جستجوی مقالات مرتبط با کلیدواژه « تامین مالی » در نشریات گروه « مالی »

Financing has always been one of the main challenges of SMEs in Iran. Therefore, developing financial instruments for these companies and reducing their dependence on bank financing is always one of their essential needs. Despite the development of the Sukuk market in recent years, the capacity of this market has not been provided for SMEs. This article seeks to provide an optimal model for financing SMEs. The present research is considered to be mixed (qualitative-quantitative) from the point of view of the applied goal and qualitative-quantitative from the point of view of the nature of the data and descriptive-survey from the point of view of the data collection method. In order to design a suitable model, first, in interviews with experts in the field of financing SMEs, as well as available resources, the financing challenges of these companies were analyzed. In the next step, based on two assumptions, 7 models were designed for issuing Sukuk. Then, based on the TOPSIS method, these models were prioritized and Wakalah model is choosed.

The importance of the uncertainty of economic policies and its role in financial decisions and companies in today's complex world is evident more than ever. On the other hand, credit transactions are one of the most important sources of short-term financing for companies, which play an effective role in managers’ decisions and determining a firm value. Emphasizing the moderating role of credit transactions, in this study, the effect of economic policy uncertainty on credit transactions and firm value has been investigated. The data of the research were gathered from 170 companies in the Tehran Stock Exchange during the period of 2011 to 2022. Regression analysis was used to analyze the data and test the hypotheses. The results show that the uncertainty of economic policies has a significant positive relationship with the payment period, the difference between the collection and payment period, and the firm value. However, it has no significant relationship with a company’s collection period. On the other hand, the collection period and the payment period moderate the relationship between the uncertainty of economic policies and the firm value, and the difference between the collection and payment periods does not have a moderating role in this relationship. By examining the moderating role of credit transactions in the relationship between economic policy uncertainty and firm value in Iran’s emerging economy, this study can contribute to the expansion of the literature in this field.

The uncertainty of the economic policy affects the micro aspects at the company level, the financial markets, and the behavior of companies (Huayu et al., 2021). It increases information asymmetry between internal managers and external users (Shen et al., 2021). Studies have shown that the uncertainty of economic policies has had a negative effect on the financing and investment of companies (Hussain et al., 2023), but there are few studies about its relationship with credit transactions of companies. Theoretically, the effect of economic policy uncertainty on credit transactions may lead to two opposite effects. On the one hand, suppliers bear the risk that their customers will not repay their debts in the future, which is exacerbated by increasing economic policy uncertainty. Thus, companies are reluctant to offer credit deals, which is a negative effect. On the other hand, companies may consider credit transactions as a shield to maintain a long-term relationship in times of economic policy uncertainty, which is a positive effect (Liu and Dong, 2020). This study investigates the effect of economic policy uncertainty on firm value. It also deals with the moderating role of credit transactions in the relationship between the uncertainty of economic policy and the firm value. Considering the few studies in this field, and the lack of investigation of this issue in domestic research, it can help the development of research literature in this field.  

 The sample of this study includes 170 companies in the Tehran Stock Exchange over 12 years. To test hypotheses and analyze research data, regression analysis was used using Stata14 and SPSS16 software. To gather the data, the Tehran Stock Exchange library, Codal website (https://www.codal.ir) and Tehran Securities Exchange Technology Management Company (https://www.tsetmc.com)were used. To calculate the uncertainty of the economic policy, the central bank website (https://www.cbi.ir) was used. FindingsThis study investigated the effect of uncertainty of economic policies on credit transactions and firm value with an emphasis on the moderating role of credit transactions in the period of 2011-2022. Credit transactions include the collection period, payment period, and the difference between the collection and payment period. The results showed that economic policy uncertainty has no significant relationship with a company’s collection period, but it has a significant positive relationship with a company’s payment period and the difference between the collection and payment periods. Another result of the study is that economic policy uncertainty has a significant negative relationship with firm value. In addition, the collection period of a company as well as the payment period moderates the relationship between the uncertainty of economic policies and the firm value of, but the difference in the period of collection and payment does not moderate the relationship between the uncertainty of economic policies and the firm value. 

The results based on the positive and significant relationship between the uncertainty of economic policies and the payment period indicates that managers act conservatively in economic uncertainty situations and try to reduce and control the risk of bankruptcy and uncertainty and make payments in a longer time. Another finding is that economic uncertainty has a significant negative relationship with firm value and shows that it is in accordance with the theory of information asymmetry. Regarding the moderating role of credit transactions on the relationship between economic uncertainty and firm value, the results show that in the period of high economic policy uncertainty, with the increase in the debt collection period, the firm value increases, and in time of uncertainty, the manager tries to revise the collection period of a company and act more reasonably, and the collection period of a company is meaningful considering the policies of economic uncertainty. The study also shows that during a period of high economic policy uncertainty, the firm value increases with an increase in the payment period. In periods when a company operates in a situation with high uncertainty in economic policies, this situation has a negative effect on the firm value, and when the factor of lengthening the payment period enters into the relationship between the two variables, it moderates this relationship. That is, in times of high uncertainty, increasing the payment period increases the firm value.

The productive credit certificate (GAM) is one of the new innovations of the country's monetary and financial system for financing production units, which can improve the access of production units to working capital, and cause the development and prosperity of production of these units. By benefiting from the capacity of the country's private sector, which are in the form of production supply chains, and with the guarantee of banks and credit institutions, these bonds will provide the necessary sources of working capital.In this article, based on the analytical-descriptive method and using library sources, the risks of GAM bonds have been identified for each of the elements involved in the structure of these bonds and divided into two general categories: primary market and secondary market, and then using the FUZZY TOPSIS method. The identified risks were prioritized.The findings of the research show that among the different types of risk, in the primary market, the risk of validation committed by the bank, and in the secondary market, the risk of inflation, the risk of exchange rate fluctuations, and the risk of interest rate are the important risks of GAM bonds, respectively.

Funding in the healthcare supply chain has always faced challenges, and the challenges of this industry have increased due to inflation and the government's financial problems. One of the most important methods of financing in the healthcare supply chain is a public-private partnership, therefore it is important to identify the drivers of this method of financing. According to the research gap in the field of identification of drivers in this supply chain, modeling, and analysis of their scenario, this study has been carried out to cover this research gap. This research has been done in two qualitative and quantitative stages. In the qualitative stage, with semi-structured interviews and thematic analysis, drives were identified, and in the quantitative stage, using a researcher-made questionnaire and fuzzy cognitive map, modeling, and scenario analysis of drives were done. The results of the qualitative stage show 23 drives that were grouped into 8 categories. The results of the fuzzy cognitive map indicate the independence of the ‘risk transfer’ drive, the dependence on the ‘profit’ drive, and the highest degree of centrality of the ‘hardware upgrade’ drive. The analysis of forward and backward scenarios shows the high importance of ‘asset management and financing’ and ‘infrastructure improvement’ drivers. According to the findings of the research, it is suggested to formulate a road map for the development of infrastructures, pay according to the quality, and determine the correction factor for the improvement of important drivers.

Financing ultimately is aimed at increasing the value of the business through planning, executing, as well as applying financial resources besides balancing profitability and risk. This is realized when financial managers make proper decision about which financing methods to adopt. This study is aimed at providing a hybrid approach based on fuzzy ISM technique and MICMAC analysis in order to design a model to help choose financing sources for Iranian industrial enterprises through overcoming the restrictions of decision-making process. To this end, the fuzzy ISM technique has been first employed to specify the interrelationships between the indicators as well as modeling their hierarchical structure; subsequently, by means of MICMAC analysis, the dominant indicators involved in the financing process have been classified in one of the four clusters based on their Driving power and Dependence. The results indicate that the index of “government fiscal policies” has the highest effect on other indicators of the system and it is a basic criterion for making fundamental decisions to choose the financing sources of Iranian industrial enterprises. Hence, in their management decisions, decision makers should pay attention to the perspective of government fiscal policies before considering any other indicators.

The purpose of this research was to identify the factors affecting financing of small and medium-sized enterprises in the Tehran Stock Exchange (TSE). The method of this study was to use the multiple regression model and panel data to test the hypotheses. The statistical population included 63 small and medium-sized companies admitted to the TSE, which were tested for the period of 2006 to 2021. The contribution was the use of market cap as a criterion for determining small and medium-sized companies. According to the findings, company size has a significant effect on internal financing. In addition, company size had a significant relationship with external financing through debt and share issuance. Also, there was a significant relationship between intangible assets and internal financing, while the ages of the small and medium sized enterprises did not have a significant relationship with external financing. It is suggested that small and medium-sized enterprises pay more attention to the significant variables for financing.

Project financing has emerged as a critical mechanism for funding infrastructure and capital-intensive projects across various sectors, both in the public and private domains. Its significance has grown notably in recent decades within the financial market, reflecting its pivotal role in facilitating economic development. Notably, in developing countries, the establishment of robust economic infrastructure is a pressing priority, serving as a cornerstone for overall growth and advancement across multiple economic sectors. However, the insufficient attention given to meeting financing requirements in this domain poses substantial challenges to economic progress. Diving deeper into the realm of project financing, one finds a diverse array of financing mechanisms, each characterized by its unique set of risks and complex capital structures. These risks, if not effectively managed, can exert considerable influence on project outcomes, impacting crucial objectives such as project timelines, cost management, safety protocols, quality standards, and long-term sustainability goals. Understanding these risk factors and their interplay is paramount for stakeholders involved in project financing endeavors.
 
To explore these dynamics, this study employs an objective-oriented approach, leveraging a descriptive-correlational method for data collection. Central to this methodology is the utilization of Structural Equation Modeling (SEM), a powerful analytical tool that allows for the examination of complex relationships among variables. The study's statistical population comprises a diverse range of professionals, including experts, senior experts, supervisors, and managers from mining companies within the country under study. From this pool, a sample of 220 individuals was randomly selected to ensure robustness and representativeness in the analysis.
 
The study's findings shed light on the intricate relationships between various factors and project financing risk. Notably, the analysis unveils the significant impact of financing methods on political risk, with an observed effect intensity of 0.462 and a probability statistic of 0.686. This surpasses the critical t-value at the 5% error level, underscoring the statistically significant influence of financing methods on political risk. This underscores the importance of considering the choice of financing mechanisms in mitigating or exacerbating political risk factors, thereby enhancing the overall risk management strategy of project financing endeavors. Moreover, the study delves into the relationship between customer and management risks. While the overall effect of customer risk on management risk was determined to be 0.046, the calculated significance value of 0.851 fell below the critical t-value at the 5% error level. This indicates a lack of significant observed effect, suggesting that customer risk may not exert a substantial impact on management risk. Nevertheless, understanding these nuanced relationships contributes to a more comprehensive understanding of the multifaceted nature of project financing risk. Beyond these specific findings, the study highlights a myriad of factors that influence project financing risk, including social risk, contractor risk, construction risk, design risk, legal risk, financial risk, and subsidiary contracts, among others. Each of these factors contributes to the overall risk profile of project financing endeavors, necessitating a holistic approach to risk management and mitigation strategies.
 
In conclusion, the study underscores the critical importance of focusing on project organization and management capability, particularly in the context of developing countries. Inadequacies in these areas often result in suboptimal utilization of resources and capital, leading to delays in project commencement, implementation, and operation, ultimately yielding uneconomical outcomes. In light of the prevalent project-oriented approach adopted by organizations, there exists a heightened imperative to design and enhance project organizations to effectively navigate the complexities of project financing endeavors and achieve desired outcomes.

Asymmetric cost behavior refers to the different response of variable costs in case of an increase or decrease in the level of the company's operating activity due to managerial commitment decisions to preserve unused resources when the volume of activity decreases. The purpose of this research is to investigate the impact of corporate financing on asymmetric cost behavior, emphasizing the moderating role of corporate governance mechanisms. For this purpose, 119 companies of the Tehran Stock Exchange have been selected as the statistical sample of the research during the years 2011 to 2023. The results of the test of the research hypotheses indicate that financing has a significant and opposite effect on the asymmetric behavior of cost. Also, it can be inferred that in companies that do not have weak internal control, the relationship between financing and stickiness of the total cost of goods sold and administrative, general, and sales costs are reduced, so the company's internal quality control plays an effective role in managing asymmetric cost behavior. Also, the results showed that better governance mechanisms play an effective supervisory role in controlling managers' motivations.

The present study aims to investigate the role of financing by narcissistic CEOs in the investment efficiency of companies listed on the Tehran Stock Exchange. The statistical population of the study was all companies listed on the Tehran Stock Exchange between 1391 and 1398, of which 143 companies were examined as a statistical sample of the study. The results of the analysis of research hypotheses using combined regression and logistic regression showed that the narcissism of the CEO does not have a significant effect on the company's over-investment. The narcissism of the CEO does not have a significant effect on the company's under-investment. The narcissism of the CEO has a negative and significant effect on the investment efficiency of the company. Financing by narcissistic CEOs does not have a significant effect on the company's over-investment. Financing by narcissistic CEOs does not have a significant effect on the company's under-investment. Financing by narcissistic CEOs has a negative and significant effect on the investment efficiency of the company.

The purpose of the research is to examine special financial institutions; In the financing of tourism industry projects in Iran, it is based on the capital market. Based on the philosophical premise, this research is interpretive. Also, its paradigm is pragmatism and its approach in the field of mixed research. Here, there is a tendency towards the applicability of "what works" and solutions to problems. Therefore, the important dimensions of the research and its questions are emphasized, so no hypotheses are examined and its purpose is to answer the research questions. In this method, the researcher has compared and summarized the qualitative and quantitative results with the triangulation approach by reviewing the documents and asking the experts' opinions through preliminary semi-structured interviews and questionnaires using the Delphi method. The results have shown that real estate investment funds, project joint stock company, risk investment fund, tourism infrastructure investment fund, bond guarantee syndicate by the tourism development fund with banks, playing the role of reinsurer by the fund The development of tourism, the formation of a joint insurance association for the compensation of tourism projects has been agreed upon.

One of the recent developments in the Islamic securities market is the issuance of Socially Responsible Investment Sukuk (SRI), which focuses on environmental, social and governance (ESG) issues. Despite the dramatic growth of these papers over the past few years, only a handful of studies have addressed this issue. Therefore, the purpose of this study is to systematically review the literature on Islamic securities investment with social responsibility in order to provide comprehensive guidance for future research. A total of 383 articles from the Science and Scopus Network database were selected for analysis of bibliographic studies during the years 2000 to May 2021.
The present study shows that the literature of SRI Sukuk is mainly in 10 areas (1) definition of SRI Sukuk (2) competitiveness (3) types (4) nature of risk and return (5) terms and characteristics of plans and projects Eligible (6) Defines strategies for selecting eligible projects (7) Measures and indicators of effectiveness (8) Potential actors (9) Motivational policies and (10) Monitoring and reporting methods شد. However, there are very few studies on the criteria and indicators of effectiveness and the conditions and characteristics of eligible designs and projects of this type of sukuk.
Research also shows that the United States, the United Kingdom, China, Germany, Australia, and Italy have done the most research on socially responsible investment sukuk.

Financing refers to the process of concentrating financial resources or capital in the medium and long term. The purpose of economic sanctions is to deprive an economy from benefiting from the global markets of goods, services and capital. Today, the topics related to the types of project financing contracts are important topics in international economy and financial management. Considering the political conditions of the country as well as economic sanctions, the risk of investing in the country is high. In this study, the influencing factors on the ways of foreign financing in the conditions of Iran sanctions have been investigated using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS). The results show that legal reforms, solutions to overcome the sanctions, financial incentives granted by the host country, financial incentives granted by capital exporting countries, investment in the stock portfolio, reducing the risk of investment in the country, long-term, medium-term and short-term economic factors, political and security factors. Among managers and experts, it has an effect on foreign financing in the conditions of sanctions.

During project management, certain risks need to be effectively mitigated. While risks are an inevitable part of every project, their perception, analysis, and management help organizations achieve goals. Risk management is now an important part of project management and has a specific function for improving the efficiency of implementing the project, saving prices, and improving the profitability of projects. Theories have demonstrated risk management as an influential and scientific management instrument to decrease risk levels. Accordingly, investigating the new methods of eliminating financial risk and financial risk management of projects is necessary to develop and improve risk management.
 
In this study, the related models and variables were introduced to identify the factors influencing project financing risk. Subsequently, general criteria were derived from the examined models and their associated variables. The study samples were drawn from experts and professionals within Iranian mining companies who had direct involvement in the subject matter. Variables were identified using the content analysis method, which involved utilizing MAXQDA software for theoretical and qualitative data analysis.
 
Financing methods, social risk, contractor risk, construction risk, political risk, design risk, legal risk, financial risk, management risk, customer risk, and sub-contracts are the categories governing the current research. Each item is composed of one or several concepts that represent “features,” “conditions,” and the current or desirable “situation” of the item in the country. Another important point is the synchronicity of “description” and “prescription” in secondary or pivotal items of the research. It means that the constituted items not only represent the descriptive meaning that reflects the description of the current or the desirable situation but also represent the prescriptive meaning. The highest-ranking item is "financing methods," with 99 allocated codes. Following that is "financial risk" in the second rank, with 86 codes, and "management risk" secures the third rank with 26 codes. Ultimately, the categorized items can be approached through a model. Therefore, one of the most important results of the country's economic enterprise challenges is the lack of proper modeling for the financing method. A specific model should be created for financing, based on the risk and return of financing. In addition, it should be noted that the structure used to finance the project in one country may not be effective due to the differences in its laws and conditions, while it is used effectively in another country. according to the conditions of each project and the host country of the project.
 
In this study, the influential items or factors affecting project financing risk are investigated. The results of the study showed that financing methods, social risks, contractor risks, construction risks, political risks, designing risks, legal risks, financial risks, management risks, customer risks, and secondary contracts have influential impacts on project financing risk. After project formation and establishment, project financing emerges as a key determinant. Effectively managing a project to successfully achieve its goals within defined time, cost, and quality parameters demands a holistic understanding of the project's stakeholders and its environmental context. Contract frameworks dictate how foreign companies can leverage their financial capabilities to execute operations within different countries.

The military expenditure of the IR Iran has always been considered an important concern due to the pressure of comprehensive global sanctions and the nascent nature of the domestic economic system, and compared to other regional countries and trans-regional sworn enemies, it has taken a much smaller proportion. Due to the variety of issues and resources, the military's logistics organization requires efficient and productive economic management to face the existing restrictions and overcome the conditions of the economic embargo ruling the country. This research, while addressing some concepts of defense economics and military expenditures, presents strategies for improving economic management in the military's logistic and examines the limitations and challenges of this field as much as possible. The research strategy is the analysis of the theme and follows the goal of discovery and explanation of the research pattern. By counting the key points from the sources and determining the basic themes for each point, the classification of similar codes in the same classes and the formation of organizing and basic themes have been done. Confirmatory factor analysis has been used to prioritize the results. The results are based on the model based on the multi-purpose of logistics equipment and infrastructure, management of defense resources and credits, reforming the culture of exploitation and consumption, sales and income generation of defense industries, adopting a knowledge-based approach in the production of goods/services, the use of the capacity of the defense sector. private etc. is emphasized.

The importance of small and medium businesses today is not hidden from anyone. These companies include a large part of the employment and production of countries. Financing these companies has always been considered one of the main problems of these units. Until now, the external financing of these companies has generally been done by banks; The high dependence of financing SMEs on banks has caused serious constraints in their growth and development. Recently, advanced countries have tried to improve the financing of SMEs by using the capacity of the capital market. This article seeks to present a model based on Wakalah sukuk to finance SMEs. In terms of goal this research is practical and in terms of nature of data is (qualitative-quantitative). It is also considered descriptive-survey based on the data collection method. In this research, we provide a model based on Wakalah by using the descriptive analysis method and using library studies. Then, the relevant model was evaluated and approved from the aspects of efficiency for financing SMEs, attractiveness for issuers and investors, and acceptability from the supervisor point of view, using a questionnaire and using inferential statistics.

Different models of sukuk in the international arena can open the way for financing various industries, including steel. Steel industry, considering its infrastructure on the one hand, and many development plans and capacities, always needs stable and appropriate financing from the money and capital market. The main purpose of this research is to identify the needs of the steel industry and to rank the operational models of sukuk according to the financial needs of that industry. The statistical population of the research to identify the indicators and implement the Delphi method is 10 experts from the steel industry. Fuzzy ANP method has been used for data analysis. According to the results, pure rental sukuk with a normal weight of 0.128 has the highest priority. Implied sukuk is the second priority and redeemable sukuk is the third priority. The statistical population of the research to identify the indicators and implement the Delphi method is 10 experts from the steel industry. Fuzzy ANP method has been used for data analysis. According to the results, pure rental sukuk with a normal weight of 0.128 has the highest priority. Implied sukuk is the second priority and redeemable sukuk is the third priority.

In the past years, due to the reduction of bank credits and the limitations of access to international resources, companies have faced the challenge of financing. Collective financing is a new financial tool that can meet the financing needs of capital applicants and investors. If companies want to develop and promote this financial tool to attract investors' capital, they need to know the effective factors on crowdfunding marketing. Therefore, in this research, we will identify and prioritize the factors affecting crowdfunding marketing in Iran's capital market. The research method is a combination of qualitative-quantitative sequence. First, with the method of theme analysis and the use of library studies and interviews with 12 experts in the field of crowdfunding, 52 basic themes under 10 organizing themes were identified and classified into three overarching themes: contextual, causal, and intervening. Then, according to the results of the questionnaire and with TOPSIS software, the impact of themes on crowdfunding marketing was obtained. In order, the importance of the basic themes according to the overarching theme: investment culture and infrastructures; According to the comprehensive causal theme: efficiency, liquidity, time, trust, and transparency of the applicant and promotion; And according to the overarching theme of the intervener: the product (the subject of the project), the guarantee and the feature of the platform.

The present study examines the resilience of financial technology businesses. Resilience is the determination of strategies that can prevent the occurrence of inefficiency and the collapse of businesses, or in the event of system inefficiency, return to the pre-failure state or more favorably with the shortest possible time. In addition, in this study, a comprehensive model of resilience of financial technology businesses and its introduction to the study community is presented. All failure modes that cause financial system inefficiencies for technology businesses include 12 failure modes that have been identified through the research literature and expert opinions. The statistical population of this research is managers and experts in the field of financial technology business and related groups in Tehran. In the analysis, FMEA technique has been used to determine resilience strategies in financial technology businesses before failure and new FAAO technique has been used to determine resilience strategies of financial technology businesses after failure. Through the FMEA technique, the experts selected the four failure modes with the highest score and risk priority (RPN) and introduced 25 strategies affecting financial technology businesses to deal with these failure modes. In addition, through the FAAO technique, 6 strategies were identified to make risk management resilient to failure.

The aim is to examine the appropriate means of financing Iran's tourism industry, focusing on capital market capacities. This research is an interpretation and paradigm of pragmatism and its mixed approach. For the initial investigation, the qualitative study, which includes documentary methods and interviews with experts, continued until the saturation of information was reached, then the structured Delphi questionnaire was used three times to confirm the initial patterns, and secondary focus interviews were conducted again in the form of seven group sessions. At the end, using the triangulation method; Quantitative and qualitative results have been compared and concluded. Based on this; Issuance of Manfa’ah Sukuk based on the major assignment of the right to use tourism services in the future with the option to sell (BTL and BOT contract formats during the period of operation), Manfa’ah Sukuk based on the interests of durable tourism assets along with purchase and put options (BTL and BOT contract formats) ,BOT during operation Intifah suck based on the future benefits of certain non-existent assets (BTL and BOT contract formats during operation and O&M), debt purchasing Sukuk (BTL contract format during operation, originator: contract party), special Mudraraba Sukuk (handicraft export) and some changes in laws and regulations were presented.

Crowdfunding has become a modern and favorite financing channel worldwide. Crowdfunding is a new financing method that helps entrepreneurs acquire the financial resources needed for their projects. This study aimed to investigate the factors affecting individuals' interest in participating and investing in social crowdfunding projects. Using the Structural Equation Modeling (SEM) technique, the developed model was tested with the help of Amos software via the data obtained from 318 individuals. This paper examined the direct and indirect contextual variables: awareness of need, altruism, reputation, psychological benefits, efficacy, funder’s trust, and institution-based trust in the investment intention. Finally, it was observed that awareness of need, altruism, values, reputation, psychological benefits, efficacy, funder’s trust, and institution-based trust were the factors influencing people's intention to invest in social crowdfunding projects.