جستجوی مقالات مرتبط با کلیدواژه « tehran stock exchange » در نشریات گروه « مدیریت »

The aim of the current research was to present an optimal model for total productivity based on the combination of ownership and supervisory efficiency of independent managers of companies listed on the Tehran Stock Exchange. This research was a descriptive-deductive description in terms of its practical purpose and the method used. In order to analyze the data using the panel data method and to test the hypotheses, multiple linear regression tests were conducted in a sample consisting of 80 selected companies admitted to the Tehran Stock Exchange in the period of 1393-1400. In this research, the rate of return on equity and the ratio of book value to market value were used to measure the productivity index. The results of the estimation of the research models showed that when the variable rate of return on equity is considered as a productivity index, the composition of ownership has a significant negative effect on productivity. In fact, greater concentrated ownership in the institutional and major shareholders of the company causes a significant decrease in the productivity of companies; however, the increase in the number of non-commissioned members compared to the total number of board members as an indicator of the supervisory efficiency of independent directors does not have a significant effect on productivity. The effects of financial leverage and company size on the productivity of companies were found to be both negative and positive, that is, when the variable of the ratio of book value to market value is considered as a productivity index, ownership composition has a negative effect on productivity, but the effect of increasing the supervisory efficiency of independent managers on productivity was found to be significantly positive. As a result, reducing the concentration of managers’ ownership and increasing the number of non-commissioned board members can improve productivity.

With the expansion of globalization, financial markets in both developed and developing countries have become interconnected. In financial discourse, the interconnection between financial markets is referred to as financial contagion. Financial contagion can transmit the volatility of one market to another, potentially leading to economic booms, recessions, or varying levels of risk and return. Consequently, given the significance of volatility contagion in markets for investors and decision-makers, the purpose of this study is to examine the effect of dynamic contagion in the volatility cycle between the futures market of gold and the foreign exchange rate in financial markets and the Tehran Stock Exchange.

The data were collected daily over the period from 2009 to 2018. To test the research hypotheses, GARCH-BEKK models, Markov Switching, and Vector Autoregression were employed.

The results of the study indicate that the contagion effect of volatility is from the foreign exchange market to the gold futures market. Moreover, the contagion effect of volatility from the foreign exchange market to the gold futures market varies across different regimes.

Originality / Value: 

The findings of this research could provide new insights that may guide policymaking and decision-making in the financial industry.

Pompian’s theory is one of the new approaches to behavioral finance that divides investors into four types: preserver, accumulator, follower and independent. This study investigates psychological symptoms of Tehran Stock Exchange investors in Sanandaj based on the orientations of Pompian’s theory. The method is casual-comparative and 430 stock exchange investors were recruited. The sample was divided into four investing orientations using the Pompin’s Behavioral investor types Questionnaire and compared with 163 non-stock group members as a control group in the psychological symptoms such depression, anxiety, and stress and in positive and negative affect. The results show that preservers and accumulators experience more depression, anxiety, and stress than non-stockholders and independents individuals. The control group have more positive affect than all four groups. Negative affect of independent individuals was less than other groups. Psychological symptoms and high negative affect of stock market investors can have a great impact on their financial decisions and can be decisive in the collapse of financial markets. This impact can be reciprocal: the collapse of financial markets can have devastating psychological effects on preservers, accumulators, and followers and decline their life satisfaction.

 The stock market is one of the most important and influential segments of the financial market in any economy [1]. This market reflects the economic situation of countries because one of its functions is to collect capital and transfer it to individuals and companies seeking investment. In addition, the capital market is one of the most important pillars for financing. The stock returns of listed companies can be affected by various factors. Changes in oil prices can be considered as one of the important factors affecting the stock market. Oil-exporting countries, of which oil is an important source of income, are affected by the fluctuation of the price of this black gold, their economy is affected more than other countries, and also their budgets, which often rely on oil prices, are affected in this regard. In countries such as Iran, where their main source of income comes from oil sales and whose budgets rely heavily on oil, the impact of oil price fluctuations on various sectors of the economy has been a concern for policymakers and economists. One of the most important sectors is the stock market, where economic developments and oil prices are increasingly being considered by researchers to make the relationship between the two more obvious over time. Accordingly, the purpose of this study is to investigate the relationship between the herding of the crude oil market and the Tehran Stock Exchange. In the study of herding behavior, financial literature is divided into two main branches: The first branch of measures of herding behavior based on efficiency dispersion [2]. The second proposal is a statistical criterion based on analysts' transactions [3]. In this study, based on the approaches of Christie and Huang (1995), the herding behavior between the stock market (with the index of the top 50 companies of the Tehran Stock Exchange) and the crude oil market has been investigated.Christie and Huang (1995) presented the standard deviation of the CSSD cross-sectional study as a model of herding behavior. Their model is as follows: where N is equal to the number of securities that make up the market index,  is equal to the return on securities i in period t,  is equal to the average yield of N securities from the market portfolio for day t. If there is herding behavior in securities, then the dispersion will be low. In fact, because herding behavior tends to follow market trends (ascending or descending), securities follow market trends and thus dispersion decreases. Christie and Huang (1995) model believes that herding behavior occurs more during intense market movements (ups and downs). The results show that the regression coefficient of the square market return is negative and statistically significant. The existence of a negative coefficient for the stock market and crude oil market returns indicates the reduction of deviations of companies' returns from market returns during the market turmoil (increasing or decreasing). Reducing the deviations of companies' returns from market returns means the existence of herding behavior in the market.Also, in examining the existence of herding behavior in a reciprocal manner, the results of examining the hypothesis of the existence of reciprocal herding behavior in the stock market and crude oil market in the stock market are confirmed. The existence of a negative square coefficient for the variable market return indicates a decrease in the deviations of companies' returns from market returns, when the cross-market, i.e. oil or stock market, is fluctuating. Thus, the hypothesis of the existence of reciprocal herding behavior in the stock market is confirmed. The results of this section are similar to the research of Balcilar, Demirer [4], Gong and Dai [5], and Mabrouk [6]. This study investigates the reciprocal herding behavior between the stock market and the crude oil market in Iran. The results of the herding behavior indicate the existence of herding behavior among the top 50 companies on the Tehran Stock Exchange and the OPEC oil market between 2011 and 2019. The results of the study based on two criteria explaining herding behavior, confirmed the existence of herding behavior between the top 50 listed companies and the OPEC crude oil market. The results also show that the relationship between the herding behavior of investors is reciprocal between these two markets.

The purpose of this research is to investigate the effect of macroeconomic factors on cash holding in companies listed on the Tehran Stock Exchange.

A sample of 151 companies admitted to the Tehran Stock Exchange was selected between 2008 and 2018. Then, using inferential statistics methods, 6 hypotheses related to macroeconomic factors were investigated.

Interest rate, recession, gross domestic product, economic liquidity, exchange rate and inflation had an effect on cash holding, so that the factors of interest rate and gross domestic product had an inverse and significant effect on cash holding and Recession, economic liquidity, exchange rate and inflation had a positive and significant effect on cash holding.

Originality / value: 

The current research develops previous studies in the field of cash holding and improves the existing knowledge in the field of cash management in companies. In this study, the effect of macroeconomic factors on cash holding in Tehran Stock Exchange companies over a period of time has been investigated. Also, the effect of factors such as GDP, economic liquidity and exchange rate on cash retention was investigated for the first time in Iran. The results of the research can be a guide for newly established companies in terms of effective cash holding policy.

The purpose of this study, investigating the effect of financial constraint on the relationship between uncertainty and the amount of investment of companies listed to the Tehran Stock Exchange. The statistical sample includes 82 companies during the period from 2011 to 2020. Hypotheses testing was performed using linear regression and panel data along with the random method, using Eviews 9 software. The research results showed that the financial constraint moderate the inverse relationship between uncertainty and company investment.

The main purpose of this research is to investigate the effect of environmental uncertainty on the relationship between the value of cash and the financial distress of companies listed on the Tehran Stock Exchange. The current research is a part of applied research in terms of its purpose. In terms of nature, it is part of review research. In terms of the type of reasoning, it is a part of analogical-inductive research. From the perspective of time, it is part of retrospective research. In terms of the duration of the research, it is part of the combined method. The statistical population of the current research is the companies listed to the Tehran Stock Exchange, after removing the restrictions, 130 companies were selected as a statistical sample. The period under investigation is between 2016 and 2020. With the occurrence of global financial crises in recent years, especially in the last two decades, financial and economic scientists use different methods to study and predict the financial status of economic enterprises. Today, with the globalization of the economy, competition has become one of the main mechanisms of the market. The results of the first hypothesis test of the current research show that there is an inverse and significant relationship between the value of cash and financial distress of companies. In other words, with an increase in the value of cash, financial distress decreases, and on the contrary, with a decrease in the value of cash, financial distress increases. The results of the second hypothesis test also indicate that environmental uncertainty has a significant effect on the relationship between the value of cash and the financial distress of companies.

The main purpose of the present study is to investigate the tail risk in the Tehran Stock Exchange using dynamic methods and time series spectral analysis in the form of the dynamic multi-scale Expected Shortfall (DMS-ES).

In this study, the daily data of Tehran Stock Exchange total index in the period 2011/03/26 - 2022/03/19 were used then extracting the short-term, medium-term and long-term information components of the index return time series, four predictive models of expected fallout (ES) were estimated using Taylor (2017) approach at different time horizons.

The results of estimating the models and back tests show that the expected shortfall (ES) is short-term in nature and the dynamic model using short-term components in the one-day time horizon has the highest efficiency among the introduced models. In addition, the results of comparing the models based on the average loss test show that the use of spectral analysis components increases the efficiency of dynamic predictions of the expected shortfall (ES) at different time horizons.

Originality / Value:

 Finally, according to the results of this study, it is suggested to use dynamic models and signal decomposition analysis algorithms to increase the efficiency of risk criteria predictions.

The present study was applied in terms of purpose and In terms of the descriptive research method, it is a survey with a comparative causal approach. A number of 100 companies listed on the Tehran Stock Exchange in 2014 to 2019 were selected as a sample. Data were collected from the databases of the Central Bank of Iran, Statistics Center of Iran, Codal website, and WDI website and Tehran Stock Exchange website, and then analyzed using Excel, 9Eviews, and Matlab software. In this study, the determinants of venture capital on the Tehran Stock Exchange (capital volume, export volume, company tax, disclosure index, rule of law index, industry diversity, diversity of company life cycle stages, type of property, number of divisions and subsidiaries, company capital, company, size and company age) By studying the research literature and using neural network and fuzzy logic, a predictive model was created to determine the investment risk based on the determined indicators.. The classification model was presented using neural network without SOM supervision and fuzzy logic flexibility. The evaluation parameters of design, accuracy of the proposed ensemble classifier, mean error of the squares, and coefficient of explanation. The simulation results indicated that the performance of the proposed design compared to the classification by MLP neural network method was improved and the presented model based on the training provided predicted the status of capital with good accuracy.

All organizations seek to improve their performance, and human resource management can be considered as a tool for competitive advantage and affect organizational results and performance. The purpose of this article is to investigate the relationship between the value of human resources and predicting the bankruptcy of companies listed on the Tehran Stock Exchange. For this purpose, the hypothesis of human resources value is related to the prediction of bankruptcy developed and to test it, the statistical method of linear regression has been used. Information of 73 companies listed on the Tehran Stock Exchange during the period 2011 to 2020 has been collected. The Altman model was also used to measure bankruptcy risk, and the Pulic's human capital efficiency formula was used to measure the value of human resources. Data analysis was also performed by Excle and Eviews software. The results of the analysis show that there is a significant negative relationship between the human resources value and the risk of corporate bankruptcy. Given the negative relationship between the human resources value and bankruptcy risk, it can be concluded that human resources are a vital factor in improving financial and organizational performance and as a key component of value creation, increase performance and ultimately lead to better financial performance.

Since the Sudden changes in stock prices are unusual and usually negative which occurs in the absence of important economic events Therefore, it has always been considered. The purpose of this study is to investigate the effect of stock price crash risk on the future strength of the CEO. Accordingly, 103 companies during the period 2015 to 2019 have been surveyed. The results of reviewing the data collected during the period showed that the risk of crash in stock prices does not have a significant effect on the future strength of the CEO. As mentioned in the theoretical literature of stock prices’ crash, several factors can lead to this phenomenon, and management performance alone is not a sufficient condition to create conditions for crashing stock prices. For instance, according to the stock price bubble theory, stock price changes occur due to a shock without any proper and economic justification, and in fact cognitive errors that affect human psychology can affect investors' judgments in stock valuation and pricing. According to this, it seems that the crash in stock prices in the period under study was formed for reasons beyond the control of management and less managerial factors have been effective in crashing stock prices. Hence, the reduction of the CEO's power in this situation is unexpected. This finding provides new evidence in support of behavioral finance theory in stating that the CEO's future power is not affected by crashing stock prices.

Management optimism is one of the most prominent biases that influence management decisions. The purpose of this study is to investigate the effect of political connections on the relationship between ownership structure and managerial optimism. The statistical population of the study is all companies listed on the Tehran Stock Exchange and using the systematic elimination sampling method, 146 companies were selected as the sample of the research in an 8-year period between 2013 to 2020. The method used to collect information is a library and the relevant data for measuring variables were collected from Codal website and companies' financial statements and then Eviews software was used to test the research hypotheses. The results of testing the research hypotheses showed that there is a negative and significant relationship between ownership structure (institutional and family ownership) and managerial optimism; But political connections do not affect the relationship between ownership structure (institutional and family ownership) and managerial optimism.

The purpose of this study is the effect of the moderating role of managerial ownership on the relationship between corporate governance mechanisms and human capital information disclosure in firms listed on the Tehran Stock Exchange. To achieve this goal, three mechanisms (board independence, board gender diversity, board activity) were used to calculate corporate governance, and a checklist with six indicators (staff training and practice) was used to calculate human capital disclosure. Staff age, staff work experience, staff education level, number of staff and welfare operations for staff health) were used. The statistical sample includes 82 companies during the period 2010 to 2019. Hypothesis testing was performed using linear regression with Eviews software. The results showed that board independence has a significant effect on human capital disclosure and also managerial ownership modulates the relationship between board independence and human capital disclosure, while gender diversity of the board and board activity have a significant effect on human capital disclosure. Managerial ownership doesn’t moderate the relationship between the gender diversity of the board and the board's activities with the disclosure of human capital

This Research was conducted with the aim of the effect of corporate governance on financial stability and access to financial services in banks listed on the Tehran Stock Exchange. The statistical population of this study is all banks listed on the Tehran Stock Exchange, which was selected as a sample by the systematic elimination method of 12 banks during the period 2016-2020. Research data were extracted and evaluated from financial statements posted on stock exchange and banking sites; Then statistical regression was performed based on panel data. According to the analysis, the result of the first hypothesis showed that corporate governance has a direct and significant effect on financial stability. The result of the second hypothesis also indicates the direct and significant impact of corporate governance on access to financial services. Also, the control variables of size and age (life) were confirmed in the first and second hypotheses, but no significant relationship was observed between the financial leverage variables in the hypotheses

In recent years, legislator have adopted several laws to create these mechanisms to improve financial reporting quality. One of these rules is the requirement for companies to form an audit committee. Therefore, the main purpose of this research is to investigate the relationship between the audit committee and the quality of financial reports in companies listed on the Tehran Stock Exchange. This research is descriptive in nature and applied in terms of its purpose. The population of the study is all of the companies listed on the Tehran Stock Exchange that 82 companies were selected during 2014 to 2018 for research hypotheses. The sampling method in this study is a systematic elimination. Estimation of the research model in the form of panel data and analysis is based on the fixed effects model and random effects by Eviews and SPSS software based on the combined data. Results indicated that the audit committee had a positive relationship with the quality of disclosure of financial reports in companies listed on the Tehran Stock Exchange.