تاثير استراتژي تدافعي و آينده¬نگر بر نگهداشت وجه نقد و پرداخت سود سهام با در نظر گرفتن اثر تعديل¬كنندگي محدوديت مالي و جريان¬هاي نقد آزاد در شركت¬هاي پذيرفته شده در بورس اوراق بهادار تهران

Investigating the Effect of Defensive an‎d Prospective Strategy on Cash Holdings an‎d Dividend Payouts by Considering the Moderating Role of Financial Constraints an‎d Free Cash Flows in Companies Listed in Tehran Stock Exchange

حسابداري

Companiesʹ policies on cash holding an‎d cash dividend distribution have always faced serious challenges among decision makers, an‎d the scope of decision-making in these two areas is very wide. On the one han‎d, the conditions governing the company an‎d the strategies it has considered for itself can have a significant impact on this. The present study aims to investigate the effect of defensive an‎d forward-looking strategies on cash holding an‎d dividend payment, taking into account the moderating effect of financial constraints an‎d free cash flows in companies listed on the Tehran Stock Exchange. For this purpose, eight hypotheses have been considered for the research. The research is an applied study in which the combined data obtained from the selec‎tion by screening method from 145 companies in the period 1392 to 1402 were used. Therefore, the data has a retrospective time dimension, an‎d linear regression an‎d combined data with control for the effects of year an‎d industry were used to test the hypotheses. The research approach was descriptive-correlational an‎d the inferential method was used in interpreting the results. The research findings indicated that the forward-looking strategy has a positive an‎d significant effect on cash holding in companies, an‎d the defensive strategy has a negative an‎d significant effect on cash holding in companies. The results also indicate that the forward-looking strategy has a negative an‎d significant effect on the cash dividend payout ratio of companies, an‎d on the contrary, the defensive strategy has a positive an‎d significant effect on the cash dividend payout ratio of companies. Also, free cash flows weaken the intensity of the effect of the forward-looking strategy on the cash dividend payout ratio, while contrary to expectations, free cash flows did not play a moderating role in the relationship between the defensive strategy an‎d the cash dividend payout ratio. Finally, contrary to expectations, financial constraints weaken the intensity of the effect of the forward-looking strategy on the cash dividend payout ratio, an‎d financial constraints did not play a moderating role in the relationship between the defensive strategy an‎d the cash dividend payout ratio.

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