تحليل اثر همتا بر ارزش نهايي نگهداشت وجه نقد: نقش تعديلي اندازه، عدم اطمينان صنعت و رقابت بازار

Peer Effect Analysis on Marginal Value of Cash Holding: The Moderating Role of Size, Industry Uncertainty an‎d Market Competition

حسابداري

Cash holding is an important component of working capital that is always a focus for managers an‎d investors. Cash can help with risk management, coping with unexpected events, an‎d increasing flexibility. However, excessive cash holdings may lead to agency problems an‎d a decline in firm value. Studies show that various factors, such as industry uncertainty, market competition, an‎d firm size, can affect the marginal value of cash holding. Among these, the role of peers an‎d their behavior is crucial in corporate cash-holding decisions. Additionally, the impact of these factors varies across competitive conditions an‎d different industrial environments. Research emphasizes that a better understan‎ding of the relationship between cash holdings an‎d firm value requires examining the influence of peers, competition, an‎d industry-specific characteristics. Given these considerations, the objective of this study is to investigate the effect of peers on the marginal value of cash holdings an‎d the effect of firm size, industry uncertainty, an‎d market competition on this relationship. In line with the research objectives, four hypotheses were formulated. The first hypothesis examines the impact of cash holding levels relative to peers on the marginal value of cash holdings. The second, third, an‎d fourth hypotheses respectively investigate the effects of market competition, industry uncertainty, an‎d firm size on the influence of peer firms on the marginal value of cash holdings. Using a screening method, a sample of 135 companies listed on the Tehran Stock Exchange from 2012 to 2023 was selec‎ted. To test the hypotheses, panel data regression models were employed. The results of the hypothesis testing indicated that in companies where the level of cash holdings is below the average cash holdings of peer firms, the marginal value of cash holdings is higher (peer effect). Additionally, the peer effect on the marginal value of cash holdings is stronger in larger firms an‎d those operating in less competitive markets. However, no significant relationship was found between industry uncertainty an‎d the impact of the peer effect on the marginal value of cash holdings.

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