Managerial Ownership, Cash Holdings and Firm Valuation

paper is concerned with examining the relationship between cash holdings and firm value with an emphasis on the moderating role of managerial ownership. The research hypotheses were analyzed based on a sample of 76 firms listed in Tehran stock exchange during the years 1389-1393 and using multivariate regression model based on the panel data techniques. The results reveal that there is a significant and negative relationship between firm value and cash holdings while a significant and positive relationship was observed between firm value and managerial ownership. In addition, the results showed that managerial ownership has no effect on the relationship between cash holdings and firm value