The Effect of State Ownership and Concentrated Institutional Ownership on Cash Holding Level in the Listed Companies in the Tehran Stock Exchange

Navid Namini, Mansour Garkaz, Parviz Saeidi


The present study was formulated in order to determine the effect of state ownership and concentrated institutional ownership on cash keeping level in Tehran stock companies from 2009 to 2013. For this purpose, 108 companies (540 year-companies) were selected as the sample of the study. Therefore, panel data (year-company) were used in this study. A panel data approach via f test (Limer) was used to estimate data. Fixed and random effects were chosen by Hausman test and random effects were used. Breusch-Pagan / Cook-Weisberg test was used to determine heteroscedasticity and the results showed that it heteroscedasticity exists in the research models. Therefore, the data were analyzed via linear regression by using Eviews 7. The results obtained from the study revealed that there is no significant relationship between concentrated and non-concentrated institutional ownerships and cash keeping level; however, there is a significant negative relationship between state and non-state ownership and cash keeping level.


concentrated institutional ownership, non-concentrated institutional ownership, state ownership, cash holding level.

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