Examining the impact of heterogeneity of the board of directors on the relationship between cash retention and company value in companies listed on the Tehran Stock Exchange

The main purpose of this study is to investigate the effect of board faultlines on the relationship between cash holdings and company value in companies listed on the Tehran Stock Exchange. The sample of this research includes 137 companies listed on the Tehran Stock Exchange, which has been studied in the period of 1390 to 1398. In this research, a multiple linear regression model based on composite data has been used to test the hypotheses. The results of this study show that cash hold has a positive and significant effect on company value while board faultlines has a negative and significant effect on company value. Studies also show that board faultlines moderates the relationship between cash holdings and corporate value. In such a way that the faultlines of the board of directors intensifies the positive effect of holding cash on the value of companies.