Identifying Corporate and Macroeconomic Factors Affecting Cash Holding in Tehran Stock Exchange Companies: Using Fuzzy Delphi Method

Abstract

The main purpose of this study is to identify corporate and macroeconomic factors affecting cash holding of companies. On the other hand, an effective step for any research is to decide on the appropriate factors, and if the effective factors are removed and the factors unrelated to the research are considered, it will mislead the research objectives. For this purpose, fuzzy Delphi technique has been used to achieve consensus among panel members to determine the company's and macroeconomic factors affecting cash holding. This method reduces ambiguity, diversity, and difference of opinion between them and credits the collected data; it also increases the quality of the selected factors. For this purpose, using the research background; a questionnaire was prepared and sent to Delphi panel members, which included managers and financial managers of companies and professors of finance, accounting and economics. Delphi's research method was conducted in three rounds. Delphi panel members include economic factors; Inflation, GDP, exchange rate, economic liquidity rate, recession and interest rates and corporate factors include; Short-term and long-term debt maturities identified firm size, EPS, DPS, and financial leverage as factors influencing cash holdings.

Keywords

• cash holding
• macroeconomic factors
• corporate factors
• tehran stock exchange
• fuzzy delphi