مجله راهبرد مدیریت مالی
سال نهم شماره 2 (پیاپی 33، تابستان 1400)

The purpose of this research is to answer the question that whether if the manager has sufficient abilities and competencies, he can exploit the cost-sticking positively according to the level of conflict of interest. In this regard, this research presents a model for evaluating the manager's ability and competence in cost stickiness phenomenon and empirically test it in 161 companies accepted in Tehran Stock Exchange.

In this study, the model presented by Damirjan et al. (2012) was used to estimate manager's ability and, using Anderson et al. (2003) model, to investigate the existence of stickiness administrative and sales costs in the sample. Became Also, panel data regression and data envelopment analysis were used

The results showed that 9% of the administrative and sales were sticky and also showed that if there was a mighty manager with a low interest conflict, cost stickiness would improve the performance of the business unit in the next year.

the greater the ability and competencies of the manager and the less benefit of the conflict in the year of cost stickiness occurrence, the greater the cost stickiness impact on the unit's business performance positively, which is a solid reason for the managers to make consciously decisions.

Promotion the capabilities of competitiveness countries one of the most important factors affecting the development of stock market, leading to increased savings, investment opportunities and diversify the risks, and finally the continual and stable economic growth, among these indicators increasing the capabilities of competitiveness of countries, can be components of competitiveness, such as: basic requirements, efficiency enhancers and innovation-driven. Therefore, based on this argument, the purpose of the present study is to investigate impact the components of competitiveness with emphasis on efficiency enhancers-driven on the development of stock market in 30 selected countries in the stage efficiency enhancers-driven and on the averge of entering the innovation-driven stage pay during 2006-2019 which is estimated using the method the Generalized Method of Moments (GMM). Research results were shows positive impact indicators efficiency enhancers-driven and its components and exchange rate on the development of stock market. Also impact consumer price index and real interest rate also has negative impact on the development of stock market surveyed countries, other results of this research.

As the statistics show, in the past two decades the volume of deferred claims of the banking system has been growing. This volume of deferred claims can pose many risks to the country's banking system. Deferred claims of banks can be the source of many monetary and financial crises and have many adverse effects on banks, various economic sectors, and on a wider scale for the people of each country, so identifying and providing a solution to this dilemma is extremely important. In this study, it was attempted to comprehensively study all the available sources, causes and causes of this phenomenon. Subsequently, these factors were ranked based on expert opinion in the field by modeling structural equations (partial least squares) using Smart-pls software and the effect of hidden factors on this phenomenon was identified. Based on the model presented, five hidden macroeconomic actors, the money market structure, the way banks operate, environmental factors and the system of supervision and punishment were determined. Then, after reviewing the causal factor loadings and determining their ranking, according to the factors, operational solutions to solve this problem were presented that hopefully could help the banking system managers to solve this problem.

The purpose of this study is to investigate the relationship between financial statements complexity and voluntary disclosure of information and the impact of three variables, firm performance, stock liquidity status and institutional owners on this relationship. In order to do this research, 109 companies was selected for the period 1392-1397 ,panel data approach was used to test the research hypothesis and a total of 5 main hypotheses and 10 sub-hypotheses were tested. The positive and significant coefficients of complexity variable in the first four models show that the complexity of financial statements have a positive relationship with the level and speed of voluntary disclosure. That is , the greater the complexity of financial statements, managers publish more voluntary information in less time after the financial statements are published to improve the quality of reporting environment. In addition the results of sub- hypothesis 5 to 10 show that when the stock liquidity decreases around the date of release of financial statements and when the number of institutional ownership increases, this relationship is stronger and if the company performs poorly, this relationship is weaker.

In economic systems based on relationships, political communication is one of the most important sources of value for companies with these relationships. One of the solutions for the government to control the country's economy is to influence the enterprises. Government influence in economic units is created through the relations of politicians or state ownership. Establishing and maintaining relationships between companies and government is usually accompanied by competitive advantages, companies with more political relationships are more likely to access capital resources and other benefits through their communications, which rely heavily on high-quality financial reporting. The goal of some corporate executives to communicate is to eliminate financial constraints with the least cost. The purpose of this study was to identify the effect of the political relations of Tehran Stock Exchange companies on the conservatism of profit and loss and the cost of debt. The method of this research is correlation and based on multivariate regression. To test the hypotheses, a sample of 102 companies was used during the five-year period from 2013 to 2017. The findings of the research show that the political relations in companies have a negative and significant effect on the conservatism of profit and loss. Political relationships also have a negative and significant impact on corporate debt costs.

The purpose of this study is to calculate the risk sensitivity parameters (Greeks) for the European Option by using finite difference method. There are several ways to quantify these risks, each with its own advantages and disadvantages. The most important of these methods are: 1- Analytical method (solving Black Scholes partial differential equation) 2- Monte Carlo simulation method 3- Network methods 4- Finite difference method, Calculating the risk sensitivity parameters in finite difference method The complexity is less complex and the computation time is relatively low, and as the sample increases and the oscillation increases, the parameters are not disturbed. In this study, while introducing finite difference method, 10 top stock companies were selected in 1397 and the value of European trading authority and its risk sensitivity parameters were calculated by MATLAB software. Finally, numerical methods show that the results of finite difference method for calculating Option value and risk sensitivity parameters are approximations of these variables obtained from analytical method (exact method).

Contractual conditions violations leads to the transmission of bad news due to weaknesses in performance of obligations and credit status of creditors can be a factor in modifying it. The purpose of this paper is to investigate contractual obligations violations, risk aversion of managers, and remuneration based on credit status.

The data of the companies listed in the Tehran Stock Exchange for the period of 2007 to 2018 have been extracted and the combined data regression model has been used to test the research hypothesis.

The results of the first and second hypotheses of the research indicate that CEO compensation and the riskiness of the managers have been materially affected by contractual obligations violations. The third hypothesis of the research suggests that credit status has a significant effect on the relationship between contractual obligations violations and CEO compensation. Finally, the results indicate that credit status has a significant effect on the relationship between contractual obligations and manager risk appetite. It should be noted that the third and fourth hypotheses are only confirmed by the credit relations and rejected by the credit rating.

The stock price crash (SPC) is associated with profitability as the most important goal of investing. An increase in the phenomenon of SPC has raised the pessimism of investors in investing in the stock market, and this can ultimately lead to the withdrawal of resources from the stock market. The SPC can be a big, negative, sudden and unusual change in stock returns that occurs in the absence of an important economic event. The purpose of this study is to review and provide an on-line SPC detection model that is consistent with the definitions and theories. For this purpose, 49559 monthly specific returns of 299 companies listed on the Tehran Stock Exchange (TSE) from July 1992 to April 2018 were investigated. As a result, an on-line model for SPC detection was presented, based on Likelihood Ration (LR) and consistent with the agency theory. In this model, the Local Generalized Likelihood Ratio (LGLR) was used for detection of abrupt changes in the trend of specific returns. The results of this study showed that the proposed model is capable of SPC detection.

Nowadays, only efficient firms can survive in today’s competitive world. Efficiency is thus characterized as a key component of boards’ decisions. Accordingly, this article aims at investigating board characteristics and integrated life cycle classification of the firms listed on the Tehran Stock Exchange. To this end, the financial statements of 90 firms listed on the Tehran Stock Exchange including 18 firms in five integrated life cycle stages obtained from the combination of the models developed by DeAngelo (2006) and Dickinson (2011) were examined over the period of 2012-2016. The results revealed that certain efficient characteristics of boards including CEO tenure, board independence and managerial ownership percentage exert positively significant impact on life cycle classification. Moreover, most (positive) changes are predicted to occur first during the maturity stage and then in the growth stage, whereas the least changes (positive) are expected to happen in the decline stage followed by stagnation. Therefore, according to the results of the research hypotheses, it is suggested to use effective members of the board of directors (longer period of tenure, independence and ownership of the director in the company's stock) in order to grow and develop the economy and increase the value of the company, to create strategic opportunities for the company. And lead to changes in the corporate life cycle.

Today, in developing countries, corporate governance mechanisms are seen as a regulatory factor for the company. According to the representation theory, the first problem with representation is the existence of a conflict of interests between the shareholder and the manager. Listed companies have a high level of disclosure quality because it can reduce the asymmetry of information that shareholders face and help them better manage it. Therefore, one of the factors that can affect the cost of corporate representation is the readability financial reporting. Therefore, based on this argument, the present study uses a structural equation modeling approach to examine the relationship between financial reporting readiness and the cost of corporate representation and the study of the effect of corporate governance moderation on this relationship. For this purpose, three indicators of Flash, Gunning Fugue Index and Text Length Index were used to measure financial reporting readability of the company. The statistical sample of this study consists of 696 Year- Company accepted companies in Tehran Stock Exchange between 2012 and 2017. After reassuring the appropriateness of the measurement and structural models of the research, the findings suggest that readability of financial reporting reduces the cost of corporate representation. In addition, the results show that corporate governance exacerbates the negative relationship between Financial Reporting Readability and Agency Cost.