غلامرضا محفوظی

This research examines the interest rate risk management, one of the most important risks in banks listed on to the Tehran Stock Exchange and the impacts that may have on the persistence and valuation of net interest income; Because most of the profitability of banks comes from this income. In the meantime, by presenting new criteria instead of the gap criterion (GAP), an effort was made to gain a better understanding of this banking practice in addition to helping banks manage this risk more effectively. The time frame of this research is 2003 - 2021 and the research method is correlation base. To test the hypotheses, unbalanced panel data and GMM and OLS regression have been used. The results of the research show the existence of a negative and insignificant relationship between the impact of interest rate risk management and the persistence of net interest income, and with the valuation of this income, an insignificant but positive relationship is seen. The obtained results indicate the existence of an obstacle called the mandatory determination of the interest rate, which prevents the effective management of this risk by the banks and prevents them from achieving stability in net interest income and, consequently, stability in profit and it deprives them of the increase in the valuation of their shares.

Currently, the banking industry is of great importance due to its unique intermediary role to achieve the goals of sustainable development. The present study reviews previous studies on sustainable banking, aiming at investigating sustainable banking practices in order to improve the banking industry performance. The research method is based on a semi-systematic review. The statistical population included research articles on sustainable banking, which were obtained by the search strategy made in the period of 1995 to 2021 in scientific databases. First, 1004 articles on sustainable or green banking were identified, and finally, focusing on sustainable banking and performance, and based on the inclusion and exclusion criteria, 25 articles were selected for this study. After reviewing the literature, a conceptual framework was achieved regarding sustainable banking and improving the banking industry performance. Based on the conceptual model, it can be stated that sustainable banking should work towards increasing social responsibility so that the performance of the banking industry can be improved. In the present study, sustainable banking practices were defined by social sustainability, environmental sustainability, and ethical considerations. Therefore, in all countries, it is necessary to implement sustainable banking practices in a way that concurrently consider environmental effects and social effects in accordance with green banking and profit maximization according to traditional banking. If these actions are accompanied by social responsibility, profitability and efficiency will also increase and costs will be reduced; Finally, the improvement of the banking industry performance also depends on these three factors.

Economically, sustainable income is a key issue for governments. They try to compensate the expenses by tax revenues. This is regarded as an index of social sustainability and political secutity. One of the government goals is tax collection coinciding with giving services. Companies have different symmetry of time for receiving services and paying taxes at different stages of their life. Therefore, the purpose of this study is evaluating effect of mismatching expenses with earning on tax coincidance over the life cycle of firms. Data from 88 companies listed in Tehran Stock Exchange during the period between 2011-2017 were used to test the hypotheses.The results show that there is a significant relationship between mismatching expenses with earning in the growth and decline phase and the Tax coincidence during the life cycle and in the growth and maturity phase of companies. Other results indicated that the correlation of Tax coincidance of growth companies with a low degree of non-compliance in expenses is greater than the high degree of non-compliance in expenses, and between the taxable income of companies at maturity with a low degree of non-compliance in expenses there was a significant negative relationship with tax coincidance

The main purpose of this research is to investigate the effectiveness of Surveillance measures and provide a model for Updating of appropriate supervisory systems with market anomalies in Tehran Stock Exchange and Overseas Iran. This research is a descriptive survey that consists of two parts. The first part is the prioritization of market abnormalities, which the method of theoretical discussions collecting has been library, as well as the information necessary for the realization of the research objectives using distribution and collection a questionnaire was conducted among 22 supervisors of Tehran Stock Exchange. In the second part of the research, the effects of identified abnormalities in securities transactions on the efficiency of Tehran Stock Exchange at two levels of large and small companies been investigated. The results of the survey briefly state that in large companies the most violations are affected by price and transactions manipulation, while in small companies, often violations will be due to the inside trading-based transactions. It can also be concluded that the anomalies of trades on the stock exchange reduce market efficiency.

One of the important issues in the psychology of accountants' personality is understanding the moral traits and unique personality that influences on their financial behaviors and decisions. Machiavellianism is one of the characteristics that using any method to achieve legitimizes the personal goals. On the other hand, financial well-being and financial behavior are important aspects of financial wellness that have a significant impact on personal life. The aim of this study was to investigate the relationship between personality characteristics and financial well-being and financial behavior in a sample of 333 members of the Iranian Association of Certified Public Accountants. The present study is applied research in terms of purpose and descriptive-analytical research in terms of research method and data was collected by using questionnaire. The research hypotheses were tested by Pearson correlation coefficient, t-test and Levin test, confirmatory factor analysis and structural equation modeling (SEM) using SPSS22 and Smart PLS2 software. The results showed that there is a significant and inverse relationship between personality characteristics by considering demographic variables with financial well-being and financial behavior of members of the Iranian Association of Certified Public Accountants. The results also indicated that there is a significant and direct relationship between financial well-being and financial behavior.

Today, some systems such as credit scoring and credit customer rating have been developed to validate customers. The present study is aimed to identify and evaluate the effective factors on the credit risk of real customers of Bank Melli in Iran using Delphi-Fuzzy and Fuzzy -DEMATEL approaches. This research is exploratory in terms of purpose and is descriptive and survey in terms of data collection and analysis. The validity and reliability of the research measure were verified statistically using 20 experts related to the research topic, which was in the form of a questionnaire. A total of 60 factors were identified in 4 main dimensions including personal factors, environmental, behavioral and social factors, credit factors and macroeconomic factors. Later, the model was evaluated, and by re-interviewing the experts through the Delphi-fuzzy technique, 55 factors were finally confirmed. Then, the dimensions and indicators of customers' credit risk were ranked, which was done through the fuzzy- DEMATEL technique. The results of research indicators showed that among the indicators, income index had the highest effect and collateral index had the most impact. Also, among the main dimensions, the personal factor had the highest impact among the factors.

From the perspective of political economy, the major shareholders and executives associated with the political power centers can influence the performance of their respective companies. Undoubtedly, a large part of the Iranian economy is under the influence of a government controlled by various political groups. And to a certain extent they have different political and economic ideas. This study seeks to investigate the possible relationship between managers' political influence and government's political support as political factors on the investment efficiency of listed companies in Tehran Stock Exchange. The sample consisted of 104 companies listed in Tehran Stock Exchange during the years 2008-2017 that were selected by systematic elimination method. Ives software was used to test the research hypotheses. The results indicate that there is a positive and significant relationship between managers' political influence and performance evaluation, but there is no significant relationship between government political support and investment efficiency.

Economically, sustainable income is a key issue for governments. They try to compensate the expenses by tax revenues. This is regarded as an index of social sustainability and political security.One of the government goals is tax collection coinciding with giving services. Companies have different symmetry of time for receiving services and paying taxes at different stages of their life,Therefore, the purpose of this study is the evaluating of tax coinciding and expense matching through the life cycle of firms. Data from 88 companies listed in Tehran Stock Exchange during the period 2011-2017 were used to test the hypotheses.The results show that firstly,there is a meaningful relationship between matching of incomes and costs in the growth and maturity stage but it isnot found in the declining one. secondly, tax coincidance at the growth and maturity stage of the firms life cycle is significantly different, but in the decline stage, no significant difference was found.Thirdly,tax coincidance of firms with high matching degree in costs is more than that of the low matching degree costs .finally,tax coincidance of the firms in declining stage with high matching in costs is less than that of low matching degree.

 The purpose of this study was to investigate and explain the factors affecting corporate investment efficiency, to investigate the role of firm characteristics in the relationship between disclosure of risk information in annual reports and investment efficiency of listed companies. The Tehran Stock Exchange was conducted in the period of 2008-2017. In this study, company size, profitability, and company growth were used as characteristics of the company. The results showed that there is a significant relationship between disclosure of risk information in annual reports and investment efficiency. There is also a significant relationship between company characteristics with disclosure of risk information in annual reports and between company characteristics and investment efficiency. Multiple regression method, Baron and Kenny method were used to investigate the mediating role of firm characteristics on the relationship between risk information disclosure in annual reports and investment efficiency. The results of the hypotheses test showed that firm size and profitability play a partial mediator role in the relationship between disclosure of risk information in annual reports and investment efficiency and variables of disclosure of risk information in annual reports, company size and profitability Can predict the efficiency of investment. The results also show that growth variables do not have a mediating role in the relationship between disclosure of risk information in annual reports on investment efficiency.

The purpose of this study is to investigate the impact of tax Aggressiveness reporting on the probability of fraud in financial statements for listed companies in Tehran Stock Exchange. Given the implementation of the Comprehensive Tax Plan and the implementation of Standard Income Tax No. 35, a bold corporate tax strategy can be used to measure the likelihood of fraud in financial statements, used by shareholders and creditors, and regulatory authorities. To this end, four hypotheses were developed to investigate this issue and the data of 155 listed companies were analyzed for the period 2008-2017. The research regression model was tested and tested using logistic regression. The results showed that the difference between legal rate and effective tax rate as a direct indicator of tax Aggressiveness reporting has a significant positive effect on the probability of fraud in financial statements. In addition, the results confirm that the difference between the ratio of operating profit to sales and industry profitability as an inverse indicator of tax Aggressiveness reporting has a significant negative effect on the probability of fraud in financial statements. On the other hand, the results showed that the variables of the difference between Expressed profits and taxable profits and minimized profits had no significant effect on the probability of fraud in financial statements.

The dividend policy is one of the most important discussions in the financial literature because dividend represents the major cash payments of companies and one of the most important choices and decisions facing managers. The main purpose of this study is to investigate the effect of voluntary accruals on dividend policy of companies listed in Tehran Stock Exchange. The dividend homeostasis was examined. The purpose of this research is descriptive and applied. In this study, Dechow et al. (1995) model was used to measure voluntary accruals. Also, the ratio of dividend to net profit after tax was used to measure dividend policy. In this study, 101 companies listed in Tehran Stock Exchange during 2011-2018 were selected as statistical sample by systematic elimination method. The research hypotheses were analyzed by using linear regression models using Eviews 10 and Excel 2010 software. The results showed that optional accruals had a positive and significant effect on dividend policy. But the moderating role of financial leverage was not significantly correlated between voluntary accruals and dividend policy.

The purpose of this study is to investigate the impact of bold managerial behaviors on the probability of Given the variety of bold managerial behaviors that business management demonstrates, it is argued that bold managerial behaviors can be a factor influencing the likelihood of financial statement fraud.fraud in financial statements in listed companies in Tehran Stock Exchange . To this end, four hypotheses were developed to investigate this issue and the data of 155 listed companies were analyzed for the period 2008-2017. The research regression model was tested and tested using logistic regression . The results showed that optimistic management behavior and management agency behavior had a significant positive effect on the probability of fraud in financial statements. The results also confirm that the variables of management's myopic behavior and management's bold power have no significant effect on the probability of financial fraud in companies listed in Tehran Stock Exchange.

Expansions of distribution and sales networks as well as diversification of domestic suppliers and diversified supply methods and also, price fluctuations make purchasing process complex and cost management necessary. The main purpose of this study is to investigate the financial performance of rural cooperatives network of Guilan province after implementation of centralized agricultural purchase and sale plan. This research is applied in terms of purpose, descriptive-analytical in terms of research method and the documentary method of data collection is also used. In order to fulfill the research objectives, the financial information of 91 cooperative units was studied and analyzed over a seven-year period from 2011 to 2016. The research methodology is a post-event type (using past information). Due to the panel nature of the data, panel regression and Eviews software were used for statistical analysis. The results showed that the ratio of debt to asset or financial leverage, size of cooperative, cooperative loans, and dummy variable for mentioned plan implementation had an indirect (negative) effect on cooperative ROE during the understudy period. Meanwhile, the negative effect of leverage, size and loans was statistically significant at the five, one and one percent levels, respectively. Also, during the study period, cooperative capital, cooperative sales, cooperative current ratio and cooperative futures ratio had a direct (positive) and statistically significant effect on ROE at one percent level.

Nowadays in the world of business, one of the issues that companies are facing is making decision about capital structure. After the Industrial Revolution, separation of owners and management in the companies was raised. This issue reflects the importance of managerial power as the source of important decisions in choosing the appropriate capital structure. This paper investigates the nonlinear power of CEO and capital structure of 100 companies accepted in Tehran Stock Exchange during the period of 2011-2011 based on the agency theory. The power index of the CEO has been constructed through the principle component analysis. The three dimensions of CEO power (Expert Power, Ownership Power and Referent Power) are considered as constructing the variable of executive power. We used econometric approach and panel data models in testing the hypothesis. The result of this paper showed that there is a parabola- shape association between CEO power and leverage; meaning that there is a nonlinearity relationship between these two variables.

Today, the audit profession is considered to be ethical and ethics fundamental. There is a phenomenon that accountants and auditors generally tend to move to higher levels than others. It seems that the existence of certain conditions in the audit profession increases the perceived costs of individual fame by auditors and creates economic incentives for activities that may endanger the effectiveness of the process of collecting and evaluating the impartial audit evidence. Therefore, the present study tries to examine the effect of effective communication, participation, and job satisfaction variables on deviations and work corruption. For this purpose, the opinions of 160 people (including technical director, supervisor and supervisor) during the implementation of the research, were analyzed using a questionnaire tool. In the end, the results of the analysis using structural equation and Smart PLS software showed that the effect of job satisfaction on corruption and participation on work deviation was not confirmed. Other results of the study indicated confirmation of the effect of variables on each other have been.

One of the main factors behind the growth of various countries is the development of financial markets, which has facilitated and accelerated the role of information and communication technology (ICT) in recent years for countries. The purpose of this study is to investigate the effect of stock exchanges on economic growth with the moderation of ICT in developed and developing countries during the period 2011-2016. Data and information about the sample countries are gathered from the reports the global innovation index. The method of fitting the models in the present study is the panel data method using Eviews software. The results showed that ICT affects the relationship between volume of stock exchanges and economic growth only in developed countries, which is due to the development of these types of technologies in developed countries. It seems that developing countries need to be equipped with ICTs as well as developed countries to achieve greater economic growth.

The present study investigates the effect of abnormal trades of informed traders on stock liquidity. In this study, fluctuations in the volume of abnormal trades of legal Shareholders before the date of the General meeting were used to measure the different behavior of the informed traders. Also, to measure liquidity of stock, two indicators of the trading value and the open trading days were used. In order to achieve the research goal, 123 companies listed in Tehran Stock Exchange during the period 2012 to 2017 were selected. Using the combined data approach, research hypotheses were tested. Findings of the research indicate that there is not a significant relationship between of abnormal trades of informed traders and stock liquidity. This may reflect the heterogeneous behavior of legal stakeholders (as one of the most powerful market players in the capital market) in relation to stock liquidity, resulting in the dissatisfaction of some small shareholders

According to the prospectus of Iran's Capital Market, this market can be turned into an Islamic finance center in the Middle East. This requires to protect investors’ right through organizing, maintaining and developing a transparent, fair and efficient market for a variety of different types of securities. Transparency and reduction of asymmetry reduce risk in the capital market and increase investor attraction to this market. For this purpose, present research investigates the information asymmetry generated by companies bad news withholding and its role in shareholders’ satisfaction. In this research, abnormal stock return rate before and after the general meeting date has been used to examine the Information Asymmetry. Trading value and open trading days have also been used as indicators to measure the shareholders’ satisfaction. To achieve the research goal, 123 companies listed in the Tehran Stock Exchange during the period from 2011 to 2016 were selected and a panel data approach was used to test the research of hypotheses. Findings do not show a significant relationship between withholding strategy of bad news and the trading value, but there is a significant negative relationship between the withholding strategy of bad news and the open trading days. Therefore, it is predicted that due to the use of this strategy by the companies, stockholders satisfaction level decreased and in the long run, it causes serious damage to the interests of all involved groups.

Paying attention to the growth of organizations, in line with sustainable development of the countries, has always been one of the policies of the managers of all organizations among which are banks. An examination of the desirable trend of a bank can only be done by measuring its performance based on standard criteria, comparing that bank with other banks and, finally, ranking them among the banks. In this research, the model of efficiency calculation in data envelopment analysis was used to rank the banks of the country based on CAMEL standard indices. Among the data envelopment analysis models, the modified domain model (RAM) is capable of considering both inputs and outputs simultaneously, presenting a numerical index for efficiency and accepting negative input and output. Thus, the RAM model has been used as the basis for ranking banks in this research. In order to examine and evaluate the performance of the banks, the financial ratios extracted from the financial statements of banks were used. These ratios were obtained to cover five characteristics of CAMEL, namely, capital adequacy, asset quality, management, profitability and liquidity. According to the results of the research, five banks, Karafarin, Dey, Sina and Pasargad banks, were the most efficient among the 12 selected banks.

The purpose of this research is to study studying the relationship between stock price synchronicity and tails of return distribution at Tehran Stock Exchange. The sample consists of 118 companies that have been chosen from among compaines listed in Tehran Stock Exchange during the period of 2010-2014, and hypothesis testing has been done with multiple regression based on panel data. The results of hypothesis testing show that firms with high stock price synchronicity have higher probability of generating positive tails than firms with low synchronicity, and also there is positive relation between stock price synchronicity and skewness. Investors of stocks with hig price synchronicity have lower reaction to bad news in respect to stocks with low price synchronicity. High stock price synchronicity show that market information reflected on stock return is more, and investors suffer only systematic risk. Therefore, it is suggested that investors in Tehran Stock Exchange invest on stocks with higher stock price synchronicity and with higher information transparency.

The main aim of this study is investigating organizational capital and sticky behavior of costs of sale, general and administrative in companies listed on Tehran Stock exchange. In other word, in this study, positive relationship between organizational capital and sticky behavior of cost of sales, general and administrative of Iranian companies listed on the stock exchange, is investigated and tested. The Statistical population of this study consist of companies listed on Tehran stoke exchange that 75 companies have been selected via systematic elimination method in the period of time (1382-1398). By using lev (2009) method, companies ranked on their average organizational capital and divided in two group, then by using ABJ method (extract from the first letter of three researchers name, Anderson, Bankerand and Janakiraman (2003) ) and the extended model, sticky behavior of cost of sales, general and administrative is examined each group separately .The study results indicate no significant relationship between two factors organizational capital and sticky behavior of cost of sales, general and administrative companies listed on Tehran stock exchange.

Investing in the stock market has always been a key issue that how liquid assets are specialized among stocks of the companies to meet the interests of the investor. This research is tried to help investors to choose portfolio optimization more effectively by offering two new approaches .The approach of using cross-efficiency table instead of stock return is presented as the basis to solve the model of the minimum mean of absolute deviations from the average, in which financial indicators were used as initial data to form the portfolio. Another approach is a two-stage algorithm in which the requirement for segmentation of the market to various industries has been considered when using financial indicators. Finally, sharp criteria shows that there is a significant difference between the proposed approaches and the current methods. The results show that these two approaches are more suitable than similar ones.

The aim of this study is to propose a new method for portfolio optimization based on financial ratios. In this method, cross efficiency scores are produced from financial ratios, using Data Envelopment Analysis. Mathematical interpretation of these cross efficiency scores that allocates several score to each company is efficiency of company in probably future situations. Efficiency scores calculated based on proper financial ratios can be considered as financial strength. Thus cross efficiency scores produced from financial ratios, can be considered as potential financial strength. As future is not clear, potential financial strength can be presented in expectation and risk indices that are mean and variance of cross efficiencies. Fraction of expectation to risk for potential financial strengths can be used as a criterion for pairwise comparison of companies. Eigenvector associated with the biggest eigenvalue of pairwise comparison matrix reflects relative importance weights of companies. This paper proposes relative importance weights of companies as a basis for portfolio optimization. Based on sharp index Performance of proposed method is acceptable and better than marker portfolio and portfolio of one similar method.

This study examines the impact of corporate social responsibility on the sensitivity of investment to cash flow of companies in the Tehran Stock Exchange. Therefore, data from companies listed in Tehran Stock Exchange for the period of 1387 to 1392 with panel data regression model was used to test the hypotheses. After examining the significant positive relationship between capital expenditures and operating cash flow in the first hypothesis, the second hypothesis explores the relationship between corporate social responsibility and sensitivity of investment to cash flow. The results showed that in the period under review, there is a significant positive relationship between social responsibility and sensitivity of investment to cash.