جستجوی مقالات مرتبط با کلیدواژه "محدودیت ها" در نشریات گروه "علوم انسانی"

The conventional notion of the permanent income hypothesis is that individuals aim to smooth their consumption over time, demonstrating resistance to fluctuations in income. This foundational concept assumes that individuals utilize savings or credit when faced with expected income changes or temporary income shocks, preserving their ultimate well-being. However, empirical evidence challenges this hypothesis, revealing that consumers often exhibit responsiveness to income changes, both expected and temporary. This phenomenon is called "excess sensitivity of consumption". Various factors underpin this apparent excess sensitivity of consumption, encompassing demographic dynamics, labor market decisions, reliance on aggregated data, superior information within households, income measurement inaccuracies, and liquidity constraints.

This study employs the Panel-IV method to estimate the coefficient of excess sensitivity of consumption. It utilizes two financial development indicators, namely access to financial services and financial depth, to evaluate their impact on this coefficient. The significance of this investigation lies in the Iranian economic history, which witnessed financial development in the late 1990s, followed by a financial downturn. The data are derived from household income and expenditure surveys conducted by the Iranian Statistical Center. The analysis encompasses the years 2004 to 2020. These surveys incorporate data on various aspects of household’s financial information, including the amount and number of loans received and essential details about their employment status.
Due to the cross-sectional nature of the data, it is imperative to use a pseudo-panel approach, providing several advantages. First, it eliminates the individual-specific measurement errors. Second, it mitigates the issues arising from the short time series data, which can lead to estimation errors. Previous research has estimated the coefficient of excess sensitivity of consumption. However, this study contributes by examining the effects of financial development on consumption smoothing in the Iranian economy. Notably, previous research in Iran focused solely on estimating the coefficient of excess sensitivity of consumption without investigating the influence of financial development.

The findings indicate the excess sensitivity of consumption coefficient is 0.266 for the Iranian households. In practical terms, a 10% expected increase in income results in a 2.66% increase in consumption. This finding indicates liquidity constraints faced by the Iranian households. Such constraints may manifest as limitations on borrowing amounts or high interest rates, leading individuals to opt for non-borrowing. The examination of financial development reveals a negative and significant relationship between improved financial access and depth and the coefficient of excess sensitivity of consumption. Specifically, a 10% improvement in the average loan amount and loan-to-income ratio (financial depth indicators) results in 12.5% and 13% reductions, respectively, in the coefficient of excess sensitivity of consumption. Additionally, a 10% enhancement in the average number of loans received by households (financial access indicator) leads to an impressive 20.5% reduction in the coefficient of excess sensitivity of consumption.

This study challenges the traditional concept of permanent income hypothesis while emphasizing the importance of understanding excess sensitivity of consumption in economic research. Furthermore, it underscores the role of financial development, characterized by improved access to credit and financial services, in diminishing households' vulnerability to income fluctuations. These results hold substantial implications for policymakers and researchers alike, offering insights into addressing income volatility and its effects on household consumption in Iran and similar economies

The factor affecting investors' decisions is the company's growth opportunities, which factors such as environmental, social and governance (ESG) sustainability performance are effective in improving it by creating the trust of current and future shareholders. By increasing the level of ESG performance, the risk level of the shareholders will decrease and will have a negative effect on the growth opportunity. Also, in different financial conditions, managers' decisions to perform ESG performance are different. The purpose of this research is to investigate the non-linear effects of ESG sustainability performance on growth opportunities by considering financial constraints in companies listed in the Tehran Stock Exchange. The sample consists of 130 companies in the period 2014-2021. For testing hypotheses, multivariable regression model and Eviews software version 14.have been used. Research findings show that sustainability performance has an inverted U-shaped relationship with the company's growth opportunities, and the environmental dimension and corporate governance have a more important impact than the social dimension. Also, in financially constrained companies, the relationship becomes positive linear. Therefore, considering that the importance of ESG is expected to increase following the current social problems, it is suggested to design and manage ESG sustainability practices in companies. Therefore, managers should pay more attention not only to strategic features such as ESG performance, but also to its potential to enhance future growth opportunities for their companies.

The main purpose of this research is to examine the relationship between working capital financing and financial performance, emphasizing the role of company characteristics, in companies listed on the Tehran Stock Exchange. This study aims to contribute to the existing literature on working capital management in the following ways. First, unlike most previous studies that have examined the relationship between working capital management and firm performance, this study examines the effect of working capital financing on firm performance using a quadratic function. Secondly, it empirically examines the effect of company characteristics (company size, financial leverage, and financial constraints) on the relationship between working capital financing and company performance.

This research is applied in purpose and adopts a causal-correlational approach. The library method was used to gather information on the theoretical foundations. To achieve the research objectives, data from 1,034 companies from 2012 to 2022 were utilized. Arellano and Bond's two-step Generalized Method of Moments (GMM) was applied to estimate the research models and mitigate potential endogeneity issues.

There is a non-linear U-shaped relationship between working capital financing and financial performance. Additionally, company size, financial leverage, and financial constraints influence this relationship. In other words, changes in company size, financial leverage, and financial constraints alter the level of the break-even point. Also, the relationship between working capital financing and financial performance in large companies, high leverage and high financial constraint is inverted U-shaped. However, the relationship is U-shaped for small firms with low leverage and low financial constraints.

The research findings indicate that working capital financing is a key factor influencing the financial performance of companies. Moreover, company managers do not necessarily employ a uniform strategy when making decisions regarding working capital financing. Managers of small companies with low leverage and low financial constraints can enhance company performance by adopting an aggressive working capital financing strategy. In contrast, managers of large companies with high leverage and high financial constraints can improve performance by following a defensive working capital financing strategy. It means that when companies cover a large part of their working capital needs through short-term loans, the performance of the company improves, but when a small part of the working capital needs is covered through short-term loans, the company's performance decreases. In other words, using an aggressive working capital strategy can increase the company's performance without hurting the company's performance. However, the defensive strategy may not increase the performance of the companies appropriately. Also, the results show that company size, financial leverage, and financial constraints affect the relationship between working capital financing and financial performance.

Girls with physical and motor disabilities represent one of the most vulnerable groups in contemporary society, possessing distinct needs and challenges compared to other segments of the population (Naghdi et al., 2023). Their disabilities are often subject to societal judgment, which can exacerbate their struggles (Blandul, 2024). This complex reality is further compounded by intersections with gender, class, poverty, and other social, cultural, political, and economic factors that shape their experiences (Amjad et al., 2023). Disability incurs significant social and health costs for these girls, leading to heightened stress and vulnerability (Schofield et al., 2024). As a result, disabled girls frequently become targets of stereotypes and discriminatory attitudes. This research aimed to explore the experiences and perspectives of disabled girls in Yazd City, addressing these questions: What experiences and mentalities does disability bring to these girls? How do they perceive, feel, and reinterpret disability within the contexts of family and society?

This study utilized a qualitative approach grounded in interpretive phenomenology based on the method developed by Dikelman et al. (1989). The participants were girls with physical and motor disabilities from Yazd City with a total of 18 individuals selected through purposive and theoretical sampling techniques. Data were collected through in-depth, semi-structured interviews, which were recorded with the participants' consent. After conducting the interviews and transcribing the conversations, the data were analyzed using Dikelman's analytical method. The interview locations were chosen for the comfort of the participants. To ensure the quality and reliability of the data, the researchers collected multiple pieces of information and direct quotes. A key ethical consideration was obtaining informed consent from both the participants and their parents, with interviews conducted only as long as the participants were comfortable. The data collection process spanned 9 months.

This article examined the experiences and perspectives of disabled girls through a qualitative lens. During the coding process, themes, such as identity stigma, leadership, marriage anxiety, forced confinement at home, educational challenges, inequality, and social restrictions emerged. The participants expressed that their disability was not the sole source of their difficulties; rather, it was the attitudes of family, peers, and society that had contributed to and exacerbated these challenges, creating a vicious cycle of limitations and exclusion. The girls reported that their families influenced by traditional and stereotypical beliefs feared social judgment and were often resistant to their pursuit of education, employment, and marriage. They perceived disability as a debilitating factor, instilling in them a sense of futility regarding their efforts. The belief that their movement difficulties and gender would render their aspirations fruitless further compounded their challenges.Participants noted that their limited mobility had prevented them from engaging in social situations. The absence of accessible facilities, such as ramps and elevators, along with inadequate transportation options and high travel costs, had created significant barriers to attending schools, universities, and workplaces. They highlighted that the partial implementation of laws and the lack of medical, educational, and employment support in organizational policies had led to their social exclusion. Moreover, the difficulties in commuting coupled with the meaningful stares, labels, and judgments from others had contributed to feelings of loneliness, depression, and a sense of being trapped at home.

Although extensive literature exists on abnormal audit fees, their determinants remain relatively underexplored in contemporary accounting and auditing research. Audit fees have attracted the attention of standard developers, investors, and researchers. Recent studies highlight a growing perspective that the role of abnormal audit fees in shaping audit report quality has become increasingly contentious. In addition, credit status significantly affects abnormal audit fees. This study aims to investigate the asymmetric reactions of the abnormal audit fees component to changes in credit status.

Considering the data collection method, the current research is descriptive. Descriptive research is carried out to better understand the existing conditions or help the decision-making process. According to the different categories of descriptive research, the current research is of correlational type. To test the research hypotheses, data was gathered from 120 firms listed on the Tehran Stock Exchange from 2014 to 2022. Finally, to examine and analyze the proposed hypotheses according to the theoretical foundations, the regression approach was applied.

The analysis of the first research hypothesis shows that the reduction of credit status has a positive and significant effect on abnormal audit fees. The second hypothesis of the research is that any decrease (increase) in the credit status has a positive (negative) and significant effect on the variable (short-term) part of the abnormal audit fee. The third research hypothesis, which claimed that bankruptcy risk significantly affects the relationship between the reduction (or increase) of credit status and the variable (short-term) component of the abnormal audit fee, was rejected. Finally, the results indicate that the risk of significant distortion has a significant effect on the relationship between the reduction (increase) of the credit status and the variable (short-term) part of the abnormal audit fee.

Based on the results, it can be concluded that as profit manipulation by the owners increases, the credit status of the companies declines. Auditors exert greater effort when dealing with owners who engage in manipulation, have a high likelihood of fraud, and exhibit low-profit quality, leading them to demand higher fees. In this regard, any decrease in credit status can result in problems, financial limitations, and the risk of bankruptcy in the future. Finally, higher profit quality attracts investors, leading to increased opportunities for financing.

Stock price synchronicity serves as a tool for measuring stock price movements and reflects the extent of firm-specific information available in the market. According to theoretical frameworks, more capable managers disseminate a greater amount of firm-specific information compared to their peers, which leads to a reduction in stock price synchronicity. In this research, the effect of management ability on the simultaneity of stock prices with the moderating role of financial constraints has been investigated. According to the limitations of the research, 83 companies admitted to the Tehran Stock Exchange during the period of 1396 to 1400 have been investigated. To measure the ability variable using the data envelopment analysis (DEA) method and to measure the simultaneity of stock prices using the market coefficient of determination method developed by Morek et al. Hesarzadeh (1388) has been localized. The results of the research show that management ability has no effect on stock price concurrency. Furthermore, financial constraints did not overshadow the relationship between managerial ability and stock price synchronicity. This study emphasizes that managerial ability alone cannot explain price changes and highlights the necessity of considering complex and diverse factors in evaluating stock price synchronicity.

Physical activity of adolescent girls has important benefits and consequences for them, so that it is also vital to increase the health of society; although following the guidelines of the World Health Organization; the prevalence of inadequate physical activity is very high among Iranian women. Therefore; the purpose of this study was to qualitatively study how Iranian adolescent girls' physical activity works from their own perspective using the paradigm pattern. The methodology of research was Grounded Theory, systematic approach. The study population was Iranian girls aged 18-15 years who had regular physical activity. Sampling method was theoretical sampling method and theoretical saturation was obtained after conduct 22 semi-structured interviews with Iranian adolescent girls and review literature. The data analysis methods were continuous questions and comparison. Findings showed: personal motivations, parents, and promoters are causal conditions; sports facilities, society conditions, trainer and security and safety are the context conditions; physical activity of Iranian adolescent girls is a axial category; cultural problems, mismanagement, limitations, insecurity and unsafe, femininity problems, lack of facilities, not having a good trainer and financial problems are interfering or moderating conditions; competitive sports and non-competitive exercises are routine behaviors or actions / reactions; and health, familiarity with the sports industry, improving ethics and behavior and communication, preventive and therapeutic, getting reward, enriching leisure time and body beauty are the main consequences of physical activity of Iranian adolescent girls in the paradigm pattern.

The high importance of investment at the micro level and the effects of its aggregation on macroeconomic variables and financial constraints in the investment process in Iran have created an incentive to investigate the impact of shocks caused by financial constraints on the investment of selected companies of the Tehran Stock Exchange. is For this purpose, data on the growth rate of companies' sales, return on assets, interest coverage rate, logarithm of companies' assets, financial leverage and also the financial constraint index for 163 selected stock companies in the period from 1390 to 1399 have been used with the Panel VAR method. . The results of this research show that the shocks of companies' sales growth rate and financial constraints will have a significant impact on the amount of investment of companies in the short and long term. The shocks of the rate of return on assets, the amount of assets and financial leverage have little effect on the amount of investment of companies in the short term. Also, the results indicate that the effect of the shock caused by the interest coverage rate on the amount of investment of the selected companies under investigation is insignificant in the short and long term. The results of the analysis of variance also showed that the variables of companies' sales growth rate and financial limitations are the most explanatory in relation to explaining the investment behavior of companies.

Individuals often use justification and find reasons in order to justify their choices both for themselves and for others. They use justification not only by choosing the options in each set but also by choosing the right set. The aim of this paper is to present a model that incorporates the above feature in individual's decision making. We argue that if inferring the preference is the only purpose, our model has more advantages than exiting models. Finally, for the model to be testable, we present its characterizing axiom and show that it is the necessary and sufficient condition for the new model.

The objective of this study is to explore the obstacles and challenges faced by educational sports in Iran. Based on the research objective, a systematic review of articles in the field of educational sports was conducted. We focused on identifying problems and limitations in this field, as well as highlighting keywords related to educational sports, physical sports, school sports, educational sports challenges, limitations, weaknesses, health and physical education in schools or universities. The search was conducted from 2010 to 2023 in the country. To conduct this study, we searched for related articles using keywords in specialized databases such as Google Scholar, Semantic Scholar, Meg Iran, Noor Megs, and SID. The selected articles had to meet certain inclusion criteria: they needed to be in Persian or Iranian, published in prestigious domestic and foreign scientific research journals, and be related to educational sports and the examination of its harms and weaknesses in the country. Based on these inclusion criteria, we identified 109 articles in the field. After reviewing the articles that were not relevant to the main purpose of this study, we excluded them from the analysis. Finally, we selected 22 articles that were completely relevant and consistent with our research objective. These articles focused on educational sports and provided insights into their harms and limitations. The findings revealed that the country's educational sports face weaknesses and problems across seven dimensions: inadequate sports facilities and equipment, weaknesses in the educational system, deficiencies in the management system, limitations and non-specialist nature of human resources, financial constraints, environmental or cultural factors, and individual factors. The research findings indicate that the state of educational sports in the country has deficiencies and restrictions that need to be addressed through new plans and codification. Therefore, in order to promote educational sports, there is a need for comprehensive and effective planning. Encouraging children's interest in sports at school is crucial as it cultivates a positive attitude towards it in the future. Presently, the lack of physical activity is a major contributing factor to the rise of diseases and bodily abnormalities, emphasizing the urgent need to address this issue.

A key criterion for evaluating the degree of success of industries and enterprises in competitive fields is competition in the product market. In a competitive environment, organization is trying to keep more cash in order to create its competitive advantage. On the other hand, increased competition stimulates companies to create competitive advantages in price, cost or product differentiation through innovation. In addition, more resources are directed towards companies in concentrated industries. Therefore, companies with financial constraints and more innovation keep more cash in order to maintain their position in a competitive environment. But in the absence of appropriate scientific and experimental evidence, the present research examines the effect of market competition on the company's cash retention: an analysis of the company's innovation and financial constraints. In this regard, a sample consisting of 125 companies admitted to the stock exchange during the period of 2015-2022 was selected and tested. The results show that the competition in the product market leads to an increase in the company's cash retention, and the financial constraint leads to the intensification of the relationship between the competition in the product market and the company's cash retention. However, innovation is not able to change the relationship between product market competition and cash retention.

One of the key aspects of tourism development in every region and country is the role of restrictive factors. The purpose of this study is to identify the factors restricting the development of tourism in Iraq's Karbala province and to evaluate the intensity and effectiveness of each factor. The research has a descriptive-analytical method and the data was collected from a sample people including 400 tourists from different nationalities, randomly using a questionnaire tool. 39 restrictive factors were identified by studying documental sources and surveying 4 experts. For data analysis, the Path Diagram in Structural Equations Model using AMOS tool and the One-Sample T-Test we re used. Findings showed that the role of 11 infrastructure factors, including roads and transportation, is more prominent than other factors in terms of the severity of the impact on deterrence. Also, the service-welfare factors justify more than 34% of the restriction of tourism development in Karbala province.

Today, the concept of risk has attracted the attention of investors. Various risk assessment methods have been devised to help investors and risk management standards have been developed by professional organizations to expand risk management systems. The discussion of the risk of financial limitations is one of the basic and important issues facing all companies. In other words, “predicting the risk of financial restriction” is an important phenomenon for investors, creditors and other users of financial information. The general purpose of this research is to evaluate the effect of the voluntary flexibility of the risk committees of the board of directors on the risk of financial restrictions in companies listed on the Tehran Stock Exchange. The research data was analyzed using the panel data model and the results showed that the presence of the company risk committee, the size of the company risk committee, the independence of the company risk committee, the financial expertise of the company risk committee, the presence of women in the company risk committee and the average age of the company risk committee has a negative effect on the risk of financial restrictions.

Diversifying investment portfolios by incorporating a variety of assets is a well-established strategy for mitigating risk and enhancing returns. Traditionally, mathematical models for portfolio optimization have primarily focused on stock investments within the capital market. However, this study extends the scope of portfolio optimization to encompass both project and stock investments. This is a critical advancement as investors increasingly grapple with allocating budgets across these two asset types simultaneously. Therefore, this paper proposes a novel mixed portfolio optimization model that uses the Mean-SemiVariance-SemiEntropy approach. By incorporating project investments alongside traditional stocks, the proposed model offers more efficient portfolios that can lead to improved return/risk ratios for investors seeking to optimize their overall financial strategy.

Design/methodology/approach:

 An attempt has been made to bridge the gap between the distinct spaces of projects and stocks to facilitate their joint analysis. Subsequently, a Mean-SemiVariance-SemiEntropy approach has been employed to develop a model within a probabilistic framework. For validating this model, a numerical experiment involving three projects and five stocks from the capital market has been tackled, considering the preferences of an investor. Finally, the optimization problem has been solved using three metaheuristic algorithms: Genetic Algorithm (GA), Imperialist Competitive Algorithm (ICA), and Gray Wolfs Optimization (GWO).

The results obtained by solving the model using the above-mentioned metaheuristic algorithms demonstrated that despite the high speed of the GWO algorithm, the solutions provided by the GWO algorithm were not satisfactory compared to the GA and ICA algorithms. On the other hand, the acceptable speed with nondominated solutions was the advantage of the ICA algorithm over the GA algorithm. The evaluation of various performance metrics also revealed that the ICA algorithm outperformed the GA and GWO algorithms in this problem. Also, the inclusion of semi-entropy as a risk assessment metric led to an improvement in the return on the investment portfolios.

Research limitations/implications: 

Incorporating investor constraints and preferences, such as cardinality and boundary constraints, into the model forms an NP-hard problem. Consequently, exact solution methods are replaced by non-exact methods, such as metaheuristic algorithms. Given the diversity of project contracts, this study concentrated solely on projects with cost-plus contracts, where the entire project or a portion can be selected for partnership. Similar to the Markowitz model, the projects' returns such as stocks' returns were assumed to be normally distributed.Practical implications: This study significantly enhanced diversification, increased potential returns, and reduced risk for investors by introducing a novel mixed project-and-stock portfolio optimization model. The proposed approach can be implemented by a wide range of investors and managers of investment units in various organizations, bringing a new perspective to investment management.

Social implications: 

The far-reaching implications of this study extend beyond the realm of investment management, permeating social, economic, and political areas. The innovative mixed project-and-stock portfolio problem has the potential to positively transform society using fostering innovation, stimulating economic growth, and enhancing financial knowledge. This paper can foster economic growth and job creation by providing new investment opportunities and increasing investment in productive ventures. In summary, this study has taken a significant step towards improving social and economic well-being by introducing an innovative model for resolving investment challenges.

Originality/value:

 The innovation and strength of this research lies in incorporating projects as a new asset class into the traditional portfolio model. This goes beyond simply adding a new asset to an investment portfolio, as the nature of the projects introduces new complexities to the portfolio management process. For this purpose, this study employs a probabilistic approach based on historical data. In addition, the simultaneous use of two risk measures, i.e., semi-variance and semi-entropy, significantly improves the performance of the model by focusing on different risk aspects. This provides a more comprehensive picture of the risks associated with the portfolio and helps investors make more informed and wise decisions.

The entrenchment of managers leads to an increase in power and the priority of maintaining their job status over the interests of shareholders. These conditions increase agency costs and shareholders' risk and decrease the company's value. Entrenched managers use debts with different maturities based on their goals. The presence of the government in the companies can affect the behavior of entrenched managers and adjust it. Based on this, this study aims to investigate the effect of management entrenchment on debt maturity, specifically focusing on the mediating role of financial constraints in government-affiliated companies compared to non-government-affiliated companies.

To achieve the research goals, we studied the data from 129 companies over an 8-year period, from 2014 to 2021. We used a multiple linear regression model and a Sobel test to test the research hypotheses.The findings reveal that management entrenchment has a positive and significant impact on debt maturity. They also indicate that financial constraints partially mediate the relationship between management entrenchment and debt maturity. The research findings show that companies' dependence on the government weakens both the relationship between management entrenchment and financial limitation and the relationship between management entrenchment and debt maturity.This research brings a novel perspective to the field, shedding light on the impact of managerial entrenchment on debt maturity. The findings suggest that the current levels of managerial entrenchment in companies, particularly non-governmental companies, can lead to risky financing decisions and potentially increase managers' interests, thereby intensifying the conflict between owners and managers.

This issue provides the basis for the opportunistic actions of managers to avoid disclosing negative news in line with their personal interests and hide them inside the company. When this mass of negative information enters the market, it causes the stock price to fall. Thus, the purpose of this research is to study the effect of auditor size on the relationship between financial constraints and risk of stock price fall. The statistical population of the research of companies admitted to the Tehran Stock Exchange, the systematic elimination sampling method and the studied sample, includes 152 admitted companies during the years 2017 to 2018. The descriptive-survey research method is a combination of causation-correlation in terms of the relationship between the variables, and it is practical in terms of purpose. To process and test hypotheses, regression method, panel data and fixed effects model were used. The findings of the hypothesis analysis showed that the size of the auditor has a negative and significant effect on the relationship between financial constraints and the risk of falling stock prices.

This research is practical in terms of purpose, and from the point of view of correlation methodology, it is causal type (post-event). The statistical population of the research is the companies admitted to the Tehran Stock Exchange, and using the systematic elimination sampling method, 129 companies were selected as the research sample in the 6-year period between 2017 and 2022. The results of the research show that there is a positive relationship between the comparability of financial statements and the company's growth opportunities. Financial constraints play a mediating role in the positive relationship between comparability of financial statements and company growth opportunities. In other words, the comparability of financial statements increases the growth opportunities of the company by helping to reduce financial constraints. The quality of financial reporting plays a mediating role in the positive relationship between the comparability of financial statements and the company's growth opportunities. In other words, the comparability of financial statements increases the company's growth opportunities by helping to increase the quality of financial reporting.company's growth opportunities. In other words, the comparability of financial statements increases the company's growth opportunities by helping to reduce financial constraints. The quality of financial reporting plays a mediating role in the positive relationship between the comparability of financial statements and the company's growth opportunities. In other words, the comparability of financial statements increases the company's growth opportunities by helping to increase the quality of financial reporting.

Cash management policies have always been one of the most important financial policies in the process of managing companies. Considering the importance of cash management in companies and accounting standards, the presentation of the cash flow statement is considered one of the basic financial statements. Cash flows from operating activities indicate that the main and continuous operations and activities that generate the operating income of the commercial unit have led to sufficient cash flows to repay loans, maintain the operating capacity of the commercial unit, pay dividends, and make new investments. Various research has been conducted regarding the relationship between the sensitivity of cash holdings to cash flows. The results of some studies are also focused on the asymmetry of cash flows. However, investigating the effects of corporate governance mechanisms on the sensitivity of cash holdings under the condition of cash flow asymmetry is an issue that has not been investigated. Therefore, the purpose of this research is to investigate the sensitivity of cash holdings to asymmetric operational cash flows, considering the financial constraints and external supervision of institutional owners in companies listed on the Tehran Stock Exchange.

The statistical population consists of all the companies listed on the Tehran Stock Exchange during the Iranian calendar years 1393 to 1400 (2014 to 2022). The sample consists of 104 companies. To check the stationarity of the research variables, Levin, Lin, and Chu's unit root test was used, and to test the research hypotheses, the combined data regression method was utilized. Moreover, for the evaluation of the goodness of the proposed regression models, some necessary pretests were implemented.

The findings show that companies with higher operating cash flows hold more cash. Financial constraints and institutional ownership do not have a significant effect on the sensitivity of cash holdings to asymmetric operating cash flows. Results from control variables also indicate that the Tobin ratio and the size of the company have a positive and significant effect on cash holdings. However, no evidence was found of a positive influence of the debt ratio on the amount of cash holdings.

Findings indicate that the sensitivity of cash holdings to asymmetric operating cash flows is higher in companies with greater operating cash flows. This result may be due to the pursuit of future profitable opportunities or to reduce liquidity risk in the inflationary, unstable, and dynamic business environment of Iran. Other results show that financial restrictions and institutional ownership, contrary to expectations and existing literature, do not have a significant effect on the sensitivity of cash holdings to asymmetric operating cash flows. This lack of effect may be attributed to the presence of state ownership. The results underscore the need for further research in the future.

The increasing demand for limited resources, especially water resources, is one of the most fundamental problems of the agricultural sector. The excessive extraction of water resources, especially underground water resources, has caused the level of underground water resources to decrease. In this regard, planning for the optimal use of these limited resources, taking into account the conflicting goals of increasing profit, increasing performance, and environmental goals, including reducing the consumption of water, fertilizers, and chemical poisons seems necessary. It should be noted that decision-making in such conditions is associated with many complications. The present study aims at optimizing the production of agricultural products by simultaneously considering the goals of profit maximization, yield increase, and minimization of water, fertilizer, and chemical pesticide consumption by using the fuzzy goal programming in the Sanheh Plain for 7 products including wheat, sugar beet, alfalfa, coriander, sunflower, grain corn, and rice. Exploitation of deep and semi-deep wells of this plain was selected as the statistical population of the study. The results show that in the optimal model in the final scenario, in addition to the fact that the cultivated area is in a good condition and less than the existing condition, the economic benefit environmental goals and increased yield have also been provided. As a result, it is suggested that to obtain better results in the studied society, the current situation should be gradually improved and the model should be updated to ensure the expected results according to the existing conditions.