نشریه چشم انداز مدیریت مالی
پیاپی 44 (زمستان 1402)

Asymmetric cost behavior refers to the different response of variable costs in case of an increase or decrease in the level of the company's operating activity due to managerial commitment decisions to preserve unused resources when the volume of activity decreases. The purpose of this research is to investigate the impact of corporate financing on asymmetric cost behavior, emphasizing the moderating role of corporate governance mechanisms. For this purpose, 119 companies of the Tehran Stock Exchange have been selected as the statistical sample of the research during the years 2011 to 2023. The results of the test of the research hypotheses indicate that financing has a significant and opposite effect on the asymmetric behavior of cost. Also, it can be inferred that in companies that do not have weak internal control, the relationship between financing and stickiness of the total cost of goods sold and administrative, general, and sales costs are reduced, so the company's internal quality control plays an effective role in managing asymmetric cost behavior. Also, the results showed that better governance mechanisms play an effective supervisory role in controlling managers' motivations.

In this research, the effect of day characteristics as one of the most important environmental factors influencing the decision-making process has been investigated. Daily observations of 2011 to 2020 and ARDL regression were used. After performing statistical pre-tests, including mean, collinearity, autocorrelation, and non-homogeneity of variance. The results showed that variables such as wind speed, gold with a lag, daylight savings, January effect, and the calendar effect of holidays have a positive and significant effect on stock market returns. However, the gold variable has a negative effect on it. Additionally, Variables like gold with a lag, humidity, and wind speed have a positive effect on the volume of transactions. On the other hand, variables such as weather with a lag, horizon level, exchanges rate, gold with a lag, daylight, and Saturday effect have a negative effect on the volume of transactions.  Furthermore, the variables of temperature, humidity with one lag, Daylight with one lag, gold, and the calendar effect of holidays have a positive effect on the number of transactions. Conversely, variables like wind speed, weather with one lag, daylight, currency growth rate, horizon level, and the effect of Saturday have a negative effect on the number of transactions.

Investor's sentiment is one of the most important issues in behavioral finance that plays an important role in financial markets. This paper has been investigated the dynamic causality between investor sentiment in the stock market and OTC sukuk returns in the period of 2013-2023 with monthly frequency using bootstrap rolling-window causality approach. Sukuk return is measured based on sukuk index, non govermental bonds sukuk index and govermental bonds sukuk index. The findings show that there was a causality from investor sentiment to the sukuk market (based on all three criteria) and vice versa. Investor sentiment has had a positive effect on the sukuk index in most of the period. On the other hand, the sukuk index has generally had a positive effect on investor sentiment. The effect of investor sentiment on the index of non-government bonds was negative until the end of 2015, and after that, the effect was positive and its absolute value decreased. The effect sign in the opposite case was also similar. Investor sentiment had a negative effect on the government bond index until the middle of 2018, and after that it had a positive effect. The government bond index has generally had a negative impact on investor sentiment. The findings confirm the effect of both capital flow and contagion hypotheses, with opposite predictions in explaining the relationship between the variables. In addition, the difference in the sign of the effect of the variables on each other during the research period, emphasizes the use of dynamic approaches.

One of the factors affecting the efficiency of the pharmaceutical and food industry index in developing countries such as Iran, which has a high degree of uncertainty in macroeconomic variables, is the exchange rate (dollar). The pharmaceutical and food industry is considered one of the strategic industries in the country in terms of its direct relationship with people's health, therefore managers and policymakers have always paid attention to it. Various factors affect the food and pharmaceutical industries, one of the most important of which is exchange rate fluctuations. The main purpose of this study is to investigate the contagion of fluctuations between the return of the dollar and the return of the pharmaceutical and food industry index due to the importance of these two industries in the country's economy. In this study, first, ARMA (1,1) model was used to extract the residuals.Then, GJR-GARCH model was used to check the Leverage effects, and finally, The DECO-GARCH model was used to check the contagion of volatilities between the dollar return, pharmaceutical and food industry indices. Also, the data used in this research was extracted daily from the Bourseview.com website for the period of March 25, 2020, to November 4, 2023. The result of GJR coefficient, which is positive and significant for all return series leverage effects exist. AlsoThe results of DECO-GARCH model estimation indicate the existence of a spillover effect between the dollar return and the pharmaceutical and food industry indices.

In this research, the manipulation of operational cash flows in companies listed on the Tehran Stock Exchange companies and its motivational aspects in the form of capital market incentives (beat benchmarks (achieving predetermined goals) and financial distress) were investigated during the period of 2011-2020 in the form of seasonal and annual data. In order to do this research, 150 listed companies were investigated during the mentioned period. In order to test the hypotheses, Pooled/Panel regression analysis in the form of seasonal data, and the chi-square test in the form of annual data were used in EViews 9 software. In this research, the independent variables are the dummy variables that determine the fourth quarter and the first quarter of the financial year in the form of quarterly data to test the first hypothesis, and the variables of the levels and changes of operational cash flows and financial distress in the form of annual data to test the second hypothesis. In the current research, dependent variables include changes in working capital based on changes in the cash collection cycle and changes in net non-cash working capital as criteria for measuring the manipulation and management of operational cash flows in the form of quarterly data to test the first hypothesis. Also, in this research, the control variables of sales changes, net earnings and its changes were used in the form of seasonal data to test the first hypothesis. The findings of the research indicate the confirmation of the manipulation of operational cash flows by the investigated companies. Other results indicate that beat benchmarks (the achievement of predetermined goals) and financial distress have been effective in manipulating operational cash flows.

This research investigates the effect of the COVID-19 pandemic on capital structure adjustment speed and compares its intensity in industries with low and high impact of the COVID-19. To test the research hypotheses, this paper has used the data for firms listed in the Tehran Stock Exchange during 2002-2022 in an unbalanced panel format (3’342 observations) and has applied the partial adjustment approach with a system generalized method of moments estimator. The research results show that the COVID-19 pandemic has increased the speed of adjustment at firms’ level. Furthermore, the research findings show that the speed of adjustment has increased more in industries that have been more affected by COVID-19, and COVID-19 exacerbated their financial deficits more than the others. In most countries (including Iran), COVID-19 has weakened the macroeconomic conditions, increased the business environment’s uncertainty, and increased the costs of adjustment. Therefore, it is expected that this issue has slowed down the speed of adjustment; however, empirical evidence contradicts this prediction. This research contributes to the emerging literature that explores the impact of COVID-19 on various aspects of business units.