Journal of Capital Market Analysis: 11 (1)

Open Access Article

1 - Pattern Presentation Evaluating Performance of Firms in Financial Distress and Non-Distress situations with Emphasis on Relationship of Gross Profit Marginو Return on Assetو Inventory Turnover and Cash Flows
shirin tahmaseb hamidreza vakilifard Mohamad Hosein Ranjbar Ghodrat Allah Talebnia

Investment is the most important economic decisions. its importance for economic and social development is it has turned it into one of the powerful lever to reach development . one of the most effective factors for investment growth the existence of symmetric informat More

Investment is the most important economic decisions. its importance for economic and social development is it has turned it into one of the powerful lever to reach development . one of the most effective factors for investment growth the existence of symmetric information on capital markets . because obtaining correct investment decisions requires sufficient and clear information . cash flow management leads to great success in the company and failure to manage them . the lack of its management causes bankruptcy of the companies . This study aims pattern presentation evaluating firm performance based on cash flowin distressed and non-distressed financial situations.The population consisted of firms listed in Tehran Stock Exchange, out of which 197 were selected within the 2012–2021 timeframe as samples for statistical analysis using multiple linear regression .Findings reveal that according to the significance of models in distressed and non - distressed companies extracting two patterns from them can be concluded to examine relationship between independent variables (cash flows: operational, free, equity, and capital) and control variables (firm size, financial leverage, and Tobin’s Q) with dependent variables (to evaluate the performance of companies, it is well to explain in the sample companies of tehran stock exchange . To identify distressed and non-distressed firms Kordestani and Tatli’s model was used; several models are derived from this model that are widely used in Iran and include the best explanatory variables in discriminant and logit analyses with an overall accuracy of 93%. Manuscript profile

Open Access Article

2 - The Relationship between the Financial Statements Comparability and Company Growth Opportunities Regarding the Mediating Role of Financial Constraints and Financial Reporting Quality
Younes Badavar Nahandi Mohammadreza Abbasi Astamal Zeinab Omarpour Mesrkanlo

This research is practical in terms of purpose, and from the point of view of correlation methodology, it is causal type (post-event). The statistical population of the research is the companies admitted to the Tehran Stock Exchange, and using the systematic elimination More

This research is practical in terms of purpose, and from the point of view of correlation methodology, it is causal type (post-event). The statistical population of the research is the companies admitted to the Tehran Stock Exchange, and using the systematic elimination sampling method, 129 companies were selected as the research sample in the 6-year period between 2017 and 2022. The results of the research show that there is a positive relationship between the comparability of financial statements and the company's growth opportunities. Financial constraints play a mediating role in the positive relationship between comparability of financial statements and company growth opportunities. In other words, the comparability of financial statements increases the growth opportunities of the company by helping to reduce financial constraints. The quality of financial reporting plays a mediating role in the positive relationship between the comparability of financial statements and the company's growth opportunities. In other words, the comparability of financial statements increases the company's growth opportunities by helping to increase the quality of financial reporting.company's growth opportunities. In other words, the comparability of financial statements increases the company's growth opportunities by helping to reduce financial constraints. The quality of financial reporting plays a mediating role in the positive relationship between the comparability of financial statements and the company's growth opportunities. In other words, the comparability of financial statements increases the company's growth opportunities by helping to increase the quality of financial reporting. Manuscript profile

Open Access Article

3 - Designing the model of internal audit through new technologies in Islamic Azad University
Seyyed Abdulhamid, Cheraghi Allah Karam Salehi Alireza, , Jorjorzadeh Saeed, , Nasiri

The objective of this study, is to design the internal audit model through modern technologies in Islamic Azad Universities based on the Grounded theory. For this purpose, in 2022, using the snowball sampling method with 17 specialized faculty boards, managers, and audi More

The objective of this study, is to design the internal audit model through modern technologies in Islamic Azad Universities based on the Grounded theory. For this purpose, in 2022, using the snowball sampling method with 17 specialized faculty boards, managers, and auditors of Azad University and other experience in the auditing field, in-depth interviews were conducted up to the saturation stage. Research data were analyzed using the coding method and the main categories and concepts were extracted. A conceptual model was presented by which the influential components in internal audit were identified through new technologies. The results suggested that the most important causal conditions that can be effective in this model are internal control system traditional assessment, web-based accounting, post-expenditure monitoring, integration and coordination, financial discipline, and resource management. Also, to conduct internal audit through new technologies, strategies such as enhancing the quality level of internal audit, agility of the internal control system, alteration and improving processes, and accountability to stakeholders should be adopted. Finally, the research model indicates that internal audit through new technologies in Azad University can have consequences such as continuous auditing, increasing audit quality, eliminating the paper system, pre-expenditure monitoring, increasing financial transparency, reducing audit costs, fast and reliable reporting, protection of people's rights and tuition fees Manuscript profile

Open Access Article

4 - Identifying and Analyzing the Effective Key Propulsion on the Risk-taking Capacity of Investors with Futures Studies Approach
seyed najibollah shanaei Ali Zabihi Mohammadreza shoorvarzi

To start a successful investment, the best approach is for investors,in addition to financial literacy and investment knowledge, to have sufficient information about their psychological and personality characteristics as an investor in the capital market.These dimension More

To start a successful investment, the best approach is for investors,in addition to financial literacy and investment knowledge, to have sufficient information about their psychological and personality characteristics as an investor in the capital market.These dimensions together,explain the risk-taking capacity of investors. The current research, with a futures studies approach.identifies the most important factors affecting the risk-taking capacity of investors and examines the extent and manner of their influence on each other.This research is applied in terms of purpose, and in terms of method, it is a combination of documentary and survey methods, and in terms of nature, it is based on the new methods of futures studies, analysis and exploration, which was carried out by using a combination of quantitative and qualitative models. In order to collect data in the qualitative part, semi-structured interviews were used. The interviewees were experts in the field of capital market and were selected purposefully. In the second stage, quantitative data was collected and analyzed by examining the sources and background of the research and categorized into 29 categories. The analysis of the MICMAC results shows that among the 29 extracted factors,four categories of Micro and Macro economics conditions, Investor's experience, Personal futures studies, and the investor's knowledge condition were determined as the factors with the most direct and indirect effects,respectively.Also,seven categories of Micro and Macro economics conditions,demographic factors, investor's knowledge conditions, investor's experience, investor's cultural conditions,Social individual factors and political conditions were introduced as key drivers in determining the risk-taking capacity of investors. Manuscript profile

Open Access Article

5 - The Effect of Governance Mechanisms on Tax Aggressiveness
Zahra Mardani Afsaneh Soroushyar

Tax aggressiveness is often expressed as the reduction of taxable income through tax planning activities and measures, which can be done legally or illegally. The issue of aggressive tax policies is more relevant in relation to companies whose ownership is separated fro More

Tax aggressiveness is often expressed as the reduction of taxable income through tax planning activities and measures, which can be done legally or illegally. The issue of aggressive tax policies is more relevant in relation to companies whose ownership is separated from management. Therefore, one of the problems faced by the shareholders and the board of directors is to find managerial methods and incentives to minimize agency expenses. One of these methods is corporate governance mechanisms. Therefore, the purpose of this research is to investigate the impact of corporate governance mechanisms on tax aggressiveness. In order to achieve this goal, four hypotheses were formulated. To test the hypotheses using the systematic elimination method; A sample consisting of 167 companies was selected from among the companies listed in the Tehran Stock Exchange during the years 2014 to 2021, and a regression model based on composite data was used. The results of the research show that the board independence reduce the tax aggressiveness. But the board size does not have a significant effect on tax aggressiveness. Also, the audit committee independence and expertise reduce the tax aggressiveness. Manuscript profile

Open Access Article

6 - A Comparative Study of Dynamic Portfolio Optimization Using Grey Relational Analysis Methods and Basic Methods (Average, Moving Average and Moving Average) in Tehran Stock Exchange
Reza Adak Mehdi Meshki Miavaghi Mohammad Hassan Qolizadeh

Objective: The Ranking Of Financial Assets For Investment Decision Making Is One Of The Most Important Stages For Portfolio Formation.Different And Different Methods Are Used To Perform Ranking. In This Research, A New Integrated Method Is Used For Ranking Which Investo More

Objective: The Ranking Of Financial Assets For Investment Decision Making Is One Of The Most Important Stages For Portfolio Formation.Different And Different Methods Are Used To Perform Ranking. In This Research, A New Integrated Method Is Used For Ranking Which Investors Using It Can Determine Their Specific Goals By Considering The Return, Risk And Profit. This Research Is Based On Two Main Goals: First, Ranking Portfolios Based On The Grey Relational Analysis And The Second Method Is Compared To Classic Methods, Which Are Named Fundamental Methods In This Research. Methodology: To Implement The Research Topic, 11 Weight And Investment Strategies Were Defined For The Method Of Grey Relational Analysis And 3 Strategies For Basic Methods.The Study Population Includes Companies Listed In Tehran Stock Exchange And The Sample Consisted Of Five Top Industries At The Beginning Of The Study Including Investment, Chemical, Iron And Steel Industries, Banks And Oil Products And Products.In These Five Industries With The Conditions That Were Considered In The Study, 160 Companies Were Selected As The Sample And To Examine The Hypotheses, Mann - Whitney U Test Was Used To Compare The Results Of Grey Analysis Method With The Basic Method Of Data Envelopment Analysis. Results: In General, The Results Of The Study Show That The Grey Relational Algorithm Is A More Efficient Method Than The Baseline Method When The Goal Of Investing In The Best Part Is The Grey Relational Algorithm (2020), As Well As Hamza cebiza Abi And Pekkaya (2011) Manuscript profile

Open Access Article

7 - Developing an Optimized Portfolio Model using Modified Risk Aversion Coefficient
Roohollah Mehralizadeh shiadehi hosein didehkhani Ali Khozain arash naderian

In this paper, we propose a modification to the use of the risk aversion coefficient in optimization models, based on research literature and mathematical methods. The modified risk aversion coefficient introduced in this paper can be applied in the maximization part of More

In this paper, we propose a modification to the use of the risk aversion coefficient in optimization models, based on research literature and mathematical methods. The modified risk aversion coefficient introduced in this paper can be applied in the maximization part of the model without any adverse effects. By doing so, it can improve the accuracy of meta-heuristic algorithms in finding optimal solutions. To test the efficacy of our proposed model, we applied it to 30 shares of the Tehran Stock Exchange, along with a zero-risk asset, taking into account some limitations in the market. We used a genetic meta-heuristic optimization method to solve the model, and to measure its efficiency, we compared the results of the optimization process with 2500 randomly generated portfolios that were within the problem's constraints. Our results show that our model outperforms the random portfolios in terms of both risk factors and return. In conclusion, our proposed modification to the risk aversion coefficient can improve the accuracy of optimization models, and our results demonstrate its effectiveness in generating optimal portfolios in the market. Manuscript profile

Open Access Article

8 - Investigating the impact of investment behavior in Iran's capital market during the Covid-19 pandemic
Mohammad baghr Khalgi Saeed Hosseipour

The purpose of this study is to determine the impact of investment behavior on financial markets during the covid-19 in companies listed on the Tehran Stock Exchange. The current research is descriptive, quantitative and applied, and the data was collected using a quest More

The purpose of this study is to determine the impact of investment behavior on financial markets during the covid-19 in companies listed on the Tehran Stock Exchange. The current research is descriptive, quantitative and applied, and the data was collected using a questionnaire from 120 investors in the Tehran stock market. The findings showed that the perception of risk, satisfaction and profitability rate have an effect on financial risk and general risk in relation to tolerance in the stock market. Also, the uncertainty of covid-19 moderates the relationship between risk perception and financial risk and the perception of risk and public risk relative to tolerance in the stock market, and similarly, the uncertainty of covid-19 moderates the relationship between satisfaction and financial risk and satisfaction and risk. The public adjusts the tolerance in the stock market. As financial institutions and the government take actions that indicate a reduction in financial risk, such as a reduction in investors and wealth. However, the world economy is mostly affected by Covid-19, while the financial markets are also affected. Manuscript profile

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