty and the value of cash held by the companies listed on Tehran Stock Exchange. The relationship between these two variables was strengthened, especially under conditions of uncertainty in the presence of agency problems and financing limitations. For every rial the companies held in cash, they got a value of more than 1 rial. However, investment opportunities had no effects on this relationship.
Innovation: A review of the literature revealed that no research had been conducted in the field of cash value and there had been no restrictions on financing and agency costs so far. In this regard, new statistical models were used in this study.
Introduction
Increased competition and drastic technological changes in the business arena have exposed businesses to various operational and commercial risks. In such circumstances, businesses do not have sufficient knowledge and information about different possibilities of future decisions (Williams, 2015). Business executives are taking steps to reduce or eliminate the risks of uncertainty in their business environments. One of the most important steps is the cash storage. Cash as one of the most important components of working capital has always been of special interest to managers and investors. Keeping cash in the company provides such advantages as the ability to do business and deal with potential events, as well as flexibility to finance from internal sources and avoid wasting investment opportunities when limited in external financing (Batum, 2004).
 
Method and Data
In this study, the models of Falkander et al. (2006), Dietmar and Mart Smith (2007), and Dennis and Sibika (2010) were used to test the hypotheses. Four equations were applied to conduct the research as follows:
Model (1): Ri,t−Rp,t=β0+β1∆Cashi,t+β2 High uncertainty×∆Cashi,t+βCONTROLSCONTROLS+ε i,t
Model (2): Ri,t–Rp,t=β0+β1∆Cash i,t+β2 High uncertainty×∆Cashi,t+β3Constrained×∆Cashi,t+β4 High uncertainty×Constrained×∆Cashi,t+βCONTROLSCONTROLs
Model (3): Ri,t–R p,t=β0+β1∆Cashi,t+β2 High uncertainty×∆Cashi,t+β3×less agency conflicts×∆Cash i,t+β4High uncertainty×less agency conflicts×∆CashI,T+βCONTROLSCONTROLS+εi,:
Model (4): RI,T −Rp,t=β0+β1∆Cashi,t+β2High uncertainty×∆Cashi,t+β3 More investment opportunities×∆Cashi,t+β4High uncertainty×More investment opportunities×∆Cashi,t+βCONTROLSCONTROLS+εi,t
 
Findings
The results of the test model of the 1st hypothesis showed that the estimated coefficient of Variable HIGH_UNCERTAINTY * ΔCASH was more than zero (1.33) and greater than 1. Also, at the error level of 1%, a positive and significant relationship between this variable and the cash value was confirmed. Therefore, the 1st hypothesis of the research was corroborated. The test model results of the 2nd hypothesis revealed that the estimation coefficient of Variable HIGH_UNCERTAINTY * CONSTRAINED * ΔCASH was positive (1.7) and greater than 1. It was believed that the significance level (P-value) of the relevant t-statistic was less than 5% (0.014), so the 2nd hypothesis of the research was confirmed .The test model results of the 3rd hypothesis indicated that the estimation coefficient of Variable UNCERTAINTY * LESSAGENCYCONFLICTS * ΔCASH was positive (17/14) and greater than 1, which meant that for every rial of cash held in the companies with high uncertainty and lower agency costs, the value was more than 1 rial. The test model results of the 4th hypothesis demonstrated that the estimation coefficient of Variable HIGH UNCERTAINTY * MORE INVESTMENT OPPORTUNITIES * ΔCASH was positive (0.36) and the significance level (P-value) of t-statistic was more than 5% (0.764) so that the 4th hypothesis of the research was not approved at the error level of 5%.
 
Conclusion and discussion 
The results of the 1st hypothesis showed that by increasing one rial in cash in the conditions of uncertainty, investors valued it more than 1 rial. This result was in accordance with the theory principles and research of Jung et al. (2017). The results of the 2nd hypothesis displayed that the company was facing financial constraints, while the value of cash holding was significantly related to uncertainty. This result was consistent with the theoretical and research foundations of Jung et al. (2017) and Chakrat Barati (2017). The results of the 3rd hypothesis showed that with an increase of 1 rial in cash, the investors would value it more than 1 rial in case of uncertainty if the company faced agency problems, thus the 3rd hypothesis of the research was confirmed, which was in accordance with theoretical principles and the findings of the research conducted by Jung et al. (2017). The results of the 4th hypothesis revealed that cash holding value had no significant relationship with uncertainty so that the 4th hypothesis was rejected, which was contrary to the theoretical foundations and research results of Khan et al. (2019) and Jung et al. (2017). 

کلیدواژه‌ها [English]

  • Uncertainty
  • Cash
  • financial constraints
  • Investment opportunities
  • Agency Costs
خواجوی، شکراله. و ناظمی، امین. (2005). بررسی ارتباط بین کیفیت سود و بازده سهام با تأکید بر نقش ارقام تعهدی در بورس اوراق بهادار تهران. بررسی‌‌های حسابداری و حسابرسی، 12(40)، 37-60.
عظیمی، مجید. و صباغ، منیره. (2014). ارتباط ارزشی نگهداشت وجه نقد در شرکت‌های پذیرفته­شده در بورس اوراق بهادار تهران. فصلنامۀ حسابداری مالی، 6(21)، 129-152.
کاشانی‌‌پور، محمد.، راسخی، سعید.، نقی‌‌نژاد بیژن. و رساییان، امیر. (2010). محدودیت‌‌های مالی و حساسیت سرمایه‌‌گذاری به جریان‌‌های نقدی در بورس اوراق بهادار تهران. پیشرفت‌‌های حسابداری، 3(2)، 51-74.
مهرانی، ‌کاوه.، تحریری، ‌آرش. و فرهادی، ‌سوران. (2014). چرخۀ عمر واحد تجاری، ساختار سرمایه و ارزش شرکت‌‌های پذیرفته‌‌شده در بورس اوراق بهادار. دانش حسابداری، 17(5)، 163-180. https://dx.doi.org/10.22103/jak.2014.729.
مرادزاده‌‌فرد، مهدی.، عدل‌‌زاده، مرتضی.، فرج‌‌زاده، مریم. و عظیمی، صدیقه. (2013). عدم اطمینان اطلاعاتی، عدم تقارن اطلاعاتی و فرصت‌‌های رشد. مطالعات تجربی حسابداری مالی، 39(10)، 145-125.
References
Almeida, H., Campello, M. & Weisbach, M. S. (2004). The cash flowsensitivity of cash. Journal of Finance, 59, 1777-1804. https://doi.org/10.1111/j.1540-6261.2004.00679.x.
Azimi, M. & Sabbagh, M. (2014). The value relationship between cash holding in companies listed on the tehran stock exchange. Journal of Financial Accounting, 6(21), 129-152. (in Persian)
Bates, T. W., Kahle, K. M. & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1985-2021.
Baum, C. F., Caglayan, M. O., Ozkan, N., & Talavera, O. (2004). The impact of macroeconomic uncertainty on cash holdings for non-financial firms. ZEW-Centre for European Economic Research Discussion Paper, 04-010.‏ https://doi.org/10.1016/j.rfe.2006.01.002.
Bernanke, B. S. (1983). Nonmonetary effects of the financial crisis in the propagation of the great depression. National Bureau of Economic Research, 73(3), 257–276. https://doi.org/10.3386/w1054.
Bloom, N. (2009). The impact of uncertainty shocks. Econometrica, 77(3), 623–685. https://doi.org/10.3982/ECTA6248.
Bloom, N., Bond, S. & Van Reenen, J. (2007). Uncertainty and investment dynamics. The Review of Economic Studies, 74(2), 391-415.
Chakraborty, A., Baum, C. F., & Liu, B. (2017). Corporate financial policy and the value of cash under uncertainty. International Journal of Managerial Finance, 13(2), 149-164.
Denis, D. J. & Sibilkov, V. (2010). Financial constraints, investment, and the value of cash holdings. The Review of Financial Studies, 23(1), 247–269.
Demerjian, P. R., Lev, B., Lewis, M. F. & McVay, S. E. (2013). Managerial ability and earnings quality. The Accounting Review, 88(2), 463-498. https://doi.org/10.2308/accr-50318.
Dittmar, A. & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599–634. https://doi.org/10.1016/j.jfineco.2005.12.006.
Drobetz, W., Grüninger, M. C. & Hirschvogl, S. (2010). Information asymmetry and the value of cash. Journal of Banking & Finance, 34(9), 2168–2184.
Faulkender, M. & Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), 1957–1990. https://doi.org/10.1111/j.1540-6261.2006.00894.x.
Fazzari S., Hubbard, R. G. & Petersen, B. (1988). Financing constraints and corporate investment. Brooking Papers on Economic Activity, 1, 141-195. https://doi.org/10.2307/2534426.
Jensen, M. C. & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.‏
Joong Im, H., Park, H. & Zhao, G. (2017). Uncertainty and the value of cash holdings. Economics Letters, 155, 43-48.
Keynes, J. M. (1937). The general theory of employment. The Quarterly Journal of Economics, 51(2), 209-223. https://doi.org/10.2307/1882087.
Khan, S. & Peng, Z. (2019). Effect of firm structure on corporate cash holding (evidence from non-financial companies). Journal of Financial Risk Management, 8(01), 1-14. https://doi.org/10.4236/jfrm.2019.81001.
Mehrabanpour, M., Alavi Nasab, S. M., Abbasian, E. & Porkavosh, T. (2019). The impact of financial inflexibility on value anomaly. Financial Research Journal, 21(4), 612-636 https://doi.org/10.22059/frj.2019.281241.1006866.‏
Moradzadehfard, M., Adlzadeh, M., Farajzadeh, M. & Azimi, S. (2013). Information uncertainty, information asymmetry and growth opportunities. Empirical Studies in Financial Accounting, 10(39), 125-145.
Muñoz-Bandala, J. (2022). Keynes’s lakatosian scientific research program (SRP) as outlined in the general theory of employment, interest and money (1936). In Keynes’s Evolutionary Spirit, 15-34. Palgrave Macmillan, Cham.‏ https://doi.org /10.1007/978-3-030-90150-9_2.
Nikpour, A. (2017). The impact of organizational culture on organizational performance: The mediating role of employee’s organizational commitment. International Journal of Organizational Leadership, 6, 65-72.‏
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (2001). Corporate cash holdings. Journal of Applied Corporate Finance, 14(1), 55-67. https://doi.org/10.1016/S0304-405X(99)00003-3.
Phan, H. V., Nguyen, N. H., Nguyen, H. T. & Hegde, S. (2019). Policy uncertainty and firm cash holdings. Journal of Business Research, 95, 71-82.‏ https://doi.org/10.1016/j.jbusres.2018.10.001.
Whited, G. & Wu, T. (2006). Financial constraints risk. Review of Financial Studies, 19, 531-559.
Williams, C. (2015). Asymmetric responses to earnings news: A case for ambiguity. The Accounting Review, 90(2), 785-817. https://doi.org/10.2308/accr-50866.