Milad Emamgholipour Archi - Ph.D. Student, Department of Accounting, Babol Branch, Islamic Azad University, Babol, Iran
Seyed Ali Nabavi Chashmi - Department of Management, Babol Branch, Islamic Azad University, Babol, Iran
Iman Dadashi - Department of Accounting, Babol Branch, Islamic Azad University, Babol, Iran
Maryam Shafiee Kakhki - Department of Economic, Babol Branch, Islamic Azad University, Babol, Iran

Cash is a crucial resource for businesses, and balancing available cash and needs is the most important business health factor. Therefore, companies seek an optimal cash level according to cost-benefit analysis to maximize their value; and determining optimal cash holdings, target cash holdings adjustment speed, and the effect of firm-specific characteristics are incredibly important to managers. The present study aims to test asymmetric models of cash holdings adjustment speed according to financial positions and leverage. In this regard, ۱۱۷ firms listed on the Tehran Stock Exchange were selected and their ۲۰۰۹-۲۰۱۸ financial information was analyzed. The findings of asymmetric models are shown and suggest that among firms with high fiscal deficit and leverage, firms with high cash regime reach optimal cash holdings faster than firms with low cash regime. The results indicate an optimal level of cash holdings that allows firms to optimally deviate from target cash holdings. Also, when firms leave the optimal range of cash holdings, rapid adjustments are partial and asymmetric.

Cash Holdings Adjustment Speed, Asymmetric Models, Fiscal Deficit or Surplus, Leverage