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      • Open Access Article

        1 - Proper Indicators of Capital Market Analysis, Based on the Financial Market Sociology Approach
        laleh shabanibarzegar Fraydoon Rahnamay Roodposhti Meysam Mousaei
        A capital market is a sample of human society in which there are networks of traders. Because of traders, a sociological approach to capital market indicates that traders and capital market influence each other. Therefore, in our research we hope to discover a suitable More
        A capital market is a sample of human society in which there are networks of traders. Because of traders, a sociological approach to capital market indicates that traders and capital market influence each other. Therefore, in our research we hope to discover a suitable index to analyze the capital market based on sociological approach. This research is a descriptive – survey model. The Statistical society is very large and complex. Therefore we have chosen 150 people who are working in the capital market as sample of our society and we have sent questionnaires for them. The result of the data ran in SPSS software in two different ways. The first way was through descriptive statistics and the second way was inferential statistics. Then, we used SMART PLS software for modeling the structural equation. Experimental results show that financial knowledge, risk perception, feelings about market indexes, value of money and objectivity are the suitable indexes for the analysis of the capital market based on sociological approach. Manuscript profile
      • Open Access Article

        2 - Effect of Structural Reforms of Pension System on the Economy and Capital Market of Iran Based on Overlapping Generations Model
        Hamid Rezazadeh Mostafa Sargolzaei Moslem Peymany Foroushany
        The main purpose of this study is investigating effects of DB-PAYG and Full-Funded pension systems on the economy and capital market of Iran. The effects of these two pension systems have been studied in form of different fiscal policies by simulating an Overlapping Gen More
        The main purpose of this study is investigating effects of DB-PAYG and Full-Funded pension systems on the economy and capital market of Iran. The effects of these two pension systems have been studied in form of different fiscal policies by simulating an Overlapping Generations Model. Simulated fiscal policies are compared to a situation which society has no pension system and people spend their income only on their own consumptions or savings. The results show that in the DB-PAYG pension system, reduction of capital stock and therefore the reduction of output and level of welfare are significant. Fully-Funded pension system does not reduce the level of welfare, capital stock and production, also creating an intergenerational income distribution system. so it works better than other system. Iran's current pension system is DB-PAYG, so transferring to the Full-Funded pension system, as structural reforms, have been proposed. The dynamic of changing the pension system has been estimated and the effects of these reforms on the capital market have also been studied. The results show that structural reforms, in the long run will increase the capital stock and aggregate savings, so will increase the value and depth of the capital market, increase efficiency and corporate governance of enterprises operating in the capital market. Manuscript profile
      • Open Access Article

        3 - Capital Formation and Corporate Governance, Inter-country Approach
        Seyed Rouhollah Hosseini Moghaddam Mahdi Adibpour abbas memarnejad
        The purpose of this study is to examine the relationship between corporate governance and capital formation using the financial development channel. According to the investigations, it was found that the direct impact of corporate governance on capital formation is uncl More
        The purpose of this study is to examine the relationship between corporate governance and capital formation using the financial development channel. According to the investigations, it was found that the direct impact of corporate governance on capital formation is unclear. The analysis of the data showed that corporate governance through the financial development channel can have an effect on capital formation, which, of course, is different in countries, and the reason for that is the different level of development of countries in attracting capital and investors. In this study, the data of 98 countries, including 67 countries in which investor protection is strong and 31 countries in which investor protection is weak during the years 2005-2020, were used in the form of Panel-GMM method. The results of the surveys showed that corporate governance in countries with a low level of investor protection has a positive and significant effect on capital formation, and improving corporate governance improves capital formation. But this relationship has not been significant for countries with a high level of investor protection. Also, financial development in both groups of countries had a positive and significant impact on capital formation, but its impact was greater in countries with weak support. Also, the results of the financial development survey in more detail showed that the financial development of markets improves capital formation in countries; But the financial development of institutions does not affect the improvement of capital formation. Manuscript profile
      • Open Access Article

        4 - Pathology of Iran's Tourism Industry Financing in the Capital Market (Case Study)
        Hasan ghalibafasl Masoumeh Naderi Gholamhaidar Ebrahimbai Salami Mir Feyz Fallahshams,
        The purpose of this research is to investigate the challenges and obstacles of financing projects of Iran's tourism industry through the capital market. The research paradigm is constructivism. considering that the purpose of this research; It is pathology, so its strat More
        The purpose of this research is to investigate the challenges and obstacles of financing projects of Iran's tourism industry through the capital market. The research paradigm is constructivism. considering that the purpose of this research; It is pathology, so its strategy is in the form of a case study and its approach is in the field of qualitative research. In this research method, the researcher for preliminary investigation; He has collected and reviewed all documents and scientific studies about the financing of the tourism industry, especially in the capital market, in order to identify its components, effective factors and consequences. Then, in order to confirm them, interviews were conducted with tourism industry, capital market, and university experts to achieve information saturation, and finally, to confirm the obtained information, a secondary focal interview was conducted again in the form of several group meetings.The results have shown that the main obstacles to the financing of this industry include the insufficient knowledge of the capital market and the tourism industry about each other, not having some necessary conditions to enter the capital market, the inherent characteristics of the projects, lack of desire and confidence to enter the capital market, the difference in the rate of return of the financial markets, the existence of multiple beneficiaries, the fact that most of the projects are not private, the existing laws and regulations, and some issues related to the financing system are among the main challenges for financing this industry using capital market capacities. Manuscript profile
      • Open Access Article

        5 - Presentation an structural model of human resource risks in capital market financial institutions In Islamic governance
        azim sabet Vajhollah Ghorbanizadeh Ahmad Vedadi
        Human resource risks for identifying and examining environmental factors that can have a positive and negative impact on the realization of the missions and goals of financial institutions. This study aims to investigate the structural model of human resource risks in c More
        Human resource risks for identifying and examining environmental factors that can have a positive and negative impact on the realization of the missions and goals of financial institutions. This study aims to investigate the structural model of human resource risks in capital market financial institutions. This research is applied in terms of purpose and in terms of descriptive-survey data collection method, is of correlation type. Data were collected from 86 employees of capital financing companies in Tehran and analyzed using structural equation modeling. Findings show manpower problems, the need for special manpower and special organizational needs have a significant effect on human resource risks. The results also showed that the impact of human resource risks, organizational characteristics, behind-the-scenes events and following the law on organizational strategies has been significant Organizational and human resource strategies have a significant impact on cost reduction. Therefore, taking into account that the occurrence of human resource risks in capital supply companies is considered inevitable, in order to prevent these risks and direct them in line with the improvement of the organization, the managers of these companies should be able to predict the factors that cause these risks. and take measures to reduce their harmful effects. Manuscript profile
      • Open Access Article

        6 - Presenting a model for promoting religious capital in Iran based on the data method of the foundation
        Hamed Shayan محسن عامری اسماعیل کاوسی
        Since religion is of special importance in human life as a significant source of human behavior, it has been able to attract the attention of many scientists in various fields as one of the fundamental factors of development and extensive research on it. Will happen. Th More
        Since religion is of special importance in human life as a significant source of human behavior, it has been able to attract the attention of many scientists in various fields as one of the fundamental factors of development and extensive research on it. Will happen. The accumulation of religious awareness, beliefs and knowledge in individuals creates a capacity that is referred to as religious capital.Considering that in Iran, the system of the Islamic Republic has been formed on the basis of religious values ​​(Islam-Shiite) and with the aim of achieving Islamic civilization. In fact, it seeks to create and strengthen religious capital in society.Looking at the performance of Iran over the past four decades, we have seen the growth and decline of this capital in various fields, which indicates the existence of issues that need to be scientifically researched. The main problem of this research is to provide a model for promoting religious capital in Iran according to local and cultural conditions.This research is based on a systematic review of the research literature and the obtained data, through interviews with 20 experts, thinkers in the field of religion, academic experts and cultural executives in different categories, using snowball method and identification and extraction 286 The initial code is presented in the form of 65 concepts and 28 categories, using the Foundation's data method in the form of a paradigmatic model of promoting religious capital in Iran, including causal, intervening, contextual, strategies, and consequences. Manuscript profile
      • Open Access Article

        7 - Special Financial Institutions in Financing Projects of The Tourism Industry of Iran in The Capital Market
        Masoumeh naderi hasan Ghalibafasl Gholamhaidar Ebrahimbai Salami Mirfeiz Fallah Shams
        The purpose of the research is to examine special financial institutions; In the financing of tourism industry projects in Iran, it is based on the capital market. Based on the philosophical premise, this research is interpretive. Also, its paradigm is pragmatism and it More
        The purpose of the research is to examine special financial institutions; In the financing of tourism industry projects in Iran, it is based on the capital market. Based on the philosophical premise, this research is interpretive. Also, its paradigm is pragmatism and its approach in the field of mixed research. Here, there is a tendency towards the applicability of "what works" and solutions to problems. Therefore, the important dimensions of the research and its questions are emphasized, so no hypotheses are examined and its purpose is to answer the research questions. In this method, the researcher has compared and summarized the qualitative and quantitative results with the triangulation approach by reviewing the documents and asking the experts' opinions through preliminary semi-structured interviews and questionnaires using the Delphi method. The results have shown that real estate investment funds, project joint stock company, risk investment fund, tourism infrastructure investment fund, bond guarantee syndicate by the tourism development fund with banks, playing the role of reinsurer by the fund The development of tourism, the formation of a joint insurance association for the compensation of tourism projects has been agreed upon. Manuscript profile