The purpose of this study is the effect of business strategy on cash policy of the company in Tehran Stock Exchange. In terms of purpose, this study is in the group of "applied research" and in terms of its nature and method, it is in the group of "descriptive-correlational research" and in terms of time, it is "post-event". In a seven-year period of 2017-2023, 133 companies were selected as the statistical sample of the research through systematic elimination. The required information is collected through the audited financial statements of the companies under consideration. EVIEWS software was used to analyze the hypotheses and the relationship between the variables, and the deviation from the actual cash holding compared to the target is more for the pioneers compared to the defenders, and as a result, the market value of the cash holding is higher for the defenders compared to the pioneers.