نشریه اقتصاد دفاع و توسعه پایدار
پیاپی 18 (زمستان 1399)

Issuance of Islamic securities (Sukuk) is one of the means for financing the armed forces،. Given its varieties, the question arises as to which type of sukuk is suitable for issuing and financing the armed forces. Inevitably, an answer to this question is contingent on the consideration of the special feasibility and securities compatibility involved in funding the Armed Forces. The objective of this paper is to assess and rank of Islamic securities for financing the armed forces, and thereby, propose an appropriate one based on needs. For this purpose, a four-level hierarchical structure with two main criteria and nine sub-criteria was used to rank the seven different types of common sukuk، using the AHP-SAW method. Data and evaluations were collected by engaging the opinions of experts through a questionnaire. The results indicate that Sukuk Al-ijarah and Sukuk Qardh Al-hasan are respectively the most suitable instruments for the issuance of finance for the Armed Forces. On the other hand, the least suitable type of Sukuk for this purpose is identified as Sukuk Al-Mudarab. The reason for the suitability of Sukuk Al-ijarah is based on its lease agreement which is conditional of ownership. This condition renders Al-ijarah the best instrument for obtaining heavy military equipment، such as destroyers.

The Corporation of Military Forces Social Security Organization (SATA) invests part of its capital in the Stock Market to enhance the interests of its stakeholders. As such, SATA is required to assess and manage the associated risks. SATA manages shares in several listed companies with the aim of maintaining and promoting financial discipline. The objective of this this study is to assess the risk of companies related to SATA, and thus provide strategies to control those risks. First, by employing the Fama-French regression model, the relationship between the returns of SATA-affiliated listed companies to systematic factors, and the amount of unsystematic risk is estimated using the remainder of the model. Thereafter, unsystematic commercial and financial risks were assessed to obtain better results. The obtained model of unsystematic risk indicates the following order in terms of risk (from higher to low risk); Faravar, Hafari, Fajr, Toril, Vetoka, Kowsar, Parsan, Vaghdir and Maroon symbols. The Fajr, Faravar, Hafari and Toril symbols have an undesirable commercial risk. In terms of financial performance Toril, Hafari, Faravar, Fajr and Parsan symbols have recorded the lowest financial stability respectively. In terms of industry, the insurance group has a good financial and commercial performance, while the transportation and base metals industry have poor performance in both in terms of commercial and financial risks. Moreover, the petrochemical industry has good business performance and high financial risk, while the performance of multidisciplinary investment companies show approximately zero risk.

The purpose of this study is to provide an exit route for exiting the financing provided by venture capital funds involved in knowledge-based defense businesses. This paper can be classed as practical research, its method can be described as a descriptive library survey and the data was gathered through a questionnaire. The subject under study is the knowledge-based defense companies in Iran. The sample population used for this study included the participants in capital market and venture capital. The sample was chosen as 15 experts who were familiar with venture capital in defense-based knowledge companies identified through professional networks such as LinkedIn. The results suggest that exiting from risky venture capital investments should take place within the maturity phase and in several stages. Knowledge-based defense projects are better served by choosing trustees out of professional, trustable and recognized defense broking agents. Furthermore, venture capital investment funds involved in knowledge-based defense will be better managed over by professional who are knowledgeable, and have experienced in the defense industries. Finally, if management is to be assigned to a third party, it would be appropriate to sell or transfer shares to investors who are involved in the same industry.

Strategic challenges facing blockchain technology in general _and therefore, products that utilize this technology such as cryptocurrencies_ include issues relating to maintenance and storage which poses some concerns for activists in the field in terms of the security of assets and investors identity. Cryptocurrencies are often done stored through tools called digital wallets. The purpose of the present paper is to identify the various types of digital wallets and specify their characteristics according to user needs, so that they can better manage their cryptocurrencies. This paper can be categorized as a descriptive-survey. The data were collected through obtaining answers to a questionnaire, and thereafter, the answers were classified in the Likert range from one to five. The statistical population include experts working in universities, banks, and research institutes who actively use the blockchain and cryptocurrencies technologies. Considering the novelty of cryptocurrencies, and especially digital wallets, the researcher was only able to base his study on a sample volume of 20. The validity of the questionnaire was confirmed by experts in the field, and its reliability was confirmed through obtaining the Cronbach's alpha coefficient using the spss26 software. The findings show in choosing a digital wallet out of the 5 available types (hardware, web, mobile, desktop and paper, the security of the wallet, its availability, offline or online features, support for a variety of cryptocurrencies, the price of the wallet and the cost of transactions, user interface and the backing of private keys are highly prioritized by the users. The paper ends with a flowchart in order to help the user choose the appropriate wallet for based on their needs.

Despite its vast economic potentials, unemployment rate in Mazandaran Province is on the rise. This paper aims to provide a labor market model for this region in line with jihadi management and resistance economics principles. To achieve this, the present study utilizes a combination of qualitative and quantitative methods. The statistical population in the qualitative section were 8 experts on labor markets, jihadi management and resistance economics, and for the quantitative section, 400 experts in governmental departments, labor market, students and professors of Mazandaran Provinces. The statistical sample in the quantitative section was 200 people using the Krejsi-Morgan table and the participants were picked using a simple random sampling. The for the paper was gathered through interviews and a questionnaire. After confirming the formal and content validity of the questionnaire, its reliability was found to be α‌=‌75/‌. In order to analyze the data, descriptive statistics and exploratory and confirmatory factor analysis were used in the inferential section of this paper. The results of the study show that "the establishment of small industrial towns and indigenous workshops in the Province with a standard coefficient (0.93), avoiding the influx of imports into the province and the development of consumerism culture in the province with the standard coefficient (0.70) and thereafter, a restructuring of the educational system of Mazandaran province with a standard coefficient ( 0.49), respectively, would have the most impact on Mazandaran labor market in line with the 1404.