سعید یادگاری

Banks and capital markets play an important role in the functioning of the global financial sector and the global economy. With the development of stock market liquidity, banks' reliance on non-traditional sources of business has increased to compensate for the business losses caused by the traditional intermediation function. The increase in diversification along with the supplements resulting from liquid stock markets can have important effects on the overall stability of the bank. The liquidity of the stock market can influence banks to bring income and diversification of assets and thus increase their stability.In this study, the impact of stock market liquidity and banking diversity on banking stability in selected countries during the years 2014 to 2022 has been investigated. Multivariate regression models based on combined data have been used to test the research hypotheses.The results of the research showed that stock market liquidity is effective on bank stability and stock market liquidity has an effect on bank stability. Also, the increase in banking diversity due to the development of stock market liquidity is associated with an increase in bank stability.

The value of the company is one of the most important components of evaluating economic units, especially joint-stock companies. The value of a company is reflected in its stock price, therefore, the prosperity of a company's stock can be considered as a result of the value of the economic unit. Among the factors that can affect the value of the company are business strategy, managerial compensation and managerial ability. Based on this, the current research examines the effect of managerial compensation and ability on the relationship between business strategy and firm value in companies listed on the Tehran Stock Exchange. In order to achieve the above objectives, three hypotheses were formulated. Therefore, in order to test the research hypothesis, a sample of 140 firms was selected from the firms listed in Tehran Stock Exchange during the period 2015 to 2021. Multivariate regression model based on combined data was used to test the research hypothesis. The findings of the research showed that the business strategy has a positive and significant effect on the firm value, that is, an increase in the business strategy leads to an increase in the firm value; In addition, the results indicate that managerial compensation and ability strengthen the relationship between business strategy on firm value.

operations and accounting adjustments (operating accruals). Since cash flows from operations predict future profitability better than accruals, the inability to distinguish between these two components makes investors optimistic about companies with high accruals. Be pessimistic towards companies with low accruals. Therefore, inexperienced and uninformed investors affect the prices and cause the prices to change; therefore, it is expected that the prices for companies with high accruals will increase irrationally and for companies with low accruals will decrease. As a result, companies with high accruals should have low future abnormal returns and companies with low accruals should have high future abnormal returns. Therefore, the purpose of this research is to investigate the effect of the financial crisis on the anomaly of accruals by considering the role of investment levels. In order to achieve the goal of the research, two hypotheses have been formulated. In order to test these hypotheses, a sample of 105 companies admitted to the Tehran Stock Exchange was selected between 2015 and 2021 using the systematic elimination method. To test the research hypotheses, multivariate regression models have been used using the pooled data method. The results of this research show that the financial crisis has a negative effect on the anomaly of accruals. Also, the results showed that the investment levels strengthen the impact of the financial crisis on the accruals anomaly.

Taxes are one of the most important sources of government revenue, which in addition to providing the financial resources that the government needs, help to better distribute income and wealth. The composition of tax revenues as well as the share of taxes in total public revenues differs from one country to another due to economic, cultural and historical conditions. Tax avoidance causes countries' tax revenues to always be lower than estimated; therefore, the factors affecting it are important. The present study examines the effect of political connections on the relationship between earnings management and tax avoidance. In order to achieve the above objectives, two hypotheses were formulated. Therefore, in order to test the research hypothesis, a sample of 140 firms was selected from the firms listed in Tehran Stock Exchange during the period 2015 to 2021. Multivariate regression model based on combined data was used to test the research hypothesis. The findings of the research showed that earnings management has a positive and significant effect on tax avoidance, that is, the increase in earnings management leads to an increase in tax avoidance; Furthermore, the results indicate that political connections strengthen the relationship between earnings management and tax avoidance.

With increasing competition in the business field, companies need to make appropriate and timely investments for their survival. Considering the developments in the world today, especially developing countries, these countries need appropriate solutions to better use their facilities to solve their economic problems. In this regard, one of the important factors in solving the economic problems of countries is the expansion and development of investment; but this alone is not enough and due to the limitation of financial resources, in addition to the issue of investment development, increasing the efficiency of investment is also one of the important issues. Based on this, the current research examines the effect of corporate governance on investment efficiency and also the moderating role of market competition in this regard. In order to achieve the above objectives, two hypotheses were formulated. Therefore, in order to test the research hypothesis, a sample of 140 firms was selected from the firms listed in Tehran Stock Exchange during the period 2014 to 2021. Multivariate regression model based on combined data was used to test the research hypothesis. The findings of the research showed that corporate governance has a positive and significant effect on investment efficiency, that is, an increase in corporate governance leads to an increase in investment efficiency; In addition, the results indicate that market competition weakens the relationship between corporate governance and investment efficiency.

Earnings is considered as one of the most basic and important items of financial statements in financial and economic decisions that are considered by many people. But sometimes managers, in order to maximize their benefits, may report earnings that are inconsistent with the public interest interests of users. Earnings management is the set of actions that managers take to streamline information to achieve specific goals. Financial reporting categorizes company-specific information from a management perspective and presents it meaningfully to users, and investors, potential lenders, and their advisors use it as a basis for decision-making on capital allocation. The main role of financial reporting is to effectively transfer information to outsiders in a credible and timely manner. Based on the above, the present study examines the relationship between managers' overconfidence and tax avoidance on the financial reporting quality and earnings management. In order to achieve the above objectives, four hypotheses were formulated. Therefore, in order to test the research hypothesis, a sample of 130 firms was selected from the firms listed in Tehran Stock Exchange during the period 2013 to 2019. Multivariate regression model based on combined data was used to test the research hypothesis. The results of this study show that there is a negative relationship between managers' overconfidence and tax avoidance on the financial reporting quality, which means that with increasing managers' overconfidence and tax avoidance, the financial reporting quality will decrease; In addition, there is a positive and significant relationship between managers' overconfidence and tax avoidance on earnings management, which means that with increasing managers' overconfidence and tax avoidance, earnings management will increase.

Social responsibility is an important issue and the basic foundation for the survival of any society. As a responsible business, business leaders must demonstrate their commitment to social responsibility through values, transparency and accountability to their stakeholders and ensure that these commitments are effective within the organization. Among the factors that can affect social performance are CEO power and CEO characteristics. Based on this, the current research examines the effect of the CEO characteristics on the relationship between the CEO power and the social responsibility of companies listed on the Tehran Stock Exchange. in order to achieve the above objectives, two hypotheses were formulated. Therefore, in order to test the research hypothesis, a sample of 140 firms was selected from the firms listed in Tehran Stock Exchange during the period 2015 to 2021. Multivariate regression model based on combined data was used to test the research hypothesis. the findings of the research showed that the CEO Power has a negative and significant effect on the corporate social responsibility, that is, an increase in the CEO Power leads to a decrease in the corporate social responsibility; In addition, the results indicate that CEO characteristics strengthen the relationship between CEO power and corporate social responsibility.

With increasing competition in the business field, companies need to make appropriate and timely investments for their survival. Considering the developments in the world today, especially developing countries, these countries need appropriate solutions to better use their facilities to solve their economic problems. In this regard, one of the important factors in solving the economic problems of countries is the expansion and development of investment; But this alone is not enough and due to the limitation of financial resources, in addition to the issue of investment development, increasing the efficiency of investment is also one of the important issues. Based on this, the current research examines the effect of managerial ability on investment efficiency and also the moderating role of internal control quality in this regard. In order to achieve the above objectives, two hypotheses were formulated. Therefore, in order to test the research hypothesis, a sample of 140 firms was selected from the firms listed in Tehran Stock Exchange during the period 2014 to 2021. Multivariate regression model based on combined data was used to test the research hypothesis. The findings of the research showed that managerial ability has a positive and significant effect on investment efficiency, that is, an increase in managerial ability leads to an increase in investment efficiency; In addition, the results indicate that the internal control quality strengthens the relationship between managerial ability and investment efficiency.

The stock price is one of the most important factors that motivates investors to buy or sell stocks. However, the presence of challenges in explaining stock price behavior due to the influence of various internal and external factors is an inevitable issue in any capital market. Among the most important fundamental analysis tools in pricing discussions are dividends and the price-to-earnings ratio. This study evaluates their informational role in the form of dividend payout patterns and lagged price-to-earnings ratio. Data from 113 profitable companies listed on the exchange over eight-years (2014-2021) were collected. In this study, a multiple linear regression model (with fixed effects panel data) was used and three variables of size, growth, and financial leverage were also controlled. The findings indicate that cash dividends, particularly dual dividends with a majority cash component, have a significant positive impact on the end-of-period stock price. However, bonus shares, whether individually or combined with cash dividends as dual dividends with a majority bonus component, do not significantly influence the end-of-period stock price. Furthermore, an increase in the lagged price-to-earnings ratio corresponds to a significant rise in the current period's stock price. These results highlight the stronger informative role of cash dividends compared to bonus shares, even in the case of dual dividends where a stronger price reaction to the cash majority is observed. Additionally, the study confirms the informational content of the price-to-earnings ratio and provides evidence for its predictive power in forecasting changes in stock price in subsequent periods. Overall, this research contributes to the understanding of stock price behavior in the Tehran Stock Exchange and highlights the importance of considering dividend payout patterns and the price-to-earnings ratio in investment decision-making.

This study investigates the effect of corporate tax and financial leverage on investment risk in companies listed on the Tehran Stock Exchange. The present study is applied in terms of purpose and in terms of methodology of correlation is causal (post-event). The statistical population of the study is all companies listed on the Tehran Stock Exchange and using the systematic elimination sampling method, 108 companies were selected as the research sample and were surveyed in a weekly period between 2014 to 2020. Ives software version 9 and multiple regression based on composite data were used to test the research hypotheses. The results of testing the research hypotheses indicate that the corporate tax has a positive and significant effect on investment risk, which means that with increasing corporate tax, investment risk will increase. Also, financial leverage has a significant negative effect on investment risk, which means that with increasing financial leverage, investment risk will decrease.

Todays, continuous and purposeful studies, has more important and useful role in financial, economics and accounting areas. Overconfidence is one of the most important personality traits of managers in the field of modern behavioral principles; therefore, and also considering the importance of the company's operating cash flows and its effects on profitability, investigating the relationship between this issue and managers' overconfidence creates a good ground to measure its effect on the company's value and can be useful for the information users. In the present study, for detailed and punctiliousness review,cash flows divide in quarterly and next the effect of managers' overconfidence on Operating cash flow manipulation has been investigated. For this purpose, 111 statistical samples were selected to test the hypotheses in the fiscal year of 2013 to 2019 (a 7-year period). The hypotheses were tested at an error level of 0.05 using data extracted from Eviews software and mixed data method (pulling and panel data). According to the theoretical foundations, overconfident managers with excessive optimism, invest more than right amount, and try to hide their performance in using the company's financial resources on operating cash flows by manipulating the company's financial statements and operating cash flows. Based on the results of hypotheses testing, first, managers' overconfidence has no significant effect on manipulating small negative cash flows. Second, managers' overconfidence does not have a significant effect on manipulating the upward positive cash flows.

One of the main reasons for the accruals anomaly is the lower persistence of accrual component of earnings to its cash component. Conservatism, as an accounting convention, increases the reliability of accruals, therefore, it is predicted that conservatism increases accrual persistence. In this study, the effects of different degrees of accounting conservatism on the persistence of accrual component of earnings were investigated. Consequently, the role of accounting conservatism in the correction of the accruals anomaly was also evaluated which so far, no study has been conducted on this issue in Iran. Therefore, two hypotheses were developed which were statistically examined through multivariable regression models using combined data. Accordingly, using systematic removal method, 105 companies accepted in Tehran Stock Exchange during a 10 year period from 2007 to 2016 were selected as the statistical sample. It was found that accruals level showed a negative influence on the firm returns indicating the presence of accruals anomaly. Additionally, the results revealed that higher degrees of conservatism increased the persistence of accruals and as a result contributed to the correction process of accruals anomaly. The obtained results are consistent with the theoretical foundations of this research.

Orbital xantogranuloma is a rare ophtalmic disease with systemic involvment in some case. Most of the patients presents with red eye and hyphema. Topical or systemic corticosteroid with or without surgery has been used for treatment of these patients. Here presents a young female with orbital xantogranuloma which was managed by combination of medical and surgical treatment with complete resolving.

To describe three cases of exotropic Mobius syndrome and to report outcomes of the surgical intervention.
Case Reports: Three patients including two boys and one girl were referred to our strabismus clinic. All had masked faces and non-progressive congenital bilateral facial palsy and dry eye. Other abnormalities included large angle exotropia and bilateral horizontal gaze palsy. Surgical interventions, which were performed in the first two cases, included bilateral lateral rectus disinsertion followed by bimedial rectus resection in two separate sessions. Occlusion of the puncti and tarsorrhaphy were performed to treat dry eye. Strabismus surgery led to orthotropia with no change in gaze limitations. The third patient declined surgical intervention.
The two-step surgical intervention including bilateral lateral rectus disinsertion followed by bimedial rectus resection can effectively treat strabismus in exotropic Mobius syndrome. Dry eye symptoms which are common in this type of Mobius syndrome require special attention.