The effect of CEO's orientation and level of education on cash maintenance and cash surplus value

The characteristics of CEOs are recognized as a prominent factor in the business world and the personal characteristics of each CEO have a significant impact on the company's strategy and performance. A company's strategic decisions are influenced by management characteristics. The characteristics of CEOs are recognized as a prominent factor in the business world and the personal characteristics of each CEO have a significant impact on the company strategy and performance. A company strategic decisions are influenced by management characteristics. The purpose of this study was to investigate the effect of the CEO's orientation and level of education on cash holdings and cash surplus value. The statistical population of the present study is the companies listed on the Tehran Stock Exchange during the years 1394 to 1399 that the sample size according to the screening method and after removing the pert observations is equal to 147 companies. In this research, panel (panel) data with fixed effects has been used. The results of analyzing company data using multivariate regression showed that there is a significant and positive relationship between the orientation and education level of the CEO on cash holdings. Other research results also show that there is a significant relationship between the orientation and level of education of the CEO and the surplus value of cash flow.