فصلنامه دانش سرمایه گذاری
پیاپی 40 (زمستان 1400)

Liquidity is one of the main and crucial elements of capital market which resulted in its ultimate performance and is a indicator of its development. As such Liquidity leads to availability of required funds and finance for active investment firms in Stock market. The main purpose of this research is to analyse stocks liquidity using the physics principles that is considered to be one of the innovative concepts which increases the possibility of a comprehensive analysis in the subject matter as well as increased financial knowledge through other scientific branches such as physics and introduction of a new concept called financial physics. This research in terms of methodology, philosophical and analytical and its approach is a review and extension which has been carried out by analysing the relevant literature and related literature. The findings of the research show that firstly, the analysis of stock liquidity using the principle of fluidity means, liquid properties in analyzing the states of this matter in physics, is more comprehensive and of the scientific foundations, and secondly, the interaction between the disciplines of finance and physics is the field of science development. subsequently, the results show that the stock market and its analysis can be determined more rationally by taking advantage of the characteristics of the liquid. fourth, the results of this study revealed that the roots of liquidity (fluidity) of liquid translation (liquid) derived from liquid properties i.e. fluidity and flow. being transparent and …).

The main purpose of this paper is to predict financial crisis in stock exchange market along with designing warning syetem by data analysis and then to present to financial policy makers for preventing the outbreak or decreasing the effects of crisis. Due to this purpose, it’s used the weekly datas during the years from 10.03.1997 to 03.22.2019. The mean of crises in this present paper is the falling more than 15% of stock price rather to last three months. Hence, it’s been used the dummy variable for operating the dependent variable. It’s been used the residual of autoregressive integrated moving average (ARIMA) for measuring the shocks caused by the index of stock price, exchange rate, price of oil and gold. Based on the results by the different data showed the financial crisis outbreak is the most important variable for predicting the crisis of Tehran stock exchange in weekly data in the last periods. Hence it’s claimed that falling the stock index is affected the value of index in the last periods more than external shock including shock of exchange rate as well as gold and oil. As it’s determined the detection accuracy of crisis is 81.82%, the same for all trees. It means that 36 crisises have been predicted and recognized from the 44 ocurred crisises during the mentioned periods (1121 weeks).

How many years have passed since the creation of a base volume basis in the capital market. A rule that inevitably makes pricing in place of value and determines the real price on the market. Determining the size of the base and the price of the price to prevent price fluctuations is known as one of the most important control policies of the supervisory entity in the stock market of Iran, which has been developing for several years. This policy does not provide a clear scientific basis, but in order to prevent fluctuations in stock prices, it has been widely accepted in the market every day. Of course, there are scattered criticisms. For some stocks, when creating long sales queues, for systematic reasons and excitement such as a boycott, the stock price is reduced, and this is sometimes reduced to 10 working days or more without many of the people in the queue succeeding in selling their share. . The mismatch of the fluctuating range for the daily transient price of securities transactions has created problems for reducing the stock market value of corporations, which is affected by the volatility of macroeconomic policies. Given the impossibility of short-term and medium-term policies, the fluctuation of the monetary and fiscal policies of the central bank can prevent further depreciation of the securities.

Today, one of the most important management issues of organizations is the management of their supply chain financial flows, which plays a significant role in the growth of the organization. This issue has necessitated the necessity of paying attention to the sustainable supply chain management system from the financial perspective. The purpose of this study is to design a model for the relationship between the variables affecting the sustainable supply chain system from the financial perspectives and using the system's dynamics. In this research, after identifying the effective variables on the chain, a model was developed to show the dynamics of these variables using the system dynamics method. Validation of the model was carried out using evaluation tests and vsnym software at Pegah Tehran Company as a case study. In the following, scenarios for different modes of the proposed model variables were designed and implemented. The research results show that the designed model increases the supply chain sustainability based on financial factors, which ultimately affects the profitability of the chain.

Evaluation of Tehran metro stations based on multiple indices has been studied in this paper. Subway stations have always been considered one of the service centers. Considering that the design and construction of the metro station focuses on the creation of infrastructure, facilities and equipment and then the operational part uses it for the first service, it therefore has two stages of construction and operation. Data envelopment analysis with two-step structure is designed for this topic. The data were collected over five years and attacked four Tehran metro stations. Based on the results of the designed model, the progress and remission of all stations were calculated at each stage and its relationship with financial investment in each metro station was investigated.

The occurrence of bankruptcy in the world's monetary systems is highly sensitive, as the systemic risk consequences associated with this phenomenon can have very devastating effects on the monetary and financial system of countries and lead to severe political and security crises. Valuable laws and regulations have been developed to assess the status and performance of the bank and to warn of the crisis leading to bankruptcy in the world. The situation of some countries, including Iran, is different economically and in other respects. In this study, through interviews with banking experts and thematic analysis, the researchers identified 17 indicators with a high degree of impact on bankruptcy, that five of them are specific to the current conditions of the Iran’s banks.

 The housing market has been one of the most volatile sectors of the economy in recent times, experiencing periods of stagnation and boom. It is important to note that the housing sector is most closely linked to other sectors of the economy. With the recession, the whole economy will be in crisis. Also, the housing sector, given these features, has a stronger impact on investment and housing prices than short-term economic fluctuations, as well as its widespread and past relevance to other sectors, has the potential to generate growth and development in other sectors of the economy and can serve as an endogenous growth incentive. To play a slower role, and to stimulate, to stimulate economic growth in the short term and to drive the recession out. Therefore, further reflection is necessary in this section. Therefore, in this study, using the vector auto regression Time Series (VAR) analysis model, we investigate the interaction between housing price markets of some macroeconomic variables such as liquidity volume, per capita income. The results showed that the volume of liquidity has a significant share in the volatility of the housing market. Therefore, policymakers in the economic field should pay more attention to this.

For this purpose companies seeking to invest more in innovative activities such as R&D projects and to pave the way for future business and competition. Due to R&D management features, achieving the methods that ensure its success is particularly important. The capability of financial management in R&D management of the aerospace industry, considering its cost and time, is one of the important pillars for the success of innovative organizational activities. The present study investigates the factors affecting the capability of financial resources management in R&D management. The research is an applied and descriptive survey method. In this regard, influencing factors on financial management capability based on literature review and opinion of aerospace industry experts were extracted in three general categories and verified questionnaires were distributed to the expert community and the results were evaluated by confirmatory factor analysis and structural equations and Smart-PLS software. The results show that the process, budgeting and financing dimensions as well as the commercialization dimensions have a significant and positive impact on the financial management capability in R&D management. Based on the coefficient of determination and level of impact of factor analysis, legal systems and structures related to investment in R&D projects in the process dimension, international interactions infrastructure, and foreign investment attraction in R&D in funding and financing of R&D projects output and, The successors of imported products in the commercialization dimension have the greatest impact.

One of the main problems of shareholders in the stock market is the discovery, quantification and calculation of market risk. In many studies, one-way distributions are used to estimate risk metrics that usually do not give credible results to the investor. Because the distribution of assets is generally a broad sequence, and the results of computations are not acceptable for the consideration of the univariate normal distribution and the use of parametric methods. In this paper, using the Coppola theory, we calculate risk-weighted value (VaR) and conditional value-at-risk (CVaR). After estimating the multivariate T- Copula and the normal distribution of multivariate, the Monte Carlo method is used to generate a scenario for calculating the variance of the portfolio as well as risk estimation. Also, the calculations performed using the loss function method are tested and the accuracy of the approximations is verified. Finally, the minimum value of the copula based on the variance of the portfolio as well as its CVaR value is considered as the function of the portfolio planning, and the optimal portfolio is obtained by considering the weight of each share index. In the calculation of the 1200 index, we consider a sample basket of different industries, by calculating VaR and CVaR with confidence levels of 95 and 99 percent. The results obtained from the efficiency and reliability of the Monte Carlo simulation by the Copula T-Student versus the normalized multivariate distribution.

In this study, we first calculate and estimate the efficiency of all banks listed in the Iranian Stock Exchange in the period 2012-2012. This estimation is made using the model of Eegner et al. (1977). Then, using the three-stage model presented by Shrews & Dahl (1992), Kay Van & Eisenberg (1997) and Altonbass et al (2007), using the Simultaneous Equation Path Analysis method to investigate the relationship between productivity, risk and We have capitalized and calculated the direct and indirect impact of these variables and their impact on each other. The results show that the model used is appropriate and there is a significant relationship between these three variables. The data obtained from this analysis, based on the adjusted coefficient of determination obtained from the research model, show that the impact of productivity and banking risk on capital is greater. Keywords: Banking Productivity, Banking Risk, Capital, Route Analysis

According to modern approaches, the risk was defined as loss probability. In fact, rather than taking into account desirable and undesirable changes, only undesirable changes are considered as risks. On the other hand, measuring downside risk using earning rather than return is considered a new issue. The purpose of the present study is to measure the Earning Downside Risk using earning and to evaluate its effectiveness from market-based criteria of earning characteristics. Earnings downside Risk Index, with a new approach, has been evaluated as an index of risk assessment and the characteristics of relevance, timeliness and conservatism as market-based indicators of earnings characteristics.Using the data of 110 selected companies listed in Tehran Stock Exchange from 2012 to 2017 and multiple regression tests, the relevance and conservatism indices have an adverse and negative effect on the earning downside risk and between factor of the timeliness and downside risk no significant relationship was found.

The growing tendency of the community to exercise and the need to consume sporting goods and services has made the sports industry experience a significant income-generating trend and play a significant role in the economy of any country Therefore, developing a model for financing sports clubs in Iran is very important. As a result, this study seeks to provide a model for funding sports clubs through an analysis hierarchical process. In this study, six criteria are media (including 6 sub-criteria), tournament revenues (including 6 sub-criteria), business revenues (including 12 sub-criteria), financial support and state aid (including 5 sub-criteria), infrastructure (including 5 sub-criteria). The monetary and financial markets (including 5 sub-criteria) have been selected for the final analysis by reviewing the research literature. The results showed that among the overall criteria for the pattern of financing a sports club, the media criterion with a weight of 0.33 was the most important. In other words, media revenues are considered the most important criterion in the finance model. The results also showed that the monetary and financial markets are of the lowest importance of the overall criteria of the financing model. In addition, the results showed that among the criteria mentioned above, having a dedicated stadium and membership fee and forming a fan club were the least important with a significance level of 0.43 and 0.02, respectively.

In public companies, shareholders (employers) delegate decision-making power to their directors (ie, control, albeit to varying degrees, of ownership of this separation of interests). Managers are working in the best interests of the owners, as has been suggested by Mali's theory. In public corporations, ownership structures can be fragmented (large number of small shareholders) or concentrated (small number of major shareholders). When ownership is in the hands of the overwhelming agents, the centralized control system and when the ownership is distributed, the control system will be decentralized. Since ownership concentration is seen as an important determinant of corporate governance, it seems that the identity of the controlling owners has a fundamental role to play in ownership. In this paper, the effect of dividend policy and ownership concentration on the financial performance and capital structure of the banks listed in Tehran Stock Exchange is investigated using static panel estimators. The estimation of the regression model is done in 3 separate models. The research period is between 2012 and 2017 in 17 selected banks of the country.

This research seeks to develop applied knowledge in individual decision making that is influenced by rational and financially beneficial financial decisions. In this research, we try to find the obvious angles affecting the attitudes and behaviors that led to decision making in the identified investors, and by their conceptual and operational definition, and the formulation of their relationship, in a certain orientation for the type and manner of decision making of the investors in Tehran Stock Exchange. Based on this, the research, with a qualitative and quantitative combination approach, has been compiling theoretical foundations and developing a conceptual model of investor behavior and testing the assumptions associated with this model. The results of the research show that the most important factors shaping the active decision-maker's decision-making behavior understand of their performance, financial ability, behavioral attitude, and optimal decision.

The purpose of this study is to investigate the effect of financial development on corporate finance as the convergence determinant. To do so, first we examine convergence between corporate capital structure of firms listed in TSE using the Philips and Sul methodology (2007). The finding shows there are four converging clubs, with a big club consisting of 67% of the firms in sample. Then, we investigate industry-specific and country-specific factors to find the reason of big club convergence. The results indicate that the industry-specific factor is not the cause of convergence. So using unbalanced panel data and the EGLS method, we test the impact of financial development on capital structure in two models. The results show that corporate capital structure is influenced by financial development and this effect does not differ in the two models. Credit market development has a negative significant relationship and stock market development has a positive significant relationship with debt ratio.

 Risk management is essential to get success in IT projects. The main purpose of this research is to identify and prioritize risks that threaten the feasibility of information those projects, outsourced by Iranian government agencies successfully. The target population of this study is one-level organizations in Tehran. At the first stage by reviewing relevant literature and reviewing related research provided a list of 76 factors that could potentially hamper the success of information technology projects. Then, according to the opinion of 12 expert executives, 22 agents who are more important in government IT outsourcing projects had been selected. The questionnaires were sent to 51 IT experts and managers of the target organizations and their contracting companies. Research findings showed that employer-related and environmental hazards are the most important. Also, 11 factors identified as potentially serious risks for successful outsourcing of IT projects were identified and ranked according to their impact and importance.

Investors' perceptions in the capital market will not only influence individual decision-making and the allocation of monetary resources to the investment on corporate stocks, but also affect the total capital market. Investors' asymmetric perceptions are not usually influenced by one measure because of the extent of the expansion, but in a general segmentation it can be attributed to macroeconomic dimensions and industry-level criteria. The purpose of this study is to investigate the impact of real earning management on the investors' asymmetric perceptions in the capital market with regard to the moderating role of Excess Stock Price Volatility. In this study, 102 companies in Tehran stock exchange that were selected through systematic elimination sampling were evaluated in the period of 2015 -2019. Logistic regression was used because of the biased measurement of the dependent variable of this study, namely investors' asymmetric perceptions. The results showed that real earnings management has a significant positive effect on investors' asymmetric perceptions. It was also found that Excess Stock Price Volatility intensifies the positive impact of real earnings management on investors' asymmetric perceptions.

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.

This study predicts the future movement of stock prices in the short term by using the analysis of investors' opinions on the social network. The predictability of stock markets, due to having a complex, dynamic and nonlinear system that it has always been one of the challenges for researchers. In this research, for the first time, we developed a model with 72.08%accuracy for predicting stock movement and predicting the trend by analyzing the feelings of users' opinions and combining it with 20 technical indicators and we use three data mining algorithms include decision tree, Naïve Bayes and Support Vector Machine. According to the results, the support vector machine showed better performance than the other algorithms. It was also found that the next day trading volume and the number of comments have a significant correlation and the results of Granger causality test showed can be used to predict stock price and also it took advantage of the aggregation of users' daily emotions.

In this study, the main problem is to improve the performance of the high-frequency pair trading algorithm by using a combination of genetic algorithm and fuzzy statistical quality control. For this purpose, two hypotheses have been developed. The statistical population is companies listed on the Tehran Stock Exchange, that statistical sample was limited to the top 50 companies due to the need for high-volume transactions, and 33 shares in 9 industries were selected. After implementing three basic methods, fuzzy statistical quality control and the combined genetic algorithm-fuzzy statistical quality control method, the performance results of the methods were compared with each other. The results showed that in the basic method 43.10% return, in the fuzzy statistical quality control method 55.58% return and in the combined genetic algorithm-fuzzy statistical quality control method the average return was 63.59%. In t-test, there is a statistically significant difference between the specific performance of the basic methods and fuzzy statistical quality control, as well as the basic methods and the combined genetic-fuzzy statistical algorithm quality control. Based on the results of fuzzy statistical quality control model and genetic algorithm, which has a significant increase compared to previous models in increasing the average return.

Merger in banks or in other words, merger policy is one of the major issues in the banking sector that has been undertaken successfully worldwide with the aim of preventing bankruptcy, improving profitability and so on. A merger is a combination of two or more firms and, like an acquisition, is such that the acquiring firm assumes responsibility for the assets and liabilities of the acquired firm or firms, furthermore, a departmental overlap may arise with the acquisition of a firm or bank. Since this issue is of great importance and sensitivity, it is very important to understand this process, its dimensions and types, and to use a new and efficient approach to implement this policy in the best way possible. Therefore, an attempt has been made in this study to provide suitable suggestions and solutions for banking mergers and then present a new and innovative method in this field, which is accompanied by a review of all relevant aspects, using the systematic review method to address this issue.

Complexity, which is a key feature of many organizations' environments, has forced them to use external knowledge in addition to collaborating with each other and combining it with internal sources of knowledge. In this regard, it is necessary to provide an industrial agglomeration model to promote technological innovation in Iranian industries. By selecting grounded theory research method, this research explains and develops a conceptual model in the field of industrial agglomeration model to promote technological innovation in Iranian industries. The research method is mixed and in the qualitative part, interviews were conducted with 14 related experts. All the information extracted from the interviews was revealed in the form of concepts and categories and the connections between them. Finally, based on the concepts and categories developed, the research model was developed. In the quantitative method of the model, using the fuzzy Delphi method and distributing the questionnaire in three stages, the opinions of experts in the field, the importance of industrial density indicators and technological innovation and expert consensus, and prioritization of research indicators were examined. Considering the results obtained by experts and their agreed consensus in the development of industrial estates and the formation of industrial density to promote technological innovation in Iran's industrial estates, the components of government support for small and medium industries, government tax protection policies (for example, granting Tax exemption) and the natural benefits of the region are jointly ranked first and the rest of the components are ranked in the following.

 Considering the importance of capital market as a source of financing for Iranian industries in this research, it is attempted to identify, classify and model factors affecting investors' behavior in Iranian capital market using qualitative research method. Accordingly, by interviewing thirty senior experts, 16 key themes were identified based on a paradigm model and structured in six dimensions: motivation, personality, and attitude as "causal conditions"., Media as "interventionist", self-esteem, social status, and financial literacy as "context", social interactions, mental accounting, business intelligence, emotional intelligence, foresight and risk tolerance as "interactive dimension", behavior Investors as the "pivotal phenomenon" and the amount of market investment and capital market performance as the "consequence dimension". The quantitative part of the model was tested by structural equation modeling and the status of the variables was tested by one sample t-test. The capital market is inappropriate. It also found that financial literacy, business intelligence, and futures were the most important factors influencing investor behavior.

The purpose of this paper is to validate the financial empowerment model based on financial therapy approaches.The statistical population included professors and experts in the fields of accounting, economics, management and psychology, and the number of samples in the qualitative stage was 30 people and in the quantitative stage 360 people were randomly selected based on Cochran's formula. Validation was performed in two stages: qualitative (expert opinions and 10 "acceptability" indicators of Strauss and Corbin) and quantitative (confirmatory factor analysis). The results showed that the average opinions of professors of accounting, economics, management and psychology regarding the validation of the model were 4.48 out of 5, which is equal to 89.6%; Therefore, the proposed model has a very high degree of validity and based on the validation of research quality and the model based on the "acceptability" index of Strauss and Corbin, the financial empowerment model based on financial therapeutic approaches has good quality and credibility. Also, in the confirmatory factor analysis of goodness indicators, the fit of the structural model is desirable and has a good fit. Therefore, the validity of the model is confirmed and it can be said that the financial empowerment model based on the financial therapy approach has sufficient credibility.

The complexity of business transactions and the demand for relevant and reliable information in decision-making necessitate a fair system of information flow between the respondent and the respondent. Applying tender criteria in the use of accreditation services, conducting audits under time budget pressure, trying to satisfy the client, and financial scandals of business units, cast doubt on the judgments applied. At present, the causal, intervening, and contextual conditions, strategies, and consequences of auditors' stress arousal have not been investigated. Therefore, in this study, an attempt has been made to design a pattern of auditors' stress arousal using contextual theorizing method. This research is of qualitative and exploratory type. This study was conducted by interviewing experts in the field of theoretical foundations of auditing and psychology and by conducting 17 interviews in 2021 by snowball sampling method, has been saturated. The results showed that the most important causal conditions that provoke auditors' stress are: inflexibility, time budget deviations, management control in auditing firms, lack of expertise, level of risk assessment, ambiguity in opportunistic behavior and risk, respectively. The client, the size of the audit work, the client's environmental pressure, the incompleteness of accounting systems and internal controls, the degree of collaboration of the client's staff and the new client. According to experts, the lack of flexibility in the auditor is one of the factors affecting the auditors' stress arousal.

 Undoubtedly, profit forecasting, which may be done technically or fundamentally, will be applicable when it is highly efficient. The required data were collected using the sampling method for 323 companies listed on the Tehran Stock Exchange on a monthly basis during the period 2013-2019. In addition, static software and dynamic panel data model (GMM) were used to analyze the data. The results showed that company size and corporate governance indicators did not have a significant effect on technical analysis performance indicators. In addition, financial leverage does not have a significant effect on RSI and MACD and has a significant inverse effect on MA1 and MA2. On the other hand, return on assets has a significant inverse effect on RSI and has a significant positive effect on MA1, MA2 and MACD. Also, recession and economic prosperity do not have a significant effect on RSI and MACD and have a significant inverse effect on MA1 and MA2. In addition, inflation fluctuations, exchange rate fluctuations and systemic risk have a significant positive effect on RSI and have a significant inverse effect on MA1, MA2 and MACD. Then, the accuracy of predicting the performance indicators of technical analysis in the form of three scenarios was assessed. The results showed that the accuracy of predicting the performance indicators of technical analysis in the Iranian stock market is appropriate for the studied scenarios.

Knowledge, information, and experience, collectively called intellectual capital, are the foundation of success in the 21st century. These intangible resources are the key to creating and maintaining a competitive advantage.The main purpose of this study is to investigate the moderating role of environmental uncertainty and the existence of business ties between the social capital and the real value of companies and their financial performance; An issue that has a decisive importance and place in the success or failure of companies. The noteworthy point of this research is the study of social capital issues and companies' performance under conditions of environmental uncertainty and the existence of business ties affected by knowledge assets. This research is applied in terms of purpose and descriptive-correlation in terms of data collection method. The statistical population of this study consists of 488 managers, officials and supervisors of companies listed on the Tehran Stock Exchange, from which 215 people were selected as a sample with a proportional allocation from Morgan's sample size estimation table. The data collected are classified and classified using descriptive statistics.the structural equation model (SEM) model method is used Pearson correlation coefficient is used to determine the relationships between the variables. Data analysis and hypothesis testing were performed using AMOS software. results showed that business ties and environmental uncertainty play as mediating variables in the relationship between social capital and overall performance, both organizational performance and market performance, with the difference that the effect of business ties is positive but environmental uncertainty is negative.

Today much behavioral finance researches focuses on heterogeneous agent model (HAM) and agent based modeling (ABM). The purposes of this article presentation of heterogeneous agent pricing model at big decline on Tehran stock exchange and simulation investor’s behavior on agent based modeling framework with emphasis herd behavior and market sentiment. at first three big decline specified with several criterion : average of the share price indices , average value of the stock market turnover , average value of the stock market capitalization .according this three big decline are : 2005 ,2008 and 2013. Samples are the shares of companies that 40 days before and 40 days after was traded .then with MATLAB software code was writhed and simulation done. Finding show that HAM model can estimate investor’s behavior at big decline on Tehran stock exchange.

The taxable income of legal persons is a critical issue in Iran as this sector plays a dynamic role in economic, social, and cultural activities in the society. The major problem of this study is the gap between the amounts of taxable income calculated by taxpayers and the Tax Administration. Field and bibliography methods besides Pearson Correlation Test were used, and all four hypotheses of research were confirmed. Accordingly, the reasons for the difference or gap between declared taxable income and assessed taxable income include breach of direct tax law by taxpayers, violation of accounting standards by taxpayers, lack of sufficient evidence and documents (including expenses, tax exemptions, and tax incentives) in the hand of taxpayers, ignorance of tax directives, instructions, and regulations by taxpayers.

This research investigates the effect of social performance indicators on credit risk in the banking industry. To this end, a 6 years period was considered during 2012- 2017. Finally, 20 banks selected as the study population. The independent variable of this research is the social performance index of banks. In order to elaborate on the social function index checklist, the method of meta-‌synthesis was used. The content analysis method was then used to measure the rank of social responsibility indicators (number of disclosed items on the total number of items disclosed). In addition, the dependent variable is credit risk. The statistical method used to test the hypothesis proposed in the panel data research. The results indicate a positive and significant relationship between social performance indicators and associated risk factors. That is, the greater the risk of social performance indicators in banks and their operating cost, the higher the risk of credit. On the other hand, the coefficient of estimation of 0.44 for social performance indicators shows that 0.44 changes in banks' credit risk are due to changes in social performance. Also, bank managers should be more cautious in applying social responsibility mechanisms and not assume that this effect should logically be negative is always true.

Uncertainty due to environmental changes, limited resources and higher profits have made planning a necessary necessity. For this reason, recognizing and analyzing the internal environment is very important for directing the resources of organizations. Understanding the internal environment of the organization in practice means determining the strategic strengths and weaknesses of the organization, which is possible through the identification and evaluation of internal strategic factors. The purpose of this study is to evaluate the stock market performance of companies based on uncertainty in the internal information environment and behavioral bias. To test the hypotheses, the information of 84 companies listed on the Tehran Stock Exchange in the period between 1397-1391 has been used. The results showed that there was a positive and significant relationship between managers 'distrust and corporate value, but there was a negative and significant relationship between managers' distrust and corporate equity costs. Had. The results showed that there is a positive and significant relationship between managers' pessimism and information prominence and the cost of equity of companies, respectively. Uncertainty in the internal information environment weakens the relationship between managers 'distrust and corporate value, but internal information uncertainty strengthens the relationship between managers' pessimism about stock market performance and information prominence with corporate value. But uncertainty in the internal information environment undermines the relationship between information prominence and the cost of corporate equity.

Corporate financial distress is the most unpleasant event that will result in catastrophic issues for its stakeholders. In addition to the huge losses for the business itself, this event can potentially affect the country's economy. Therefore, quick and timely detection of financial distress is essential to support various financial and social investments. In this regard, the present study aimed at providing a combined model of corporate default prediction and classifying firms into three groups: healthy, stressed and distressed. In this study, first, using a library research method, 47 variables or ratios were identified, selected and classified into three groups: fundamental or financial variables, market variables and macroeconomic variables. Then, considering the frequency and successful performance of these ratios in previous studies and by performing statistical tests, potential variables affecting financial distress were identified. In this study, multinomial logistic regression was used to provide a combined model of corporate default prediction. Also, in order to measure corporate default, the Black-Scholes-Merton (BSM) model was used. Findings indicated that 8 variables, including 5 financial variables, 2 market variables and 1 macroeconomic variable were statistically significant in the final model, and in fiscal year 1398, the accuracy of this model was 90% in the group of distressed firms, 85% in the group of stressed firms and 90% in the group of healthy firms.