نشریه پژوهش های راهبردی بودجه و مالیه
سال دوم شماره 1 (پیاپی 5، بهار 1400)

Financing technological projects in the progress phase can be used to accelerate growth, attract capital or provide cash liquidity for the knowledge-based companies. Identifying the effective factors of investment in technological projects and the pattern of participatory financing in the framework of interest-free banking plays a key role in achieving the Islamic banking. This research is a developmental-applicable type and the method of data collection is of the survey type including questionnaires filled by risky capital experts and bank system managers. Factors influencing investment in two internal sectors including the entrepreneurial team, product characteristics and Technology Company and external company including technological business ecosystem and macro factors were identified. The partial least squares method with the help of Smart PLS software showed that the investment stages of technological projects investments have a medium and upward impact on the investment. In line with creating a risk distribution mechanism, attracting public participation, supporting the knowledge-based economy by using partnership contracts based on the operational model and playing the role of bank intermediary in the interest-free banking system, the proposed financing model based on the factors affecting the investment was presented afterwards.

At present, at the international level, the largest volume of trade is related to the sale of crude oil and petroleum or gas products. Sales of crude oil and its products are often in the form of long-term contracts or single-unit cargos. Due to price fluctuations and high sales volume of this type of products, the price of the transaction is determined in a formulaic manner and related to the international indices in order to control the price risk of the parties to the transaction. Multi-stage sales and floating prices in sale result in the problems of buying-selling with the goods and damaging.In this article, legal and jurisprudenial aspects of such transactions are described through analytical – comparative method.  If we consider this type of transaction as sale (bai), there would be the problem of buy-sell with the goods and based on some experts’ opinions, it will cause to damages. But if we interpret such a deal as a commitment to sale (bai) at the time of delivery, maturity, or even using the peace contract, there won’t be the problems of buy-sell with the goods (Kali to Kali ) and damage (Gharar) anymore.

Fair distribution of income and poverty reduction in all economic and political schools are of great significance. In  a way that the Holy Quran has considered the establishment of equality as one of the important reasons for sending prophets and the revelation of divine books.Accordingly, the present research investigates the effect of three percent oil revenue allocated to the provinces on income distribution among income deciles (Gini coefficient). The results indicate that the allocation of three percent oil revenue has a significant effect on the Gini coefficient of the Iranian provinces.In the sense that allocating and authorizing credits costs of three percent oil revenue by the Provincial Planning and Development Council decrease the inequality and balanced distribution of income in society. Another result of this study is the significant effect of labor productivity  and GDP per capita on reducing the social inequality.Since reducing income inequality is one of the important responsibilities of the government, to achieve the goal,economic policy makers should pay serious attention to improving human resource skills with appropriate training to increase labor productivity and direct oil revenues to productive and job-creating investments.

Although leverage has always been mentioned as a risk indicator in audit pricing models, the source of the leverage and the effect of ownership structure have not been taken into account.Therefore, this study investigates the asymmetric effects of different types of operating liability leverages, including contractual operating liability leverage and estimated operating liability leverage, compared with financial liability leverage on audit fees as well as the moderating effect of institutional ownership on these relationships.For this purpose, the data were collected from 136 firms listed on the Tehran Stock Exchange from 2013 to 2018. The results indicate that there is a direct relationship between financial liability leverage and an inverse relationship between operating leverage (affected by contractual operating leverage) and audit fees. Furthermore, institutional ownership reduces the effect of financial leverage on audit fees and it also increases the effect of operating leverage on audit fees. However, the moderating role of institutional ownership on the relationship between contractual and estimated operating leverage with audit fees is not confirmed. As a whole, the findings show a different role of financial and operational leverage in explaining audit fees.

In many countries, including Iran, the stock market index is the basis for decision-making, especially for new importers in the capital market, and is therefore the basis for Internet searches. An investigation on Internet searches can therefore describe the behavioral patterns of market traders and enable them to predict. GoogleTrends (GT)  provides data that can be used to analyze the behavioral patterns of traders In this study, two indicators; "Google Search Volume Index (GSVI)" and "Stock Index" of the selected countries were used. The present study is a combination of descriptive or explanatory method. In the quantitative stage, the statistical population of GT data was extracted and then, a qualitative research method was followed and the data were collected through interviews with the aim of explaining the quantitative sector findings and providing solutions to improve market conditions. The quantitative findings demonstrated high and significant correlation between two indicators of "Google Search Volume Index (GSVI)" and "Stock Index" in Iran and some other countries. While the relationship between these two indicators in some other countries was weak and even inverse. By analyzing the data obtained from the qualitative section, the relationships between these two indicators in studied countries were explained and in order to improve the behavioral conditions of market traders, solutions were presented.

Despite the increase in the level of awareness and general knowledge of the beneficiaries of financial affairs, the main issue in investing decisions is the high reliance on accounting report numbers (especially accounting profit as one of the main performance appraisal criteria) that creates many motivations for managers to manipulate (manage) these numbers in their favor. This study is an attempt to examine the extent of profit manipulation by considering the role of non-executive managers and the risk of stock price falls using Benford’s law and financial information of 1248 years of the listed companies during the years 2013-2020  in Tehran Stock Exchange. The results showed that the profit (loss) rate of the companies at risk of falling stock prices do not comply with Benford's law. However, the profit (loss) rate of companies without the risk of falling stock prices follow this law. The results also indicated that in companies with the risk of falling stock prices, differences with Benford's law were lower in cases where  the present proportion of non-executive managers was higher.