Abstarct: The purpose of this study is to investigate the role of managerial learning from the market in shaping the financial decisions of firms listed on the Tehran Stock Exchange. The study examines the impact of managerial learning from the market on three major dimensions of financial decisions, including capital structure, cash holdings, and external financing. The research hypotheses were tested using panel regression models baxsed on firms’ financial and market data. The findings indicate that managerial learning from the market has a positive but insignificant effect on capital structure. In addition, the results show a positive and significant effect on cash holdings and a negative and significant effect on external financing. These findings suggest that managers tend to increase liquidity reserves and rely less on external financing in response to market feedback. Overall, the results imply that managerial learning from the market primarily influences flexible and short-term financial decisions.