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List of Articles
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Open Access Article
1 - The Effects of Financial Integration on Total Factor Productivity In the Iranian Economy; Evidence for Vector Autoregressive Distributed Lag
masoud taherinia Ali Hassanvand Morteza HabibizadehAbstractFinancial integration through increasing the level of investment in countries can have many positive effects on macroeconomic variables such as employment, economic growth, increasing the volume of international trade and ultimately the productivity of countries MoreAbstractFinancial integration through increasing the level of investment in countries can have many positive effects on macroeconomic variables such as employment, economic growth, increasing the volume of international trade and ultimately the productivity of countries. This study examines whether fiscal integration in Iran can affect overall productivity growth and whether integration policies and subsequent fiscal integration can be among the policies that are needed. Should these countries adopt for their economic integration process? This study investigates the role and effects of financial integration on the productivity of total factors of production through the vector Autoregressive Distributed Lag during the period 1379-1398 for the Iranian economy. The results of estimating the model in the short and long term indicate a positive and significant relationship between financial integration and productivity during the selected time period. Also, variables such as trade openness and domestic investment have a positive relationship with productivity, but the inflation rate has had a negative impact on overall productivity. Manuscript profile -
Open Access Article
2 - Experimental Financial Behavioral Test: Evaluating the Performance Comparison of Common Stock Cost Models Affected by Fundamental Characteristics of Companies
Abbas Khodaprast Salek Moalem Farzin Rezaei Sina khradyar Mohammad Reza Vatan ParastAbstractIn the new centuries, the science of psychology has been active in the field of economics and finance. Since the early 1920s, human relations have become one of the most important pillars of a person's work. The Society or company has received special attention. MoreAbstractIn the new centuries, the science of psychology has been active in the field of economics and finance. Since the early 1920s, human relations have become one of the most important pillars of a person's work. The Society or company has received special attention.cost of equity capital is one of the most important and key tools in many financial and managerial decision making which is influenced by many factors. Implementation of valuation models involves calculating the cost of a company's ordinary shares. Because personality types explain managers' behavior. Attributes in managers have a significant relationship with their strengths and weaknesses.Therefore, the purpose of the present study is to A Comparative Evaluation of the Efficiency cost of equity capital Influenced by the personality types of managers. To achieve the purpose of the study, data of 87 sample companies were collected in 1397 and analyzed by descriptive analysis using data envelopment analysis and paired t-test. Gordon and Olson Junter growth models were used to compare performance.Considering the results of the tests and comparing the explanatory power and accuracy of each model, it can be said that the two models of Olson Junter and Gordon have good reliability and reliability at different levels of confidence and there is a significant difference between the two There are models. Based on the results, with increasing level of personality types considered in the research as a moderating variable, there is a strong relationship between the performance of ordinary stock cost models (Gordon and Olson Junter) Manuscript profile -
Open Access Article
3 - Modeling the impacts of OPEC oil price fluctuations on the Iranian investors sentiments- nonlinear and time-varying parameter
S. Kazem Chavoshi Arefeh Sharifi Abstract In classical finance, investors sentiment play no role in expected returns and stock prices, but behavioral finance believes that investors decisions are influenced by their sentiment.In oil-producing countries, including Iran, the news of OPEC oil pri More Abstract In classical finance, investors sentiment play no role in expected returns and stock prices, but behavioral finance believes that investors decisions are influenced by their sentiment.In oil-producing countries, including Iran, the news of OPEC oil price fluctuations affects investors sentiments . we used the monthly data for the period of research 2008 to 2021.The research method of this article is an application uses the nonlinear and time varying parameter models.The results show that OPEC oil price fluctuations on investors' investment follow nonlinear process .Change in a standard deviation in OPEC oil price fluctuations over time has a U-shaped effect on investor sentiment (moving on a horizontal axis).Changes in standard deviation in OPEC oil price fluctuations in each period (moving on the transverse axis), at the beginning of the second period have a strong negative effect and in the middle and end of period have a small negative effect on investors sentiments. Manuscript profile -
Open Access Article
4 - Development of blockchain technology acceptance model in the context of management accounting concepts
S. Sama Aleyasin Zahra PoorzamaniAbstract Business development based on synchronization with the world's technology is inevitable. In this direction and in this research, the adoption of the developed model of blockchain technology based on some concepts of management accounting, including cost manage MoreAbstract Business development based on synchronization with the world's technology is inevitable. In this direction and in this research, the adoption of the developed model of blockchain technology based on some concepts of management accounting, including cost management, innovation, self-efficacy of managers, strategic position and social impact has been discussed. The research method is a correlational survey among 246 accountants of Tehran Stock Exchange companies and accounting professors, which has been addressed by using structural equation modeling with the partial least squares (PLS) method. The research findings have shown that the application The reality of blockchain is affected by the willingness to use blockchain, which is also affected by the variables of understanding the ease and usefulness of blockchain use, both of which are affected by cost management, and also the understanding of ease is affected by the innovation and self-efficacy of managers and understanding Utility is influenced by social influence. In addition to enriching the theoretical research literature, the research results can be used for the development of businesses in order to determine strategies aligned with the new blockchain technology that will be used in various financial and operational dimensions and internal and external reporting Manuscript profile -
Open Access Article
5 - Consequences of the policymaker's reaction to speculative attacks in the foreign exchange market: The role of the quality of political institutions
Shahram Jafarzadeh Gollo Hossein Abbasinejhad Teymour rahmani Sajjad BarkhordariAbstract Monetary policymakers can choose between intervention or non-intervention to defend the national currency against speculative attacks in the foreign exchange market. Given the incomplete information of the central bank about the severity of the attack, it is n MoreAbstract Monetary policymakers can choose between intervention or non-intervention to defend the national currency against speculative attacks in the foreign exchange market. Given the incomplete information of the central bank about the severity of the attack, it is necessary to be aware of the relative consequences of each of the reactions in the unit of economic indicators as a result of each of its possible responses. This study examines these consequences in the unit of changes in GDP and inflation for developing and emerging countries and in the period 1960 to 2018 examines the role of the quality of political institutions between selected countries. The results obtained from the instantaneous reaction functions for GDP and inflation as a result of three possible types of central bank responses including intervention with success, intervention with failure and non-intervention in the foreign exchange market show that in the absence of quality indicators of political institutions Low cost will not face a clear and unequivocal answer. In terms of the quality of political institutions, intervention in the foreign exchange market is preferred in the group of countries with high quality political institutions due to the increasing reputation and credibility of the policies announced by the Independent Central Bank. Findings show that in the group of countries with moderate quality of political institutions, non-intervention of policymakers in the foreign exchange market is associated with increased GDP growth and low inflation and is preferable to intervention in the foreign exchange market. In the group of countries with low quality political institutions, intervention in the foreign exchange market is less risky than non-intervention, and the low-cost response is to defend the national currency. Manuscript profile -
Open Access Article
6 - Developing a conceptual framework for the use of digital marketing in the capital market based on theories of planned behavior and technology acceptance Case study: stock brokerage companies in Tehran
Mostafa Hosseinzadeh Shadan Vahabzadeh Munshi Hamed Abbasi Nami Hormoz Mehrani Abolfazl ShahrabadiAbstractThis research aims to provide a conceptual framework to explain the implementation of digital marketing in the capital market for stock brokerage companies in Tehran and the factors affecting its formation. In this regard, a survey field study was conducted by d MoreAbstractThis research aims to provide a conceptual framework to explain the implementation of digital marketing in the capital market for stock brokerage companies in Tehran and the factors affecting its formation. In this regard, a survey field study was conducted by distributing questionnaires to a sample of 369 CEOs and vice presidents of brokerage companies. The questionnaire used included 9 dimensions and 38 items, which were distributed among the members of the statistical sample after ensuring reliability and validity.Partial least squares technique and SmartPLS software were used for data analysis. Based on the obtained results, perceived usefulness and perceived ease have a significant effect on the attitude towards digital marketing; Also, attitude, perceived risk, predictable regret, mental norms and behavioral control have a significant effect on the behavioral inclination towards digital marketing, and the latter has a positive and significant effect on the acceptance of digital marketing in the capital market The results of fitting showed that the model proposed in this research has good validity and fit. Manuscript profile -
Open Access Article
7 - Predicting Emotional Tendency of Investors Using financial ratios based on principal component analysis method
Reza Taghavi iman dadashi Mohammad Javad Zare Bahnamiri Hamid Reza Gholamnia RoshanAbstractOne of the proven topics in psychology is the influence of people's emotion's on the decision-making process and their judgment about future events. In such a way that when people have positive emotions, they make optimistic choices and when they have negative e MoreAbstractOne of the proven topics in psychology is the influence of people's emotion's on the decision-making process and their judgment about future events. In such a way that when people have positive emotions, they make optimistic choices and when they have negative emotions, they make pessimistic choices. Therefore, the emotional tendencies of investors indicate the margin of optimism and pessimism of shareholders towards a share. The purpose of this study is to use financial ratios to predict the emotional tendencies of investor's. To answer the research questions, data related to 97 financial ratios belonging to companies listed on the Tehran Stock Exchange during the period 2006 and 2018 have been used. In order to derive effective financial ratios, the neighborhood component analysis algorithm method was used, which ultimately led to the selection of 7 ratios. To measure the emotional tendencies of investor's, four indicators of relative strength, psychological line, trading volume and stock turnover adjustment rate have been applied. Finally, we have combined these indicators with the help of PCA method. The results showed that the ratios of percentage changes in sales changes, net profit to assets and the ratio of inventory changes to sales changes have a positive and significant effect on investor's feelings. Manuscript profile -
Open Access Article
8 - A framework for identifying the drivers affecting the future of the banking industry with emphasis on the role of financial technology
Behzad Moumivand Reza Gholami Jamkarani Mohammad Hasan Maleki Hossein JahangirniaAbstract In the present era, the development of digital currencies, open banking and digital banking has remarkably transformed the banking services market. Financial technology is one of the areas that will fundamentally change banking and its services.Fintechs with n MoreAbstract In the present era, the development of digital currencies, open banking and digital banking has remarkably transformed the banking services market. Financial technology is one of the areas that will fundamentally change banking and its services.Fintechs with new financial innovations create new business models, applications, processes and new products that have a significant impact on financial markets and the financial services industry. The present study seeks to identify the effective drivers on banking by emphasizing the role of financial technology. The present study is applied in terms of orientation and is a mixed research in terms of methodology. In this study, two methods of qualitative (meta-synthesis) and quantitative (best-worst fuzzy) were used to analyze the data. Therefore, the research has pragmatic philosophical foundations. The key driversis one of the factors that shape and influence the future of a given subject. In the first step, effective drivers were extracted using systematic literature review. The 17 research drivers were then prioritized using the fuzzy BWM technique and obtaining expert opinions. The statistical population of the present study is the managers and experts of the banking sector, fintechs and fintech startups in the country, 15 of whom were selected using judgmental sampling method. Finally, the drivers of integration and homogeneity of laws and standards for the development of financial technology activities, the growth of banking startups, changing the demands of new generations in banking services and the performance of technology parks and incubators in accelerating the entry of innovation into the business environmenthad the highest priority.Then the practical suggestions of the research based on the most important drivers were presented. Manuscript profile -
Open Access Article
9 - Analyzing the Household Mental Budgeting Behavior Based on the Theory of Planned Behavior
Mohammad NazaripourAbstractMental budgeting is one of the topics in the field of behavioral economics and emphasizes the psychological aspects of financial accounting. Mental budgeting can play an important role in personal financial management. The purpose of this study is to investigate MoreAbstractMental budgeting is one of the topics in the field of behavioral economics and emphasizes the psychological aspects of financial accounting. Mental budgeting can play an important role in personal financial management. The purpose of this study is to investigate the household mental budgeting behavior based on the theory of planned behavior. This research is descriptive-survey based on the method of doing and in terms of target, is functional. The population of this study was households of Kurdistan province who were selected by convenience sampling. The research instrument used was a questionnaire. The content validity of the questionnaire was confirmed by a panel of experts. In order to evaluate the construct validity (including convergent and discriminant validity) and the reliability of the research instrument (composite reliability and average variance extracted) and to estimate the research measurement model from exploratory and confirmatory factor analysis through SPSS software version 26 and AMOS version 24 has been used. Structural equation modeling has been used to test the hypotheses. Exploratory factor analysis led to the discovery of five factors (attitude, subjective norms, perceived behavioral control, mental budgeting intention, and mental budgeting behavior) of the 21 components studied. Together, these five factors were able to explain 63% of the total variance. Confirmatory factor analysis confirmed the number of factors and factor loadings of variables. All five research hypotheses were confirmed. The degree to which mental budgeting intention are influenced by other variables in order of importance were: attitude, perceived behavioral control and subjective norms. In addition, demographic variables such as gender, age, education, marriage, employment, income and work experience are also considered as moderating variables in the results analysis. For example, the status of variables such as attitudes, subjective norms, and mental budgeting behavior varied among different ages. The result of this study showed that mental budgeting can lead to the development and strengthening of household financial behavior. Manuscript profile -
Open Access Article
10 - Designing and Testing the City Branding Model (Case Study: Guilan Province)
shahram shahabi Narges Delafrooz Ali Gholipour Soleymani Mohammad TaleghaniAbstractUrban branding is a strategy that gives the city an unforgettable identity and is a tool that can deliver the city's core value quickly. The present study designs and tests the urban brand creation model (Case study: Preser and Bandar Anzali cities of Guilan pro MoreAbstractUrban branding is a strategy that gives the city an unforgettable identity and is a tool that can deliver the city's core value quickly. The present study designs and tests the urban brand creation model (Case study: Preser and Bandar Anzali cities of Guilan province). The findings and results of the qualitative and quantitative data analysis are presented in two parts. The first part deals with the qualitative findings and the second part deals with the quantitative results. The statistical population of the qualitative part of the research includes urban managers, cultural and tourism heritage managers, environmental managers, tourism activists, academic elites in the field of urban brand creation and 15 samples were completed. Statistical population includes urban, tourism and cultural heritage managers as well as people or people visiting the prestigious cities of Bandar Anzali using Morgan table and sample size of 384 people. The qualitative findings of the study include causal factors, main phenomena or categories, confounding factors, strategy, contextual factors, and outcomes. The quantitative findings of the final research model showed that all factor loads were statistically significant, welfare services ranked first and tourism attractions ranked last. Manuscript profile -
Open Access Article
11 - Provide a framework for financial reporting of banks in Iran with an Islamic banking approach
Morteza Darvishi Reza Nazari Bahman Banimahd Mehdi MoradzadehfardAbstractObjective: The purpose of this study is to provide a framework for financial reporting of banks ‎in Iran according to the characteristics of the banking system.‎Methods: in this research, the qualitative research method and the approach based on ‎Gro MoreAbstractObjective: The purpose of this study is to provide a framework for financial reporting of banks ‎in Iran according to the characteristics of the banking system.‎Methods: in this research, the qualitative research method and the approach based on ‎Grounded theory have been used. First, by obtaining the opinions of accounting and auditing ‎experts, related managers in the Auditing Organization, the factors affecting the quality of ‎reporting in the Iranian banking system are examined. Finally, a model including causal ‎conditions, intervening factors and context, as well as strategies related to quality, reporting ‎and its consequences are presented.‎Results: According to the results of the research, reforming the operating structure of the ‎banking system, reforming the supervisory structure of the central bank, training staff, creating ‎new Islamic tools, applying sharia supervision, amending the law on interest-free banking, ‎creating monetary policy tools in accordance with Sharia and implementing jurisprudential ‎criteria as the most important Background variables and habit, different theories of jurists, ‎speculation, formalities of activities, legal weaknesses, weakness in religious supervision, costly ‎ness, the category of usury, the separation of the realm of religious issues with scientific issues ‎and the conflict between theories of Islamic economics and conventional economic theories. ‎Were identified as the most important inhibitory variables.‎Conclusion: the implementation of financial reporting of banks in Iran with the approach of ‎Islamic banking, leads to justice, proper distribution of wealth, performance improvement, job ‎security, compliance with Sharia, proper structure of the banking system, sustainable economic ‎development and finally Islamic ethics.‎ Manuscript profile -
Open Access Article
12 - Examining the Interdependence Structure of Iran's Stock Market and MENA Countries
Seyed Mohammad Reza Khatami Gholam Reza Zomorodian Mir Feiz Fallah Shams Layalestani Mehrzad MinoueiAbstractIran's stock market should be related to the stock market of other countries, especially the countries of the region; This connection and dependence accelerates the accumulation and formation of capital and provides many opportunities to investors. With this app MoreAbstractIran's stock market should be related to the stock market of other countries, especially the countries of the region; This connection and dependence accelerates the accumulation and formation of capital and provides many opportunities to investors. With this approach, the present study has investigated the dependence structure of the stock market of Iran and MENA countries. In order to achieve this goal, first, information about the total stock market index of MENA countries from September 2015 to June 2022 was collected and then the fluctuations of the total stock market index of the countriescalculated using wavelet analysis. In the continuation, the Vector Autoregresive (VAR) model estimation and Granger causality test regarding the relationship between the stock market fluctuations of Iran and the countries of the region was carried out. Finally, the quantile regression was estimated and the upper and lower limits of the correlation between Iran's stock market and MENA countries were determined. The results of the wavelet analysis showed that, the range of fluctuations of the total stock market index in MENA countries has increased, over time. Based on the results of the VAR model and the Granger causality test, Iran's stock market is unilaterally affected by the stock market fluctuations of Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates and Lebanony؛ if fluctuations occur in the stock market of these countries, This work will be transferred to the Iranian stock market immediately. In addition, there was no sign of the impact of the stock market flactuations of Jordan and Bahrain as well as North African countries including Egypt, Tunisia and Morocco on Iranian stock market. The results of quantile regression also showed that the affectability of Iran's stock market from fluctuations is different for different countries and quantiles. In this regard, in the months when the volatility in the stock market of the mentioned countries was less, the effect of the fluctuations on the Iranian stock market was less, and on the other hand, in the months when significant fluctuations occurred in the stock market, the amount of volatility transferred to the Iranian stock market was also higher. Manuscript profile -
Open Access Article
13 - Flaws in bank demand guarantees with emphasis on the uniform regulations of the International Chamber of Commerce
Musa Talebi Haider Hassanzadeh Sattar Zarklam Jalil MalikiAbstractThe autonomous principle with a special advantage granted to commercial documents, especially on-demand guarantees; It provides the means for immediate payment, in principle, regardless of the imperfections of the underlying contract, to obtain some kind of assu MoreAbstractThe autonomous principle with a special advantage granted to commercial documents, especially on-demand guarantees; It provides the means for immediate payment, in principle, regardless of the imperfections of the underlying contract, to obtain some kind of assurance in transactions. Exceptions to the autonomous principle include cases that relate in some way to the ineligibility of the beneficiary concerning the underlying contract, followed by the rule of law, a well-known example of which is a fraudulent demand. Some of the country's laws, and in particular the new draft of the Commercial Code, have recognized the use of guarantees, but the judicial procedure needs to be further developed to clarify the dimensions of the objections that can be cited in this regard. Defects that can be cited in The Uniform Rules of On-Demand Guarantees 758 is the main issue that seems to be able to be cited in the non-payment of the guarantee, according to other laws in this field, namely blatant abuse or fraud and article 19 implicitly refers to formal and substantive defects and these problems have been solved in a way, which has caused the functioning of the principle of independence in the international arena to face disorders, as a result of which the use of These rules has been followed for international trade. However, by analyzing these materials and complying with the domestic law of the country, the defects related to the autonomous principle and its exceptions can be eliminated by protecting the interests of the parties. Manuscript profile -
Open Access Article
14 - Investigating the effects of investment banks index on Iran Stock Exchange price index
Abbas Papizadeh Palangan Nemat Falihi Shahriar NesabianAbstractAn investor bank is a financial organization that acts as an intermediary between the securities issuing company and the purchasing community. And since most companies are financed through the issuance of securities and this method has a significant contribution MoreAbstractAn investor bank is a financial organization that acts as an intermediary between the securities issuing company and the purchasing community. And since most companies are financed through the issuance of securities and this method has a significant contribution to the development of the country's financing system, the role of investment banks in the securities issuance process is very important. The main purpose of this article; Identifying the indicators of investment banks in the public and private sectors is based on the stock price index. The scope of the research is between 1390 and 1400, to collect statistical information from primary market, secondary market and financing data (Omid Capital, Amin Capital, Maskan Bank Capital, Mellat Bank Capital, Tamadon Capital, Sepehr Capital, Kardan Capital Financing, Lotus Parsian Capital Financing, Novin Capital Financing) have been used as effective indicators of investment banks and the short-term investment rate of investment banks and the stock price index. The method of analysis of this research is self-regression econometric model (panel). Using Fisher's exact test and Johansen co-integration test, static and long-run relationships of variables were examined. There is a level of 0.95 between the variables; Then, using shock analysis and analysis of variance, it was shown that among the effective indicators of investment banks (initial public offering) in public and private banks, the most impact is on the stock price index. Manuscript profile -
Open Access Article
15 - Provide a brand affiliation model based on brand experience with customers of shopping malls and malls
Hamed Asl Roosta Abdollah Naami Abdolhamid Hajipoor Ahmad SardariAbstractToday, the concept of "brand dependence" in the marketing literature has been introduced to predict the desired changes in after-consumption behaviors of customers that strongly affect the behavior and intention to repurchase the brand. Brand experience, on the MoreAbstractToday, the concept of "brand dependence" in the marketing literature has been introduced to predict the desired changes in after-consumption behaviors of customers that strongly affect the behavior and intention to repurchase the brand. Brand experience, on the other hand, is a type of empirical marketing that involves a set of conditions that a company creates in order to influence customer sentiment toward a particular product or company name. Brand experience is the basis for predicting consumer behavior that has a positive effect on consumer satisfaction and consumer loyalty. Given that shopping malls and malls today have grown almost in large cities, this issue has become very important to create a pleasant brand experience and brand dependence in these malls. The present study seeks a conceptual model to explain the concept of customer experience management of brand dependence with a fundamental approach and the researcher has used a mixed approach. In this way, in the qualitative part of the data theory strategy and including open, axial, selective coding in order to achieve the research model model and in a quantitative part of the descriptive survey method and to test their proposed model of PLS software Has used that the research results are presented in the form of an approved and fitted model, including 6 main dimensions and 32 sub dimensations. Manuscript profile
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