Asymmetric Cash Flow Sensitivity of Cash Holdings in Companies Accepted in Tehran Stock Exchange

This study examines the relationship between financial constraints and external monitoring Asymmetric cash flow sensitivity of cash holdings in companies listed on the Stock Exchange of Tehran. Asymmetric cash flow sensitivity of cash holdings you can now occur as a result of wrong decisions and result in inefficiency in the Company's performance. Given the importance of our goals in this research, first positive or negative cash flow sensitivity of cash holdings, and asymmetry in the face of the sensitivity of cash flows Cash flow was positive and negative. The impact of financial constraints and external monitoring company also tested the sensitivity of cash flows is asymmetric. In this regard, the financial information of the 120 companies listed on the Stock Exchange for the period of 2008 to 2014 was analyzed. Research methodology the purpose of descriptive correlational and to test hypotheses and panel data regression models were used. The results showed that the sensitivity of cash flows not affect cash flows but financial constraints and negative impact of external monitoring have a positive impact on cash flow sensitivity.