M.A. Thesis:

FEMALE DIRECTORS ٫ CEO OVERCONFIDENCE AND EXCESS CASH

In the discussion of cash and surplus liquidity, the conflict between managers and shareholders should not be overlooked. During the company's economic growth, as cash reserves increase, the company faces a surplus of liquidity, and managers are faced with the decision of whether to distribute the cash among shareholders or spend it internally and externally, or keep it stagnant. It is very important for managers to make decisions about what to do between consuming and maintaining excess cash. The main purpose of this study is to determine the impact of female managers, overconfidence of managers and surplus liquidity. The present study was performed using the combined data method in 152 companies listed on the Tehran Stock Exchange for a period of 5 years between 3102 and 3102. The results of the study showed; There is a negative relationship between the presence of women in the board of directors and excess liquidity, and this relationship is also significant. Given the characteristics of women on the board who are always conservative, this trait can have a negative effect on liquidity surplus. It also overemphasizes the relationship between women's presence on the board and excess liquidity, and the relationship is positive and meaningful. Because managers' overconfidence is consistent with their risk-taking, it can positively adjust the relationship between female variability in the board and excess liquidity.

Keywords: Keywords; Female managers - overconfidence managers - excess liquidity