Mahsa Ghasemi Toudeshkechoei - Department of Accounting, University of Science and Culture, Tehran, Iran
Mohammad Sayrani - Department of Accounting, Shahab Danesh University, Qom, Iran
Hamidreza Salehi - Department of Accounting University of Science and Culture, Tehran, Iran

This study aims to investigate the effect of business strategy and corporate governance on maintaining cash balance policies in companies listed on the Tehran Stock Exchange. Accordingly, the annual data of ۱۰۸ listed companies on the Tehran Stock Exchange during ۲۰۱۱ to ۲۰۱۹, unit root panel tests of Im, Pesaran, and Shim and Levin–Lin–the Chu was used. In addition, the f test was used to select one of the panel data and pooled data methods, and the Hausman test was used to select one of the fixed effects and random-effects models. This study showed that the company's strategy had a negative and significant effect on the cash balance of listed companies on the Tehran Stock Exchange. Thus, it can be stated that with increasing the company's prospector business strategies, the need for investment and innovation in the company will increase. Accordingly, companies' cash balance will decrease. Also, with an increase in the proportion of non-executive members on the board, the cash balance of companies decreased due to the lack of attention to voluntary opportunities, so the cash balance decreased significantly.

Business strategy, corporate governance, Cash Balance, Listed Companies in Tehran Stock Exchange