فهرست مطالب مصطفی سرگلزایی

Examining the interaction between the banking sector, particularly asset-liability management in the banking system, and the other sectors of the macro-economy is of special importance. This research aims to enrich the literature on this subject and apply it to the Iranian economy and banking system. The main focus of the study, unlike other research that focuses on economic variables, is on the banking sector. It has been attempted to harmonize and align the banking sector especially with the Iranian banking system so that the banking system managers and policymakers can optimize the asset and liability management of banks in interaction with the macroeconomic sectors efficiently

The model described in this research is an extension of the models proposed by various researchers. In this model, the economy consists of several agents, each of which maximizes its own objective function subject to budget constraints. There are two types of households in the model including savers and borrowers. There are also two types of firms including intermediary producers and final goods producers. Intermediary firms operate under monopolistic competition and can set prices. They rent physical capital from capital goods firms and sell their intermediary goods to final goods producers. Final goods producers operate under perfect competition but with fixed prices. They purchase intermediate goods, package them into undifferentiated final goods, and sell them to households. Intermediary firms can partially finance their investment by borrowing from banks with surplus resources. The banking system in this research is based on the developed model of Gerali et al. (2010), Dib (2010), and Giri (2018). Retail banking is directly connected to firms and households. Banks with surplus resources may provide their surplus funds to banks with deficits through interbank channels to meet their funding needs. Surplus banks receive deposits from saver households and may invest a portion of their deposits in the interbank market or in government bonds. Monetary policy is also regulated by the central bank.

We measured the effects of four macroeconomic shocks on asset-liability management variables using our DSGE model.Total factor production shock: A positive productivity shock can have a positive effect on the bank capital in the short term. This is because increasing productivity can lead to higher economic growth, which can increase banks' profitability and, thus, increase their accumulated profits. By maintaining more profits of banks, their capital situation improves. In the long term, however, this trend decreases and approaches its stable conditions. A positive shock increases the productivity of economic activities and leads to an increase in the demand for loans, investments and consumer goods. This, in turn, leads to an increase in bank deposits, as people deposit some of their surplus savings in the banking system. A positive productivity shock leads to an increase in the interbank rate because banks increase their liquidity to finance new lending and investment opportunities that result from improved economic conditions.Monetary policy shock: A positive monetary policy shock can lead to an increase in economic growth and confidence in the economy, which can lead to an increase in savings and ultimately support the level of deposits. The interbank interest rate will decrease with a positive monetary policy shock.Investment shock: An increase of investment in the short term has a positive effect on bank capital because banks may see an increase in demand for loans and other financial services. This can lead to higher profits and capital accumulation for banks, which can support their financial health and stability. However, if the investment shock does not continue in the long term or leads to increased risk-taking by banks, it can eventually destroy their capital and threaten the financial stability. The amount of deposits is also affected by the investment shock, similar to loans.Public expenditure shock: A public expenditure shock leads to an increase in government spending on infrastructure or other projects that stimulate economic activities and increase bank lending, leading to higher bank profits and an increase in bank capital in the long run. The increase in public spending in the short term that is financed through higher taxes can reduce the disposable income for households and businesses. This leads to a decrease in savings and a decrease in the deposits in banks. In the long run, however, the public expenditure shock through increased government borrowing leads to higher interest rates and tighter monetary policies, which reduce economic activities and reduce deposits. A positive public spending shock induces an increase in the interbank rate in the short term because an increase in government spending can create upward pressure on the inflation, which, in turn, can cause an increase in the interbank rate. In the long term, the increase in public spending can cause more economic growth, which, in turn, can increase the demand for loans and deposits, and finally the interbank rate due to the competition of banks.Conclusions and policy implications: The research findings indicate that macroeconomic shocks have noticeable effects on key variables such as bank capital, loans, deposits, interbank arrears, policy rates, and interbank interest rates. Specifically, it was found that a positive productivity shock leads to an increase in loans and deposits in the long run, while a positive monetary policy shock results in a decrease in policy rates and an increase in interbank liquidity. Additionally, a positive government expenditure shock has an expansionary effect on bank lending and may lead to a reduction in interest rates in the long term. This study provides insights into how macroeconomic shocks can influence the asset and liability management of banks, which can be valuable information for policymakers and regulators to maintain financial stability. In general, the research findings demonstrate that the banking system is sensitive to macroeconomic conditions, and a comprehensive understanding of these relationships is vital for proper bank risk management.

Options are one of the most important derivatives that are trading in most major stock exchanges in today’s world. One of the basic issues in the field of these bonds is valuation and the Binomial model one of the common methods, but it has a number of problems such as the absence of transaction costs and Knightian uncertainty, which have been solved in this research. The purpose in this research is to compare the binomial model under Knightian uncertainty and transaction cost with the Black-Scholes-Merton model. By using these two models, in this research priced options were published since 1397 until the end of 1401. After estimating the theoretical prices of each of the models, it is compared with the market prices, and the amount of prediction error of each of them is calculated using the root mean square error (RMSE). The obtained results show that the Black-Scholes-Merton model has less error than the binomial tree model under Knightian uncertainty and transaction cost. By removing the transaction cost from research model, the error of this model is reduced, and in the symbol-day data that are in the money, this model has a lower error than the Black-Scholes-Merton model.

Subject and Purpose of the Article: 

One of the factors of risk growth in banks is incorrect expansionary monetary policy, which leads to adverse effects on economic activities and price levels. In this research, an attempt has been made to investigate the role of banks in influencing monetary policies on macroeconomic variables in the Iranian economy.

To achieve this goal and investigate the effect of monetary policy on real variables and price levels in Iran's economy, the Dynamic Stochastic General Equilibrium (DSGE) model and banking system information have been used. The model examined in this article has four sectors: households, economic enterprises (which include intermediate goods producers, consumer and capital final goods producers, and trust companies), banks and monetary authorities (central bank and government).

The results show that the expansionary monetary policy shock has caused production, inflation, private sector consumption, investment, net worth in the economy and lending to increase. Another result obtained from the investigated model shows that the credit shock and the increase in the lending power of the banks cause an increase in production, private sector consumption, investment, net worth and total loans and decrease the level of inflation. Finally, when a shock occurs due to an increase in inflation and a decrease in consumption and investment, this shock causes an increase in the volume of loans, while the level of production remains almost constant.

Asset and Liability Management (ALM) is one of the most important tools that senior executives of a bank, including the CEO and the board of directors, should consider in monitoring and controlling the financial health and enhancing the financial capability of the bank. This article presents a mathematical optimization model based on Goal programming (GP), with an emphasis on the most crucial pillar of optimizing the operational allocation of the balance sheet structure in banks. The considered constraints in the model take into account the importance of regulatory laws and regulations approved by the Monetary and Credit Council and communicated by the Central Bank to the banking network within the key constraints of linear programming in the model. The results obtained from this article emphasize that liquidity Goal constraint and regulatory Goal constraint have a significant and effective impact on improving the balance sheet management structure of banks and reducing liquidity risk.

The operational environment of commercial banks has become dynamic and competitive. The failure of banks in this competitive environment and their poor financial performance have forced the banking system to provide strategies to improve their performance in this environment. Merger and acquisition strategies are increasing as one of these solutions with the aim of reducing the inefficient sector. Therefore, the purpose of this study is to investigate the effect of mergers and acquisitions on the profitability and Profitability efficiency of active banks in the banking system of Iran in the period of 2005-2021.

The purpose of this study is to investigate and analyze the situation in which potential merger and acquisition has occurred in banking sector base on our presumption. Seven scenarios have been assigned in order to merge the banks in Iran. two first scenarios are among state banks, third and fourth scenarios are in private sector banks and the rest are among both state and private sector banks. It is worth mentioning that the seventh scenario is the one which has occurred in real in which banks which are related to military system have been merged in to the Sepah bank. Profitability efficiency before and after the merger was evaluated through Stochastic Frontier Analysis (SFA) methods as well as adjusted profit to Risk Weighted Assets (RWA). Additionally by the aim of analyzing the situation and figures pre and post-merger and acquisition we applied Monte Carlo Markov Switching (MCMC) method and  at the end the stress test for the designed scenarios, the conditions before and after the integration were evaluated to assess the results of shocks on banking sector. in the stress test section, the dynamic response of model variables caused by structural shocks of one standard deviation for the next 10 years are analyzed cumulatively with the help of variance decomposition approach. Because the investigated banks have different situations before and after the merger, they show different reactions in dealing with banking and non-banking shocks.

The results of the SFA approach show that in the first scenario (Tosee Saderat and Sanat o Madan) and the sixth scenario (Tose-e-Taavon, Gardeshgari, Day and Khavare Miyaneh), the profitability of all sample banks has increased. Also, in the second scenario, one bank (Tosee Taavon), in the third scenario, Iran-Zemin Bank, in the fourth scenario, Gardeshgari, in the fifth scenario, Sanat and Madan Bank, and in the seventh scenario, Sepah, Hikmat Iranian, Mehr Eghtesad, Kosar, Ansar and Khavare Miyaneh banks with Increased profitability after the merger. Also, based on the results of the Monte Carlo Markov Switching (MCMC) approach, the average and standard deviation of the profitability index has improved by 36.13 percent in post-merger conditions. Also, the results of the stress test show that A shock or a sudden change as much as one standard deviation in the GDP increases profitability both in the pre- and post-merger conditions, but the difference between the two situations mentioned in this index is such that the profitability index after From integration, they increase at a higher rate in response to an increase in GDP. In other words, this increase has more growth in post-merger conditions. Therefore, it can be concluded that in post-merger conditions, banks' profitability reacts more to macroeconomic shocks, so that if a favorable index increases, the profitability index also increases at a higher rate, and if a favorable index decreases, this index decreases at a higher rate. Therefore, it cannot be said that the economic shocks on the banking system in post-merger conditions will affect the banking system less, and this solution has more stability for the banking system due to the influence of macroeconomic indicators. Also, A shock or a sudden change as much as one standard deviation occurs in the facility will increase the profitability both in the conditions before and in the conditions after the merger, but the difference between the two situations mentioned about these indicators is such that the profitability index after Mergers are increasing at a more modest rate in response to the increase in facilities

findings shows that with analyzing the situation through balance sheets and income state of banks and merge them with regards to their characteristics there may be benefits in shape of enhance in efficiency and profitability of post-merger banks. Additionally with regard to financial distress and crisis mergers may not be the best practice. Solutions such as merger and acquisition, despite the fact that they prevent these risks from entering the system to a small extent, but still cannot prevent the risk in a relatively acceptable way.

The unfortunate consequences of recent financial crises on the world economy necessitated the implementation of policies to protect financial systems from external shocks. Considering the negative effects caused by the bankruptcy of banks, especially large banks, a mechanism called the bank resolution system was defined to restore the bank to health before it is considered bankrupt. In this regard, the deposit guarantee system, as one of the pillars of the financial safety network, can provide an opportunity to create laws and executive activities in order to quickly resolve them, while preventing bank raids in the conditions of banks' incapacity and crisis. Therefore, the purpose of this study is to investigate and analyze the role and position of the deposit guarantee system in the process of resolving the banking system. After the theoretical review and analysis, in order to understand the role of the deposit guarantee system in the resolution process of the banking system at the world level, statistical and experimental facts were discussed using world statistics. This research provides a better understanding of the importance of the banking resolution system and the role of the deposit guarantee system at the world level and, accordingly, its application in the country's banking system.

Several studies have been conducted on the impact of unique fundamental factors of companies on their stock returns. The capital asset pricing model (CAPM) developed by Sharpe (1964) and Lintner (1965) and the three-factor model of Fama and French (1993) are the most famous models resulting from these studies. These two models have been widely accepted by academics and used in numerous types of research since its presentation. Significant studies such as those of Fama and French (2012 and 2017) and Hou et al. (2015) show the validity of some global factor models. Nevertheless, Findanza and Morsi (2015) believe that, despite numerous studies on the efficiency of factor models in non-financial companies, few pieces of research have been conducted on the explanatory capability of these models in financial companies. At the same time, a more recent stream of studies in the finance field, including the research of Baker and Wergler (2007) and Sime et al. (2013), show that the performance of traditional factor models may be improved by adding various behavioral factors such as investors' sentiment factor. The paradox of the efficiency of markets depends on the efforts of investors to find opportunities to earn abnormal returns by discovering anomalies. By trying to discover these opportunities, many researchers have focused on the investor sentiment factor and studied its effect on the stock price. The current research seeks to investigate the effectiveness of Fama and French's three-factor model and CAPM in the banking and credit institutions industry, as well as the role of investors' sentiment in this industry to increase the explanatory power of the aforementioned factor models.

The current research is applied in terms of purpose. In terms of method, the research uses regression analysis along with the generalized least squares (GLS) model. The statistical population of the research includes all the listed banks in Tehran Stock Exchange and IRAN FARA BOURSE (IFB). Also, the time domain of the research includes the monthly periods from April 2012 to November 2022. The sampling is based on the methodical elimination of the banks that make up the statistical population. After removing the banks with a shorter acceptance period than the period of the research, 10 banks make up the sample size of the research. The Excel software is used to classify the data and calculate the research variables. Also, the data are analyzed with the Eviews (13 edition) and Stata (17 edition) software programs.Due to cross-sectional dependence, which causes the efficiency of the ordinary least squares method to reduce, the model used the generalized least squares (GLS) method in the Eviews software. To eliminate the problem of heterogeneity of variance, White’s correction (Period Cluster) has been used.

According to the cross-sectional dependence identified in the model, the final estimation of the research model has been done using the generalized least squares (GLS) method and White's correction to solve the heterogeneity of variance. The probability of F statistic related to the significance of all the models is equal to 0.0000. As a result, all the research models are significant. The findings show that adding variables related to the investor sentiment to the asset pricing factor models increases the explanatory power of these models. The excess market return factor was found to be significant in all the models, and the value factor was found to have no significant effect on banks' excess return in any model. The factors related to the investor sentiment are significant in both combined models. At the same time, the addition of the investor's sentiment index to the CAPM and Fama and French three-factor model has increased the adjusted coefficient of determining these models.

Conclusions and policy implications: 

The purpose of this research is to investigate the effectiveness of the CAPM and Fama and French three-factor model in the banking industry and the role of investor sentiment in strengthening the explanatory power of these models. The findings of the research show the significant and positive effect of excess market returns on the risk-adjusted performance of the studied banks. The size factor also has a significant and positive effect on the excess return of the investigated banks, which shows that there is a direct relationship between the excess return of banks and the performance of the size portfolio or the performance superiority of large market companies. Market performance has had the strongest effect on the excess returns of banks. However, the positive effect of the value portfolio performance on the excess return of banks is not statistically significant. This indicates that, although the expectations of investors incited by future developments, regarding the growth of stock returns with a high ratio of book value to market value, increase the return of this type of stock in the medium term, the factors influencing the stock returns are not counted in the long term. Therefore, the factor of market value to book value does not have a significant relationship with the risk-adjusted performance of banks. The findings of the research also show the significant and positive impact of the investor's sentiment index on the excess returns of banks. The sentiment of investors, thus, has a direct relationship with the excess returns, and the increase of the sentiment of investors and the strengthening of their optimism towards the banking industry cause an increase in the excess returns.

The main purpose of this study is investigating effects of DB-PAYG and Full-Funded pension systems on the economy and capital market of Iran. The effects of these two pension systems have been studied in form of different fiscal policies by simulating an Overlapping Generations Model. Simulated fiscal policies are compared to a situation which society has no pension system and people spend their income only on their own consumptions or savings. The results show that in the DB-PAYG pension system, reduction of capital stock and therefore the reduction of output and level of welfare are significant. Fully-Funded pension system does not reduce the level of welfare, capital stock and production, also creating an intergenerational income distribution system. so it works better than other system. Iran's current pension system is DB-PAYG, so transferring to the Full-Funded pension system, as structural reforms, have been proposed. The dynamic of changing the pension system has been estimated and the effects of these reforms on the capital market have also been studied. The results show that structural reforms, in the long run will increase the capital stock and aggregate savings, so will increase the value and depth of the capital market, increase efficiency and corporate governance of enterprises operating in the capital market.

The developmentof a new system of corporate governance after the collapse of Enron and WorldCom in the early years of the 21st century at the global level and the acceleration of the process of handing over government assets simultaneously with the development of the capital market and the strengthening of institutional investment at the country level, the issue of ownership and its impact has made the performance of companies a controversial topic in the field of financial literacy. The purpose of this research is to investigate the relationship between the ownership structure and the financial performance of companies listed in the Tehran Stock Exchange. Based on this, the research investigated the effect of the relationship between institutional and government ownership on the financial performance of 146 listed companies on the Tehran Stock Exchange from 2012 to 2021 using the dynamic panel(Panel GMM) method. The research results indicate the positive effect of institutional ownership on the performance of sample companies. Also, performance metrics based on accounting information show a significant and negative relationship between government ownership and company performance. Other findings of the research show the positive effect of financial leverage and the positive view of shareholders towards the shares of large and growing companies in evaluating the company's financial performance

Banks and capital markets play important roles in the global economy, especially through financing. Recent innovations and increased liberalization in the financial system have led to less disparity of banks and capital markets. Theoretically, these financial institutions are allowed to work together to support companies rather than compete for business. Analyzing the relationship between these financial institutions in a global and dynamic environment is important because the stability of the financial system depends on the ability of these institutions to perform better. Stock market investors convert their assets into stocks and, therefore, need to consider many factors when investing. On the other hand, in developing countries such as Iran, the stock market is less extensive and efficient than in developed countries, and the stock market price is often not close to the real and intrinsic value of those bonds. Considering that the stock exchange and securities organization operate to equip resources and direct them towards useful and productive investments, studying this issue is very important. The liquidity of the financial markets, especially the stock market, affects economic issues, and the shares of companies with higher liquidity are usually less risky for investment. Therefore, examining the factors affecting the liquidity of the stock market as well as the effect of this liquidity on the market power of banks is an important issue. Considering this importance and the studies that have been conducted in this field, the present research seeks to examine the liquidity of the stock market, the market power of banks, and the effect of the liquidity of the stock market on the market power of banks.

In this study, the dynamic panel approach has been used to examine the dynamics of changes, remove the bias of cross-sectional regressions, and make estimations with higher efficiency. The financial data of 20 banks admitted to Tehran Stock Exchange have been used in the period from 2010 to 2020. The banks examined in this research include Hekmat Iranian, Di, Saman, Sarmayeh, Ansar, Ayandeh, Saderat, Mellat, Parsian, Pasargad, Postbank Iran, Tejarat, Middle East, Iran Zamin, Sina, Karafarin, Gardeshgari, Etebari Melal, Eghtesad Novin and Mehr Eghtesad. The research is conducted based on the econometric approach. In order to solve or minimize the problem of endogeneity and correlation among the independent variables, the dynamic panel data estimation approach or the generalized method of moments (GMM) approach is used.

Based on the results obtained from GMM, the effects of amihud illiquidity variables have been estimated with a negative and significant coefficient of -0.0004. Also, the effect of the market power index with an interval (t-1) and a coefficient of 0.341, the effect of bank size with a coefficient of 0.004, the effect of capital adequacy with a coefficient of 0.027 and the effect of profitability with a coefficient of 0.128 on the market power of banks are found positive and significant. Finally, the effect of the financial leverage index has emerged with an insignificant coefficient of - 0.0022.

Despite the significant developments in various scientific fields, human societies are faced with various limitations. Among them, one can mention the collection of various deposits and their appropriate allocation to meet the financial needs of various economic activities. Meanwhile, one of the most important activities in the capital market is banking operations. Banks contribute a major part of funds in circulation in the society; from this point of view, they play a very important role in economic systems. They also have an undeniable role in regulating economic relationships in the society. In this context, the liquidity of stocks is one of the most important criteria for investors. Due to the increasing importance of liquidity, researchers have widely paid attention to the effective factors involved. Therefore, based on the existing theories and literature, this study seeks to answer the questions ‘Does the liquidity of the country's banking sector shares have an effect on its market power?’ and ‘What are the direction and extent of this effect?’. Therefore, we investigate the effect of illiquidity variables, bank size, financial leverage, capital adequacy and profitability on the market power of banks. In this regard, GMM has been used to estimate the research model. Based on the results, the effect of Amihud illiquidity variables is negative and significant. Also, the effect of bank size, capital adequacy and profitability indicators on banks' market power is positive and significant, and the leverage index has no significant effect.

This paper seeks to determine the optimal pension policy according to the aging of the Iran’s population, by calculating the optimal replacement rate and simulating transition to this rate. For this purpose, an OverLapping Generations Model, with five main parts of population, household, production, government and pension system, was calibrated. Demographic data related to the next hundred years were used based on the United Nations report and the relevant variables were predicted. In first step, the optimal value of replacement rate for the year 1430 was calculated. The results show that the replacement rate will be optimal in the range of 15 percent. Also, the results show that by adjusting the replacement rate to the optimal rate, the amount of contribution rate will also decrease significantly. In the next step It was assumed that the government adjust the replacement rate, and of course contribution rate, of the pension system to the optimal amount during a forty-five-year plan through a fiscal policy that will be implemented in 1400. The results showed that with transferring to the optimal policy, the capital stock, labor supply, production and welfare will increase.

The identification of effective factors of investment in technological projects plays a key role in the development of collaborative banking. This study aims to ranking investment factors in the technological projects of the growth phase in the banking system. The method of research is practical and the data are collected through survey using questionnaires filled by venture capital experts and bank system managers.Determining importance degree of investment projects includes identification and evaluation of plan, negotiation and signing contract, implementation, Cooperation supervision and investment exit by using “Shanon entropy” quantitative method and prioritizing of five investment factors in technological projects by using TOPSIS method. Results show that the characteristics of technological company, product property, micro economic factors, characteristics of the entrepreneurial team and macroeconomic factors are the most important factors.

Considering the importance and special position of the banking system in Iran's economy, it should not be overlooked that the fluctuations of macroeconomic variables affect the performance of the banking system. The biggest challenge of the banking industry is identifying and managing the risks in the banking system and reacting to economic shocks. Liquidity risk is one of the most important risks in the Iranian banking system, which exposes it to serious crises. The purpose of this research is to investigate macroeconomic shocks on liquidity risk indicators in Iranian banks admitted to the Tehran Stock Exchange (TSE) and the Iranian Over-the-Counter (OTC).

To evaluate the impact of macroeconomic shocks on the considered indicators related to liquidity risk, extensive systemic shocks were considered. In the first stage, the relationship between macroeconomic variables was estimated using the MS-VAR model to predict the trend during a specific period. In the second stage, the relationship between liquidity risk indicators (the ratio of liquid assets to total assets and the ratio of the debts to the Central Bank of Iran to total debt) with macroeconomic variables was estimated, using the Panel Data model. Finally, the effect of the probable but exceptional shocks of the macroeconomic variables, extracted in the first stage, on the considered indicators related to liquidity risk was investigated. The model presented in this research used information on the Iranian banking system from 2009 to 2019 to analyze the intended effects.

The results showed that the MSIAH(2)-VAR(1) model was selected as the optimal model. The stability of both regimes has been confirmed. The probability of being in regime I stood at 0/51, and regime II was 0/49. The shocks to macroeconomic variables, the shock to GDP growth in regimes II and I, the shock to inflation in regimes I and II, and the shock to exchange rate growth in regimes II and I, respectively, had the greatest impact on the first index of liquidity risk. For the second index of liquidity risk, respectively, the shock to the GDP growth in the first and second regimes, the shock to inflation in the second regime, the shock to the GDP growth in the second regime, and the shock to the exchange rate growth in the II and I had the most significant impact.

Estimating the ratio of cash assets to total assets, as the first indicator, and the ratio of debt to the Central Bank to total liabilities, as the second indicator, with the shock to macroeconomic variables indicated that liquidity risk indicators were strongly affected in both regimes under the crises. According to the results obtained from both of the indicators, among the considered macroeconomic variables, the shock to GDP growth in regime I had the greatest impact on both liquidity risk indicators.

Merger is a strategic measure taken by financial institutions to improve managerial performance. In fact, banks are always seeking to consolidate their actions in the market to converge to the optimum level, achieving integration and enabling banks to reduce their costs and, consequently, improve efficiency at the allocation and productivity levels. Many countries have experience of mergers, but the situation of banking mergers in Iran does not have a definite result to be judged. Therefore, considering the importance of the subject, the purpose of this study is to investigate the efficiency and liquidity situation in the conditions before and after merging with a set of 32 banks in the period 2020-2005 with the approach of Berger and Bowman (2008) and two-stage data envelopment analysis. In this regard, seven scenarios (including 6 public-private mergers and the actual merger of Sepah Bank) were considered. The average liquidity creation index was obtained in the period before the merger and after the merger, the liquidity increased, which could be due to the increase in banks' capital. Also, the performance after the merger increases in 6 scenarios and only one scenario shows a decrease; therefore, while merger is one of the ways to improve the efficiency of banks, choosing the right partner is one of the important components of merger success.

In this study, the frameworks of Shariah supervision and specifically, Shariah compliance, have been introduced and examined, and its purpose is to provide a framework that can be used to create a perspective for the culture of Shariah compliance risk in Iran's banking system and at the level of organizational procedures. For this purpose, the structures of Shariah supervision in the countries with the Islamic banking window have been examined from the institutional and instrumental aspects, then relying on numerous international and domestic studies, it has been tried to select the best experience related to the implementation of Shariah Supervision. Until now, comprehensive scientific and executive documentation has not been compiled regarding this issue in Iran as a country that faces challenges in Islamic banking in the form of the law of Usury-Free Banking Operation. Therefore, by using the Future Study method and by choosing the Visioning approach, it has been tried to define and explain a suitable framework to be used to develop a desirable vision for the country. For this purpose, Shariah supervision and its implementation system in Malaysia, where is considered to be leading in the implementation of Islamic banking, it has been examined as a perspective, and by examining the legal and regulatory frameworks, institutional and instrumental capacities, studies and achievements of the Islamic banking system and ongoing and future programs approved by the supervisory body in this country, draws a structure in accordance with the culture of Shariah compliance risk in Malaysia with an emphasis on organizational procedures and it has been introduced as a framework for exploiting the culture of Shariah compliance risk in Iran.

The performance of listed firms is affected by a variety of internal and external factors. In addition to exploiting the internal factors, the managers of these firms must be able to navigate the external environment in such a way as to achieve their intended goals. The present research investigates the impact of currency fluctuations as an environmental factor on the performance of the firms listed on the Tehran Stock Exchange (TSE). This quasi-experimental research uses the generalized autoregressive conditional heteroskedasticity (GARCH) model to evaluate the impact of currency fluctuations on firm performance and the autoregressive distributed lag (ARDL) model to measure the effect of lags on this relationship. The results show that currency fluctuations significantly affect the performance of TSE-listed firms, but the strength and type of these effects vary across industries. Also, these effects occur with different time lags in various industries.

The financing of technological projects in the  can be used to accelerate the growth, attract capital or supply liquidity to knowledge-based companies. The cooperative financing model in the framework of usury-free banking with the support of the real sector of the economy and the correct implementation of bank contracts play a key role in achieving Islamic banking system. The aim of the research is to identify the factors influencing investment in the technological projects of the incubation phase and to design the model of cooperative financing of the projects in order to create a risk distribution mechanism, attract people's participation, and support the knowledge-based economy. This is a development-applied research and the way of data collection is survey type. To collect data, a researcher-made questionnaire distributed among the experts of the risky investment system and the managers of the banking system was used. Factors affecting investment were identified in two sectors, including internal to the organization such as entrepreneurial team, product characteristics and technological company, and external to the organization such as technological business ecosystem and macroeconomic factors. The method of The Partial Least Squares regression (PLS) with the help of Smart Pialas software showed that the investment stages of technological projects have a medium and high impact on investment. Then, the proposed financing model was presented by using cooperative contracts according to the operational model and playing the role of bank intermediary in the usury-free banking system.

Adequacy (efficiency) of investment is one of the most important issues in financial management. How to use the company's resources, especially internal funds, is an important decision in the conflict between shareholders and managers. By choosing the right combination of assets and liabilities, managers try to achieve the goal of maximizing the value of the company's stock. In this study, the effect of liquidity and financial leverage of the company on over-investment as well as the effect of firm size and company life cycle in this regard has been investigated. This study is an applied research in terms of purpose and a correlational study using generalized method of moments (GMM) in terms of nature. To test the research questions using systematic elimination method, a sample of 174 companies among the firms listed in the Tehran Stock Exchange during the period of 6 years in (2014-19) selected. The results showed that financial leverage has an adverse effect on over-investment and the effect of cash retention on over-investment is positive. Firm size and life cycle also affect the relationship between financial leverage and cash retention over-investment.

The Risk-Adjusted Return on Capital (RAROC), as a modern performance measure, is introduced in comparison to traditional performance measures and has been calculated for all the banks listed on the Tehran Stock Exchange and Iran Fara Bourse, based on a new method extracted from earlier studies. The research period is 8 years, from 2012 to 2019. Assessing the effect of macroeconomic variables on this performance measure is another aim of this research. In doing so, RAROC has been estimated by using the Net Income, Expected Loss, and Supervisory Equity of banks. At the next stage, some macroeconomic variables have been selected to run the model. The impact of these variables on RAROC is investigated by a Multiple Linear Regression Model and Panel data analysis. Based on the results, the Inflation rate, the growth of currency exchange rate to Consumer Price Index (CPI) ratio and Liquidity Growth affect RAROC. Except for the inflation rate which has a reversed effect on the dependent variable, others have a straight impact on RAROC.

The literature of political economy emphasizes the role of political institutions in controlling the behavior of politicians and economic choices. Political institutions include the arrangements established in the ruling political structure such as elections, parliament, government, laws, etc, in which, the political competition is one of the most important descriptors of the mentioned structure. This competition for political power, such as the candidacy of candidates for the parliamentary seats, will include the right to control, shape the content, and guide the public policy. Except the institutional factors, the natural resources abundance such as oil will affect the economic performance of countries dependent on the generated proceeds.Therefore, the present study examines the impact of political competition and oil revenues on the economic growth of Iranian provinces using the dynamic panel data method in the period of 2000-2019. The results show that, there is a non-linear relationship between the political competition and the U-shaped economic growth in various contexts, so that after the desired level of political competition, increasing the political competition forces politicians to formulate growth-promoting economic policies. The interaction of political competition and oil revenues on the economic growth of regions is positive, so increasing the political competition will moderate the destructive impact of oil revenues on the economic growth.

The present study simulates and compares three types of pension systems, DB-PAYG, Full Funded and Defined Contributions, and their impact on Iran’s macroeconomic variables. For this purpose, the General Equilibrium model of Overlapping Generations is designed based on the variables of the Iran economy.  The results showed that the Full Funded pension system performs better than other systems in terms of capital stock, output and welfare. Also, among these three systems, the DB-PAYG system has the lowest amount of capital stock, output and welfare. Therefore, changing the current pension system of the country to a Full Funded pension system has been proposed as a reformed fiscal policy.

Investment of technological projects in the growth stage plays a key role in accelerating the growth, capital attraction or liquidity supply of knowledge-based companies. This study aims to identify the investment factors in technological projects of the growth stage in the banking system to create a mechanism for risk distribution, attract public participation, and support the knowledge-based economy. This research is of development-application type and the method of data collection is survey type. The data are collected through survey using questionnaires filled by venture capital experts and bank system managers. Factors influencing investment in two parts of the organization including the entrepreneurial team, product characteristics and Technology Company and external company including technological business ecosystem and Macroeconomic factors were identified. The partial least squares method with the help of Smart PLS software showed that the investment stages of technological projects Investments have a medium to high impact and the characteristics of the technology company have the greatest impact on the investment of technological projects and the characteristics of the technology company have the greatest impact on the investment of technological projects in the banking system. The proposed financing model based on the factors affecting investment in the banking system.

In this Research, The Risk-Adjusted Return on Capital (RAROC), as economic performance measurement and risk-adjusted index, was introduced and has been calculated for all the registered banks in the Tehran Stock Exchange and Over-the-Counter Market of Iran, based on contemporary methods which were extracted from earlier researches. The way in which this variable was calculated is one of the distinctions of this research. The period of this research is 8 years, from 2012 to 2019. At the next stage, the CAMELS indicators were introduced and their importance were declared. Then, the impact of these indicators on RAROC were assessed by a multiple linear regression model and Panel Data approach. The results illustrated this fact that there are numerous banks which even disclose net income in their financial statements, while based on RAROC index are not financially as safe as they seem.  Also, it has been concluded that Capital Adequacy ratio, Management Quality, Earnings Quality, and Liquidity Quality affect the RAROC. Meaning that, by improving those indicators, RAROC index will be enhanced. On the other hand, Asset Quality and Sensitivity to Market Risk have no significant effect on the RAROC.

With the onset of the financing crisis in the real sector of the economy and the intensification of shortcomings in the banking system of Iran in recent years, the issue of capital raising has been seriously considered by economic and banking experts to improve the health and stability of banks and their credit provision. What has been critical in this regard is the effects of capital raisings on the liquidity creation and credit provision of the banks. Therefore, using data of 29 banks during the period 2008 to 2017, and the econometric method of dynamic panel data, the relationship between the capital raising and the liquidity creation and credit providing has been studied. For this purpose, in two steps, first, the effect of capital raising in general on the liquidity creation and credit of banks, and in the next step, the impact of different methods of capital raising on these factors has been studied. The results of the estimations show that an increase in total capital will lead to a rise in liquidity creation in banks. In examining the effect of various methods of capital raising on liquidity creation, however, only the method of cash contribution and retained earnings can have a positive effect on liquidity creation, and other techniques show adverse effects. Also, based on the results of the proposed models, bankschr('39') capital raising has harmed their credit provision. It means that banks have allocated the resources from capital raisings to things other than providing loans to customers.

Given the special and sensitive role of banks in the economic system of the country, any shock, disruption and inefficiency in the economic system has a direct impact on the activity of banks and financial institutions and phenomena such as high inflation or economic shocks and fluctuations such as sharp fluctuations in other markets, gold, and currency, will, directly and indirectly, affect the operating costs and cost of money, and ultimately the profitability of banks, In addition, due to the financial dependence of the manufacturing sectors on this important economic entity, any inefficiency or crisis in the banking system can lead to many problems in different sectors of the economy. This study has used Johansson-Joselius coefficient and vector error correction (VECM) and Q21397-Q11389 seasonal data to investigate the effect of some important financial performance indicators on Mellat Bank profitability. The results of this study show that variables of non-current facilities ratio to total facilities, debt-to-asset ratio and long-term deposit to total assets ratio and ROA have a negative relationship in the long run but between capital adequacy ratio, net operating income to total asset ratio and Facility on total deposits ratio and ROA There is a positive and significant relationship in the long run.