THE INVESTIGATION THE EFFECT OF THE CULTURAL VALUES ON THE CASH HOLDINGS AT LISTED COMPANIES IN TEHRAN STOCK EXCHANGE

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JABBARZADEH KANGARLUEI SAEID; BAYAZIDI ANVAR

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Journal: JOURNAL OF CULTURAL MANAGEMENT Year:2011 | Volume:5 | Issue:13 Page(s): 43-58

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Title

THE INVESTIGATION THE EFFECT OF THE CULTURAL VALUES ON THE CASH HOLDINGS AT LISTED COMPANIES IN TEHRAN STOCK EXCHANGE

Author(s)

JABBARZADEH KANGARLUEI SAEID | BAYAZIDI ANVAR | Issue Writer Certificate

Keywords

CULTURAL VALUESQ2

POWER DISTANCE INDEXQ2

UNCERTAINTY AVOIDANCE INDEXQ2

INDIVIDUALISMQ2

MASCULINITY AND CASH HOLDINGSQ2

Abstract

Introduction and research purpose: The aim of this research is to investigate the relationship between the CULTURAL VALUES and the cash holdings at listed companies in TSE. The criteria of the CULTURAL VALUES are POWER DISTANCE INDEX (PDI), UNCERTAINTY AVOIDANCE INDEX (UAI), INDIVIDUALISM (IDV), and Masculinity (MAS).Research Method: To measuring of the CULTURAL VALUES was used Hofstede questionnaire and also for cash holdings was applied Ozkan & Ozkan (2004) and Opler & et al. (1999) Models. In this study, it was selected 92 samples in TSE during 2002‐2009, Ordinary Least Square (OLS) is applied to testing hypotheses of research and Determination Coefficient, Akaike and Schware measures are used for comparing these models on economic software EViews 6.Findings: The findings indicate that POWER DISTANCE INDEX and UNCERTAINTY AVOIDANCE INDEX have weak and positive relationship to cash holdings, however, INDIVIDUALISM and Masculinity has weak and negative relationship to it. Among of the CULTURAL VALUES, INDIVIDUALISM index mid to the control variables has had the most effect on the cash holdings.Results: Results show that the more leveraged and substitute cash assets companies hold the less cash, and reverse, the companies that are able to create of the operating cash flow hold the more cash to internal finance.

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APA: Copy

JABBARZADEH KANGARLUEI, SAEID, & BAYAZIDI, ANVAR. (2011). THE INVESTIGATION THE EFFECT OF THE CULTURAL VALUES ON THE CASH HOLDINGS AT LISTED COMPANIES IN TEHRAN STOCK EXCHANGE. JOURNAL OF CULTURAL MANAGEMENT, 5(13), 43-58. SID. https://sid.ir/paper/199705/en

Vancouver: Copy

JABBARZADEH KANGARLUEI SAEID, BAYAZIDI ANVAR. THE INVESTIGATION THE EFFECT OF THE CULTURAL VALUES ON THE CASH HOLDINGS AT LISTED COMPANIES IN TEHRAN STOCK EXCHANGE. JOURNAL OF CULTURAL MANAGEMENT[Internet]. 2011;5(13):43-58. Available from: https://sid.ir/paper/199705/en

IEEE: Copy

SAEID JABBARZADEH KANGARLUEI, and ANVAR BAYAZIDI, “THE INVESTIGATION THE EFFECT OF THE CULTURAL VALUES ON THE CASH HOLDINGS AT LISTED COMPANIES IN TEHRAN STOCK EXCHANGE,” JOURNAL OF CULTURAL MANAGEMENT, vol. 5, no. 13, pp. 43–58, 2011, [Online]. Available: https://sid.ir/paper/199705/en

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