2018
DOI: 10.1108/ajar-07-2018-0016 View full text |Buy / Rent full text
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Abstract: Purpose -The purpose of this paper is to investigate the relationship between cash holdings, investment opportunities and financial constraint with audit fees in Iran. Design/methodology/approach -In order to collect data, all manufacturing companies listed on the Tehran Stock Exchange are used to test the hypotheses during 2008-2015. Panel data and combined data regression model were used for data analysis. Tests were performed using R statistical software. Findings -The results obtained from the statistical … Show more

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“…Agency theory explains that the interest of shareholders and managers should be aligned [32,65,66] and argues that free cash flow leads towards agency problem. Entrenched managers do not distribute excess cash among shareholders [58,67,68], instead retained for personal uses due to easily accessible asset [69]. Agency theory explains the principalagent and principal-principal conflict [70][71][72][73].…”
Section: 1mentioning
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“…Agency theory explains that the interest of shareholders and managers should be aligned [32,65,66] and argues that free cash flow leads towards agency problem. Entrenched managers do not distribute excess cash among shareholders [58,67,68], instead retained for personal uses due to easily accessible asset [69]. Agency theory explains the principalagent and principal-principal conflict [70][71][72][73].…”
Section: 1mentioning
“…Por meio de custos e benefícios marginais para manter o caixa, observa-se que, com as disponibilidades de caixa, há diminuição no custo de captação de recursos externos ou na liquidação de ativos já existentes, em que essa disponibilidade age como uma suavização entre as fontes da empresa e o uso de fundos (Ferreira & Vilela, 2004). Com efeito, a liquidez em caixa deve estar equilibrada com a limitação financeira das organizações e o montante disponível para investimentos, para que não se tenha aumento excessivo no caixa e nas despesas, a fim de que as organizações continuem rentáveis (Mohammadi et al, 2018).…”
Section: Liquidez Em Caixaunclassified
“…A partir da discussão que se refere à opção de financiamento por parte das organizações, destacase a tendência dessas decidirem pelo financiamento de recursos internos. Entretanto, ao optarem pelo financiamento interno, as organizações partem da fonte de lucros acumulados, consequentemente, para dívidas de baixo e alto risco, a fim de pôr fim à emissão de ações (Mohammadi et al, 2018). Nesse alinhamento, a liquidez em caixa da organização pode sofrer impactos advindos dessa opção de financiamento.…”
Section: Introductionunclassified
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