فصلنامه دانش سرمایه گذاری
پیاپی 46 (تابستان 1402)

social capital is a variable that drives economic behaviors toward collective well-being. The extent of financial leverage and achieving its optimal level is always considered by analysts. In connection with the optimal level of borrowing; financing rate was considered through debts in areas with different levels of social capital. By examining the relationship between total social capital and its triple levels with financial leverage, the effect of the amount of trust obtained from social capital was examined.

social capital in this study includes total social capital and each of its triple levels; social capital is at the macro, intermediate and micro levels. The research sample includes information of 121 companies listed on the Tehran stock exchange during the years 2014 to 2018.

companies located in areas with high total, macro and intermediate social capital have a lower book financial leverage ratio than companies located in areas with low social capital. In these companies, due to the existence of higher social capital and, of course, the more optimal level of financial leverage in the capital structure, the cost of financing is lower. On the other hand, due to the mutual trust caused by social capital, the cost of representing companies can be reduced. Also, no significant relationship was found between total social capital and its levels with market financial leverage.

The aim of this study was to present a model of legal customers credit rating based on financial ratios and firm life cycle. The statistical population of research consist the all legal customers of bank of industry and mine in 2019 in a number of 132 firms. So, a number of 11 financial ratios beside of firms’ life cycle were studied through the analysis of variance test, independent test of chi-square and discriminant analysis and the results showed that firms’ financial ratios in different credit rates, are statistically different. Also the findings indicated that there is significant relationship between firms’ life cycle and credit rates and distinguished through discriminant analysis that using this method and estimating discriminant functions can determine the credit rate of firms with the accuracy of 97.7 percent.

Investors are looking to choose the optimal combination of assets and allocate their wealth among them in such a way that they can achieve the goal of investing (increasing the revenue that can be seized in future periods). The main issue in this study, considering the conditions of high liquidity or low liquidity of companies' stocks and portfolio selection models, is the use of a new tool to select investment portfolio. The statistical sample for 27 companies active in the time domain from the beginning of April 2014 to March 2017 has been considered. The use of asset liquidity index to optimize portfolios using and benchmarking process has made a significant difference in portfolio weights, yields and risk compared to the Markowitz model. Also, the results of calculating the trainer criterion showed that the optimization model obtained from the benchmarking process of the value function has a higher performance than the portfolios obtained from the Markowitz model. .

The purpose of this study is determining of the Best Pattern for financial reporting quality from the viewpoint of interested groups. in this research the variables affecting the financial reporting quality, which are extracted by interviewing experts from different groups (suppliers, auditors, users and researchers) by Grounded Theory, are based on three well-applied indicators of financial reporting quality assessment based on the modified Jones model. (1995), Modified Dechow and Dichey model(2002) and Francis et al. model (2005)fitted.through multi-variable regression fitting on a sample of 120 companies listed in Tehran Stock Exchange are examined.Which variables in the various groups can good explain the quality of financial reporting. Given that the main focus of financial reporting is to provide quality financial reports to entities. So that it can be useful in economic decision making.The preparation of high quality financial reports is important because it can have a positive impact on the decisions made by equity providers and other stakeholders regarding investment, accreditation and other similar allocation decisions.And thereby enhance the overall efficiency of the capital market.Although the FASB and IASB emphasize the importance of quality financial reporting, one of the key problems in prior literature is how to operate and measure this quality. empirical evaluation of financial reporting quality inevitably involves preferences among a large number of components.Since different user groups will have different preferences, so will their perceptions of the quality of these components be different

In the economic environment of the country, government-affiliated organizations and companies, acquire the ownership of many joint stock companies in the stock exchange by creating investment companies. The increasing presence of institutional and legal investors in the circle of company owners is an effect that the active presence of this group has on the way governance of organizations as well as their performance. The main purpose of this empirical research is to determine the impact of ownership of investment companies on the Financial Reporting Quality with emphasis on Efficient Monitoring theory. To measure the Financial Reporting Quality, the indicators of quality of disclosure, quality of accruals, earnings management of accruals, real earnings management and earnings management of real items have been used. The statistical population of this research is companies listed on the Tehran Stock Exchange. The data studied in this research include 1250 years-Firm from 2007 to 2018. The research method is correlational and post-event and the method of hypothesis testing is correlation and regression testing. Specific results of testing research hypotheses show that the ownership of investment companies and the concentration of ownership of investment companies have a significant effect on the Financial Reporting Quality.

Financial toxicity endangers the personal and social health of individuals and imposes enormous costs on individuals and governments. So far, financial toxicity has only been studied in the medical sciences. The purpose of this study is to to investigate and develop general principles for identifying the factors that create and exacerbate financial toxicity, financial therapy and mental accounting approaches. The research method is grounded theory and from theoretical sampling to saturation stage in 2019 and 2020 has been used. Data collection sources were conducted through in-depth and semi-structured interviews, participatory and non-participatory observation, personal experiences, respondents' memories, existing literature, and the researcher's personal reflections. To fit the model qualitatively, three methods of peer-debriefing, member checking, and triangulation techniques were used and the results in the form of financial toxicity paradigm model by data analysis method of the foundation taking into account causal conditions (financial problems In cancer treatment), intervening conditions (health insurance agent, cancer stage, clinical features, increase in treatment debts, family dimension, etc.), context of the phenomenon (incorrect classification, unbalanced monogram, monetary disorders and abnormal genogram Consequences (decreased quality of life, affected by medical outcomes, job loss, divorce, bankruptcy, mortality and increased distress among survivors) were formed.

In Iran recently due to the intensification of economic sanctions and the reduction of oil revenues, the increase in tax revenues has become an important source of revenue for the government, so it is important to pay attention to the central role of taxpayers. Understanding the difference between taxpayers' tax behavior (tax compliance or tax evasion) requires understanding their differences in attitude, which is a function of cultural norms. Investigating and understanding the factors affecting "tax morale" as the motivation and the intrinsic tendency of taxpayers (to pay or not to pay taxes) is very necessary.The purpose of this study is to investigate the impact of culture on tax morale. The statistical population of the research is the taxpayers of Tehran tax offices. The standard questionnaires were used for the research. And the structural equation modeling with PLS approach was used to confirm the relationships between variables. Research shows that tax culture and corporate culture have a significant impact on tax morale. Therefore, policymakers and legislators should pay special attention to features such as culture in the formulation of tax strategies and laws because the manner in which Moody's responds and responds to the success and failure of those strategies and laws is crucial.

The purpose of this research is to investigate the factors affecting the transfer (migration) of value companies with financial health in the Tehran Stock Exchange and provide a model in this regard. In order to make better decisions and also to innovate, this research was conducted only on companies that have financial health based on the Black, Scholes and Merton model. The statistical population of this study is all companies listed on the Tehran Stock Exchange between 2012-2019. So we have used all the eligible companies. Therefore, we have used all the eligible companies; in general, 701 healthy companies have been used in this research. First portfolios were formed in the years 2012 to 2019 and then value shares were identified between different years.The present study provides a model for predicting stock value transfer using a nonlinear algorithm of random forests. Based on the results, it can be acknowledged that using historical information; we can suggest factors for modeling the value transfer.

The purpose of this study is to investigate the effect of changing the pattern of financial statements on the judgment and decision of investors using a quasi-experimental approach. The research hypotheses are based on the theory of cognitive burden and it is expected that changing the pattern of financial statement information by reducing cognitive effort can affect the judgment and decision of investors. To examine this issue, the pattern of financial statement information based on the joint study of the two International Accounting Standards Board and the American Financial Accounting Standards Board at the level of the three basic financial statements has changed and how participants answered research questions based on the new financial statements. It has been compared by the Tehran Stock Exchange and the auditing organization with the model proposed by these two boards. The test takers include people who have accounting and financial experience and have at least a bachelor's degree in accounting or various management orientations. Accordingly, 92 people were selected as the statistical sample of the research. Due to the non-normality of the research data, non-parametric Mann-Whitney test has used. The results of this test show that the cohesive pattern of financial statements has influenced the judgment and decision of investors by reducing cognitive effort

The aim of this study is to investigate the effect of Environmental Uncertainty on speed of adjustment to target leverage of listed Companies in Tehran Stock Exchange. The coefficient of variation (CV) of sales (scaled by total assets) to capture environmental uncertainty. For this purpose three hypotheses are developed and data on the 142 companies in Tehran Stock Exchange for the period of 1389 to 1397 were analyzed. This regression model using combined data with a consolidated approach, reviews and tests. The results showed that the criteria of Environmental Uncertainty has significant positive impact on speed of adjustment to target leverage. Moreover, the results showed that the effect of Environmental Uncertainty on speed of adjustment to target leverage in firms with a above-target leverage adjust their leverage More than in firms with a below-target leverage adjust their leverage. Therefore, the research results indicate that Environmental uncertainty, Makes information asymmetry between management and stakeholders more acute it also imposes serious restrictions for the company, and influences the strategy and decisions of company managers. As a result, the target lever adjusts faster.

Comparability is one of the unique qualities of financial information that enhances its usefulness. The ability to compare financial statements as a specific feature of financial reporting quality can reduce managers' motivation to hide negative news. An effective audit committee, on the other hand, limits the opportunistic and biased behavior of managers and delays the identification of profits. Thus, the existence of an effective audit committee can be considered as an effective mechanism to reduce the Stock price crash risk and affect the relationship between the financial statements comparability and Stock price crash risk. Therefore, based on this reasoning, the present study, using the structural equation modeling approach, examines the relationship between financial statements comparability with Stock price crash risk and the moderating effect of the audit committee on this relationship. The statistical sample of the present study consists of 126 companies listed in Tehran Stock Exchange 2012-2018. The findings show that the financial statements comparability reduces Stock price crash risk. In addition, the results show that the audit committee moderates and exacerbates the negative relationship between the financial statements comparability and Stock price crash risk.

The identification of effective factors of investment in technological projects plays a key role in the development of collaborative banking. This study aims to ranking investment factors in the technological projects of the growth phase in the banking system. The method of research is practical and the data are collected through survey using questionnaires filled by venture capital experts and bank system managers.Determining importance degree of investment projects includes identification and evaluation of plan, negotiation and signing contract, implementation, Cooperation supervision and investment exit by using “Shanon entropy” quantitative method and prioritizing of five investment factors in technological projects by using TOPSIS method. Results show that the characteristics of technological company, product property, micro economic factors, characteristics of the entrepreneurial team and macroeconomic factors are the most important factors.

The main purpose of this study is to investigate the impact of corporate governance on the relationship between managerial ability and lack of information transparency in listed companies in Tehran Stock Exchange. Research hypotheses based on the 106 companies during a 9-year period from 2010 to 2018 were tested using multivariate regression models. Demerjian & et al. (2012) model was used to measure management ability and to calculate the corporate opacity, the criteria of the index rate of lack of transparency in company information and discretionary accrual items were used. The results show that there is a negative significant relationship between managerial ability and lack of transparency of company information. Also, the CEO duality has a negative impact on the relationship between managerial ability and lack of transparency of company information (in particular, discretionary accrual items). Finally, institutional shareholders have a negative effect on the relationship between managerial ability and lack of transparency of company information (the index rate of lack of transparency in company information and discretionary accrual items).

The main purpose of the present experimental study is to determine the effect of corporate governance mechanisms on the information retrieval rate in stock prices, with an emphasis on the life-cycle pattern of cash flow patterns. The research sample consisted of 112 companies that have been selected from Tehran Stock Exchange for the period of 2013-2019. The results of the hypothesis test showed that the quality of corporate governance does not have a significant effect on the information retrieval rate in stock prices. The results of the hypothesis test showed that the quality of corporate governance does not have a significant effect on the information retrieval rate in stock prices.

liquidity is a fundamental aspect of stock market efficiency and in terms of methodology , most of the theories related to the structure of financial markets account for the implications of liquidity behavior more than other market characteristics . therefore , the central role of market liquidity in the form of prices , and reducing the costs and risks of sustainable development and stability of financial systems is important , so liquidity issue has attracted much attention in recent years in academic studies as well as in important publications . in this research , the criteria of each liquidity type are introduced and the relationship between them is studied . in fact , the main question of this research is what measure is the criterion for the selection of liquidity in tehran stock exchange . the purpose of this thesis is to evaluate and compare liquidity capability and design a model for explaining liquidity measures in tehran stock exchange with emphasis on 11 different measures . for this purpose , a sample of eight firms listed in tehran stock exchange ( tse ) during the period 1380 to 1389 were reviewed . to achieve the goal of this research , factor analysis - vikor 's numerical algorithm which is one of multi - criteria decision making methods is used .

Changes in customer needs, behaviors and expectations,Trends in digital technology, banking business trends and the emergence of non-bank competitors (fintech), intensifying market competition between banks and non-bank credit institutions, changing pricing models and costs of banking services, changing the ecosystem of banking activities and rules and The new regulations have challenged banks. The advent of distributed networks such as blockchain, by creating transparency in transactions and open participation in operations, has moved the banking and business processes towards an automated, coordinated and unreliable global framework; While aiming to reduce intermediaries, it also warns banks of the risk of eliminating banks or reducing customers. The present study examines the banking industry by asking the question "What are the future scenarios of the Iranian banking industry?" with library studies and combining two qualitative and quantitative approaches, "Schwartz critical uncertainties" and "Cross impact analysis" and constructing four scenarios: "Phoenix Rises" "Busy Architects-Drugs Awake" "Farang City" and "Burnt City", and analysis of factors and drivers affecting the banking industry, pave the way for charting the future of the country's banking industry and creating and maintaining their competitive advantage has done.

The efficiency and effectiveness of any organization significantly depend on the management and proper use of human resources. Managers may also contribute to the promotion of productive activities and the efficiency of financial markets by increasing the return on portfolio and subsequently attracting liquidity in the country's economy. The present study aims to investigate the sources of power on the performance of mutual funds and the quality of financial reporting. This research is correlational in nature and content. In this research, a sample of 66 mutual funds was reviewed from March 2020 to March 2021 in Tehran Stock Exchange. The results of this study showed that the power of managers affects the performance of mutual funds and the quality of financial reporting, also the performance of the company may be a mediating variable in the relationship between the power of managers and the quality of financial reporting.

Behavioral bubble models generally assume that real investors,as uninformed and irrational individuals, follow the trend and cause bubbles to form,while legal investors,as informed,adopt a reverse behavioral strategy. They go against the trend. Therefore,the main purpose of this study was to prioritize the factors of measuring the stock price bubble with a behavioral approach. The method of the present study is descriptive survey and the statistical population consists of 10 capital market experts. ANP was used to prioritize the identified behavioral factors. The threshold value must be calculated to map the network relationships. In this study,a threshold value of0.059 was obtained.to normalize the preferences of each criterion,the sum of the values of that criterion must be divided by the sum of all preferences. Because the values are fuzzy,the fuzzy sum of each row is multiplied by the inverse of the sum. The inverse sum must be calculated.Each of the obtained values of fuzzy and normalized weight corresponds to the main criteria.In the final step of de-fuzzing, the values obtained and the crisp number are calculated.The incompatibility rate of the comparisons is0.026 ,which is less than0.1 ,and therefore the comparisons can be trusted.Calculations performed to determine the priority of the main criteria showed that heterogeneity of investors with a normal weight of0.128 has the highest priority.Speculative behavior with a normal weight of0.107 is in the second priority.Mass behavior with a normal weight of 0.1067 Is in the third priority and mental accounting with a normal weight of0.092 is in the last priority.

The imposition and intensification of unilateral US sanctions against our country require us to recognize how this sanction affects and what makes their effects intensify. In this research after studying the available researches by grounded theory method and analyzing the context of the books, articles, analytical news, etc., the paradigm model that transfers sanctions effect on oil and oil products export and oil revenues are extracted. Results show that causal factors that come from sanctions such as decreasing foreign investment in the oil industry and oil products, problems in the sale, export, and import of oil and oil products, increase in the cost of producing and development, and leaving projects by foreign companies due to basically situations such as technological dependence to new technology discovering, lack of using scientific elites, underdevelopment of producing oil products with high value-added, etc. make that sanctions affect a lot on the Iranian oil industry.

The purpose of this study is to investigate the behavioral elements affecting the behavioral intentions of Iranian users towards blockchain-based cryptocurrency transactions, taking into account selected samples from an unlimited community of 154 users. Due to the complexity of this technology, this research consider a composite and integrated model of Technology Acceptance Model (TAM) with new external structures related to blockchain technology acceptance features including trust, regulatory support, social influence, design and experience. Findings showed that the trust component is the main factor influencing the behavior and decision making of users and ultimately their willingness to accept financial transactions under blockchain technology. The results also indicate that two important and powerful structures of regulatory support and experience encourage and influence the level of user trust. In addition, at a certain level of experience, users feel confident and can trust blockchain-based applications.

The transmission of financial crises between different markets in an economy indicates the existence of channels of transmission of this crisis. Today, parallel currency markets are closely related to other markets such as gold, coins, stocks and oil. Channels that transmit shocks and fluctuations of the foreign exchange market to other markets can include information, macroeconomic variables, investment behaviors, and so on. In this study, using daily data from 2009 to 2017, the explanation of overflow fluctuations and shocks in the foreign exchange market and how to transfer these shocks to other markets has been examined. The results indicate the existence of fluctuations overflow as well as structural fractures due to the presence of this overflow. The research model and determination of interruptions is based on the VAR model. Yields and fluctuations as well as the presence of the Arch effect in the model are determined based on the VAR model. The MV-GARCH model is used to determine the returns in the foreign exchange market. Fluctuations and shocks of the foreign exchange market and its impact on other markets as well as future prices in different markets are determined based on the VAR model. The results of this study indicate the effect of shock in the foreign exchange market on the trend of future prices in this market as well as the impact on other markets.

Fluctuations in commodity prices in global markets have always influenced the behavior and decisions of investors in financial markets. In this research, using the Copula family models, financial contagion or volatility spillover on global price of petrochemical products and base metals on the on the stock price index of eight selected industries of Tehran Stock Exchange listed companies during a period of 10 years (2008-2018) has been reviewed. The research method is descriptive-analytical in nature and applied in terms of purpose. The research hypotheses were tested using an econometric approach based on Copula models and programming in MATLAB software. The results show that the effects of overflow of these variables on the index of selected industries are significant but different.Examination of different models of Copula method showed that T-Student model is most suitable for transmitting spillover effects, which indicates the symmetrical effects of price variables in global markets of petrochemical products and base metals on the index performance of selected industries. And then Clayton and Gumble models are in the next rank.

The purpose of this study is to investigate the effect of loss-aversion behavior on multi-period investment decisions. For this purpose, two models of portfolio optimization have been designed. Instead of a single-period portfolio model, a three-period model has been used. In order to bring the optimization models closer to the real world, in addition to the CVaR as one of the main constraints, the transaction cost and the lower bound and upper bound investment in each asset are also considered. two models of loss aversion and mean-CVaR optimization were solved using PSO algorithm. Also, some important criteria such as initial loss aversion coefficient and reference point are used to test the robustness of model. The results based on the optimal wealth and Sharp ratio showed that loss-averse investors tend to concentrate most of their wealth and have a better performance than rational investors. The impact of CVaR on investment performance was identified. When the market is falling, investors with higher risk aversion avoid extreme losses and obtain more gains.

An important effect of climate change is the change in the intensity and frequency of natural disasters such as droughts, floods, hurricanes,. . . , Due to the creation of risk and uncertainty, in insurance industry, they have an abundance. To this end, identifying the various dimensions of climate change risk and assessing it can reduce future losses by focusing and planning to address the direct and indirect effects of climate change. Therefore, conducting research related to climate change is essential to be more prepared to adapt to this phenomenon and to reduce the burden of costs due to these changes for the insurance industry. In this regard, in this study, while explaining the effects of climate change on the severity and frequency of weather events, the channels affecting climate change on health, life and non-life insurance are presented. Also, the challenges of climate change for insurers are expressed and final solutions and suggestions for the insurance industry are provided.

As an industry operating in the money market, banks and banking have gone through a paradigm shift due to the digitalization of business. Thus, the industry has to pay attention to potential and actual customers for sustainability in the age of the digital economy. This has led it to be considered as one of the knowledge and professional topics in studies.In this study, the researcher focused on the issue of new customer-oriented banking. Accordingly, he concentrated on approaches and challenges aimed at identifying components effective on the banks' customer orientation such as their confusion using the in-depth interview approach. Ultimately, an appropriate model was presented as the outcome.Based on summarizing the research results, out of the total identified factors resulting from axial coding, a limited number of factors like the competitiveness of banks had a significant impact in this regard. Hence, banks may need to pay attention to such factors and invest in them to strengthen the durability of their activity, profitability, and value-creation. Moreover, reducing the customer’s confusion was found to be an effective factor in competitiveness.

The purpose of this study is to design a model to investigate the impact of variables of intellectual capital, profit quality, nature of audit report and capital structure on the risk of bankruptcy of Tehran Stock Exchange companies. The present study is an applied, analytical-mathematical research. Its spatial territory is Tehran Stock Exchange and its temporal territory is from 1391 to 1397. In this study, regression test method has been used to predict bankruptcy. Findings show that intellectual capital of 0.212 of changes in bankruptcy risk forecasting, profit quality of about 0.207 of changes of bankruptcy risk forecasting, nature of audit report 0.194 of changes of bankruptcy risk forecasting, and structure Capital 0.362 predicts changes in corporate bankruptcy risk.

Financial markets can be evaluated as dynamic nonlinear systems that consider the interactions of factors in the process of immediate information analysis. Investors with different time horizons in the market may use this information differently. Thus, the financial market has a fractal structure in relation to investment time horizons. This research is of applied type and of post-event type; the method research is applicable and run based on past information. The statistical population of the study includes all companies listed in the Iranian capital market during the period 2008-2018. In this study, after calculating the fractal dimension of the experimental group using ARFIMA model and the fractal dimension and simulated Fractal random walks group using RUN test, the difference between these two dimensions in price index, return, future fall risk and systematic risk is investigated. Data analysis was performed in both 5-year and 10-year intervals using EVIEWS and SPSS software and the results indicate that the difference between dimensions fractal and f simulated Fractal random walks of the return index and the risk of future and systematic stock falls in short-term intervals means and is not significant in the long-term

Privatization is an issue that is the concern of many officials and researchers due to its importance and lack of proper implementation in the country, and a study of its various dimensions, including financial and managerial components, can clarify other aspects of it. The purpose of this study is to model the role of financial and managerial categories in a data-driven (data-based) method - an inductive and exploratory research method - in privatization. This research was conducted by in-depth study of existing sources and articles in the field of privatization and conducting interviews with experts. The results show that the role of macro-level management factors and financial components in privatization is very fundamental. According to the research, the main financial and managerial factors affecting the implementation of privatization are: 1. Management components including the weakness of government structure, environmental factors affecting, sabotage and corruption in the implementation and performance and characteristics of individuals and 2. Components ‌ Financial and accounting issues including internal and external issues of state-owned companies, problems in calculations and estimates, incentives and existing regulations and standards. Bed conditions, intervention conditions, guidelines and consequences were presented as an integrated model and finally the obtained model was approved using Delphi method.

Monetary policy can affect the position of banks, including their risk-taking. In implementing monetary policy, the central bank can directly use its regulatory power or indirectly use its influence on money market conditions as a powerful money issuer. Therefore, the purpose of this study is lending fluctuations in modeling the relationship between monetary policy, capital structure and banks' risk-taking. In this study, the financial information of 21 banks listed on the Tehran Stock Exchange during the years 1391 to 1397 was used. Sampling was performed by systematic removal method. The required data were collected from the financial statements of companies, Rahavard Novin Tadbir Pardaz software and also from the site belonging to the Stock Exchange Organization and the sites www.rdis.ir and www.irbourse.com as well as the site of the Central Bank. . Excel software has been used to classify the data. Also, after classifying the research data, Eviews10 software has been used to process the information and test the research hypotheses. The statistical method used in this study was correlational and multivariate regression model was used to calculate the independent and dependent variables and also to test the hypotheses. The results of testing the research hypotheses indicate that there is a significant relationship between monetary policy, bank lending fluctuations, capital structure and banks' risk-taking. In the study of control variables, the determination of the ratio of assets to equity of banks has a significant relationship with fluctuations in bank lending.