جستجوی مقالات مرتبط با کلیدواژه « financial performance » در نشریات گروه « مالی »

The ultimate goal of corporate governance is to achieve the promotion of fairness, transparency, accountability, and compliance with the rights of shareholders in companies and economic enterprises. However, there are doubts about its success rate in achieving the aforementioned goals. The disclosure of more and periodic information will reduce the cost of capital and the cost of transactions, reduce the error in profit forecasts, or demand more than usual for a company's bonds. Managers can pursue the goal of maximizing shareholders' wealth by managing variables (such as transparency) in the financial structure. The purpose of this study is to investigate the effect of corporate governance on the financial performance of companies using the mediating variable of transparency. In this study, using a meta-analysis approach, the impact of transparency on corporate governance and its effect on financial performance is investigated. A hypothesis about the effect of corporate governance on the mediating variable of transparency and a hypothesis about the effect of the mentioned variable on financial performance were proposed and 20 articles including a total of 81 effect sizes (of type r) whose publication dates were between 2003 and 2018 were studied. If the effect size was divergent, the random effects method was used, and for convergent cases, the fixed effects method was used to calculate the effect size. In addition to testing each hypothesis, after determining the size of the cumulative effect, a robustness test was performed and analyzed for each hypothesis. The results indicated that corporate governance has no effect on transparency, but the robustness test showed that the mechanisms of corporate governance, including the independence of the board of directors, and the dual role of the CEO and the audit committee, have a significant effect on transparency. In addition, the results show the significant impact of transparency on financial performance.

In recent years, the discussion of corporate governance has become one of the topics of professional and scientific research. In previous studies, the direct impact of corporate governance on the company's financial performance has been measured (Che Haat et al., 2008; Mardnly et al., 2018; Saidat et al., 2019). Corporate governance is expected to improve financial performance not only directly but also through the mediating effect of transparency. Corporate governance may affect the level of corporate disclosure, especially when the board of directors manages the information disclosed in annual reports (Gibbins et al., 1990). Centralized decision-making power (such as the same role of the CEO and the chairman of the board of directors) hinders the possibility of monitoring various aspects, including disclosure policies, due to the threat to the independence of the board of directors (Carver, 1990; Fama & Jensen, 1983). A good corporate governance system requires periodic, transparent, and comparable information reporting, especially information related to financial, managerial, and ownership issues of the company. Transparency, in terms of its role in reducing information asymmetry, is the preferred area for shareholders to control managers because it reduces risk and consequently improves performance. Therefore, the first hypothesis was formulated as follows:Hypothesis 1: Corporate governance affects the transparency of firms.
Reducing information asymmetry from the perspective of agency theory reduces the tendency to selfishness, and from the perspective of investment, it reduces risk and expected return. Both of these aspects make analysts expect that information disclosure can improve the firm's financial performance. Therefore, a high level of transparency has a positive effect on the company's performance. Accordingly, information disclosure such as periodical reports can reduce capital costs and information asymmetry (Lang & Lundholm, 1999). Therefore, the second hypothesis was formulated as follows:Hypothesis 2: Transparency has an effect on the financial performance of economic enterprises.

After reviewing various scientific sources, seven steps were selected for the meta-analysis (Glass et al., 1981; Hunter & Schmidt, 2004; Kohli & Devaraj, 2003; Rosenthal, 2001). The first step is to determine the thematic framework. The second step is to specify the keywords, determine the databases and search for studies, the third step is to screen the searched articles according to one of the research hypotheses, to report the effect size and the type of correlational study. The fourth step is to collect the data from the searched articles. The fifth step was to calculate the effect size for each member of the sample (each test). The sixth step was to calculate the common effect size for each hypothesis. Finally, in the seventh step, the homogeneity of the effect size was calculated for each hypothesis (each group of effect sizes).
If the within-group effect sizes are convergent (zero variance hypothesis is not rejected), it means that there is a common effect size that all sample tests have measured; and the fixed effects method is used to calculate the cumulative effect size. If the effect sizes within the group are divergent (zero variance hypothesis is rejected), it means that there are different effect sizes, one of which has been calculated in each sample of the tests; and the random effects method was used to calculate the cumulative effect size.

In this section, the robustness tests performed to test the hypotheses and comment on the confirmation or disconfirmation of each of the hypotheses. In both hypotheses, the common effect size is divergent, that is, it is related to a group of different effect sizes with high deviation, and the random effects method is the basis for calculating the common effect size. The results indicated the rejection of the null hypothesis related to the second hypothesis. In other words, the effect of transparency on financial performance is confirmed, but the effect of corporate governance on transparency is rejected. The robustness test in the first hypothesis shows the lack of influence of corporate governance on transparency in developed and developing countries. There is no significant relationship between corporate governance and transparency in different time periods, except for the years 2005-2009. The results show that there is a significant relationship between the independent variable of the board of directors and transparency. The CEO duality variable has a negative and significant effect, board size has a positive and significant effect at the 5% level, and the audit committee has a positive and significant effect on transparency. The indicators of concentration of ownership, the number of board meetings, and gender diversity in the board of directors have not been tested because the sample number is less than 5.
In the validation of the second hypothesis, the results show no significant effect between transparency and financial performance in developed countries. In the time interval of 2015-2019, there is a significant and positive effect between transparency and financial performance, and the results of other periods have not been tested because the number of samples is less than 5. In the financial performance section, a significant and positive effect was observed between transparency and ROA and ROE. No significant effect was found between transparency and Tobin's Q. The results of other indicators were not tested because the number of samples was less than 5.

The main purpose of this study is to meta-analyze the indirect effect of corporate governance on the financial performance of companies using the mediating variable of transparency. In the first hypothesis, the relationship between transparency and corporate governance was tested. The results of the current study did not show a significant effect between corporate governance and transparency due to the overlap of various corporate governance indicators. The study of various indicators of corporate governance shows a significant and positive relationship between the independence of the board of directors and transparency, the audit committee and transparency, and a significant and negative relationship between the duality of the CEO and transparency. In the second hypothesis, the relationship between transparency and financial performance has been tested. The results show a significant and positive impact on the company's financial performance. The robustness test shows that this effect is quite evident in the studies studied in recent years. The high level of information disclosure helps the stakeholders in improving the quality of their decision-making.
The above results, like any other research, may be criticized due to the researchers’ limited access to all published empirical studies, the time limit of studying past articles and looking at them retrospectively, the meta-analytic nature of this study, and the dependence on meta-analysis results on past experimental studies. However, due to the wide range of companies that support the results, the validity of the empirical studies collected and the robustness check performed are robust enough to be the basis for decision-making and policy-making for managers, policymakers, and investors. Therefore, it is suggested to the shareholders to emphasize the independence of the board of directors and the audit committee to improve the financial performance, through the index of the audit committee, control the level of transparency, and provide the basis for the improvement of the financial performance, through the indicators of the independence of the board of directors and the duality of the CEO to create the context of increasing the transparency of the company and thus improving the financial performance, pay enough attention to the concentration of ownership, the duality of the CEO, the size of the board of directors, and the number of board meetings in the development of the corporate governance system because it is a good basis for optimizing transparency and improving financial performance.

Since the emergence of the concept of supply chain agility as the primary management asset for gaining a competitive edge in the dynamic and uncertain business environment, extensive studies have been conducted in this area. A significant portion of this studies has focused on the impact of supply chain agility on financial performance. Analysis of empirical studies reveals that the influence of a strategic asset like supply chain agility is varied across different studies, often yielding contradictory results. Therefore, it is imperative to aggregate and compare the findings of experimental studies using a meta-analysis approach. Consequently, the current research was undertaken to investigate the impact of supply chain agility on financial performance, employing a meta-analysis approach and examining the moderating role of industry type. In this study, 18 final studies were identified in accordance with the PRISMA protocol and their data was inputted into the CMA2 software. The results of the meta-analysis demonstrated that supply chain agility does indeed affect financial performance. Furthermore, the analysis of moderator variables revealed that supply chain agility has a more pronounced effect on financial performance in single industries.

In terms of market value, the basic metals group is important after the chemical products group in the stock exchange, so the optimal use of marketing capacities in this industry can lead to financial benefits. The purpose of this research was to design a framework for marketing capabilities to achieve financial benefits in companies affiliated to the steel industry accepted in the stock exchange. became. Qualitative phase data was collected through semi-structured in-depth interviews with 15 marketing experts who were selected through purposive sampling and snowball methods until theoretical saturation was reached. The data was done using open, central and selective coding and analyzed using Maxqda data analysis software. The results obtained from the analysis led to the final model of marketing capabilities with 7 main categories including: product, distribution, market, customer, analysis of competitors, advertising and brand, which in 6 dimensions are causal conditions, main category, background conditions, environment, strategies and As a result, the paradigmatic model of the research was drawn.

This research examines The Role of Intellectual Capital Efficiency on the Relationship Between Corporate Social Responsibility and Financial Performance (Evidence of Environmental, Social and Governance performance of Companies Listed on the Tehran Stock Exchange); The Time Frame of this Research is 2017-2021; The Statistical Population of this Research is all the Companies Accepted in Tehran Stock Exchange, 105 Companies were selected by Systematic Removal method. The Data of the Research was Extracted and Measured from the Financial Statements included in the Stock Exchange Sites; then, Statistical Regression Analysis was Performed Based on Panel Data. According to the Analysis, the Result of the First Hypothesis Showed that there is a Positive and Significant Relationship between the Corporate Social Responsibility and Financial Performance. The Result of the Second Hypothesis indicated that there is a Positive and Significant Relationship between the Corporate Social Responsibility and Intellectual Capital. Finally, in the Third Hypothesis, the Findings indicated that the Mediating role of Intellectual Capital on the Relationship between the Corporate Social Responsibility and financial performance is positive and significant.

This paper designs a market-oriented and relationship-oriented organizational-cultural model using the Delphi method to evaluate the performance of financial management in the National Iranian Gas Company. In a mixed approach, the criteria and sub-criteria were first extracted by the Delphi method. The statistical population of this study is in the qualitative part of the managers and experts of the headquarters of the National Iranian Gas Company and the quantitative part of the population includes employees (350 people). To determine the sample size in the quantitative part, Cochran's formula was used and 184 questionnaires were randomly distributed. In the qualitative section, by interviewing 10 experts, theoretical saturation and performing 3 stages of Delphi technique resulted in presenting the model. The final model of organizational culture including 4 dimensions, 14 components and 41 indicators was designed, which is briefly presented in the culture of relationship in the sector (leadership, financial performance of the organization, commitment, human resource development), market-oriented culture (collectivism, mission, competitiveness) in this article. Benefiting from a relationship-oriented culture, the National Iranian Gas Company strives to maintain structured relationships in the areas of financial management, human resource management and competitiveness, and by innovating and emphasizing ideation, puts knowledge-based culture at the top of its business. Its dimensions consider financial management as the heart of the organization and strive for a market-oriented presence with a human resources and human relations approach.

The purpose of this study is to investigate the relationship between voluntary disclosure and financial performance of companies and the effect of corporate governance mechanisms on financial performance and also the effect of corporate governance mechanisms on the relationship between voluntary disclosure and financial performance of companies listed on the Tehran Stock Exchange. For this purpose, data related to 98 companies in the period from 2011 -2019 were collected. Multivariate regression was used to investigate the relationships between variables and the combined data method was used to test the hypotheses. Findings show that there is a positive and significant relationship between voluntary disclosure and financial performance of companies. In fact, increasing voluntary disclosure reduces agency problems by reducing information asymmetry between management and investors. As information asymmetry decreases, demand for transactions increases. As demand increases, stock prices rise and the company's financial performance improves. There is also a positive and significant relationship between corporate governance system (internal and external) and financial performance of companies. Companies with better governance mechanisms, narrower price gaps, higher stock quality, have the lowest price-volume impact. These factors lead to the optimal financial performance of the company. The corporate governance system also strengthens the link between voluntary disclosure and corporate financial performance. Good corporate governance promotes transparency and voluntary disclosure. Increasing disclosure reduces information asymmetry and thus improves the company's financial performance.

Issuance of asset sales declaration is one of the strategies of voluntary disclosure of information that can be used to measure and evaluate the correct market reactions and analyze the type of decisions taken in order to evaluate companies. Accordingly, the purpose of this study is to investigate the effect of voluntary disclosure of asset sales on the financial performance of companies using the data contained in the financial statements of 108 companies listed on the Tehran Stock Exchange in the period 2013 to 2019. The method of research is applied in terms of purpose, applied in terms of approach, rationalistic and in terms of nature because it causes the effect of several variables on a variable to be examined. It is also quantitative in nature and quantitative in duration. To test the hypotheses, the generalized least squares linear multiple regression model was used using the combined data. Findings from the study show that voluntary disclosure of asset sales has a positive and significant effect on companies' financial performance.

The purpose of this study is to present a model of marketing capacity in Khuzestan steel industry and its impact on financial performance in order to develop investment. The method of the present study is mix method with an exploratory design that was performed through two qualitative and quantitative stages using the data theory of the foundation. In Qualitative stage data were collected through interviews with 15 experts and marketing experts who were selected through purposive sampling method and analyzed with Maxqda software. The results of the analysis of theoretical foundations and research interviews led to the final model of marketing capacity, which has 7 main categories of product, distribution, market, customer, competitor analysis, advertising and brand. Competitors analysis and product in the role of "underlying factors" of the market in the role of "intervening conditions", advertising, brand and distribution network in the role of "strategies and strategies" and the role of marketing capacity in the role of "outcome" have been identified. In order to fit the mentioned model, 200 employees of Khuzestan Steel Industry who were selected by random sampling method, answered the researcher-made marketing capacity questionnaire that resulted from the results of the quality section and also Financial dimension of Kaplan and Norton (2001) organizational performance questionnaire. Data were analyzed using LISREL software. Findings indicated a good fit of the proposed model

The competitive environment makes it difficult for firms to achieve effective performance. To be able to prove themselves, managers try to make performance positive by earning management. Based on this, the aim of the current research is to investigate the marginal effect (which includes both simple and Interaction) of competition on performance at different levels of earning management. In this research, variables of performance (asset return rate, sales return rate and equity return rate), product market competition and profit management have been used as indicators research. A statistical sample of 94 companies listed on the Tehran Stock Exchange between 2013 and 2019 was used for this research. Regression with panel data was used to test research hypotheses. The findings of the research show that competition has a significant effect on the three performance measurement indicators and the impact varies depending on the level of earning management. In such a way that with the increase in earning management, the level of competition has an increasing effect on performance, and with its decrease, this effect decreases. The results showed that the degree of competition has a rising impact on performance as earning management increases and a decreasing impact as earning management decreases. Also, the higher the earning management of the business unit, the higher the competition, which will lead to better performance.

The purpose of this study is the investage effect of financial flexibility and management efficiency by controlling the life cycle of the performance of a firm, eventually lead increasing the wealth of shareholders. This research answer two questions. First, whether financial flexibility and management efficiency affect performance and the second question is at what stage of the firm life cycle, financial flexibility, and management efficiency have the greatest impact on firm performance.

The method of this research is descriptive-correlational and quantitative data analysis is combined. The sample includes 84 firms in the period 2011 to 2021. Anthony and Ramesh's method is used for the operational definition of life cycle variables, the VOFF index is used for financial flexibility and the Demorjian method is used for managerial efficiency.

This study shows that financial flexibility and managerial efficiency have a positive and significant effect on firm performance. Also, after separating companies into different stages of the life cycle, management efficiency in the decline of the life cycle of companies has the greatest impact on performance, while in the growth stage and then maturity, management efficiency has the least impact. The greatest impact of financial flexibility on the company's performance is in the stages of maturity, decline, and growth respectively. The effectiveness of flexibility on company performance is in the stages of maturity, decline, and then growth respectively. Examining the simultaneous and interactive effect of financial flexibility and management efficiency on the company's performance shows that if the effect of one of them is weak and the other is effective and efficient, then it covers another like an umbrella.

What experienced today is a huge shift from material resources to knowledge. Physical and financial assets are now necessary but insufficient to achieve the goals of the organization. Instead, knowledge, technology settings, good customer relations, information systems, etc., which constitute the intellectual capital of the organization, are recognized as the key factors of success in the information age. It believed that intellectual capital, including human capital and structural capital, has an increasing role in the performance of the company and is effective on its financial achievements such as market value, profitability, productivity, etc. The purpose of this study is to investigate the relationship between tendencies to the market is in line with the creation and development of new products on the financial performance of Iran Dairy Industries Company (Pegah). In terms of implementation method, this research is a descriptive research from the correlation branch and from the survey group and is cross-sectional in terms of time. 15 production companies and 5 sales areas of Iran Dairy Industries Company (Pegah) were considered as the research community . The results showed that the market orientation from the sub-section of innovation strategy in the direction of the tendency to create new products has an impact on the financial performance of the company and this effect is significant.

 Risk is an inseparable part of the decision-making process in the organization. Managers 'and investors' decisions to increase return and wealth are made possible by reducing risk. Financial constraint also prevent funding for the desired investment.

we expect; Risk-taking variable have a significant impact on financial performance and this relationship is affected by the introduction of financial constraints on companies. The data used include a sample of 119 companies (952 years - company), during the years 2011 to 2018. In order to analyze the data and test the hypotheses, the pattern of fixed effects of multivariate linear regression by the combined data method has been used by Ives software.

The overall results of the hypotheses show that risk-taking has a significant effect on assets returns and Q-Tobin ratios. Also, the financial constraint variable has a significant effect on the relationship between risk-taking with assets return and Q-Tobin ratio.

In this study, the impact of corporate venturing on the financial performance of companies listed in Tehran Stock Exchange was investigated. In order to measure corporate venturing, two components of investing in new product lines as a proxy internal corporate venturing and partnering with business partners in venture creation as a proxy for external venturing and asset return ratio as a proxy for measuring financial performance were used in this study. The results of hypothesis testing using regression analysis show that both internal and external venturing positively impact financial performance, and hence financial performance can be enhanced through venturing activities.

The present study tried to estimate the intra-organizational and macroeconomic impacts on bank deposits for Sepah Bank in the period 2006-2019. For this purpose, the combined approach of hierarchical analysis and the system of simultaneous equations has been used. The statistical population of this study is the data related to the financial balance sheets of Sepah Shahr Bank of Tehran and the Central Bank consisting of 17 branches and also the expert population including 50 specialized personnel, economists and university professors who have determined the obtained results. Variables such as real per capita income, number of branches and size of banks have a positive effect on bank deposits and inflation has a negative and significant effect on it. Based on results has the greatest impact on the absorption of capital in Sepah Bank by real per capita income, the size and number of bank branches.The least impact among these is related to the population index. In terms of sub-criteria, the benefit of the bank's investment profit has the greatest impact on attracting the bank's capital. Meanwhile, the role of inflation and the creation of hot money in the country should be identified as one of the important factors in the evaluation, which requires evaluating the positive and negative impact on bank profits and assets. For this purpose, a system of simultaneous equations has been used, which has shown that the effect of the independent variable of inflation has a negative effect on the dependent variable of Sepah Bank deposits in.

The purpose of this study was to investigate the impact of corporate social responsibilities on the relationship between capital structure and financial performance of companies listed in the Tehran Stock Exchange. This research period is from 2011 to 2014. The results showed that there is a significant negative relationship between short-term debt ratio, long-term debt ratio and total debt ratio with equity rate of return, asset rate of return and net profit margin. We also found that corporate social responsibility has a significat impact on the relationship between short-term debt ratios and financial performance. Corporate social responsibility has also influenced the relationship between long-term (total) debt ratios and financial performance.

Business model innovation is a novel field of research in the literature of organizational entrepreneurship and strategic business renewal that allows acquiring of new competitive benefits by aligning the basic elements of organizations with environmental changes. However, the behaviors of business model renewal and research in this area, particularly in Iran are scarce, and sporadic. This research that is conducted by scientometric method and using citation analysis, evaluative technique and documents content analysis aims to sum up the studies on business model innovation and in addition to present an image of existing researches, identify research gaps and provide suggestion for future studies. Accordingly, the statistical population includes all documents provided in Scopus database with 834 data which was assessed and illustrated using bibexcle and Vosviewer software. Moreover, innovation in business models can led to improve the financial performance of businesses. Studying business innovation can be a reflection of potential for cash – in flow (firm income) of the business in progress. Therefore, in this paper, the classification of the research on the impact of innovation performance on financial performance in different industries is discussed. In the following, the business model innovation studies is classified based on documents content analysis and is presented a general framework of existing knowledge and research gaps of this domain that can provide valuable insights for managers and researchers to enhance the business model innovation researches and behaviors to improve the financial performance of business in Iran.

New financial technologies strengthen the financial system to provide smarter, more agile and broader services. The widespread influence of new financial technologies has changed people's lifestyles as well as banking rules. Leading companies in the field of financial technology are covering more and more parts of the value chain of banks every day. One of the main conditions in the discussions of economic growth is the discussion of public access to financial services (financial inclusion), which is in line with the principles of justice and equality in the Islamic financial system. Another important benefit of fintechs is financial transparency, which is emphasized by most stakeholders. The present study has been conducted with regard to the importance of the financial services sector and the transformative capacity of new technologies in promoting banking services in the direction of economic development of the country and the role they play in their survival and competitiveness. In terms of purpose-based classification, this research is of applied research type and in terms of data collection, it is of survey type. For data analysis, heuristic factor analysis method and SPSS and Amos software were used. The results of the questionnaires have been approved for model design. The findings show that the independent variable called new financial technologies, through indicators of cost reduction, improvement of financial services, revenue growth, financial security, financial transparency, asset management, increase in cash flow, reduction of information asymmetry and time dependent auditing on the variable (Banks' ecosystem), is especially effective in interest-free banking in Iran.

This research empirically analyzed the impact of business environment risk on the relationship between Liquidity risk and financial performance in the Banking Industry of Iran. The research samples include 18 Bank over the period 2006 - 2018. The solely research hypothesis examined by using multivariate regression model based on panel data method. The method in terms of purpose is an applied research and in terms of the type of research is a correlation method. The evidences indicated that the impact of Liquidity risk on financial performance in the banking industry of Iran is a negative and significant. The impact of business environment risk on financial performance in the Banking Industry of Iran is a negative and significant. The impact of business environment risk on the relationship between Liquidity risk and financial performance in the Banking Industry of Iran is a negative and significant.