REVIEW THE EFFECT OF CASH FLOW VOLATILITY ON CASH HOLDINGS IN COMPANIES LISTED ON TEHRAN STOCK EXCHANGE

In this study, the effect of cash flows and cash flows volatility on cash holdings and cash flow sensitivity has been studied. Thus, 127 companies listed on Tehran Stock Exchange were selected during 2011 to 2014. To test the hypothesis of this study, a multivariate regression model of panel and combined data has been used. This research shows that there is a positive and significant relationship between cash flow and cash holdings which indicates that companies with more cash flow hold more cash. Also, cash flow volatilityhas a negative impact on cash holdings, that is, companies with higher cash flow volatility hold lower cash. Finally, there was a direct and significant relationship between cash flow volatility and its sensitivity which indicates that companies with higher cash volatility have more sensitivity (are more sensitive). Overall findings showed that double - row planting pattern had better performance compare to single row. Double - row planting arrangement where on double - row raised bed with 95000 plants per hectare is the best choice for Faba Bean and forage production, because with changing arrangement from single row to double row the inter plant competition was decreased and we could get high yield.