The Impact of Financial Constraints and Managerial Entrenchment on the Relationship between Excess Cash Holdings and Investment
Publish place: International Journal of Advanced Studies in Humanities and Social Science، Vol: 8، Issue: 1
Publish Year: 1398
نوع سند: مقاله ژورنالی
زبان: English
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شناسه ملی سند علمی:
JR_UPAEI-8-1_009
تاریخ نمایه سازی: 1 دی 1398
Abstract:
This study seeks to examine the impact of financial constraints on the relationship between the management and investment of excess cash held by companies. A total of 90 companies from the companies listed in Tehran Stock Exchange In the period of 1384 to 1391 were selected for the study after some filtration. The results show that changes in excess cash holdings influence capital expenditure of companies have no financial constraints and the impact it has on companies with fewer financial constraints. Other results concerning the effect of board structure and the influence being strong or weak on spending on capital expenditure, showed that the structure of the Board had a significant positive impact on the company so that it can be said that the strengthening the board structure, led to an increase in the amount invested in the companies in question.
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Authors
Hossein Rahmandost
Department of Management, Semnan Branch, Islamic Azad University, Semnan, Iran
Ali Faez
Assistant Professor, Department of Accounting, Islamic Azad University, Semnan Branch, Semnan, Iran
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