جستجوی مقالات مرتبط با کلیدواژه « بازار سرمایه ایران » در نشریات گروه « مالی »

The aim of this research is to provide a comprehensive analysis of the current advancements and weaknesses in the fintech sector, followed by proposing practical and policy recommendations for the development of the Iranian capital market. The research methodology involves utilizing a systematic literature review in the Web of Science database within the timeframe of 2015-2022. Through bibliometric analysis of 2450 selected documents, biblioshiny and the R language are employed for bibliometrics interpolation. The results of citation analysis, co-citation, and social network analysis indicate the development of fintech as a well-established field.Findings reveal that fintech has been recognized as a developed area over time. The research results demonstrate that the development of fintech literacy in the capital market, with a focus on practical and policy recommendations, can enhance and align the Iranian capital market with global experiences.The conclusion of this research underscores the significance of fintech development for the Iranian capital market and suggests that practical and policy recommendations in this domain should receive attention. This study not only elucidates the conceptual framework of the field but also reveals its intellectual and social structure.The knowledge expansion of this research demonstrates the scientific authenticity and added value of fintech bibliometric transformations in the capital market. By comparing globally and emphasizing practical and policy recommendations, this study contributes to the development and improvement of the Iranian capital market. It provides valuable insights into areas that require further research

Knowing the financial, economic and political variables is very important for the decisions of financial market activists and investors, and not considering these variables causes disruption in decision making.This research has been written with the aim of how political risk influences corporate financing and investment decisions.

In the present research with practical purpose, the collected information related to 34 companies in the period of 2013-2016 have been analyzed using Eviews 11 software and in order to estimate the model related to Hypotheses, data pooling method and panel data have been used.

The findings showed that political risks and company-level and country-level factors affect companies' financing decisions. Also, the effect of political risks on financing decisions is different under different financing strategies such as debt and equity financing. Also, political risks and company-level and country-level factors have a negative and significant effect on corporate investment.

Originality/scientific added value: 

The financing of companies decreases due to political risk. Political risks have a negative effect on economic and financial activities. To avoid losses caused by sudden political shocks, companies use less financing in financial decision-making when they face high political risk. As a result, it causes a decrease in corporate investment and the entry of liquidity into the production sector and productive activities.

Predicting returns with the least error is one of the most important issues in financial markets that has been considered by many researchers in recent decades .Traditional linear and nonlinear models due to the inefficiency of linear models in market turbulence, the lack of correct extraction of the conditional distribution form of data due to the failure to record the conditional distribution dynamics in nonlinear models and the existence of limiting assumptions, it lacks the ability to predict returns in different market conditions. In order to eliminate the disadvantages of traditional models, in the present study using a new time-variable method called generalized autoregressive score (GAS) in order to predict the distribution of return of the total index of the stock exchange during the period 2010 to 2020 and for Bitcoin during the period 2014 to 2020. The results of modeling for the two assets by the new GAS model are compared with the results of the GARCH and AR models and their performance is tested for inside and outside the sample. The results show that in order to predict the daily return, the overall index of the new GAS model has a better performance and in order to predict the daily return of bitcoin, the GARCH model has been preferred.

Despite the increase in the level of awareness and general knowledge of the beneficiaries of financial affairs, the main issue in investing decisions is the high reliance on accounting report numbers (especially accounting profit as one of the main performance appraisal criteria) that creates many motivations for managers to manipulate (manage) these numbers in their favor. This study is an attempt to examine the extent of profit manipulation by considering the role of non-executive managers and the risk of stock price falls using Benford’s law and financial information of 1248 years of the listed companies during the years 2013-2020  in Tehran Stock Exchange. The results showed that the profit (loss) rate of the companies at risk of falling stock prices do not comply with Benford's law. However, the profit (loss) rate of companies without the risk of falling stock prices follow this law. The results also indicated that in companies with the risk of falling stock prices, differences with Benford's law were lower in cases where  the present proportion of non-executive managers was higher.

This research investigates the effect of opacity on the delay of the stock price (Tehran stock exchange and Iran Farabourse) reactions in the banks and other companies in Iran Capital Market. The proxy of opacity has been considered the spread (bid – ask gap). Hou and Moskowitz's (2005) model was used to calculate the price delay reaction. Moreover, considering the importance of economic conditions, the impact of periods of boom and stagnation (GDP) on this relationship was also investigated. The research sample consisted of banks listed in Iran Capital Market as well as companies whose market capitalization is equal to 25% of the average market value of banks. The time period was from the beginning of 2009 to the end of September 2016. The hypotheses were tested using panel data. The results indicated a significant relationship between reaction price delay and spread, which confirmed the effect of opacity on the delay price reactions. The results also showed that there is no significant difference between the stock price delay reaction of banks and other companies while there is a significant relationship between economic conditions and delay price reactions.

This research provides a model for the principles of corporate governance for the Iran capital market. After reviewing the theoretical literature on the principles of corporate governance in the world and the principles of corporate governance on the New York Stock Exchange, the London Stock Exchange and the Malaysian Stock Exchange and considering the social, economic, political and cultural conditions of Iran, a conceptual model and the research questionnaire were developed. Accordingly, the board of directors and its effectiveness, accountability, board committees and the presentation of a comprehensive company report and communication with stakeholders were selected as the principles of corporate governance. The research questionnaire was surveyed by 30 experts and its results were analyzed using triangular fuzzy delphi method and the final principles were extracted. The results of the research show that the corporate governance guidelines developed by the Iranian Stock Exchange and Securities Organization are not able to fully meet the needs of users and the components agreed upon in the present study should be used.

In recent decades, identification and analyzing of behaviourial factors affecting investors failure is one of the most important subjects in investment markets. In this research, identification and analyzing the nature of behaviourial factors that cause investors failing at Iran’s stock market is studied. This researchs approach is qualitative and analytical methods is used for. This research from data collection aspect is survey using non-structured interviews and from conclusions usage view is applied. At the framework of this survey, cognitive mapping method is used to map 12 experts of Iran’s stocks market perceptions about the causes of investors failure. In analyzing this map, analyzing methods of cognitive maps is used. Finally conclusions showed that 27 factors affecting investors failure based on mostly 70 percent experts agreement. These 27 factors can be divided into two “Inefficient implementation of effective decision” and “Ineffective decision making" clusters. Also “Lack of adequate, effective and efficient knowledge”, “inefficient and inadequate experience”, and “inappropriate strategy layout” more than other factors affecting the investment failure agreed upon by the participants in the research.

Today, the role of capital markets in financing projects and businesses has more than ever been recognized by economic policy-makers. In spite of designing various instruments of financing, the capital markets’ share in financing is far from policy- makers’ expectations. So to let capital markets attain their desirable place in financing economic enterprises, investigating and removing the hindrances in the process of issuing sukuk is essential. The present study intends to examine alternatives to guarantee in the process of issuing Islamic securities due to the former’s delaying effect on fulfilling the task and its impact on the ultimate costs of financing, then to provide solutions from experts’ viewpoints.    Based on the existing literature, warranty replacements were identified. In the next step, questionnaires based on the obtained factors were distributed among capital market experts. The criteria were then ranked based on TOPSIS method.    The results indicate that determining the top companies for issuing securities without guarantors, supervising the issuer’s revenues by an intermediary agent, issuing securities together with permission for their sale, sinking fund, Sukuk  guarantee fund, and bond ratings, act as substitute guarantees respectively in the process of issuing sukuk  for the capital market.

Financial system participants decisions are critical to achieving the goal of financial development. Because the financial decisions of the participants in a coherent financial system based on the supply and demand of financial resources have a significant impact on the volume of financial resources and financial expenditures. Hence, appropriate financial decision-making models can improve the performance of financial markets of the countries, increase the participation of individuals and other phenomena at the micro and macro level. Therefore, the main purpose of this research is designing a pattern for financial decisions of government, corporations and households based on attention to optimal financial mix in line to achieve Iran capital market development. The method of this research is descriptive –survey and based of purpose this research as the type of applied research. For data analysis and estimating the experimental model multivariate linear regression model and for investigating the meaningful of linear regression equation Fisher Ttest and for meaningful of coefficients T-test is used. The results of the research show that financial decision mix of government, corporations and households have significant impact on Iran capital market development, that consequent of this flow can provide country economic development.

The purpose of this research is to investigate the relationship between stock liquidity and dividend income during recession and prosperity in companies accepted in Tehran Stock Exchange. Statistical sample of 109 companies accepted in the capital market, whose information was available for the period 2012 to 2017, were selected by systematic exclusion method. The research carried out in terms of the target type is a part of applied research and the research method is correlated in terms of content and content. For analyzing the hypotheses, panel analysis has been used. Research findings show that there is a positive and significant relationship between stock liquidity and dividend income. There is also a positive and significant relationship between stock liquidity and dividend profits during the boom period. While there was no significant relationship between stock liquidity and dividend during the recession period.

Recently, the area of Enterprise Risk Management (ERM) has received considerable attention both from the academic and professional communities. The empirical evidence seems to support the enabling role of the ERM in improving firms’ operating and financial performance, focusing on metrics such as equity values, cost of capital, and debt ratings. However, companies are still struggling with the development, implementation, and evaluation of ERM-based processes. In particular, this problem has been significantly more challenging for companies in emerging economies.

In this paper, we provide a clinical study detailing the institutional and functional risk management steps (identification, assessment, mitigation, implementation, and review) and processes undertaken to develop and implement ERM for a major investment banking company in Iran.

Overall, we found that the company has been exposed to fourteen categories of top risk sources including competition, political, human resource, market, liquidity, regulations, credit, reputation, and corporate governance. Furthermore, we have chosen a subset of more quantifiable categories of risk and recommended mitigation strategies and developed metrics to evaluate their performance.

The purpose of the present research is to investigate the relationship between financial depth in the capital market and economic growth during 1990-2009. In this research, in order to estimate the financial depth, we used four methods, which are two quantitative methods and two structural methods. After estimation of financial depth from each of the above methods, at first, we study the financial depth trend in terms of each four methods, and then we investigate the relationship between financial depth in capital market and economic growth in four scenarios that each scenario is related to a method of estimating financial depth. The results of this research showed that the trend of financial depth in liquidity to gross domestic product ratio method is negative during 1990-2009. On the contrary, in three other methods, the statuses of financial depth in capital market are improved. Also, the results showed that the relationship between financial depth in capital market and economic growth during 1990-2009, in the first, second and third scenarios, are positive and significant and the results of the Granger experience showed that in each of the above three scenario, the financial depth causes economic growth and this relation is one-sided.In the fourth scenario, the relationship between financial depth in capital market is negative and significant but the Granger experience results enplane that financial depth and economic growth are independent. In other word, in this scenario, neither the financial depth nor the economic growth causes financial depth.