پژوهشنامه اقتصاد و کسب و کار
پیاپی 13 (بهار 1395)

Diversity and complexity of investment decisions in the last few decades have increased dramatically. This massive growth has created an increasing need for integrated and comprehensive models to meet these requirements.  Financial modeling has been created through linking financial approach and mathematical programming. These models use the development of mathematical programming and financial issues in parallel. The aim of this study was to develop an intelligent model for selecting optimal stock basket using an Improved Constraint Differential Evolution (ICDE) Algorithm for solving constrained optimization problems. To this end, the risk and expected returns of pharmaceutical companies and investment firms accepted in Tehran Stock Exchange have been evaluated on a monthly basis. The sample included financial data of 32 pharmaceutical companies and 28 investment firms for the years 2011 to 2015. The results show that, taking into account the interactions between risk and return, the algorithm used has the capability of selecting the optimal stock basket. Moreover, based on the results acquired it is concluded that a portfolio of pharmaceutical companies has been more efficient than investment companies

The cost of capital is important as a criterion for making investment decisions, creating the optimal capital structure, measuring the performance indicators and declining the future liquidity to determine the value. The provided funds are used in the assets with the hope to gain efficiency. A company works optimally when the efficiency of the company is more than its costs. Therefore, the cost of capital is the minimum rate of return that gaining it is essential to maintain the value of the company. Given the importance of liquidity of the company assets in order to reduce the cost of capital, especially in the financial crisis, the impact of this factor is examined on the cost of company capital. The managers should have enough information about the cost of capital, which is often called the minimum expected rate of return for the items such as taking decisions for capital budgeting, establishing optimal capital structure and so on. The required information in this research is extracted from the text of the audited financial statements and explanatory notes of the companies listed in Tehran Stock Exchange for the years 2010 to 2014. The time period of the research consists of 5 consecutive years from 2010 to 2014 and the research sample includes 195 companies listed in Tehran Stock Exchange. The method of hypotheses testing in this study is the panel data which is done by using software EVewis8 and according to the output of the software, the significance of the relationships between variables is investigated. The results of testing the research hypotheses suggest that a liquid market for real assets increases the operational flexibility and also the ability to create cash.

This study investigates the impact of financial reporting quality and debt maturity on the investment efficiency in the companies registered in Tehran Stock Exchange during the years between 2009 to 2013. In this research, for measuring the quality of financial reporting, we have used Francis et al. (2005) model, and for debt maturity date of short-term debt ratio to total debt and investment efficiency, we have applied Biddle et. al. (2009) model. Data analysis of this research was conducted using multiple linear regression and concatenated data. The findings of the first hypothesis test have demonstrated that there is a significant relevance between financial reporting quality and efficiency of investment. The findings of the second hypothesis have shown that there is a significant relevance between the financial reporting quality and the investment efficiency. In other words, we could reach to the conclusion that the improvement of the quality of financial reporting and the reduction of debt maturity due to reduced information asymmetry and prolonging the period of debt maturity contracts and strengthening of creditors monitoring on senior managers and the whole company operation, leads to increased efficiency of investment.

Nowadays, marketing managers have recognized that CRM (Customer Relationship Management) is focused on building long term and sustainable relationship with customers that leads to creating value for both customers and companies. On the other hand, the basis of RM (Relationship Marketing) is creating bonds between companies and customers. Developing relationship between customers and service providers requires one or several bonds between parties involved. The objective of this research was to survey the effect of CRM and RM on the business performance of Ansar bank branches in Tehran. The research methodology was descriptive survey and correlation. The research population was the employees of Tehran Ansar bank branches. Cluster sampling method was used which according to Morgan’s table includes 285 employees. Data gathering tool in this research was questionnaire. Standard questionnaire of Wu and Lu (2012) was used with Cronbach Alpha of .7 for all variables. For analyzing data, structural equation modeling with PLS software was used. The result of the research showed that CRM has positive effect on relationship marketing and also relationship marketing has positive effect on business performance.

Accounting standards are rules governing how to do the accounting work. Accounting standards specify what information should be provided in financial reporting. The main objective of this study was to investigate the replacement of the Iranian accounting standards and international accounting standards instead of surveys of auditors to avoid providing false financial statements. The population of this research include institutions that are members of the Accountants Community formed in 1394 to gather necessary information. To collect the theoretical foundation and statistical information of the research, library studies and questionnaires were used, respectively. Cronbach’s alpha coefficients was used for validity and reliability. Furthermore, benefits have been taken from Friedman test and software SPSS21 to analyze the data. It was concluded that in terms of the auditors’ judgments, compared to international accounting standard, Iranian accounting standards have more degree of reliability, intelligibility, appropriate functionality and will prevent rendering of false financial statements

The aim of this study is to investigate the relationship between operating cash flows and life cycle characteristics of companies participating in the Tehran Stock Exchange. During the study period 1389 to 1393, 495 active companies in the years listed were chosen. The results showed that there is a meaningful relation between operating net cash flows and companies’ life cycle characteristics so that the firms that have high capital expenditure and sales growth, will show more operating cash flow since the scope of their understanding of the economic profits is different from their conception of economic losses. Operating cash flows are reduced in accordance with the age and size of the firms. With increasing company size, its stability and sustainability in the competitive markets develops, time variability of cash flows is reduced and its fluctuations will be limited.

Different criteria have been offered so far to evaluate the performance of commercial units and at the time being the most usual and the most important criterion of performance evaluation and profitability of the institutes is the stock return which has a key role in investment. This criterion alone has had information content for the investors and is used to evaluate the performance and operations of a commercial unit. Whenever this criterion declines, it will be an alarm for the company and indicates that the company performance is not appropriate.
This study aims to examine the role of components of cash flows and accruals and their information content in anticipating the stock return. The time period of the research consisted of 5 consecutive years from 2009 to 2014 and the research sample consists of 154 companies listed in Tehran Stock Exchange. In the current study the hypotheses testing method is panel data which was carried out with the use of software EVewis8, R3.1, SAS 9.4 and EXCEL2010 and according to the output of the software, the significance of the relationships between variables was investigated. The sample test results show that the cash component and profit accrual have a significant impact on future stock returns, but the effect of accrual component is larger than that of cash component. Also the results indicate that the effect of accrual component on future stock returns is significantly different from the effect rate of profit cash flow on future stock returns of companies with different Sharpe Ratio. The companies with higher Sharpe ratio, receive returns with lower risk.