The Mutual Effect of Volatilities of Return on Assets and Securities on Reward of Managers Based on Growth Rate of Cash Assets

Using internal and external financial resources has different effects on productivity, return on accounting and efficiency of investment based on volatilities is based on reward payment to managers. In the present study, these questions are raised whether return on stock is effective on payment of reward of board of manager based on cash assets growth rate? Is the change of return on asset effective on payment of reward of board based on growth rate of cash asset? Is stock return and change of return of assets simultaneous effective on payment of board reward based on cash assets growth rate or not. To do this, data of 81 companies listed on TSE during 2009-2013, multi-variate regression and pooled data model are used. The results of investigations showed that there was not a significant association between changes of return on assets and stock return with reward based on growth rate of cash assets of companies listed on TSE.