هادی اسماعیل پورمقدم

Although there has been an increasing amount of literature for a more detailed analysis of the corporate governance environment, they have tried to model its main policies including three factors of investment, dividend payout and financing, but there are still some unanswered questions in this regard. Some things like, how is the interaction between different financial behaviors of the company? And is it possible that, in the face of unstable conditions, maintaining a financial behavior and consequently a particular policy at its steady state level is superior to others? The main goal of this research is to provide empirical evidence of the joint and simultaneous determination of the aforementioned behaviors, while examining the dynamic interactions of financial behaviors of companies. This research uses the vector auto regression panel modeling framework, which prevents the researcher from predetermining the role and relationship of several key behaviors of the firm., the main variables of the research include: the investment decision of the company (in the form of the ratio of capital expenditures to total assets), the amount of dividend payout (the rate of dividend payout was obtained by dividing the amount of cash dividend by the total assets), decisions to issuance (repurchase) equity (the ratio of issuance(or repurchase) of equity over total assets), the company's leverage ratio (the company's total debt divided by total assets) and return on assets (net income divided by total assets). The unit root showed that all research variables are at a stable level, and the circle unit root test indicates that the model satisfies the condition of stability. A study conducted on a selected sample of 118 companies admitted to the Tehran Stock Exchange showed that during the years 2006 to 2022, all firm s financial behaviors are jointly determined and the companies have changed the amount of dividend payout payout, debt, investment and finally the shares issued, respectively, in order to absorb the incoming shocks, which is a confirmation of Hierarchical theory of financial resources. Also, it seems that the incentive of signaling is weak among the sample companies and changing the dividend payout is considered the easiest tool to adjust the costs, maintain the value of the company and make the company more agile. Some of the results of financial behavior of companies are as follows:Investment is largely determined exogenously, and firms adjust investment only slightly, about 22 percent, to absorb shocks to other financial behaviors. This issue can be due to the high cost of stopping and starting an investment project.There is the least willingness to adjust decisions related to issuing shares to achieve other financial goals. This issue can be caused by the adverse effects of issuing shares according to the theory of agency costs. But unlike some studies that introduce dividend payout payout rates as stickier than leverage rates (such as Fama and French, 2002), in this analysis, in order to absorb shocks to other variables, dividend payout changes are observed more than leverage rates. Therefore, it can be said that dividend payout decisions are the most endogenous financial decisions in Iran.Firms tend to adjust existing shocks by changing dividend payout instead of adjusting other financial behaviors. However, even this number of changes indicates that the dividend payout is not a pure shock absorber. In other words, it may be the first choice, but it is not the only financial behavior that is always used to absorb incoming shocks.Stock issuance (or repurchase) decisions have the highest cost of deviation. Stock issuance (or repurchase) decisions expose managements inside information to the public, so it is natural that they do not want to continually signal to the market that their stock is overvalued by issuing stock. Therefore, companies refuse to use this financial behavior to absorb shocks to the company. The results of the research showed that with a shock to any of the financial behaviors, other financial behaviors also change, which is a confirmation of the joint determination of the desired financial behaviors of the company. It also seems that the change in the amount of equity, or the net issuance of shares, according to what is always emphasized in the hierarchy theory, entails a very high cost for the company so companies avoid its continuous changes. At the same time, contrary to existing primary studies, the company's dividend payout payout according to the evidence of the study (Allen and Michele, 2003) does not contain information about the company's future earnings. In other words, maintaining a stable and uniform distribution of profits has the lowest priority among financial behaviors, which shows that there are no concerns about the motivation of signaling among the companies sampled in this research. Also, due to the concentration of ownership of companies or the close relationship with borrowers in bank-oriented countries similar to Iran, the level of motivation for signaling is low. Based on this, one of the future proposals of this study is to examine the interaction of financial behaviors of companies by considering the decision-making space of companies by introducing frictions such as various uncertainties, the diversity of institutional levels of companies and various financial structures using the approach considered in this research.

The advancement of financial technology has revolutionized the banking industry globally, presenting both opportunities and challenges for financial institutions. This swift transition towards digital finance has reshaped the traditional banking model in Iran, triggering a fundamental shift in how financial services are delivered and consumed. Against this backdrop, the primary aim of this study is to assess the impact of banking financial technology on the stability of Iran's banking industry. As financial institutions in Iran navigate the complexities of integrating digital solutions into their operations, understanding the implications of this transformation on banking stability becomes paramount.

This study employs a panel data analysis approach spanning a timeframe from the years 2007 to 2022. By leveraging empirical techniques and statistical modeling, the research seeks to uncover crucial insights into how the adoption of financial technology influences the overall stability of the banking industry in Iran.

The results reveals a nuanced relationship between financial technology adoption and the stability of Iran's banking industry. A noteworthy finding from the research is the identification of a U-shaped relationship, suggesting a complex trajectory in which financial technology impacts banking stability. Initially, the introduction of financial technology into banking operations may contribute to a temporary decrease in stability as institutions adjust to the disruptive nature of digital innovations. However, as financial technology becomes more deeply ingrained in the fabric of the banking sector, the research indicates a reversal in this trend, leading to an eventual increase in banking stability. This U-shaped relationship underscores the transformative potential of financial technology in reshaping the stability dynamics of the banking industry in Iran over time. It highlights the importance of recognizing the temporary destabilizing effects of technological disruptions while acknowledging the long-term benefits that can be derived from the strategic integration of digital solutions.

The findings of this study underscore the critical role that robust technical infrastructure, effective regulatory oversight, and strategic policy frameworks play in ensuring the stability of Iran's banking industry amidst the rising tide of financial technology adoption. As banks navigate the evolving landscape of digital finance, it becomes imperative to implement tailored strategies that support the seamless integration of technology while safeguarding the stability and resilience of the financial system. By proactively addressing the challenges posed by the digital transformation of banking services, Iranian financial institutions can leverage the power of financial technology to drive innovation, enhance efficiency, and ultimately strengthen banking stability in the long run. Through a coordinated approach that focuses on enhancing cybersecurity measures, fostering regulatory compliance, and promoting innovation, the banking industry in Iran can harness the potential of financial technology as a catalyst for sustainable growth and resilience in an increasingly digital era.

Understanding the transmission of shocks and fluctuations among financial assets is crucial for effective risk management by investors. This study analyzes the dynamics of return spillovers and turbulence propagation across 15 industries in the Tehran Stock Exchange from October 12, 2009, to May 15, 2024. Employing the extended joint vector autoregression framework with time-varying parameters (TVP-VAR Extended Joint), we examine return spillovers, while turbulence spillovers are investigated using the dynamic conditional correlation (DCC-GARCH) approach. Our findings reveal several insights: Firstly, return shocks and turbulence in the network exhibit distinct dynamics. Secondly, the systemic risk resulting from turbulence transmission indicates tighter and more intricate interconnections among industries compared to return transmission. Thirdly, apart from the dominant investment industry, which serves as a major transmitter of shocks and fluctuations in both analyses, the pharmaceutical, construction, and food industries also emerge as significant net transmitters. Finally, the study confirms a strong dynamic synergistic relationship between basic metals and metal minerals throughout the study period.

The global financial industry has been changing rapidly with the advancement of financial technology in the last few years. New emerging technologies such as internet finance, blockchain and mobile banking have revolutionized the financial industry. As a financial innovation, fintech has created profound changes in payment patterns and by relying on new transaction methods such as mobile payment, it has enabled traditional finance to overcome geographical and time limitations. The presence of fintech technology provides cheaper services with more choices for consumers to purchase financial services, which leads people's financial behavior towards digitalization. The emergence of financial technology has created new business models that challenge traditional risk-taking approaches. Based on this, it is necessary to gain insight into the impact of fintech innovation on the risk-taking of the banking system. Therefore, this article examines the impact of banking fintech innovation on their risk-taking using panel data in Iranian banks between 1386 and 1400. The experimental results show that the improvement of fintech innovation significantly reduces the risk-taking of banks. Banking fintech by using cryptographic technology for financial transactions, electronic equipment and financial software, they increase the security of transactions, increase the transparency of the banking system, reduce the possibility of human errors in the transfer process and financial transactions, and as a result, reduce banking risk.

Income inequality is one of the most important and stable problems in societies, and neglecting this issue can have many negative effects. Nowadays, financial inclusion as a factor affecting income inequality has attracted the attention of financial institutions and policymakers. The literature related to financial inclusion, especially in developing countries, is still in the early stages. This research investigates the effect of financial inclusion on income inequality in 18 selected developing countries in the period of 2005-2019 using panel data model. Since financial inclusion is a multi-dimensional concept with different indicators in each dimension, this study examines the two dimensions of access and usage separately. Also, the effect of the variables including inflation, economic growth, unemployment and trade openness has been investigated. The results indicate that financial inclusion has a negative and significant effect on income inequality both in terms of access and usage, and expanding financial inclusion helps to reduce income inequality. In both dimensions inflation has a negative effect on income inequality and show that the increase of this variable causes income inequality to decrease. The coefficients of the GDP, unemployment and trade openness are positive and this shows that the increase of each of these variables increases inequality.

One of the most important problems in modern finance is finding efficient ways to summarize and visualize stock market data. Modeling the filtering of complex networks in the stock market allows this to be achieved by reducing the market size, obtaining reliable information with less disturbance. Since stock price changes are not independent of each other, the study of the correlation between stock price changes provides a better understanding of market performance for investors. Stock market analysis based on complex networks allows studying the correlation of stock prices. In this paper, using the stock market data in the Tehran Stock Exchange, the Iranian stock market network is created by the threshold method, and then the network filtering is based on MST. The results show that the filtration modeling of Iran's stock market network based on the MST can form a subset of the stock market that follows the performance of the entire market with a significant reduction in size and has a similar degree of diversification with the entire market. These analyzes provide a more in-depth insight into the structure of the stock market while reducing the size.

Corruption and political risk are important factors affecting the economies that can affect various aspects of people's lives. On the other hand, one of the important economic indicators that shows the intensity of energy consumption, and in other words, the amount of energy consumption in each country, is the energy intensity. Energy intensity is a crucial indicator by which we can understand the trend of changing energy efficiency in different years. Given the importance of this issue, the present study examines the effect of corruption and political risk along with other factors on the energy intensity of selected countries in the Mena region, including Iran, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Qatar, Saudi Arabia, and UAE using by a panel data model for 2003 to 2019. The results show that corruption, political risk, and factors such as good governance, foreign investment, and human development are important. Therefore, improving education and awareness by reducing corruption and political risk can lead to better implementation of energy efficiency programs.

The green economy is a concept introduced in recent decades and has been defined as a framework for improving social welfare and justice by reducing environmental risks. Green growth has become the economic development strategy of many countries worldwide. In the meantime, FinTech can be effective in promoting green growth. Considering the development of FinTech in Iran, this article tries to examine the effect of the development of FinTech innovation on green growth in Iran. For this purpose, quarterly research data analysis was performed from 2013 to 2022 using the ARDL model. The results show that with a one percent expansion of FinTech services development, green growth will improve by 0.44 percent. FinTech innovation can reduce costs and improve the quality of financial services. It can also lead to green economic growth through green credit and green investment. Therefore, measures for systematization, integration, and synergy of Fintech services development to expand green investment and improve the environment can help improve green growth

Increasing awareness and concerns about environmental damages has led communities to take solutions to this problem. Taxation of pollutant emissions is one of the strategies recommended by economists to achieve some of the environmental objectives and eliminate contamination. The purpose of this study is to estimate the willingness to pay an environmental tax on gasoline.

In this study, a conditional valuation method (CVM) is used to measure individuals' willingness to pay for goods and services. The statistical population of this research is gasoline-fueled cars in Mashhad in 2017, due to the lack of information on the number of vehicles, the number of unlimited society has been considered. In this study, 500 people were selected by simple random sampling method. A researcher-made questionnaire was used to collect data. It’s validity was confirmed using content validity.

The results indicate that 77 percent of all respondents tend to pay environmental taxes on urban air, while 22 percent of the population are not willing to pay any amount under the name of the pollution tax. Approximately 3% have not been self-reported regarding their willingness to pay.

Based on the research findings, environmental beliefs has a positive and significant effect on the willingness to pay tax on gasoline; therefore, it is suggested that cultural and informational platforms be developed before clarifying the need for environmental taxes before planning for such a tax.

In decades, improving The business environment is considered a solution for the economic problems of societies on a macro level. The business environment includes factors outside the control of economic actors that can affect their business performance. In recent decades, this concept has been considered by countries and international institutions, so that a part of a country's macro policies and objectives is assigned to improving the business environment. Hence, this study analyzes the effect of macroeconomic instability on a number of active firms in the Iranian business environment. Our results show that the quality of the economic, physical and human environment affected the the number of active firms in the framework of cointegration and VAR models. In other words, increasing macroeconomic instability as an index of -negative- the quality of economic environment reduces the number of active firms in the long run. Human development and physical capital have positive and significant effects on increasing the number of active firms. In this context, it is necessary to adopt proper plans and programs for removal of barriers, especially economic instability, and to implement these programs by the government.

Defense projects in developing countries, by in large, are undertaken by governments in developing countries. Considering that defense projects usually require large amounts of funding; they take up a large portion of governments budgets. As such, the issue of determining the appropriate financing methods and tools for attracting the required financial resources finds its significance. By taking the European Union and the United States as case studies, this paper reviews the financing models of the defense sector through the capital markets; thus accordingly, a financing model through the capital markets for the industries and services related to the defense sector of Iran is proposed. Subsequently, by employing correlation analysis and Panel ARDL model, this paper turns towards examining the relationship between financing methods and the financial performance of listed companies affiliated to the defense sector during the 2001 to 2018 period. The results obtained from model estimations indicate that larger companies have been successful in attracting financial resources through issuing shares or accumulating profits; on the other hand, companies with higher profitability have been more successful in financing through acquiring debt.

The purpose of this study is to determine an optimized stock insurance contract in Tehran Stock Exchange. First of all, based on a financial management problem, a risk management contract is designed to minimize the risk of loss that an agent might face. Then, with a mathematical modeling, we will see that to efficiently manage the stock risk, we need to make sure that only multi-layer contracts, or equivalently, European call options are correctly valued. Therefore, the optimized insurance contract is determined by correct pricing of European call options. Studying more deeply in this area by implementing the proposed algorithm on Tehran stock exchange shows that the optimized value of the insurance contract is a small percentage of the stock initial price; furthermore, it is also a function of the stock return fluctuation. Hence, the volatility and the price of insurance contract are positively correlated. In other words, the more a stock is volatile, the more expensive is an insurance contract.

The impact of exchange rate on the trade balance is one of the basic and controversial topics in the field of international economics. Changes in the exchange rates can cause different effects on a country's trade volume in the short term and long term, whose time-path is shown by the J curve. In this study, the aggregate trade balance approach and the Autoregressive Distributed Lag (ARDL) and error correction model (ECM) are used to analyze the J-curve in Iran. The results show that Iran’s current account time path is not consistent with J-curve. Specifically, the response of the trade balance to increasing exchange rates is positive and significant in both short run and the long run.

Nowadays, investors consider different factors to choose for investment. The goal of this research is the investigation the influence of the preferences of the investors and the quality of the accounting information on the sudden volatility of the stock market value in the Tehran stock exchange. The related community in this research are the companies that are membership of the stock market of Tehran on during the period 2004_2014. The analysis of the data was done by using the logit panel econometrics approach. Results show that the quality of the accounting information has a positive and a significant effect on the future sudden volatility of the stock market. Also the results of the research emphasize that significant effect of the preferences of investors on the future sudden volatility of the stock market. In fact the information quality and the preferences of the investors can forecast the future sudden volatility of the stock market value.

Using the information technology (IT) and Electronic Life theory can be a suitable way of changing the current status of cities or at least minimizing related problems. Trust is one of the major issues which affects the acceptance of electronic city. In this study, the main focus was to identify the elements related to the trust of citizens to the electronic city which was carried out through studying the parameters affecting trust with the aim of determining the effective elements . Also, the performance of the two methods used in evaluating the elements was compared..
It is a descriptive-analytic research based on studying documents and library references as well as field study and survey city of Ghir. Data and information were collected based on existing facts of the city and asking questions from citizens and related experts. Using random sampling method and Cochran’s formula 350 individuals out of 18200 were selected as the sampling population.
Ressults:: The results of the sensitivity analysis of this study showed that trust to the network , features of citizens, the quality of the network, and citizen's trust respectively have the priority in determining the rate of trust to electronic city. In other words, in order to raise the trust of citizens in the electronic city, the trust to the network parameter is more important and with more Internet security, public and private networks and electronic city technology, more effective steps can be taken to increase citizen's confidence in the electronic city. The results of this study indicate the high ability of RBF neural network performance and neural fuzzy system to estimate the trust rate of electronic city. By comparing the performance of the two methods of neural network RBF and neural fuzzy system, it was observed that the function of the neural fuzzy system is relatively better and more accurate.
It is suggested that urban managers increase the level of trust in the electronic city and increase the acceptance and usage of the electronic city by citizens, according to the order of importance of indicators of trust in the electronic city and the priority.

Many planners and policy makers in the field of development have enumerated the tourism industry as the main pillar of sustainable development. Accordingly, if proper planning is undertaken and due attention is directed towards identification of opportunities and constraints of tourism, it can play an effective role in the development of the economic relations and ties as well as national and regional development and diversification of the national and regional economy. The sustainable success and growth of tourism depends on proper and harmonious performance of diverse and intertwined elements and factors. As such, investment security is considered as one of the most important factors in this regard. Accordingly, this paper examines the relationship between sustainable tourism development and investment security in terms of resistive economy. Since sustainable tourism reduces the dependency level on oil revenues, it is considered an environment-friendly phenomenon which occupies a unique status in the resistive economy. The results of ARDL model estimation method delineate that the notion of investment security plays a vital role in tourism development. Besides, if the investment security is improved across the country, it may be argued that an important step has been undertaken toward tourism development and attainment of goals stipulated in resistive economy.

It is obvious that the economic performance and political structure of society have close and mutual relationship so that the success and sustainability of any political structure would be dependent on the economic performance. On the other hand, the economic performance is dependent on the nature and quality of political structure both in the formulation of economic policies and its implementation. The country performance in international business and trading balance as an indicator of economic performance is affected by the quality of the political structure of the society. This paper examines the impact of political instability on international business in Iran using autoregressive and distributed lag (ARDL) Model. The results of the model show that political stability has a positive effect on the country's trade balance and international business, in a way that with one percent increase in the quality of political structure and political stability, balance of trade increases 11 percent. In addition, real effective exchange rate and economic growth have also positive and significant effect on the trade balance of the country.

Production process in Iran, as in the other developing countries, involves exploiting and, at the same time, destroying the environment. Since the environmental and social problems increase in the course of development, and they are not simply solvable by law and market mechanism, observing ethics and existence of ethical markets are necessary in order for these problems to be solved. Ethical market is the place for supplying and demanding goods and services that have environmental benefits and are standard so long as the social issues are concerned. In the present article, we introduce different indexes for identifying ethical markets, and compare, in this regard, Iran with the countries mentioned in the Iran’s 20-Year Vision Plan and also with selected developed countries in 2012. Thereafter, using the software SAS and adopting principal component analysis method, we introduce a general index for ethical markets and compare Iran’s position with that of Vision Plan countries and a set of selected developed and developing countries. The results show that the environment operation index has the greatest effect on the general index of ethical markets, and good governance index takes second place. The selected countries, excluding China, are the top ranked ones in the table, and, between the Vision Plan countries, Georgia ranks first. Iran, with respect to the indexes of ethical markets, ranks low.

Undesirable environmental changes such as global warming and greenhouse gases emissions rising have created much concerns worldwide during recent decades. Environmental problems emerged from economic activities have become a controversial problem due to achieve higher economic growth rate. The aim of this research is to investigate the effects of economic growth, trade and financial development on environmental quality in Iran. To this end, the statistical data during the period of 1970-2011 has been used. Also by using the Auto Regression Model Distributed Lag (ARDL) short-term and long-term relationships between the variables of model were estimated and analyzed. The results show that financial development and economic growth increase the degradation of the environment. In addition, the rise in trade openness reduces the degradation of the environment. Error correction coefficient (ECM) shows that in each period 51 percent of imbalance will be compensated and it closes to its long run process. CUSUM and CUSUMSQ tests show that the estimated coefficients are stable over the period.