Hengameh Pourzad - Department of Accounting, Nour science and Research Branch, Islamic Azad University, Nour, Iran

In this paper, the relationship between cash holdings and firm value has been examined, also the moderating role of financial crisis has been studied. For this purpose, using a multiple regression model, the effect of the financial crisis on the relationship between the excess cash and the firm value is evaluated. The statistical population consists of all firms listed on Tehran Stock Exchange during 2011-2015. Using systematic elimination sampling method, 104 firms were selected as the statistical sample. The results show that financial crisis has no significant effect on the relationship between cash holdings and firm value.

Financial Crisis, Cash Holdings, Firm Value.