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Open Access Article
1 - Barriers to Investors' Willingness to Invest in TV Programs (Case Study of Hamedan Broadcasting Center)
Ali Asghari Sarem Medi BahadourianThe purpose of this research is to provide solutions to increase the motivation of investors to invest in television programs. In order to achieve this goal, an attempt has been made to identify barriers to investors' willingness to invest in television programs. This s MoreThe purpose of this research is to provide solutions to increase the motivation of investors to invest in television programs. In order to achieve this goal, an attempt has been made to identify barriers to investors' willingness to invest in television programs. This study was applied research. In the first step, in the qualitative part, by using interviews, the obstacles to investors' desire to invest in TV programs are identified. In this step, the research participants included 12 experts, including producers, staff managers and investors. In the second step, in the quantitative part, using the Delphi technique, 224 people were referred to the statistical population to prioritize them. The sample size was 141 people. The results showed that the three main obstacles to investors' willingness to invest in television programs with the provincial network of Hamedan were the multiplicity of less expensive parallel media, investor distrust of the effectiveness of such advertisements and the unattractiveness of television competitions, respectively. Therefore, in order to make investors want to invest in network applications, it is better to first pay attention to the obstacles that exist in the network and the developers and try to eliminate them. In this case, the network capacity can be increased for investors to be willing to invest. Also, informing investors about the types of advertisements in the national media is not ineffective in this way. Manuscript profile -
Open Access Article
2 - A Model for Studying the Influence of the Media in Creating the Willingness to Invest in the Stock Market Through Advertising Messages
Hashem Aghazadeh Taher Roshandel Arbatani Sama BanifazelThe Stock Exchange is one of the main pillars of the economy. Unfortunately due to the lack of investor awareness in Iran, stock market efficiency is not desirable. The only way of creating awareness is to connect with investors and the best way for connection is throug MoreThe Stock Exchange is one of the main pillars of the economy. Unfortunately due to the lack of investor awareness in Iran, stock market efficiency is not desirable. The only way of creating awareness is to connect with investors and the best way for connection is through the media. So in this research we are going to represent a model to investigate the impact of media in creating willingness for investing in stock market. The population of the research consists all the clients of stock exchange hall in 1392-1393. Its study gathered survey data from a sample of 157 person through Cochran formula. The questionnaire has been used for data collection and simple random has been conducted for sampling. For the data analysis and results we have used of testing structural equation through the AMOS software. Results show that there a significant relationship between the structural appeal, emotional appeal and rational appeal of massage and the willingness for investing in stock market. So we can conclude that media should pay attention to these three factor in presenting a massage to persuade investors. Manuscript profile -
Open Access Article
3 - تدابیر حقوقی حمایت از مالکیت سرمایهگذار خارجی در حقوق ایران و بینالملل
محمدصادق تیموری لعیا جنیدی محمد صقری رضا عباسیان -
Open Access Article
4 - The effect of Earnings-Announcement Narrative and Investor Judgment with emphasis on behavioral biases
Hassan Chenari Bouket Bahman Banimahd Hamid AhmadzadehThe purpose of this study is the effect of Earnings-Announcement Narrative and Investor Judgment with emphasis on behavioral biases. This study was performed on 245 investment experts and managers and ordinary investors who were randomly selected in 1399. To analyze the MoreThe purpose of this study is the effect of Earnings-Announcement Narrative and Investor Judgment with emphasis on behavioral biases. This study was performed on 245 investment experts and managers and ordinary investors who were randomly selected in 1399. To analyze the data and test the research hypotheses, the structural equation model was used with the help of Smart PLS software. Findings from the study indicate that the effect of the tone of the Earnings-Announcement on the investor's judgment is significant in cases of neutrality and all-roundness, but in the case of conflict has no significant effect. According to the calculated t-statistics on the effect of behavioral biases on investor judgment, it can be said that in all three cases of neutrality, alignment and conflict are not statistically significant and the second and third hypotheses of the study are not confirmed. According to the above result, it can be acknowledged that the effect of the profit announcement tone through behavioral biases on the investor's judgment is not statistically significant and the fourth and fifth hypotheses of the research are not accepted. Among the control variables, the effect of mathematical literacy on investor judgment is statistically significant. Findings from the test of research hypotheses in accordance with the theory of information duplication processing Epstein (1996) is based on an analytical system that is not affected by emotions and feelings in judgment and decision and logic and reasoning play a major role in judging and decision making. Manuscript profile -
Open Access Article
5 - Analyzing the Impact of Debt Maturity and Financial Reporting Quality on Under-Over Investment
Mohammad Hassani Maryam MeisamiThis research analyzed the impact of debt maturity and financial reporting quality on under-over investment. Investment inefficiency (under-over) is measured based on the model presented by Biddle et al (2009) and financial reporting quality is measured based on the mod MoreThis research analyzed the impact of debt maturity and financial reporting quality on under-over investment. Investment inefficiency (under-over) is measured based on the model presented by Biddle et al (2009) and financial reporting quality is measured based on the model presented by Dechow & Dichev (2002). The research sample includes 219 companies listed in Tehran Securities and Exchange over the period 2010 - 2014. Results showed that financial reporting quality and short debt maturity have significant and negative impact on Investment inefficiency. These analyzing also have done in two categories such as over investment observations and under investment observations. Results suggested that financial reporting quality has significantly negative impact on over investment, but no impact on under investment. Short term debt maturity has no significant impact on over investment and under investment. Other results showed operational cash flow, tangibility and volatility in operational cash flow have significant and positive impact on over investment; sales volatility has significant and negative impact on over investment. But age, growth opportunity, loss and size have no significant impact on over investment. Also, size has significant and positive impact on under investment; growth opportunity and tangibility have significant and negative impact on under investment. But age, operational cash flow, loss, sales volatility and volatility in operational cash flow have no significant impact on under investment Manuscript profile -
Open Access Article
6 - Optimal investment horizons in TEPIX (Tehran price index) and its comparison with world stock market price Indices
Ezatollah Abbasian Ebrahim Nasiroleslami Ehsan SaneeIn stock market studies, instead of estimating returns and their distributions at a given time interval, extraction of optimal time and time distribution can be obtained to achieve a certain return. Distribution of time, is called distribution of investment horizon and MoreIn stock market studies, instead of estimating returns and their distributions at a given time interval, extraction of optimal time and time distribution can be obtained to achieve a certain return. Distribution of time, is called distribution of investment horizon and optimal time is called optimal investment horizon. In this study, distributions of investment horizons and optimal investment horizons through Inverse Gamma Statistics method based on Johansen,Jenson and Simonsen(2006), for the TEPIX and several price indices of the world's major stock exchanges (Nasdaq, Dow Jones Industrial Average, Nikkei 225, Paris Stock Price Index, and S & P 500) is estimated. According to the results, achieving a yield of +5% in TEPIX takes 14 days and a 5% loss takes 15 days. Results on other stock market indices of the world are also examined. Manuscript profile -
Open Access Article
7 - Investigating the effect of investor sentiment on the expected earnings growth rate
M. Baharmoghaddam Omid Pourhidari Hossein JokarSeveral studies have examined the investor sentiment in the behavioral finance. But, most prior studies solely document the phenomenon that investor sentiment could affect stock price combined with accounting information and indicate the heterogeneity of the sentiment e MoreSeveral studies have examined the investor sentiment in the behavioral finance. But, most prior studies solely document the phenomenon that investor sentiment could affect stock price combined with accounting information and indicate the heterogeneity of the sentiment effect. However, the existing literature rarely provides a theoretical basis for the mechanism behind the effect of sentiment and the accounting information. Therefore, this paper the through theoretical basis effect of investor sentiment on the expected earnings growth rate analyzes the mechanism behind the effects of investor sentiment and accounting information on stock price based on the residual income valuation model. In order to reach this goal, the study has been carried out on a sample of 560 companies, during the 2009-2016 reporting period based on the Multivariate regression. The results show that higher sentiment leads to more optimistic expectations regarding future earnings growth and these optimistic expectations leads that investor sentiment changed the expected earnings growth rate, thus affecting the accounting information and stock price. Manuscript profile -
Open Access Article
8 - Fuzzy Mean-CVaR Portfolio Selection Based on Credibility Theory
S. Babak Ebrahimi Amirsina Jirofti Matin AbdiThis paper develops a fuzzy portfolio selection problem that minimizes conditional value-at-risk (CVaR) and estimates CVaR by fuzzy credibility theory and also calculates expected return by fuzzy credibility mean. Using fuzzy techniques makes the model more precise and MoreThis paper develops a fuzzy portfolio selection problem that minimizes conditional value-at-risk (CVaR) and estimates CVaR by fuzzy credibility theory and also calculates expected return by fuzzy credibility mean. Using fuzzy techniques makes the model more precise and accurate due to uncertainty of financial data. The use of CVaR helps investors make better decisions because it indicates the size of loss. This study considers some constraints for model including liquidity, cardinality, minimum and maximum investment proportion. The liquidity constraint is measured by turnover of each asset as a trapezoidal fuzzy number. The liquidity constraint converts to a linear constraint by using fuzzy credibility theory. Using CVaR as a risk measurement and efficient constraints makes the model appropriate and adequate for portfolio selection. Finally, a numerical example is provided by 10 stocks chosen from Tehran Stock Exchange Market in 2015 and it shows the effectiveness and applicability of the proposed model Manuscript profile -
Open Access Article
9 - Financial Statement Comparability and Expected Stock Price Crash Risk
Zohreh Hajiha hasan Chenari BouketAbstractThis study investigated the relationship between the comparability of financial statements with the expected crash risk stock prices in firms listed on the Tehran Stock Exchange. Information needed for the study of the financial statements of 117 firms in the pe MoreAbstractThis study investigated the relationship between the comparability of financial statements with the expected crash risk stock prices in firms listed on the Tehran Stock Exchange. Information needed for the study of the financial statements of 117 firms in the period 1390-1394 has been collected. To test the hypothesis of multivariate regression with panel data is used. To calculate the variable comparability of the model De-Franco et al. (2011) and to calculate the variable crash risk expected stock price model Kothari et al (2009) is used. The findings of the research hypothesis and show that there is negative relationship between the comparability of financial statements with the expected crash risk stock prices. In other words, by increasing the comparability of uncertainty, incorrect analysis, investors and fear of further fall in prices will reduce the period of the crisis. Manuscript profile -
Open Access Article
10 - The divergence of opinion and moderating effect of investor's attention and participation in IPO
nafise taghizade mohsen hamidian Nowrouz NourollahzadehThe main purpose of this study is to investigate moderating effect of investor's attention and investor's participation on the relationship between initial returns and divergence of investor's opinion in companies with initial public offering. The total of 124 IPO compa MoreThe main purpose of this study is to investigate moderating effect of investor's attention and investor's participation on the relationship between initial returns and divergence of investor's opinion in companies with initial public offering. The total of 124 IPO companies during 2006 to 2018 at Tehran Stock Exchange was analyzed. This is an applied research in terms of purpose and descriptive-post-event research regarding data collecting method. The research hypotheses are examined using Eviews8 software. The findings indicate investors' attention has a negative and significant effect on the relationship between initial returns and divergence of IPO investor’s opinions. Moreover, the micro investor's participation has a positive and significant effect on the relationship between initial returns and the divergence of IPO investor's opinions. The finding is consistent with the view that the level of individual investors’ participation has an implication on behavioral bias, which affects divergence of investor's opinion in the after-market. Manuscript profile -
Open Access Article
11 - Angel Investors: Examining Behavioral Finance Factors Influencing Investment Selection
Yahya Hassas yeganeh M. H. Ebrahimi Sarv Olia S. Soroush Ghazi nouri Adel AfkhamiAngel financing is a critical stage in companies' growth, which a lot of companies fail because of inability in raising money. Absorbing capital from these people is affected by various behavioral finance factors. So, this paper aims to determine and examine behavioral MoreAngel financing is a critical stage in companies' growth, which a lot of companies fail because of inability in raising money. Absorbing capital from these people is affected by various behavioral finance factors. So, this paper aims to determine and examine behavioral finance factors which affect investment selecting. In this process, after studying background and history of related research, 23 variables were collectively were given to a pilot group which we reached the consensus by removing some factors. The research questionnaire was then designed according to these remained factors. In the next step, using a sample with 183 members of angel investors, behavioral finance factors were asked. Our data were analyzed then by exploratory factor analysis. Seven latent variables include: Hope, Retrospective, Simplistic, Confidence, Risk Taking, Mental-Accounting, Self -Attribution were realized as effecting behavioral finance factors. These factors then were analyzed by confirmatory factor analysis in terms of a hypothesis to confine the number of factors to seven factors, which finally this hypothesis was accepted. Manuscript profile -
Open Access Article
12 - Trading option, subsidiary selling option and performance of Performance of investment funds and investment companies with DID approach
amir heidarian yazdeli محمد اسماعیل فدایی نژاد rezvan hejaziTrading options first entered the stock market in 1973, and since then there has been increasing growth in their market; So that in the current era of trading options in many markets around the world are being traded and bought and sold. In this study, Trading options a MoreTrading options first entered the stock market in 1973, and since then there has been increasing growth in their market; So that in the current era of trading options in many markets around the world are being traded and bought and sold. In this study, Trading options and subordinate sales options were examined. Therefore, in this study, Trading options, Subordinate selling options and the performance of mutual funds and investment companies were examined with a dual differences approach. For this research, a sample of 38 investment companies and 244 investment funds of Tehran Stock Exchange were selected using sampling method. This research was conducted for the period 1393 to 1399. The statistical method used in this research is multivariate regression method using data panel method and "Difference-in-Difference". The results of this study showed that: the issuance of subordinated stock options and the issuance of stock options increase the performance of mutual funds and investment companies and also increase the performance of mutual funds and investment companies at times when companies The bonds issued by the subordinate stock are higher than when the companies issued the bonds. Manuscript profile -
Open Access Article
13 - Financial Development Investment and Economic Growth
M. TaghaviOur aim in this paper is to investigate the effect of financial developmentvariables on investment and growth. Financial development variable are:1- Ratio of private sector deposits in banks to gross domesticproduct.2- Ration of liabilities of private sector to banks to MoreOur aim in this paper is to investigate the effect of financial developmentvariables on investment and growth. Financial development variable are:1- Ratio of private sector deposits in banks to gross domesticproduct.2- Ration of liabilities of private sector to banks to gross domesticproduct.3- Ratio of stock trade in stock exchange to current value of stocksissued.4- Ratio of current value of stocks issued to gross domestic product.5- Ratio of private sector liquidity to gross domestic product.To test our hypothesis we use panel data fixed effect method andcountries in our sample are: Bahrain, China, Indonesia, India, Iran,Pakistan, Turkey, United Arab Emirate. Manuscript profile -
Open Access Article
14 - Impact of Individual Stock Crowded Trades and Individual Stock Investor Sentiment on Excess Returns
Vahid Bekhradi Nasab Fatemeh Zholanezhad Mohsen Dastgir Hesam RahmaniRecent behavioral asset pricing models and the popular press suggest that investors may follow similar strategies resulting in crowded equity positions to push prices further away. The purpose of this research is to investigate the effect of Individual Stock Crowded Tra MoreRecent behavioral asset pricing models and the popular press suggest that investors may follow similar strategies resulting in crowded equity positions to push prices further away. The purpose of this research is to investigate the effect of Individual Stock Crowded Trades and Individual Stock Investor Sentiment on Excess Returns. This paper develops a new approach to measure individual stock crowded trades, and further investigates the joint effects of individual stock crowded trades and individual stock investor sentiment on excess returns. To achieve this goal, two hypotheses were developed. The population consisted of all companies listed in Tehran Stock Exchange. To test the hypotheses, using a systematic method, 186 companies were selected during the years 2013 - 2017. Multiple regression and panel data have been used to analyze the data. The results of the research hypotheses show that changes in Individual stock investor sentiment in Tehran Stock Exchange market are effective on Excess stock. In Individual stock crowded trades changes in the swing in the stock market lead to a change in Excess stock. Manuscript profile -
Open Access Article
15 - Effect of Different Levels of Corporate Risk Disclosure on Investors' Perceptions
MohammadHossein Labibzadeh حجازی Hejazi allahkaram salehi Farshin HormoziDisclosure of the main risks of the business unit and changes in those risks, along with management plans and strategies, to address or reduce these risks and the effectiveness of risk management strategies. This disclosure of information helps financial users assess th MoreDisclosure of the main risks of the business unit and changes in those risks, along with management plans and strategies, to address or reduce these risks and the effectiveness of risk management strategies. This disclosure of information helps financial users assess the entity's risks as well as their expected consequences. The purpose of this research of Effect of Different Levels of Corporate Risk Disclosure on Investors' Perceptions. In this study, considering that there was no clear and coherent basis for the separation of levels of risk reporting, based on the methodology of the qualitative sector, an attempt was made to identify the dimensions of risk disclosure based on the content analysis process. Therefore, in terms of the result of this research, it is developmental, and in terms of its applied purpose, it is in the category of semi-experimental research. It is also a combination of research data types. In this study, a scenario-based questionnaire was used to test the hypotheses. The scope of the research in 2020, the statistical population included active investors in the Tehran Stock Exchange, 160 people were selected as a sample size and examined. The results of the research in the qualitative part indicate the existence of two main categories as levels of risk reporting of capital market companies. The results in the quantitative section also showed that the average perception of investors in the convergence of risk disclosure is higher than the divergence in risk disclosure Manuscript profile -
Open Access Article
16 - Examination of Herding Behavior of Investment Company in Tehran Stock Exchange
مهردخت مظفریHerd behavior is each similarity in behavior of people because of their relations.Institutional investors are among the main players of capital market and stock market,These investor’s activities on the one hand affect directly on indices, and on the otherhand on MoreHerd behavior is each similarity in behavior of people because of their relations.Institutional investors are among the main players of capital market and stock market,These investor’s activities on the one hand affect directly on indices, and on the otherhand on transactions of other players in the stock market. In case the transactions ofstockholders are not based on sufficient information and merely based on imitation ofother investors, herding behavior would be taken place within them. Herding is one ofthe most pervasive behaviors in financial markets which are able to explain somevolatility in the Stock Exchange. In this study, using Lakonishok (1992) methods, weconsider herding behavior amongst the investment companies of Iran stock market. Inthis method, monthly data are used for testing herding behavior. The results of thisstudy confirmed the existence of herding behavior among the managers of investmentcompanies. Manuscript profile -
Open Access Article
17 - Explaining the Model of Mental Accounting for the Selection of Portfolios of Shares of Companies in the Tehran Stock Exchange with Investment Horizon Approach
Hasan Valiyan MohammadReza Abdoli Mehdi Safari Gerayli Jafar GhilichliThe purpose of this research is Explaining the model of the mental accounting framework with the investment horizon approach to optimal portfolio selection. The period of research is 12 years between 2005 and 2016. In this period, 74 companies were selected as sample si MoreThe purpose of this research is Explaining the model of the mental accounting framework with the investment horizon approach to optimal portfolio selection. The period of research is 12 years between 2005 and 2016. In this period, 74 companies were selected as sample size through systematic sampling and were investigated. In this research, based on the value or growth of stock, two Markowitz’s and Sortino portfolios were split into forms (A) and (B) to determine if there is a significant difference between the performances of two portfolios. Also, based on the behavioral and mental characteristics of investors, the horizons of investment differ in the choice of investment portfolios. The results of the research confirmed in the first hypothesis that there is a significant difference between the performance of two portfolios (A) and (B) in terms of value characteristics or stock growth. Also, the result of the second hypothesis of the research showed that when investors have longer-term incentives based on mental accounting, portfolios (B), are a more favorable choice, while looking for short-term incentives based on accounting Mentally, they focus on shorter horizons, the portfolio (A) is more desirable. Manuscript profile -
Open Access Article
18 - Using Data Mining Approaches to Predict and Answer the Needs of Venture Capital
Farshid Ghasedi Ghazvini Farshad Faezi Razi Farzaneh HeydarpourNowadays the economy of developed countries work based on small and medium enterprises and knowledge-base industries. Researchers experimental findings indicate financing of small and medium enterprises and start-ups with innovative activities have heterogeneity and spe MoreNowadays the economy of developed countries work based on small and medium enterprises and knowledge-base industries. Researchers experimental findings indicate financing of small and medium enterprises and start-ups with innovative activities have heterogeneity and special characteristics to start a business. This heterogeneity and special characteristics of start-ups confront essential problems in financing for them.Hence, for solving this problem, usage and continuity of venture capital process is necessary in order to encouragement and financing of innovative activities. Beside, in this process, venture capital firms in confrontation by pillar of financial markets need to conformity with the market regulations and policies. On the other hand venture capital firms in face of entrepreneurs and innovators confront challenges by how and state of ventures selection based on recognition and assessment of their risks for success or fail prediction of investments. The purpose of this research is response to this investorschallenges that lead investors to make superior evaluation and decision making in their start-ups investments through identification of the effective criteria on venture capital investments and their risk assessment for making trade-offs between them through multi criteria decision making method by usage of data mining and artificial intelligence Manuscript profile -
Open Access Article
19 - Typology of stakeholders based on the method of rational investment propositions intelligence Q
Zahra Bineshian khosro faghani makrani khadije eslamiIntelligence is recognized as one of the criteria for investing in capital markets and its proper use can, while controlling risk, increase the attractiveness of the capital market for investment decisions. The purpose of this research is to analyze the schematics of eq MoreIntelligence is recognized as one of the criteria for investing in capital markets and its proper use can, while controlling risk, increase the attractiveness of the capital market for investment decisions. The purpose of this research is to analyze the schematics of equity investor investment predictions based on Q (Q). This research was conducted during the one-year period 1396-1397 with the participation of 17 stock brokers. In this research, 20 propositions related to investment intelligence were identified through content analysis in research articles related to the research topic, and then, based on the analysis of the QA statements, identified by factor analysis and the Varimax method, using software (SPSS) they got. Based on the results, 20 investment investment propositions were categorized in the form of 3 mental patterns. The results show that knowing the mental priorities of intelligence in investing can help brokers create high-yielding investments for shareholders and make them more personalized analysis than investment positions in the capital market. Manuscript profile -
Open Access Article
20 - Exploring the effect of investors' personality on their investment performance with mediating role of heuristic biases
A. Ebrahimi Lifshagard Kamran Pakizeh Kamiyar RaisifarIn this research, personality traits, heuristic biases and their effect on the investment performance will be assessed . The research is such an applied survey research and has been carried out over 2016 fall and 2017 winter.In order to reach this goal, the matter was i MoreIn this research, personality traits, heuristic biases and their effect on the investment performance will be assessed . The research is such an applied survey research and has been carried out over 2016 fall and 2017 winter.In order to reach this goal, the matter was investigated between 154 individual investors in financial institution in Tehran capital market by using questionnaire tool, random sampling and PLS method .After data processing in the research analytical model framework, the result showed that there is a positive relationship between personality traits and investment. There is also a significant and positive relationship between heuristic biases variables and investment performance. There is positive relationship between personality traits and heuristic. about indirect effect of independent variables on dependent variables it can be concluded that personality traits by mediating rule of the heuristic biases affect positively investment performance with low coefficient path and significant. Manuscript profile -
Open Access Article
21 - Evaluating The Simultaneous Role of Investor’s Sentiment and Brand Equity on Short-Term performance of the Initial public Offerings (Evidence from the Iran Capital Market)
Nooshin Kafshi Abdolmajid AbdolbaghiThe purpose of this study is to evaluaing the Simultaneous role of investor’s sentiment and brand equity on the performance of the initial public offerings in the capital market of Iran.The research sample including 87 the companies providing initial public offeri MoreThe purpose of this study is to evaluaing the Simultaneous role of investor’s sentiment and brand equity on the performance of the initial public offerings in the capital market of Iran.The research sample including 87 the companies providing initial public offerings in the exchange and over the counter markets of Iran selected in a perioud from 2008 to 2015. To measure investor’s sentiment we apply the Arms Index and the Hoolihan and the Tobin's Q indexes have been used to measure brand equity. The empirical Results show that based on Hoolihan's index, there is not any significant difference between initial public offerings short term returns and strong and weak brand. However, based on the of Tobin's Q, index in daily short run sections,i.e. first and second days, there are positive difference between strong and weak brands but in sections longer than six to twelve months, the difference between the return of strong and weak brands are negative. Indicating a correction in supply pricing by the market. Also supply in the sentiment conditions combined with optimism in short-run shows a better performance in comparing to those made in the pessimistic conditions of the market. Finally, the results show simultaneous effect of the brand equity and optimistic point of view on initial public offerings’ performance during one month to ten month sections after supplying Manuscript profile -
Open Access Article
22 - Ranking of exchange-traded funds (ETF) And value at risk approach (EVT) based on value-generating theory (VaR) risk approach
Gholamreza Zomorodian Maryam SohrabiGiven the importance of exchange-traded funds and their ever-increasing advancement in financial markets, it is important to review and explain their ranking based on criteria beyond the examination of returns. Also, considering that broad distribution sequences in fina MoreGiven the importance of exchange-traded funds and their ever-increasing advancement in financial markets, it is important to review and explain their ranking based on criteria beyond the examination of returns. Also, considering that broad distribution sequences in financial data are of particular importance in measuring financial risk, in this study, based on criteria beyond the efficiency and considering the value of risk, based on the Extreme -Value Theory (EVT) and the modified Sharpe Ratio, the rating of exchange-traded funds has been dealt with. Then evaluation their models with different back testing such as Kupiec test, Christoffersen test. For the purpose of this study, the first period of September 2014 until the end of September 2017 was considered for the funds that were active in the capital market during this period. The results indicate the proper capabilities of VaR models which is based on GHARCH-EVT approach. Manuscript profile -
Open Access Article
23 - The consequences of financial literacy on investment decisions and investment performance
Saman Rahmani Esfanyar MohammadiDue to the dynamic changes in the economic environment, particularly in financial markets, to improve the financial knowledge of investors, financial literacy is a necessity leading to informed financial decisions. This study aimed to identify the consequences of financ MoreDue to the dynamic changes in the economic environment, particularly in financial markets, to improve the financial knowledge of investors, financial literacy is a necessity leading to informed financial decisions. This study aimed to identify the consequences of financial literacy on investors' decisions and investment performance in Tehran Stock Exchange. In this field study, a standardized questionnaire was used for data collection. The population was composed of individual investors in the Tehran Stock Exchange, and of this population, 344 investors were selected by simple random sampling and were analyzed using Cochran formula. The structural equation modeling and LISREL software were used to assess the relationships between variables. The results of goodness of fit indices such as RMSEA, GFI and AGFI represented the good fit of the model and the utility of results. The results indicated that the impact of the financial attitude and behavior on financial investment decisions was significantly positive. The investment decision also had a significantly positive effect on investment performance Manuscript profile -
Open Access Article
24 - The Relationship between Stock Mispricing and Corporate Investments with Emphasis on the Role of Financial Constraints and Time Horizon of Stockholders Investment
Younes Badavar Nahandi Elahe SarafrazThis research investigates the relationship between Stock Mispricing and Corporate Investments with Emphasis on the Role of Financial Constraints and Time Horizon of Stockholders Investment of listed companies in Tehran Stock Exchange (TSE). The goal of this present res MoreThis research investigates the relationship between Stock Mispricing and Corporate Investments with Emphasis on the Role of Financial Constraints and Time Horizon of Stockholders Investment of listed companies in Tehran Stock Exchange (TSE). The goal of this present research is application and the type of research methodology is causal. Statistic population is firms listed in Tehran Stock Exchange, and using systematic elimination sampling method, were selected as sample 128 firms, and time period has been during the years 2009 to 2014. The method used for information gathering is library research and this test hypotheses, we used of multivariate linear regression. The results of this research show that there is positive and significant relationship between Stock Mispricing and Corporate Investments. Financial Constraints and Time Horizon of Stockholders Investment has not effect on Stock Mispricing and Corporate Investments. There is not relationship between Overvalued Stock and Corporate Investments and there is not relationship between Undervalued Stock and Corporate Investments in this research Manuscript profile -
Open Access Article
25 - Comparison of antecedents and consequences of financial behavior of momentum and random investors (mixed approach)
Fatemeh Jafari Reza Aghajan Nashtaei Mohammad Hassan GholizadehThe main goal of this research is to present the behavioral model of momentum and random investors in the Iranian stock market and to estimate the factors affecting it. In this way, the antecedents and consequences of the financial behavior of momentum and random invest MoreThe main goal of this research is to present the behavioral model of momentum and random investors in the Iranian stock market and to estimate the factors affecting it. In this way, the antecedents and consequences of the financial behavior of momentum and random investors can be compared. Applied research has been done in a mixed method. Qualitative part of foundation data theory and quantitative part of structural equation technique. The data collected through semi-structured interviews and questionnaires, theoretical sampling continued until the categories were saturated, and interviews conducted with 24 Momentum and Random investors. Then, based on the theoretical systematic approach of Strauss and Corbin in the three main steps of open coding, central coding and selective coding, the behavioral model of both types of investors presented in terms of components, antecedents and consequences. In the following, research hypotheses formulated and tested in the quantitative part of the hypotheses. The results indicate that among the causal conditions of momentum investors' behavior, individual factors, psychological factors of the market, investor's feelings during the transaction and news and information have a significant effect. In addition, among the causal conditions of random investors' behavior, demographic factors, mental and emotional states and conditions, shareholders' expectations and news and information have a significant impact. Manuscript profile -
Open Access Article
26 - Investigation of financial inclusion and financial literacy's Role in Perceived Investment Value in Tehran Stock Exchange
maryam mirzaei zahra ShiraziyanThe most important microeconomic theory and theories of modern finance is that the value of the investment, increase profitability, rationality and perfect information, lies. But recent research shows that the value of investment in various aspects and influenced by var MoreThe most important microeconomic theory and theories of modern finance is that the value of the investment, increase profitability, rationality and perfect information, lies. But recent research shows that the value of investment in various aspects and influenced by various factors, including the role of financial inclusion and literacy. Leading financial inclusion and financial literacy study to evaluate the impact on the perceived value of investing in the stock market took place. This is a usability study of its kind, was a cross-sectional survey was conducted. The population of Hamedan an unlimited number of active investors in the stock exchange were estimated from a sample of 384 members was selected randomly and without replacement. Data collection instrument was a questionnaire and field data collection. In order to analyze the data structure based on partial least squares path modeling was used. The results showed that inclusion and financial literacy and Mvlfhhayshan significant impact on the perceived value of the investor's investment. As well as evidence of a direct and positive impact on the inclusion of financial literacy and financial parameters were observed. Manuscript profile -
Open Access Article
27 - Investor Sentiment Based on the Crude Oil Business Cycle
Samad Ayazi Mansour Garkaz Parviz Saeedi Alireza MatoofiThe study of business cycles is important because economic planning does not make sense without understanding how GDP fluctuates and the root of these fluctuations. Therefore, making attempts to recognize the structure of business cycles fluctuations created in the econ MoreThe study of business cycles is important because economic planning does not make sense without understanding how GDP fluctuates and the root of these fluctuations. Therefore, making attempts to recognize the structure of business cycles fluctuations created in the economy can help us improve the decision making process. The greater the economic fluctuations or business cycles, the more instability in the economy, and investors can't predict a clear image of the future. The purpose of the current study was to investigate the effects of Iran crude oil business cycles on the 266 companies in Iran stock exchange during the period from 2005 to 2015. Thus, the crude oil business cycle was calculated using Hedrick Prescott filter and then the effects of crude oil business cycle was on the investors' sentiments was estimated using Generalized Method of Moments (GMM) approach. The results of the study indicated that when the crude oil business cycle shows a boom, investors' sentiments is greater than the time when the crude oil business cycle shows a period of recession; meaning that the crude oil boom leads to an increase in investor sentiments. Manuscript profile -
Open Access Article
28 - Trading Behavior of Institutional Investors in Volatile Markets
Ali Ebrahimnejad hamidreza ahrabi mahdi heydariWe examine the behavior of institutional investors in response to extreme market fluctuations in the Iranian stock market. Specifically, we examine whether institutional investors engage in herding and follow the market, or are contrarian traders and provide liquidity d MoreWe examine the behavior of institutional investors in response to extreme market fluctuations in the Iranian stock market. Specifically, we examine whether institutional investors engage in herding and follow the market, or are contrarian traders and provide liquidity during market turmoil. We examine the relationship between institutional investors' ownership percentage, stock returns, and volume in severe market fluctuations. We also explore the relationship between institutional ownership and stock returns for different types of institutional investors, including insurance, mutual fund, and investment companies. Using the daily data of listed companies from 2009 to 2019, we find that institutional investors trade against the direction of the market during market turmoil and provide liquidity for stocks in which they are a blockholder or the controlling owner. We find no evidence of herd behavior among institutional investors. Manuscript profile -
Open Access Article
29 - Providing a Comprehensive Model for Measuring the Stock Price Bubble in Portfolio Management with a Behavioral Approach
ALI RAMEZANI fereydon rahnama HAMIDREZA KORDLOUIE Shadi ShahverdianiThe main goal of the current research is to provide a model for measuring the stock price bubble with a behavioral approach. The present research method is a descriptive survey. The statistical population consists of two groups, in order to determine the factors related MoreThe main goal of the current research is to provide a model for measuring the stock price bubble with a behavioral approach. The present research method is a descriptive survey. The statistical population consists of two groups, in order to determine the factors related to the model, the first group consists of 10 capital market experts, and the second group consists of active companies admitted to the stock exchange, which were used for the model test. ANP has been used to prioritize the identified behavioral factors. The calculations performed to determine the priority of the main criteria show that the heterogeneity of investors with a normal weight of 0.128 has the highest priority. Speculative behavior, mass behavior and mental accounting are in the second to fourth place, respectively. Also, the results of the second part show that considering that the statistical population of the research consists of all the companies active in the stock market between 2012 and 2019, 143 companies were selected as a sample based on systematic elimination. Eviews software and logistic regression were used to test the hypotheses. The identified behavioral factors include speculative behavior, behavioral volatility, investor heterogeneity and market expectations. The results show that behavioral instability, heterogeneity, market expectations, as well as speculative behavior have a positive effect on the occurrence of stock price bubbles; Therefore, it can be stated that behavioral factors can have a positive effect on the formation of the stock price bubble; Therefore, the identified pattern has the necessary efficiency from the behavioral point of view. Manuscript profile -
Open Access Article
30 - Comparing the performance of optimization models with equity investment funds: evidence from the Tehran Stock Exchange
Mahmood Pakbaz kataj Daryush FaridSince portfolio optimization models are based on past information, the efficiency of these models has always been questioned. In this study, first, an optimization model based on investor views is introduced and then the performance of all optimization models are compar MoreSince portfolio optimization models are based on past information, the efficiency of these models has always been questioned. In this study, first, an optimization model based on investor views is introduced and then the performance of all optimization models are compared with the performance mutual funds to both measure the effectiveness of these models and to achieve a practical model for this purpose. The research period is between 2016 and 1400 and MATLAB software has been used to obtain the optimal portfolio. The results show that using different evaluation criteria, the optimal portfolio of Black Literman model performs better than other optimization models and mutual funds; Also, the returns generated by all optimization models at the market risk level were significantly higher than the average returns of equity mutual funds and top mutual funds. Manuscript profile -
Open Access Article
31 - بررسی تاثیر سرمایهگذاری و تولید سرانه استانی بر نابرابری درآمدی درون استانهای ایران
الناز امیدوار فرهاد غفاری عباس معمارنژاد تیمور محمدی -
Open Access Article
32 - آثار سرمایهگذاری مستقیم خارجی بر سرمایهگذاری داخلی در کشورهای سند چشمانداز ایران با رهیافت Panel VAR
کرم جعفری پرویزخانلو خلیل سعیدی محمد خضری کامبیز هژبر کیانی فاطمه زندی -
Open Access Article
33 - بررسی تاثیر روشهای تأمین مالی بخش صنعت بر سرمایهگذاری در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران
یزدان گودرزی فراهانی علی اکبر محرابیان -
Open Access Article
34 - تحلیل شاخص های حمایت های تاثیر گذار از سرمایه گذاران خرد با هدف توسعه اقتصادی نهاد های مالی
حسین خاکپور آرش نادریان علی خوزین -
Open Access Article
35 - برآورد تابع سرمایه گذاری بخش خصوصی تحت شرایط نااطمینانی های اقتصاد کلان
مهدی یوسف زاده علی امامی میبدی فرزانه خلیلی -
Open Access Article
36 - بهینه سازی سبد سرمایه گذاری شرکت سرمایه گذاری بانک سپه با استفاده از مدل ترکیبی مارکوویتز و GARCH چند متغیره
یگانه موسوی جهرمی الهام غلامی ساجده سامعی -
Open Access Article
37 - survey of Economics factors affecting the absorption in the oil producer middle eastern countries
فرهاد غفاری جابر اکبریForeign direct investment entering the country in addition to financing investment projects, Accelerate the process of technology development, education, human capital increase productivity, improve quality and standards of the domestic goods, Expand trade with other co MoreForeign direct investment entering the country in addition to financing investment projects, Accelerate the process of technology development, education, human capital increase productivity, improve quality and standards of the domestic goods, Expand trade with other countries, reducing the unemployment and increase production in the host country. Given the importance of attracting this type of investment, in this study, the analysis of FDI and Algebraic and graphing and macro-economic indicators affected by it, Paid to economic factors affecting foreign direct investment in the oil producer middle eastern countries during the period (2010-1995) in the panel data econometric methods .The study shows that the results estimate the degree of economic openness, economic Security , has a significant positive effect on attracting foreign direct investment in the countries studied but market size and labor force alone, no significant effect on attracting foreign direct investment. Manuscript profile -
Open Access Article
38 - Examining the Instability and Asymmetry Model of Attracting Foreign Direct Investment (FDI) in Iran
کامبیز هژبر کیانی محمدرضا ناهیدیIn the past few decades several countries in the world have attracted foreign direct capital as one of the instruments needed for financing the increasing level of internal investment. In this connection, the economic conditions of host countries for increasing the leve MoreIn the past few decades several countries in the world have attracted foreign direct capital as one of the instruments needed for financing the increasing level of internal investment. In this connection, the economic conditions of host countries for increasing the level of FDI have been considered as an important factor in achieving their objective. In this study, the impact of some macro-economic variables on FDI is examined in detail in Iran. The period selected is 1352-1388 years and the econometric technique used in this article is the Generalized Auto-Regressive Conditional Heteroskedasticity(GARCH) for evaluating the conditions of instability and Power Generalized Auto-Regressive Conditional Heteroskedasticity (PGARCH) for the conditions of asymmetry. The estimated results of the model show that under conditions of instability, increasing the exchange rate has a negative impact on FDI, whereas raising labor productivity, protecting investment security and keeping the degree of openness of the economy has a positive effect on attracting FDI. The estimated outcomes obtained under the unstable conditions, due to the type of impact that the explanatory variables may put on the dependent ones, are similar with those under the stable short-run and long-run model with different effective coefficients[1] and that on the other hand they show a positive effect of the shock caused under the unstable conditions on net decrease in FDI. In sum, the results show the asymmetric effects of the shocks on net FDI. Manuscript profile -
Open Access Article
39 - An investigation of Capital formation and its economic determinants in Iran
اکبر کمیجانی ابوطالب شالچیانThis paper attempts to analyze the role of the main determinants of the capital formation and the behavior of private investment using the descriptive as well as econometric methods. Both the econometric methods and statistical analysis are indicating that most of the m MoreThis paper attempts to analyze the role of the main determinants of the capital formation and the behavior of private investment using the descriptive as well as econometric methods. Both the econometric methods and statistical analysis are indicating that most of the macroeconomic variables do play significant role in explaining the behavior of private investment in Iran. Variables examined for their influence on private investment over the period under study i.e. 1350-1383[1] are as follows: GDP, inflation rate, weighted average of the rate of return on long term deposits, government investment, effective exchange rate and the changes in the banking facilities to private sector. The findings in this paper indicate that Most of these variables, except the rate of return on banking facilities, have had the significant impact on private investment in the same direction as expected Manuscript profile -
Open Access Article
40 - The Examination of adjustment policies effects on economic growth in Iran
تقی ترابی سکینه صفریIn examining of adjustment policies on economic growth and with using indicators of external and internal equilibrium and the reform of motivations and economic institutes was cleared that the government policies for obtain internal equilibrium have no significant MoreIn examining of adjustment policies on economic growth and with using indicators of external and internal equilibrium and the reform of motivations and economic institutes was cleared that the government policies for obtain internal equilibrium have no significant effect on economic growth while the non oil exprot , the ratio of private investment to GDP and the quality variable of economic liberalization have positive effects on economic growth.Since the efficiency of private investment is graeter than to the efficiency of public investment, thus continuing the trend of privatization is seen desirable. The coefficient of liberalization dumy variable is positive but real exchange rate and average import tariff rate coefficients have no significant effect on the economic growth. Thus supply side policies are preferred than to exchange rate reforms. Also using tariff instrument considering to the comparative advantage of commodities under long-run strategies as a component of economic adjustment policies is suggested and must be preferred liberalization policies than to privatization policies and it’s necessary to provide required beds to increase the corporation of private sector. Manuscript profile -
Open Access Article
41 - The effect of monetary policy on private sector investment in Iran (Using ARDL technique)
کامبیز پیکارجو پاتریس امیرخانی In today's world one of the objectives of any government is to achieve economic stability, soeconomic policy making should be suitable with the economic conditions that require the government conscious intervention to achieve macroeconomic goals. One of the basic More In today's world one of the objectives of any government is to achieve economic stability, soeconomic policy making should be suitable with the economic conditions that require the government conscious intervention to achieve macroeconomic goals. One of the basic and important principleseconomic policy of decision making is to examine the effects of monetary and fiscal policies on the economic and non-economic variables. Monetary policy is now one of these policies that is used as a tool for achieving economic purposes in developing countries. Some analysts believe that the effect of economic shocks on macroeconomic variables such as production, inflation and unemployment, can be least, if we use the tools correctly. On the other hand, investment is a driving force for growth and development in the economic literature. In fact, one of the variables that can change in monetary policy changes, along with other macroeconomic variables changes, is investment. Private sector investment is a part of total investment that monetary policy can make many changes in it. The purpose of this paper is to examine the effects of monetary policy on private investment in Iran will be analyzed in this research during 1357-1389, via three variables: the liquidity, GDP and real interest rates. The results show that there is a significant positive relationship between liquidity and real interest rates on private investment, and also there is a significant negative relationship between GDP and private investment in the long run in Iran. Manuscript profile -
Open Access Article
42 - The Effect of Private and Public Investment on Economic Growth in Iran
غلامعلی حاجی مینا عسگریIn this study the effects of private and public investment on economic growth has been studied. For this purpose, a neo-classical production function is defined; total investment is separated into private and public; and the Ordinary Least Squares (OLS) method for estim MoreIn this study the effects of private and public investment on economic growth has been studied. For this purpose, a neo-classical production function is defined; total investment is separated into private and public; and the Ordinary Least Squares (OLS) method for estimating the growth model is used. The results of the model for the period of 1346-1386 show that the impact of private investment on economic growth is more significant than public investment. Our model suggests that the government should not invest in sectors that are competing with the private sector; instead they should focus in investing in infrastructure of the country. Manuscript profile -
Open Access Article
43 - The study of relationship between financial liberalization and economic growth at Middle East and South Africa
مریم خوشنویس اعظم احمدیان فاطمه مهربانیThis paper aims to delineate the dynamics of financial liberalization and economic growth in mena region (Middle East and North Africa) based on data entailing the period of 1996-2007, using group pooled technique. In doing so, the technique has employed some potential MoreThis paper aims to delineate the dynamics of financial liberalization and economic growth in mena region (Middle East and North Africa) based on data entailing the period of 1996-2007, using group pooled technique. In doing so, the technique has employed some potential and actual indicators of financial liberalization to measure the impact on economic growth of financial liberalization, for example, the flow of foreign direct investment has been used as a proxy for actual financial liberalization index. As such the paper has investigated the casual relation between economic growth and financial development on one hand and that of financial development and financial liberalization on the other hand. The result indicate that in the former case one way relation exist i.e. economic growth exert its impact on financial development but in the latter case no casual relationship has not been noticed. Moreover, it has been found that economic liberalization has rendered a positive impact on economic growth Manuscript profile -
Open Access Article
44 - Influence of relationship marketing investment on customer's gratitude and loyalty in retailers (Case Study: Hakopian Chain Store Customers)
nadereh sadat najafi zadeh afsaneh tabzarRelationship marketing has defended as a development and maintenance of the long-term relationship with the customers، and has strong impact on the theory and marketing during the two past decades. Marketing is a bilateral relation and must share important interests. Cu MoreRelationship marketing has defended as a development and maintenance of the long-term relationship with the customers، and has strong impact on the theory and marketing during the two past decades. Marketing is a bilateral relation and must share important interests. Customer gratitude and gratitude plays a key role in the creation and development of successful exchanges, the relationship between the seller and the buyer. Also, customer perceived benevolence in relation to companies is the tangible and intangible benefits they receive in relation to retailers. In this research the researcher tries to exam in the Influence of relationship marketing investments on customer's gratitude and loyalty in retailer. The statistical population of this research is the customers of the Hakupian stores. The existing research is of a practical and causal nature because it measures the impact. And the number of statistical samples analyzed using a questionnaire of 358 of the customers of the Hakupian stores. The validity and reliability of the questionnaire has been confirmed. Hypothesis of this research have been tested by LIZREL software. This study of the story It argues that investing in relationship marketing tactics such as direct mail, tangible rewards, interpersonal relationships, preferential treatment, with the role of the mediator of customer perceived benevolence, has a positive impact on customer gratitude and, consequently, on behavioral loyalty. Manuscript profile -
Open Access Article
45 - Social Responsibility and Investment Efficiency: The Moderating Role of the Type of Business Strategy of the Company (Case Study: Companies Listed On the Tehran Stock Exchange)
dariush tahmasebi aghbelaghi maisam faraji amir cheraghiIntroduction: Today, one of the effective factors for sustainable economic growth and development is efficient investment that can create value for shareholders. The purpose of this research is to investigate the relationship between social responsibility and investment MoreIntroduction: Today, one of the effective factors for sustainable economic growth and development is efficient investment that can create value for shareholders. The purpose of this research is to investigate the relationship between social responsibility and investment efficiency. Methods: To test the research hypotheses, a multiple linear regression model based on panel data has been used. Results: The results of a survey of 140 companies listed on the Tehran Stock Exchange during the period 2013 to 2021 indicate that there is a negative and significant relationship between disclosure of corporate social responsibility information and investment efficiency, and in the years when disclosure of corporate social responsibility information is more The level of investment efficiency has been lower. Conclusion: The results showed that there is a positive and significant relationship between aggressive strategy and over-investment and in the years that the company has chosen an offensive strategy, there has been more investment in the company. There is also a positive and significant relationship between defensive strategy and low investment, and in the years that the company has chosen a defensive strategy, there has been less investment in the company. The results also showed that corporate social responsibility has a negative and significant effect on the relationship between aggressive strategy and over-investment and in years when the disclosure of corporate social responsibility information has been more, the impact of aggressive strategy on over-investment is weak. In addition, corporate social responsibility has a positive and significant effect on the relationship between defensive strategy and over-investment, and in years when the disclosure of corporate social responsibility information has been more, the effect of defensive strategy on over-investment is strengthened. Manuscript profile -
Open Access Article
46 - Designing A Dynamic Model of Iranian Financial Markets Using System Dynamics
Masoumeh Mirzaie Nejad Limoie reza radfar mir feyz fallah kiamars fathiExamination of macro indicators and the level of economic development shows the inefficiency of financial markets. A limited portion of GDP is devoted to investing in the production of goods and services, and a significant portion of it is absorbed in speculative activi MoreExamination of macro indicators and the level of economic development shows the inefficiency of financial markets. A limited portion of GDP is devoted to investing in the production of goods and services, and a significant portion of it is absorbed in speculative activities in unproductive financial markets. The present study has modeled the performance of financial markets using system dynamics. For this purpose, first using the financial markets data of gold, land and construction, capital market, bank deposits, market dynamics and financial consequences of investing in markets were examined. The financial markets dynamics model was designed and after model validation, simulation was performed on a ten-year horizon (1408-1398). According to the behavior of variables and model sensitivity analysis, financial market development policies including "capital market development", "liquidity reduction monetary policy", "land and building market organization" and "gold market organization" are identified and identified separately. The model was applied and the results of comparison and behavior were analyzed. According to the model findings, hybrid policies have been presented as the best policies for the development of productive financial markets based on the dynamics of Iran's financial markets. Manuscript profile -
Open Access Article
47 - Investigate the relationship between the quality of accounting information and corporate governance by investing in the main operations of the company
Reza Bagherzadegan M. Hamed KhanmohammadiThe existence of a conflict of interests between managers and shareholders causes managers to make decisions that do not provide for the interests of shareholders. One of these decisions may be the lack of investment in the major operations of the companies. One way to MoreThe existence of a conflict of interests between managers and shareholders causes managers to make decisions that do not provide for the interests of shareholders. One of these decisions may be the lack of investment in the major operations of the companies. One way to prevent it is to increase the quality of financial reporting and the establishment of a corporate governance system, as this will lead to stakeholder monitoring of investment decisions. The main objective of this research is to investigate the effect of corporate governance and the quality of financial information on investment in the main operations of companies admitted to Tehran Stock Exchange. In this study, 119 companies were sampled in a cross-sectional (119 observation). In this research, investing in the main operations of the company through the calculation of the correlation between growth of the industry and the company, as well as the quality of accounting information through the calculation of a comprehensive quality index of profits, which consists of four variables (accruals quality, earnings sustainability, profitability predictability and profit smoothing) Is measured. The results of the research show that there is a positive and significant relationship between the comprehensive index of earnings quality and the amount of investment in the main operations of the company. Manuscript profile -
Open Access Article
48 - The Relationship between Corporate Philanthropy and Investment Efficiency with an emphasis on the Institutional Investors Ownership
Vahid Taghizdeh Khanqah Younes Badavar Nahandi Aliasghar Mottaghi Houshang TaghizadehAccording to the theory of value creation, the company goal is to increase the shareholder's wealth and pay attention to the individual interests. One of the elements that creates value is the consideration of philanthropic actions. So that doing these actions will give MoreAccording to the theory of value creation, the company goal is to increase the shareholder's wealth and pay attention to the individual interests. One of the elements that creates value is the consideration of philanthropic actions. So that doing these actions will give the company a good image and may affect the performance and investment. Therefore, the purpose of this study is to investigate the relationship between corporate philanthropy and investment efficiency with an emphasis on the ownership of institutional investors at companies listed in Tehran Stock Exchange. Thus, 90 companies were selected for the period of 2010-2017. In order to measure the corporate philanthropy, donations and to measure of investment efficiency, the proposed model based on Iran investment environment was used. A multivariate regression model was used to analyze the data and test hypotheses. The results showed that there is a positive and significant relationship between corporate philanthropy and investment efficiency. That is, humanitarian activities will reduce information asymmetry and increase investment efficiency. Also due to the role of institutional investors, the relationship between company philanthropy and investment efficiency in an environment with institutional investors was investigated. The results showed that institutional investors have a positive impact on corporate philanthropy and investment efficiency. Indeed, in a high regulatory environment, humanitarian action leads to optimal investment. Manuscript profile -
Open Access Article
49 - Investigating the relationship between total quality management and financial performance of banks, insurance companies, and active investment companies in Iran.
Ahmad Ahmadpour Amir SoodbakhshThe purpose of this research is investigating the relationship between total quality management and financial performance of banks, insurance companies, and active investment companies in Iran. The studied population is banks, insurance companies and investment companie MoreThe purpose of this research is investigating the relationship between total quality management and financial performance of banks, insurance companies, and active investment companies in Iran. The studied population is banks, insurance companies and investment companies, and due to the limitation of access to the information of all of them and the necessity of obtaining accurate data, 10 banks, 5 insurance companies and 16 investment companies which were accepted in Tehran Stock Exchange, were selected as samples. In order to investigate and test the research hypothesis, SPSS and Amos software, Kolmogorov-Smirnov test, structural equations modeling, Pearson correlation and multiple regression analysis were used. The results of this study showed that there is a significant and positive relationship between the seven dimensions of total quality management (including leadership, continuous improvement, internal and external partnerships, focus on customer, process management, staff achievements and learning) and financial performance, and thus, between total quality management and financial performance of banks and insurance companies and investment companies. Manuscript profile -
Open Access Article
50 - The impact of Value Added Tax (VAT) on Investment efficiency of Companies Listed in Tehran Stock Exchange
Farzaneh Hajihassani Taha Parkhondeh Donya JeddiThe purpose of this study is to test the effectiveness of VAT on the investment efficiency in listed companies in Tehran Stock Exchange. In this regard, 140 companies (980 observation year-companies) accepted in the Tehran Stock Exchange during the period from 2011 to 2 MoreThe purpose of this study is to test the effectiveness of VAT on the investment efficiency in listed companies in Tehran Stock Exchange. In this regard, 140 companies (980 observation year-companies) accepted in the Tehran Stock Exchange during the period from 2011 to 2017 have been investigated. In order to test the hypotheses of the research, a multiple linear regression model was used using combined data (integrated method). The results of this research indicate a negative and significant effect of the value added tax on the investment level of the company. Also, the research results showed that value added tax has a positive and significant effect on investment efficiency. In addition, the results of the research showed that the value added tax has a negative and significant effect on overinvestment and underinvestment and increases the investment efficiency. These results point to the importance and effectiveness of value added tax in acquiring an unconnected and efficient investment for the company. Manuscript profile -
Open Access Article
51 - The Effect of Relationship marketing on Firm-Investor Financial Performance in the Tehran stock Exchange Market
Manijeh Haghighinasab Mohammadreza Rostami Farzaneh Khobbakht Nazanin HakimifarMany studies generally have represented the positive effects of investor relationship management on stock market value creation. The purpose of investor relations is gaining support and understanding via mutual benefit created between stockholders and organization that MoreMany studies generally have represented the positive effects of investor relationship management on stock market value creation. The purpose of investor relations is gaining support and understanding via mutual benefit created between stockholders and organization that leads to an interactive and two-way collaboration relationship. Successful companies utilize the relationship marketing management with investors and stockholders as one of the strategies for utilizing sustainable competitive advantage in today's business world. This is the world in which maintaining the current stockholders to reach the goals is essential. In this study relation between active firms in Tehran Stock Exchange Market and its stockholders have been investigated based on the relationship marketing philosophy. In the next step, we have examined the effect of IR management on financial outcomes in the stock. We have adapted a framework proposed by Hofman and his teammate in 2010. A sample with some criteria extracted from The Tehran Stock Exchange database from 2011 to 2015. Multivariate linear regression model we are used within this research for hypothesis testing the cross-sectional data and compound method. The main dimensions in the model are investor relations, relationship marketing, relationship orientation, relationship evaluation, trust, commitment, liquidity stock return and cost of equity capital. Research findings show that there is a positive and meaningful relationship between liquidity and all dimensions of relationship marketing except for relationship evaluation. There is a positive and meaningful relationship between stock return and all dimensions of relationship marketing except for commitment. A positive and meaningful relationship was obtained for relation between reciprocity and cost of equity capital. No evidence was found and theories was not approved for meaningful effect of relationship orientation, relationship evaluation, commitment and trust on the cost of equity capital. As a final conclusion, due to importance of liquidity and stock return in this emerging market, it is beneficial for active companies to pursue dimensions of relationship marketing to manage their relation with the investors with quality. Manuscript profile -
Open Access Article
52 - The Effect of Investment in the Staff Training on Financial Indexes, Non-Financial Performance and Market Value of Equity
Mostafa Kalavi farzaneh hidarpourThe main purpose of the current paper is to investigate the effect of investment in staff training on the financial indexes, non-financial performance and market value of equity. The present paper is applied and descriptive pertaining to correlation-survey research.For MoreThe main purpose of the current paper is to investigate the effect of investment in staff training on the financial indexes, non-financial performance and market value of equity. The present paper is applied and descriptive pertaining to correlation-survey research.For this purpose, the related data of the accepted companies in Tehran stock exchange was utilized from the temporal periods of 2010 to 2015. Analysis of research data has been made at two levels of inferential and descriptive statistics. To test the hypotheses, analysis of panel data and regression analysis was applied. Research findings indicate that there is a significant and positive relationship between investment in staff training and future sale(revenue), financial and non-financial performance and market value of equity, whereas there is no significant relationship between investment in staff training and current sale(revenue). Manuscript profile -
Open Access Article
53 - Managerial Wisdom and Entrepreneurial Investment Orientation of Capital market companies Based on the analysis of Galatia's theory
omid Sayeedi Arash Naderiyan ali khozein Hosein DidekhaniIn a dynamic business environment, where profit flows are uncertain in the future, companies need to be constantly looking for new opportunities and innovative exploitation. Maintaining an active presence in the market and achieving higher performance requires these com MoreIn a dynamic business environment, where profit flows are uncertain in the future, companies need to be constantly looking for new opportunities and innovative exploitation. Maintaining an active presence in the market and achieving higher performance requires these companies to pay more attention to the factors affecting the indicators and capacities of the entrepreneurial investment trend. Today, entrepreneurship and entrepreneurial approach as an important and prudent management strategy for how to organize companies and take advantage of market opportunities is the focus of experts and managers in the field of theory and practice of organizational management. The purpose of Managerial Wisdom and Entrepreneurial Investment Orientation of Capital market companies Based on the analysis of Galatia's theory. In this study, two measures of entrepreneurial orientation were used to measure entrepreneurial investment orientation based on the data envelopment analysis (DEA) approach and Shannon's entropy analysis approach. Also, in order to measure managerial wisdom from the Ardelt (2003) questionnaire, which is based on three cognitive subscale scales based on cognition; Wisdom is based on reflection and wisdom is based on emotions. In this study, which was conducted in 2019, 82 questionnaires were completed and analyzed with the participation of managers of the Tehran Stock Exchange. In order to fit and test the hypothesis, we used the partial least squares (PLS) analysis. The results showed that Managerial Wisdom has a positive and significant effect on the development of entrepreneurial investment orientation under the Galatia approach. In fact, this results in the fact that the existence of positive expectations of a manager from himself, can strengthen the level of wisdom in terms of the individual's approach with more effectiveness in organizational decisions and cause to move more dynamically in the direction of further dynamism of entrepreneurial capitalization trends. Manuscript profile -
Open Access Article
54 - The effect of corporate governance on the relation between accounting information quality and correlation of company and industry’s growth rate
Saeed Naderi Ahmad Yaghoobnezhad Farzaneh HeidarpoorThis article aims to investigate the effect of corporate governance on the relation between accounting information quality and correlation of company and industry growth rate for the companies listed in Tehran Stock Exchange. This research uses the variables earnings pe MoreThis article aims to investigate the effect of corporate governance on the relation between accounting information quality and correlation of company and industry growth rate for the companies listed in Tehran Stock Exchange. This research uses the variables earnings persistence, earnings smoothing, earnings predictability and accruals quality as proxy accounting information quality variable. Also, eight indices are used as proxy corporate governance mechanisms. the hypothesizes of the research are tested using a sample consisting of 111 of companies for a time period of 15 years from 2003 to 2016 and based on multiple variable regression model and panel data model. Eviews software were employed for calculation. The results indicate where the corporate governance is weak, then the role of the accounting information quality in investor’s decision making increases. Accounting information quality also better explains the correlation between company and industry’s growth rate where the corporate governance is weak. Manuscript profile -
Open Access Article
55 - Investigating the cultural factors affecting on risk perception of investors in Tehran Stock Exchange (TSE)
احمد ناطق گلستان فریدون رهنمای رودپشتی احمد یعقوب نژادIntroduction: Risk & return are two critical factors in decision making of investors that according to existing research total risk from one perspective consist of two factors these are subjective & objective risk that leads to investors decision making.Di MoreIntroduction: Risk & return are two critical factors in decision making of investors that according to existing research total risk from one perspective consist of two factors these are subjective & objective risk that leads to investors decision making.Different factors affect risk perception of investors that one more important is cultural variety. Evaluating the cultural factors in the area of financial management on the risk perception of investors is very important, because different behaviors and decisions are required in different cultures facing the prices, price fluctuations and important or non-important published news of portfolio. Method: In this paper, a questionnaire was designed including 22 cultural items in three criteria of values, facilities and behavior in order to measure the cultural factors affecting risk perception in Tehran stock exchange. Experts’ comments were used on the design of items and quintet Likert spectrum was applied for the answers. Structural equation modeling, or multivariable analysis with latent variables, is a comprehensive statistical approach for testing the hypotheses about relationships between observed and latent variables. Such analyzes have been done by LISREL software Findings: Results indicate that the three components of the "values", "Infrastructure" and "behavior", respectively, with values of 0.86, 0.55 and 0.81,affect on investor risk perception in the Tehran Stock Exchange. Also, in the measurement model, it is observed that between values and Infrastructure with behavior respectively values of 0.47 and 0.7 and Between infrastructure and behavior, there is little correlation of 0.44. Conclusions: the results showed that there was a significant relationship between risk perception and its triple factors and also between the items and triple factors affecting on risk perception. Manuscript profile -
Open Access Article
56 - Identify affecting Incentives of investor participation in crowdfunding for social innovation (Case study: collective votive )
Ali Asghar Sadabadi Fatemeh Jafarian Zohreh Rahimi RadSubject: Discovering the decision-making motivations of investors is always one of the most fundamental issues in business. Crowdfunding is introduced as a solution to the problem of financing social businesses and solving social problems with small contributions from m MoreSubject: Discovering the decision-making motivations of investors is always one of the most fundamental issues in business. Crowdfunding is introduced as a solution to the problem of financing social businesses and solving social problems with small contributions from many people. Identifying the motivations that affect investors' participation in crowdfunding, helps entrepreneurs and policymakers to use that for increasing the number of crowdfunding.Objective: The purpose of this research is to identify the motivations that encourage investors to participate in the donation-based crowdfunding process.Research Method: first by using literature and then semi-structured interview with the participants; Effective motivations were extracted. Further, through action research, the case study of Salam center's " collective votive " in the month of Muharram was investigated in order to identify the motivations appropriate to Iran.Results : Incentives effective on investors' decision-making were categorized in two levels, personal and social, and a total of 13 effective incentives on investors' participation in the crowdfunding project without tangible returns were introduced.Conclusion: According to the results of studies, a comprehensive understanding of how to investment decisions are made, helps founders to increase the success rate by providing all the necessary information to potential investors. This research enriches the literature of donation-based crowdfunding in the field of social innovation for developing countries by providing effective incentives for investors' participation. Manuscript profile -
Open Access Article
57 - Sociological analysis of social and cultural structures affecting investment attraction
nouredin alahdadi مجتبی ترکارانیToday, investing and having capital as one of the key issues of development is of very fundamental and decisive importance. Governments prefer to bring in an element such as the private sector in their absence or by their side to fulfill their roles and duties. The purp MoreToday, investing and having capital as one of the key issues of development is of very fundamental and decisive importance. Governments prefer to bring in an element such as the private sector in their absence or by their side to fulfill their roles and duties. The purpose of this research is to explain the structural factors affecting investment attraction in Lorestan province. The research method is a combination of quantitative type and survey technique and questionnaire tools were used and the theoretical model of the research which includes independent variables such as economic, infrastructural, judicial-police, political, administrative-organizational, cultural-social conditions and national level conditions and It is global, it was designed to explain and analyze investment attraction among investors. According to the stratification done by the respondents, the desire to invest in Lorestan is average downwards, the existing infrastructure in the province is average downwards, the economic conditions are average upward, the amount of judicial-police issues is average downwards, administrative issues - The organization is average downwards, cultural-social conditions are average downwards, political conditions are low, and the level of national and global conditions is also low. Also, there is a positive and significant correlation between the independent variables of the research, including economic, infrastructural, judicial-police, cultural-social, political, administrative-organizational, with the tendency to invest as the dependent variable of the research, but the variable of national and global conditions has a relationship Correlation is not meaningful. The multi-variable regression of the research shows that the political, administrative-organizational and cultural-social variables are the most effective variables in explaining and predicting the tendency to invest in the province, and the explanatory power of the regression or R2 of the research model is 52% in this sense. that these variables explain about half of the state of the dependent variabl. Manuscript profile -
Open Access Article
58 - SOAR Strategic Model; A step towards strategic planning of Iran overseas agricultural development
farzaneh Rezaee فرحناز رستمیAbstract Overseas agriculture refers to foreign investment in the agricultural sector through the purchase or lease of land lots on a large scale and exploitation in countries with a good capacity and potential in terms of production facilities and resources. Over the p MoreAbstract Overseas agriculture refers to foreign investment in the agricultural sector through the purchase or lease of land lots on a large scale and exploitation in countries with a good capacity and potential in terms of production facilities and resources. Over the past few years, there have been many actions in the field of Iran Overseas agriculture; however, surveys show that there is a deep lack of information of Iran overseas agriculture and There is still no long-term strategic planning after a few years since the introduction of an overseas agricultural debate. Therefore, in this study, using SOAR model and positivist viewpoint, Overseas agricultural strengths and opportunities were investigated. The method of research in this research is qualitative and in terms of collecting data, descriptive-analytical with the applied nature which is used for data collection from the interview and SOAR model is used for data analysis. The study population consists of 16 experts, relevant authorities and investors. The most important outcomes are expected to be the development of Overseas agriculture, the reduction of pressure on domestic resources, the acquisition of profits for producers, the supply of domestic market with external resources and the establishment of friendly relations between Iran and other countries. Manuscript profile -
Open Access Article
59 - The Effect of Information and Communication Technology and Foreign Direct Investment on Green Productivity in Iran
Behnaz Mashayekhi Kambiz Hojhabr kiani Farzaneh Khalili Farid AsgariBackground and Purpose: Effective protection of the environment and optimal use of natural resources is one of the most important pillars of sustainable development. Green productivity is a strategy to increase environmental productivity and performance in order to soci MoreBackground and Purpose: Effective protection of the environment and optimal use of natural resources is one of the most important pillars of sustainable development. Green productivity is a strategy to increase environmental productivity and performance in order to social and economic development. The Information and Communication Technology (ICT) revolution has severely affected all countries in terms of economic, social, political, cultural aspects as well as security, employment, health, the environment, and many other macro variables; so that, the technology has become the main driving force of the world's economy and sustainable development in today's world. According to the importance and the impact of Foreign Direct Investment and Information and Communication Technology on green productivity, this paper uses the Johansen-Joselius coherent test of the relationship between Foreign Direct Investment and Information and Communication Technology and the Green Productivity Index in Iran. Materials and Methods: The effect of Information and Communication Technology and Foreign Direct Investment on green productivity has been investigated in Iran using the Johansen-Joselius coherent test during the period of 1980-2013. Findings: According to the research findings, the Information and Communication Technology and Foreign Direct Investment have a positive and significant and a negative and significant effect of on the Green Productivity Index in Iran, respectively. Also, the vector error correction model shows that the adjustment process is slowing towards the equilibrium. Discussion and Conclusion: According to the obtained results, and considering the negative and significant effect of Foreign Direct Investment on green productivity, which could be as a result of increased pollution, it is suggested that is possible to provide a ground to improve green productivity by adopting policies to reduce the destructive effects of Foreign Direct Investment, including the replacement of green energy. It is also recommended that environmental regulations and standards be imposed upon the entry of Foreign Direct Investment which could be done with less environmental pollution. The effect of Information and Communication Technology index on Green Productivity Index is positive and significant in Iran. Therefore, it can be surely said that the use of Information and Communication Technology, as a solution for green productivity institutionalization is essential for implementing the continuous and effective process of green productivity improvement. It is also suggested to determine criteria, for the development and implementation of the green productivity concept, that fully cover the qualitative patterns of economic growth and development. Manuscript profile -
Open Access Article
60 - A model for identifying factors affecting the timing of liquidity in mutual funds
hamid sabzali gholam reza zomorodianS Farhad HanifiAn investment manager puts the investment fund in a stable position before the market rises and falls. With this approach, in this study, an attempt has been made to model the factors affecting the timing of liquidity in Iranian mutual funds using Structural Equation Mo MoreAn investment manager puts the investment fund in a stable position before the market rises and falls. With this approach, in this study, an attempt has been made to model the factors affecting the timing of liquidity in Iranian mutual funds using Structural Equation Modeling (SEM). To achieve this goal, the required information was collected by survey and by designing a questionnaire from investors, experts and specialists in the Iranian capital market for the year 2020. Based on the results, external factors (with a path coefficient of 0.281) and internal factors (with a path coefficient of 0.419) have a significant effect on the timing of liquidity in mutual funds. The larger the coefficient of the path of internal factors indicates the fact that these factors have a stronger effect on the liquidity timing of mutual funds than external factors. Finally, the variables of interest rates on deposits, parallel market and stock returns, inflation rate, oil revenues, economic growth and political developments are external factors that respectively with path coefficients 0.786, 0.827, 0.664, 0.506, 0.582 and 0.404 and the variables of fund management ability and skill, relative life and size of the fund, net value and percentage of cash assets of the fund, return, profitability and capital expenditures of the fund, risks facing the fund and the number of industries in the fund's investment portfolio are intra-corporate factors that respectively with path coefficients 0.756, 0.426, 0.736, 0.553, 0.767 and 0.580, have a significant effect on the liquidity scheduling of mutual funds. Manuscript profile -
Open Access Article
61 - Investigating the Relationship between Political Rumors and Perceptual Error of Tehran Stock Exchange Investors by Considering the Intermediary Variable of Biographical Characteristics of Investors by Structural Equation Modeling
زهرا شیرازیانThe present study investigates the role of the mediator of the biographical characteristics of investors on the relationship between political rumors and their perceptual error by modeling structural equations. The present study was conducted in terms of the method of c MoreThe present study investigates the role of the mediator of the biographical characteristics of investors on the relationship between political rumors and their perceptual error by modeling structural equations. The present study was conducted in terms of the method of correlation research in terms of the purpose of an applied research and in terms of data collection method, a quantitative study. The statistical population of the study was investors of Tehran Stock Exchange with unlimited number and the sample was estimated using Morgan and Kargzi tables with a simple random sampling of 384 people. The tool for measuring political rumors, the 9 questionnaire of Khademi Grashi and Ghazizadeh (2007) and the instrument for measuring perceived error in the questionnaire of Saadi 24 et al. (2010). The results of structural equations showed that political rumors affected the perceived errors of investors in Tehran Stock Exchange. Also, the dimensions of political rumors, including statements by political officials, political developments inside the country and foreign political developments, increased the level of perceptual error of investors. Also, biographical characteristics of investors influenced the relationship between political rumors and its dimensions with perceptual errors of Tehran Stock Exchange investors. Manuscript profile -
Open Access Article
62 - Testing the application of inflows (outflows) of mutual funds in the assessment and prioritization of asset pricing models
Masoome Khermandar Hamid Reza Vakilifard Ghodrat Allah Talebnia Ramezan Ali RoyaeeIn this research, a new method based on quantitative variables, instead of price and return variables, has been presented to evaluate and prioritize capital asset pricing models. The present study, using capital inflows (outflows) of mutual funds (quantitative variable) MoreIn this research, a new method based on quantitative variables, instead of price and return variables, has been presented to evaluate and prioritize capital asset pricing models. The present study, using capital inflows (outflows) of mutual funds (quantitative variable), has determined the model of capital asset pricing models (CAPM, F-F, F-F-C, CCAPM) that is mostly used by investors to decide on a allocation of capital. This study uses the data of mutual funds in the capital market of Iran during the period 1392 to 1396, and with the implementation of ordinary least squares regression (OLS) this method has been presented. Manuscript profile -
Open Access Article
63 - comparative study of dynamic performance of investment according to method (garch)and kalman filter
Javad Yousefi Brahman JAVAD ramezani Mehdi KhalilpourThe importance of investing for economic growth and development is enough to make it a strong incentive to reach development; one that investors care about is the information that comes from the coming part of the company.In spite of an efficient construction of the mar MoreThe importance of investing for economic growth and development is enough to make it a strong incentive to reach development; one that investors care about is the information that comes from the coming part of the company.In spite of an efficient construction of the market, it is possible to identify companies and projects. one of the main parts of the capital market is the stock exchange. and efficiency is the main and most important feature of the stock exchange. according to the significant effect of efficiency on the trade and investment level, the main purpose of this study is to compare the dynamic performance of investment according to the garch and kalman filter method.in this research , by using kalman filter , the beta - kalman filter is applied to the firms listed in tehran stock exchange ( tse ) . then beta values for these shares are estimated using garch method and the efficiency of these two methods is compared .tthe results are obtained and based on the mean square error of each method , it can be stated that kalman filter method outperforms the garch method and therefore outperforms the garch model . Manuscript profile -
Open Access Article
64 - Impact of portfolio diversification on the performance of holding companies based on modern and modernized theories of portfolios
ali farhadianOver the last few years, holding companies have had an increasing impact on the country's capital market, due to their high growth in stock exchanges, both in terms of number and size of capital And diversification is one of the key strategies that hiding companies have MoreOver the last few years, holding companies have had an increasing impact on the country's capital market, due to their high growth in stock exchanges, both in terms of number and size of capital And diversification is one of the key strategies that hiding companies have been focusing on to increase efficiency and to stay safe from risks; However, the researchers do not agree on this issue. To this end, by using the statistical data of 51 holding companies in the Tehran Stock Exchange (TSE) during 2011-2017, the impact of portfolio diversification on performance based on modern and modernized theories of portfolios investigated. For this purpose, firstly, the variables of the study were examined in terms of their status, Then the least squares method was used for analyzing data and (GMM) and generalized generalized (EGLS) torque (EGLS) for estimating hypotheses.The findings show that diversification in holding companies on performance criteria is based on modern theories and based on modernist theories of portfolios (Jensen, Sharp, Triner, Sortino, Desirability Potential, Omega and Trener, and Jensen Adjustment) has a positive and significant effect. Manuscript profile -
Open Access Article
65 - The effect of forward-looking non-financial information (FNFI) on corporate investment efficiency & financing constraint
Allah Karam SalehiPrevious research has shown that the high disclosure of corporate financial information can increase the efficiency of the investment. In addition, the mechanism of financial information disclosure and investment efficiency is a kind of reduction of information asymmetr MorePrevious research has shown that the high disclosure of corporate financial information can increase the efficiency of the investment. In addition, the mechanism of financial information disclosure and investment efficiency is a kind of reduction of information asymmetry that prevents investment efficiency. Unlike financial information, which is mainly about the past performance of companies, non-financial information, in particular forward-looking non-financial information (FNFI), is about the future development of the company, which can provide information that is more relevant for decision makers. Therefore, the FNFI can reduce information asymmetry between companies and external sources of funding. The purpose of this study was to investigate the effect of forward-looking non-financial information on corporate investment efficiency & financing constraint in listed companies on Tehran Stock Exchange. To this porpuse, a sample of 150 companies during 2010-2016 was selected by systematic elimination sampling. The research method is library and correlation. Forward-looking non-financial information the study consists of seven non-financial indicators and the relationship between research variables by the regression model presented by Tan and Liu (2017) with the pooled data approach have been used. The results show that forward-looking non-financial information can reduce financing constraints and high disclosure quality will intensify the relationship between these two variables. Forward-looking non-financial information can also reduce the inefficiency of investment, and the high disclosure quality will intensify the relationship between these two variables, then alleviate the underinvestment effectively and meanwhile leavelittle opportunity for overinvestment. Manuscript profile -
Open Access Article
66 - Structural modeling of the precondition of financial behavior of investors in Iran’s stock market
Fatemeh Ahmady Mehrdad Ghanbari babak Jamshidinavid Shahram MamiThis study followed the design of a model to predict the financial behavior of investors in the Iranian stock market. Qualitative content analysis of scientific texts related to the research topic was used to identify the criteria. Interactive matrix and based on expert MoreThis study followed the design of a model to predict the financial behavior of investors in the Iranian stock market. Qualitative content analysis of scientific texts related to the research topic was used to identify the criteria. Interactive matrix and based on expert opinion based on interpretive structural modeling method was developed and a five-level model was obtained. To determine the type of variables, the MicMac analysis was used. In the five-level model of this study the variables of informal news, investor financial conditions, subjective financial knowledge, and herd behavior at the fifth level were the most influential and believable, personal judgment, emotion control, and loss aversion were the most influential variables of this model at level one of this model, were affected. MicMac analysis also indicated that the variables of informal news, subjective financial knowledge, investor financial conditions, self-esteem, and herd behavior were independent, and the variables of avoidance, believability, financial technology, emotional control, personal judgment, and financial specialties are also type dependent and other variables are interface type. Manuscript profile -
Open Access Article
67 - Prioritizing of printing technology for Investment by Fuzzy TOPSIS
zahra dianati dalami morteza farahaniStudy and understanding the market is the first step in investing. The printing industry is the concern of many investors because of its wide variety, breadth and good labor market. On the other hand, the wide variety of printing industry technologies is causing investo MoreStudy and understanding the market is the first step in investing. The printing industry is the concern of many investors because of its wide variety, breadth and good labor market. On the other hand, the wide variety of printing industry technologies is causing investors to make the most effective investment choice. Therefore, this research seeks to answer this question: What is the ranking and prioritization of printing technologies for investing in the Iranian market according to existing conditions?In order to answer the main research question, in this research, by descriptive-analytic method, prioritization of printing industry technologies was investigated by Compensatory Fuzzy multi Criteria Decision making in 20018. Therefore, a fuzzy tops technique was used to check and rank the options. The options studied in this research are; offset printing, digital printing, flexor printing, Héliogravure printing and silkscreen printing. Eleven indicators were selected using experts’ comments that are: technical quality, initial capital, cash flow, return on investment, expected returns, risk, environmental pollution, production volume, depreciation, production cost or Services, competitive power.After sensitive analyzing on parameters and indices, the results were examined. The final results of this study show that the best investment in the printing industry, according to the current market conditions of Iran, are digital printing, offset printing, flexor printing, silk screen printing and, finally, printing of Héliogravure. Manuscript profile -
Open Access Article
68 - Investigating factors affecting demand in mutual funds, focusing on cash flows.
mehdi hedayat pejman shabanpourfard seyedmojtaba mirlohiDemand for investment in mutual funds can be measured as the total net cash flows experienced by the fund during a period. On the other hand, many authors estimate the net cash flows using fund size and return information. This method provides a good estimate of cash fl MoreDemand for investment in mutual funds can be measured as the total net cash flows experienced by the fund during a period. On the other hand, many authors estimate the net cash flows using fund size and return information. This method provides a good estimate of cash flows. Therefore, two methods can be used to calculate net cash flows and analyze the factors affecting each of them. This study uses monthly data from 41 mutual funds from February 2012 to October 2017 using a panel method to test hypothesizes. The results show that the implicit flows are an appropriate measure for estimating net cash flows, but there are a few errors in its calculations. The results also indicate that variables such as returns, risk and lagged cash flows have a significant effect on investors' demands for investment funds. Manuscript profile -
Open Access Article
69 - Investors Reaction to the Disclosure of CEO Compensation
faezah Gholami Moghaddam Javad Rajabalizadeh Reza HesarzadehIn recent years, increasing conflicts agencies have caused legislators impose stricter requirements on executive compensation disclosure. However, theoretically and experimentally, compensation disclosure is one of the challenging issue. The porpuse of this study is to MoreIn recent years, increasing conflicts agencies have caused legislators impose stricter requirements on executive compensation disclosure. However, theoretically and experimentally, compensation disclosure is one of the challenging issue. The porpuse of this study is to investigate investors reaction to chief executive officer (CEO) compensation disclosure. Therefore, the present study by using the framework of the Kelly and Seow (2016), investigetes investors reaction to evaluate different scenarios. In this regard, three types of questionnaires were issued with the disclosure criteria of managers' bonuses, disclosure of high compensation to managers, and disclosure of the rewards ratio of managers to employees and the survey of 225 students of financial sciences was an indicator for the investor. Results show that the executive compensation disclosure to employee receive with executive compensation disclosure in similar firms is better than the other scenarios. Because this scenario have positive effect on investor perception of "fairness compensation, the company's ability to attract and retain the CEO and potential investment opportunities". Manuscript profile -
Open Access Article
70 - Investigating the Relationship between Financial Reporting Quality andCorporate Investment Decisions with an Emphasis on Accounting Information Governance Role
Mahmoud Karimi ali eshaghzade Mohammad SalehifarThis research investigates the relationship between financial reporting quality and corporate investment decisions in terms of the role of accounting information governance in Tehran Stock Exchange. Although researches has been conducted on the quality of corporate fina MoreThis research investigates the relationship between financial reporting quality and corporate investment decisions in terms of the role of accounting information governance in Tehran Stock Exchange. Although researches has been conducted on the quality of corporate finance reporting and investment, none of them have addressed the role that accounting and financial reporting information plays in strengthening corporate governance. The present research is a descriptive-correlative research aim in terms of development. The statistical population of this research are the listed companies in Tehran Stock Exchange from 2012 to 2016. After systematic screening and deletion, 105 companies were sampled and analyzed using Spearman correlation coefficient. The results showed that high-quality accounting information by playing a role of governance would help investors identify inefficient investments and, by adopting buy-and-sell positions in relation to company stocks, would focus management on the core business of the company. As a result, efficiency in the allocation of capital is enhanced and the capital is absorbed into the core of the business of the company (not interests of the managers). Manuscript profile -
Open Access Article
71 - The Impact of Real Earning Management on Investors' Asymmetric Perceptions in the Capital Market: Examination of the moderating role of Excess Stock Price Volatility
Leila Zamanianfar Bahman Banimahd zahra dianati dalamiInvestors' perceptions in the capital market will not only influence individual decision-making and the allocation of monetary resources to the investment on corporate stocks, but also affect the total capital market. Investors' asymmetric perceptions are not usually in MoreInvestors' perceptions in the capital market will not only influence individual decision-making and the allocation of monetary resources to the investment on corporate stocks, but also affect the total capital market. Investors' asymmetric perceptions are not usually influenced by one measure because of the extent of the expansion, but in a general segmentation it can be attributed to macroeconomic dimensions and industry-level criteria. The purpose of this study is to investigate the impact of real earning management on the investors' asymmetric perceptions in the capital market with regard to the moderating role of Excess Stock Price Volatility. In this study, 102 companies in Tehran stock exchange that were selected through systematic elimination sampling were evaluated in the period of 2015 -2019. Logistic regression was used because of the biased measurement of the dependent variable of this study, namely investors' asymmetric perceptions.The results showed that real earnings management has a significant positive effect on investors' asymmetric perceptions. It was also found that Excess Stock Price Volatility intensifies the positive impact of real earnings management on investors' asymmetric perceptions. Manuscript profile -
Open Access Article
72 - The effectiveness test of customer concentration on cash holdings adjustment speed in listed companies in Tehran Stock Exchange
Mohammad Amin RastegarAccording to the managerial entrenchment hypothesis, uncertainty about government policies (such as taxation and labor laws) is expected to increase significantly during the years of national elections in companies with a larger workforce, which ultimately affects ineff MoreAccording to the managerial entrenchment hypothesis, uncertainty about government policies (such as taxation and labor laws) is expected to increase significantly during the years of national elections in companies with a larger workforce, which ultimately affects inefficiency. Labor investment will be. The purpose of this study is to investigate the effect of political uncertainty on the labor investment inefficiency in firms listed on the Tehran Stock Exchange. In this regard, 140 companies (980 year-company observation) listed on the Tehran Stock Exchange during the period 2012 to 2018 have been reviewed. In order to test the research hypotheses, the multiple linear regression model was used using panel data. The results of this study show that during the years of national elections, the labor investment inefficiency has increased. In other words, there is a significant negative relationship between political uncertainty and labor investment inefficiency. These results indicate the importance and effectiveness of political uncertainty in labor investment. Manuscript profile -
Open Access Article
73 - The Moderating Effects of Ownership Structure, Political Communication, and Board Independence on the Relationship between Divergence of Views and Attention of Investors to the Initial Public Offering (IPO) Market
nafise taghizade mohsen hamidian Nowrouz NourollahzadehIn this study، the moderating effect of ownership structure (largest shareholder)، political communication, and board independence on the relationship between the divergence of views and investors' attention to the IPO market was evaluated. To do so،124 companies with a MoreIn this study، the moderating effect of ownership structure (largest shareholder)، political communication, and board independence on the relationship between the divergence of views and investors' attention to the IPO market was evaluated. To do so،124 companies with an initial public offering (IPO) were analyzed during the period 2006-2017. This is an applied study in terms of purpose and is among the descriptive-retrospective researches in terms of the data collection method. To examine the hypotheses، Eviews8 software was used. The results obtained in this study indicated that, in general، the difference between investors' views and divergence of their views were under the influence of various factors such as ownership structures، political communication, and board independence. When the largest shareholder of the company has higher ownership، it reduces the difference in investors' views and has a negative effect on the positive relationship between initial returns and divergence of investors' opinions. Manuscript profile -
Open Access Article
74 - Providing a Model of the Effect of Uncertainty about the Inflation Rate and More Trust of Managers on the Increase in Investment (Case Study: Fellowship Affiliated Companies in Tehran Stock Exchange)
Houshang Alipour Reza Tehrani Abotorab Alirezaei Ghanbar Abbaspour EsfndanThe main purpose of the present research is to provide a model for the effect of uncertainty about the inflation rate and more trust of managers on the increase in investment. This research is considered to be a practical part of the research. Also, this methodology is MoreThe main purpose of the present research is to provide a model for the effect of uncertainty about the inflation rate and more trust of managers on the increase in investment. This research is considered to be a practical part of the research. Also, this methodology is post-event research. On the other hand, the present study is of descriptive survey type correlation based on regression equations. The statistical population of this research includes all financial distressed companies listed in Tehran Stock Exchange between 1390 and 1396. Considering the systematic constraints, the statistical sample of 122 firms among the companies accepted in Tehran Stock Exchange Selected and studied.The results of the analysis showed that in the uncertainty of inflation conditions, the level of double investment of companies is not increased. Also, the results showed that the uncertainty of inflation does not reduce the trustworthiness of corporate managers. On the other hand, the results show that managers with a higher level of trust are more interested in investing twice. Finally, under the uncertainty of inflation, managers with a higher level of trust than those with lower confidence, do not pay more double investment. Manuscript profile -
Open Access Article
75 - Identifying and Ranking Digital Marketing Factors in the Banking Industry: with an Emphasis on Financial and Investment Services (using Grounded Theory)
Elmira Emsia Javad JanmohammadiWith the increasing growth of digital marketing in the field of financial services of banks, the level of awareness of customers about the quality of banking services has increased. Therefore, customers no longer accept any kind of services, and this causes an increase MoreWith the increasing growth of digital marketing in the field of financial services of banks, the level of awareness of customers about the quality of banking services has increased. Therefore, customers no longer accept any kind of services, and this causes an increase in the number of competitors in the bank. Therefore, banks should seek to strengthen their competitive position by identifying marketing challenges and opportunities. The purpose is to identify and rank the opportunities and challenges of digital marketing in the banking industry with an emphasis on financial and investment services (by Grounded Theory) in Sepah Bank. The research was conducted in two parts. First, with a qualitative approach, opportunities and challenges were identified from experts in the field of digital marketing in the bank, and second, in order to survey the findings of the qualitative section and also to rank an opportunities and challenges from the experts' point of view, the approach Quantitative and Shannon entropy were used. In the qualitative part, 9 semi-structured interviews were analyzed using the content analysis method, and in the quantitative part, the identified dimensions and sub-indices were weighted and ranked using the Shannon entropy analysis. The results showed that the most important dimension is the promotion dimension, and the most important indicator is the analysis of customer behavior, and the most important challenge is the technical dimension, and the most important indicators are a lack of digital culture, the lack of attractiveness of content, services and needs to expert employees. Manuscript profile -
Open Access Article
76 - Validation of Investment Efficiency Models Based on Agency Theory, Information Asymmetry, Managerial Entrenchment and Firm value maximization
Vahid Taghizadeh Khanqah younes badavar nahandi Aliasgar Mottagi Houshang TaghizadehIn a complete market in which information asymmetry does not exist between managers and external investors, firms can optimally invest in profitable projects. However, when information asymmetry exists, firms may be confronted to face financing constraints and cash surp MoreIn a complete market in which information asymmetry does not exist between managers and external investors, firms can optimally invest in profitable projects. However, when information asymmetry exists, firms may be confronted to face financing constraints and cash surplus which prevent them from undertaking profitable projects, resulting in an under and over investment. Therefore, in order to achieve an optimal investment efficiency model and detection of over and under investment, the empirical test of investment efficiency models examined in Tehran Stock Exchange. In this research, different models of investment efficiency extract and examined from different economic environments and compared with the native model presented, in order to explain their explanatory power. For this purpose, the origin and economic implications of investment efficiency are used to validate the models. A model is convenient when that consistent with financial and accounting theories. The financial reporting quality, free cash flow, financial constraints, economic value added, and firm value are issues that are tested in relation to investment efficiency models. For this purpose, 180 companies are used for the period of 2007-2017. The findings showed that free cash flows and financial constraints has a positive effect on over and under investment. The findings also suggested that the investment efficiency was positively affected by the economic value added and firm value, but this effect was not confirmed through all investment efficiency models. The results showed that the test of all hypotheses was confirmed based on native model of investment efficiency. Manuscript profile -
Open Access Article
77 - Explaining the Effective Factors of Stock Returns Using the Investment Options Approach
Farzin Khoshkar Hassankiadeh Seyed Ali Nabavi Chashmi Iman Dadashi Kaveh AzinfarThe necessity of research on predicting investment returns and presenting effective models of its explaining and compare the most efficient ones, affects both the expansion of investment in the financial market and the creation of more confident conditions for decision MoreThe necessity of research on predicting investment returns and presenting effective models of its explaining and compare the most efficient ones, affects both the expansion of investment in the financial market and the creation of more confident conditions for decision making and portfolio formation. Experimental testing of some models has shown that investment options are measurable as a way to create more options as one of the most common types of real options based on investment options and can be effective in explaining stock returns. The purpose of study is to explain the factors affecting equity returns using the investment options approach. The information from this study is taken from the financial statements of 146 companies during the period 1390-1397. The research is applied in terms of purpose; in terms of nature and content it is a correlation type. Multiple regression based on panel data analysis was used to test the relationship between variables and the significance of the model. The results of the hypotheses test showed that investment options based on Grullon's four-factor model affect stock returns and firms with more aggregated investment options based on Grullon's model have higher stock returns. In addition, the results showed that there is a significant difference between the explanatory power of Fama and French's five-factor asset pricing model and the investment options model based on Grullon's model in explaining stock returns. And the explanatory power of the Grullon's model in explaining stock returns is more than the Fama and French five-factor model. Manuscript profile -
Open Access Article
78 - Stock portfolio optimization using reliability approach
Mir Seyed Mohammad Mohsen Emamat Payam HanafizadehThe aim of this study is to optimize stock portfolios by considering uncertain returns and the investment’s utility function in the Tehran Stock Exchange. For this purpose, a two-stage recursive algorithm and a utility function have been used. Securities are selec MoreThe aim of this study is to optimize stock portfolios by considering uncertain returns and the investment’s utility function in the Tehran Stock Exchange. For this purpose, a two-stage recursive algorithm and a utility function have been used. Securities are selected according to the list of 50 most active companies that was published by the Securities and Exchange Organization per season between the years 1390 to 1394. Considering the returns in this five-year period, the returns vector and covariance matrix are determined and after modeling the optimal portfolio is presented. The results show that the optimal portfolio includes: Iran Transfo (0.15), Eghtesad Novin Bank (0.1), Saipa (0.15), Ghadir Investment Company (0.15), Foolad Mobarakeh Esfahan (0.15), Mokhaberat Iran (0.15) and Meli Sanaye Mess Iran (0.15). The quality of the results is compared with real returns in the following year (1395). The results show the high accuracy of the algorithm. Manuscript profile -
Open Access Article
79 - Investigating the Role of Financing by Narcissistic CEOs in the Investment Efficiency of Companies Listed on the Tehran Stock Exchange
Mohammad Janalizadeh majid ashrafi Maryam Bokharaeian Khorasani Gemadverdi Gorganli DojiThe present study aims to investigate the role of financing by narcissistic CEOs in the investment efficiency of companies listed on the Tehran Stock Exchange. The statistical population of the study was all companies listed on the Tehran Stock Exchange between 1391 and MoreThe present study aims to investigate the role of financing by narcissistic CEOs in the investment efficiency of companies listed on the Tehran Stock Exchange. The statistical population of the study was all companies listed on the Tehran Stock Exchange between 1391 and 1398, of which 143 companies were examined as a statistical sample of the study. The results of the analysis of research hypotheses using combined regression and logistic regression showed that the narcissism of the CEO does not have a significant effect on the company's over-investment. The narcissism of the CEO does not have a significant effect on the company's under-investment. The narcissism of the CEO has a negative and significant effect on the investment efficiency of the company. Financing by narcissistic CEOs does not have a significant effect on the company's over-investment. Financing by narcissistic CEOs does not have a significant effect on the company's under-investment. Financing by narcissistic CEOs has a negative and significant effect on the investment efficiency of the company. Manuscript profile -
Open Access Article
80 - Assessment the Impact of Inefficient Investment Decisions on the Relationship between Conservatism and New Investment
Mohammad Hassani Saeid Asadian FeyliThe purpose of this research is investigation the relationship between conservatism and new investment; In addition, this research assessed the impact of investment inefficiency on the relationship between conservatism and new investment. Conservatism is measured based MoreThe purpose of this research is investigation the relationship between conservatism and new investment; In addition, this research assessed the impact of investment inefficiency on the relationship between conservatism and new investment. Conservatism is measured based on the pattern presented by Givoly and Hayn (2000). Also, over investment is considered as a proxy of investment inefficiency which is measured based on the model proposed by Biddle et al (2009). So, research population includes 216 firms listed in Tehran Securities & Exchange over the period 2012-2017 which selected through filtering method. The hypotheses analyzed through multivariable regression models based on panel data and fixed effect method. The results showed that conservatism had significant and negative impact on new investment. Also, over investment as a proxy of investment inefficiency had significant and positive impact on new investment. However, conservatism had no significant impact on the relationship between prior over investment and new investment. Manuscript profile -
Open Access Article
81 - Performance Assessment of a Mutual Fund Using Fractional Modeling and the Concept of Value at Risk
Mahmoudreza Khajehnasiri Hamidreza VakilifardDuring the last few years, the extraordinary explosion experienced by fundraising organizations or investment companies purchasing other companies's stocks has led the responsible organizations for controlling these investments to apply some risk-based management guidel MoreDuring the last few years, the extraordinary explosion experienced by fundraising organizations or investment companies purchasing other companies's stocks has led the responsible organizations for controlling these investments to apply some risk-based management guidelines. But the flexibility of this issue raises a lot of questions regarding the selection of the most accurate and most appropriate estimation model. The aim of this paper is to calculate the value at risk of mutual funds in Iran using fractional modeling. In this study, using the parametric method, we compute value at risk. Firstly, the variance is considered to be a constant value and then conditional ones (Arch and Garch models), finally, using the fractional modeling, we calculate and take into account it in the parametric method to find the best way to predict possible losses of the investment fund files. Consequently, according to the nonparametric, Kupiec, Christopherson and Hendricks tests, value at risk method is applicable for evaluating the performance of investment funds. On the other hand, the Garch and Figarch methods are capable of receiving %97.5 and %99 confidence levels and their results are acceptable in terms of statistics. Therefore, as a general result: the two methods stated to calculate value at risk of investment funds can be used for predicting the risk of these funds. Manuscript profile -
Open Access Article
82 - Applications of game theory in the analysis of investment knowledge using chaos theory
Masoud Norouzian Musa Akrami Taghi Torabi Farhad Hoseinzadeh LotfiIn this study, while examining several common axes between Game theory and Investment theory, we have shown that these two theories can be mathematically equivalent. In other words, parts of these two theories show signs of equivalency. However, the mathematical proof o MoreIn this study, while examining several common axes between Game theory and Investment theory, we have shown that these two theories can be mathematically equivalent. In other words, parts of these two theories show signs of equivalency. However, the mathematical proof of this equivalency must be done through separate studies. In addition, there is speculation that parts of Investment theory could be reduced to Game theory. The use of Chaos theory as a link between the various sciences involved in investment (i.e., economics, game theory, mathematics, social psychology, and behavioral economics) can make investing science an interdisciplinary and transdisciplinary science and introduce a cross-discipline and use the capabilities of different sciences to explain the complexities of investment science and through the analysis of chaos theory. These cases have been studied and analyzed in different sections of this article. Manuscript profile -
Open Access Article
83 - Improve Investment Efficiency Based on Cognitive Behavioral Biases CEO by Gray Vikor Analysis
Mohammed feridoni nader rezaei askar pakmaram Rasoul ABDIAbstractSustainable growth and development of capital markets has always been considered as one of the strategies of countries for economic stability. But the existence of behavioral bias in decision making in the capital market has made the market especially less effec MoreAbstractSustainable growth and development of capital markets has always been considered as one of the strategies of countries for economic stability. But the existence of behavioral bias in decision making in the capital market has made the market especially less effective in developing countries, and problems such as inefficient investment in the macro level and the presence of financial constraints on the micro level in the competitive market. The Purpose of this research is Improve Investment Efficiency Based on Cognitive Behavioral Biases Managers by Rough Theory Analysis. The methodology of this research was a mix method of which, in the first step, in order to identify the components of investment efficiency, financing constraints and behavioral bias of managers, a further analysis was carried out with the participation of 18 university specialists. Then through the Delphi analysis identified factors were identified from a total of 38 criteria's, 21 criteria's were finalized. In Rough's analysis, the identified components of managerial behavioral bias on investment performance indicators were examined and it was found that recognizing managerial behavioral bias can increase the effectiveness of investment efficiency. Manuscript profile -
Open Access Article
84 - Social capital and investment efficiency
Esmail Ebrahimi Farzin Rezaei Salahedin GhaderiSocial capital as a socio-behavioral factor can keep the problem of excessive costs of the company at a desirable level. Therefore, when a company's social capital is at a high level, managers show less opportunistic behaviors and strive for more cooperation and interac MoreSocial capital as a socio-behavioral factor can keep the problem of excessive costs of the company at a desirable level. Therefore, when a company's social capital is at a high level, managers show less opportunistic behaviors and strive for more cooperation and interaction in the company. Therefore, reducing the opportunistic behaviors of managers through social capital can affect the adhesion of dividends and increase the investment efficiency of the company. Social capital is one of the important aspects of social relations and the basis for social cooperation and participation among members of society. Managers of companies with a high level of social capital try to maintain investments with a positive net present value in order to maintain the value of the company. Therefore, based on this argument, the present study investigates the relationship between social capital and investment efficiency. For this purpose, Levy and Lee (2015) questionnaire was used to measure social capital. The hypotheses were tested using the structural equation modeling method based on the information of 83 companies listed on the Tehran Stock Exchange in 2019. The findings of the first hypothesis of the research indicate that social capital increases the investment efficiency of the company. Manuscript profile -
Open Access Article
85 - Providing a comprehensive model of decision making based on the attitudes and behavior of investors using structural equation modeling
Zahra Hosseinzadeh Zadullah Fathi Hossein ShafieiThis research seeks to develop applied knowledge in individual decision making that is influenced by rational and financially beneficial financial decisions. In this research, we try to find the obvious angles affecting the attitudes and behaviors that led to decision m MoreThis research seeks to develop applied knowledge in individual decision making that is influenced by rational and financially beneficial financial decisions. In this research, we try to find the obvious angles affecting the attitudes and behaviors that led to decision making in the identified investors, and by their conceptual and operational definition, and the formulation of their relationship, in a certain orientation for the type and manner of decision making of the investors in Tehran Stock Exchange. Based on this, the research, with a qualitative and quantitative combination approach, has been compiling theoretical foundations and developing a conceptual model of investor behavior and testing the assumptions associated with this model. The results of the research show that the most important factors shaping the active decision-maker's decision-making behavior understand of their performance, financial ability, behavioral attitude, and optimal decision. Manuscript profile -
Open Access Article
86 - Application of artificial intelligence algorithm in predicting investment efficiency Emphasizing the role of risk management criteria
maryam khaleghi zadeh dehkordi fatemeh sarraf Ali Najafi MoghadamInvestment efficiency is achieved when the company invests only in all projects with a positive net present value. Of course, this scenario works if the market is complete and there are no incomplete market issues such as incorrect selection and agency costs. Do not hav MoreInvestment efficiency is achieved when the company invests only in all projects with a positive net present value. Of course, this scenario works if the market is complete and there are no incomplete market issues such as incorrect selection and agency costs. Do not haveThe purpose of this research is to apply artificial intelligence algorithm in predicting investment efficiency by emphasizing the role of risk management criteria. For this purpose, the financial information of 139 companies between 2010 and 2019 was used using genetic artificial intelligence and neural network methods. The results indicate the effect of risk management criteria on investment efficiency and also the results showed that the neural network artificial intelligence method has higher power than the genetic artificial intelligence method to predict the investment efficiency of companies listed on the Tehran Stock Exchange. Manuscript profile -
Open Access Article
87 - Investigating the Relationship between Political Influence and Investment Efficiency of Listed Companies in Tehran Stock Exchange
zahra hasanikolavani gholamreza mahfoozi kyhan azadiFrom the perspective of political economy, the major shareholders and executives associated with the political power centers can influence the performance of their respective companies. Undoubtedly, a large part of the Iranian economy is under the influence of a governm MoreFrom the perspective of political economy, the major shareholders and executives associated with the political power centers can influence the performance of their respective companies. Undoubtedly, a large part of the Iranian economy is under the influence of a government controlled by various political groups. And to a certain extent they have different political and economic ideas. This study seeks to investigate the possible relationship between managers' political influence and government's political support as political factors on the investment efficiency of listed companies in Tehran Stock Exchange. The sample consisted of 104 companies listed in Tehran Stock Exchange during the years 2008-2017 that were selected by systematic elimination method. Ives software was used to test the research hypotheses. The results indicate that there is a positive and significant relationship between managers' political influence and performance evaluation, but there is no significant relationship between government political support and investment efficiency. Manuscript profile -
Open Access Article
88 - Investigating the mediating role of growth opportunities on the relationship between managers' overconfidence and investment efficiency
Afshin shalchi Zadollah Fathi Hossein ShafieiAbstractThe purpose of this study is to investigate the mediating role of growth opportunities on the relationship between managers' overconfidence and investment efficiency. Given that investing is the process of making a decision that managers use to identify projects MoreAbstractThe purpose of this study is to investigate the mediating role of growth opportunities on the relationship between managers' overconfidence and investment efficiency. Given that investing is the process of making a decision that managers use to identify projects that add value to the company, managers' mental states, including those of managers' overconfidence, play a significant role in selecting investment projects. On the other hand, managers' over-confident influence on investment efficiency can be indirectly influenced by growth opportunities. This research is causal, post-event and applied. To conduct this research, a sample of 156 companies listed in Tehran Stock Exchange during the period 2009-2018 was selected. Based on the combined data method and multivariate linear logistic regression analysis, the research findings showed that managers' overconfidence leads to increase / decrease of over / under investment. Also, according to Baron & Kenny (1986), managers' trust is influenced not only directly but also indirectly by growth opportunities. Manuscript profile -
Open Access Article
89 - Efficiency measurement of mutual fund families performance in Iran using two-stage DEA models
Maryam Masoumi Hajir Fatemeh Rakhshan Mohammad Reza AlirezaeeIn analyzing relative performance, especially at the institutional level, the traditional data envelopment analysis models do not recognize vastly different and important activities as separate functions and therefore cannot identify which function may be the main sourc MoreIn analyzing relative performance, especially at the institutional level, the traditional data envelopment analysis models do not recognize vastly different and important activities as separate functions and therefore cannot identify which function may be the main source of inefficiency. Mutual fund families are a group of mutual funds that are established through one investment company. The aim of this paper is to evaluate the relative performance of 18 mutual fund families in Iran during the years 1396 and 1397, by implementing a two-stage DEA model that decomposes the overall efficiency of each decision making unit into two components of operational management efficiency and portfolio management efficiency. The results show that by decomposing the overall efficiency into two components, one can determine mutual funds with good performance from those of bad or poor performance. Also, the frontier projections of mutual fund families with poor performance is calculated in order to help management in managing the relative performance of each family. According to assessment results of 18 mutual fund families in Iran, they have poor performance in operational management which means that management of costs of the funds is poor. Manuscript profile -
Open Access Article
90 - Scenario Building of Investment Functions in Capital Market: Neurological analysis of CEO
Mohammadreza Jabari Mohammadreza abdolithis research attempts to identify propositional arrays related to investment functions, by Q Analysis Acting on the subjective Scenario Building of Investment Functions in Capital Market. The study was conducted over a 2018–2019 year period with the participation Morethis research attempts to identify propositional arrays related to investment functions, by Q Analysis Acting on the subjective Scenario Building of Investment Functions in Capital Market. The study was conducted over a 2018–2019 year period with the participation of 13 CEOs of Tehran Stock Exchange companies. In this study, which was done in two parts, In the first part in order to identify the phrase Q Or The related discourse space Types of CEO Investment Functions Was used content analysis Finally, the research discourse or propositional arrays were coded for CEOs' investment functions. In the second part, Qualitative analysis was used to typify the investment functions of CEOs. This analysis is based on the subjective cognition of the target community and helps to develop approaches related to the purpose of the research. The results in this section confirm the existence of three mental models of CEOs regarding the functions of investment in the capital market. These mental patterns are based on the concepts and content of propositional arrays, Under three titles The Function of Investing in Stock Market Indices as the First Mental Pattern; The Function of Investment in Risk Control as a Second Mental Pattern And The function of strategic investment was named as the third mental model. Manuscript profile -
Open Access Article
91 - The relationship between financial counseling and verbal communication with the investor's personality and his trading behavior
Heydar Mohammadzadeh Salteh ebrahim navidi abaspoor mohamad bakhshodehToday financial information sources play a big role on trade rewards of stock market. Therefore, when individual Investors face the available information sources that mostly are vitally defective, have different reactions that this can be related to their particular cha MoreToday financial information sources play a big role on trade rewards of stock market. Therefore, when individual Investors face the available information sources that mostly are vitally defective, have different reactions that this can be related to their particular character. The purpose of this study is to inspect influence of relation level between investor’s personality character and stock trading behavior on main information sources used by other investor as the basis for their financial decisions. This study used the framework of main five personality character by Costa & McCrae (1992) and analyzed the data collected from 541 individual investor of stock market. Time of this study is 2018. Hypotheses exam of this study was performed by single variable regression test based on combined data. Results of the study hypotheses show that relation between role of financial counseling and verbal communication with investor personality and his trading behavior is meaningful. Manuscript profile -
Open Access Article
92 - Provide a Three-Dimensional Model of Investing and Developing New Conversion Industries Businesses Focusing on Strengthening E-Marketing (Case Study: Zanjan Province)
babak molaei Afsaneh Zamanimaghadam Firoozeh HajialiakbariThis research aims at trilogy models and international reassessment and development and providing new civilization services and services using Brazilian civilization using e-marketing advertising (Case Study: Zanjan Province) Method of this research, beautiful, purposef MoreThis research aims at trilogy models and international reassessment and development and providing new civilization services and services using Brazilian civilization using e-marketing advertising (Case Study: Zanjan Province) Method of this research, beautiful, purposeful, mixed brother It is a practical and exploratory survey that has validity as a constructive and final method of questionnaire can be proved by using Cronbach's alpha (0.735).Statistical population in the field of qualitative research and organization of academic experts in the organization of Zanjan University Jihad 16 people and in the distribution department, Jihad Organization of Agriculture 600 people who can be used to you. The Cochrane formula used in Brother's computation is 234 questionnaires and can be summed up. You can interpret and reevaluate these experts by evaluating them through your reputable complexes, so that you can provide your users with reputable journals. Is(Company (product packaging, attractive features, products, brands, aftermarket and product quality)), site (three options, consulting, practice, search and search, page design and response and purchase response) and security (Commitment, law-abiding system and support for substitution (credit card number and credit information)). Finally, practical observations are presented by observing the research. Manuscript profile -
Open Access Article
93 - Financial Reporting Quality, Investment Horizon، and Institutional Investor Trading Strategies
Hamidreza Mehravar negar khosravipour zahra LashgariFrequent changes in the balance between trading strategies based on existing conditions are very useful. It is necessary to be sure of the optimal combination of strategies used at regular intervals, Therefore, the purpose of this study is to investigate the quality of MoreFrequent changes in the balance between trading strategies based on existing conditions are very useful. It is necessary to be sure of the optimal combination of strategies used at regular intervals, Therefore, the purpose of this study is to investigate the quality of financial reporting, investment horizon and trading strategy of institutional investors of companies listed on the Tehran Stock Exchange. This research has been conducted in 135 companies listed on the Tehran Stock Exchange that have been selected based on the systematic elimination method. Also, this research has been done based on the information contained in the financial reports of companies in the period of 2009 to 2018. The method used is regression based on panel data. The results of the study regression model showed that the quality of financial reporting has a significant and positive effect on the relationship between short-term (long-term) institutional investors' horizons and trading strategy. In addition, the research findings indicate that the quality of financial reporting has a greater impact on the relationship between long-term institutional investors and trading strategy than short-term institutional investors. The results showed that when institutional investors have a long-term investment outlook and a low turnover, they have sufficient incentive to encourage managers to improve the quality of financial reporting and disclosure and to monitor managers' behavior. But short-term institutional shareholders are temporary investors who pay more attention to current earnings in determining stock prices, Manuscript profile -
Open Access Article
94 - The Investigating of effect of Psychological Variables on Investor Decision Making Using Canslim and Financial Analysis
shirvan barari Ghodratallah Talebnia Hamidreza Vakilifard Hossein IzadiThe main purpose of this study is to investigate the effect of psychological variables on investors’ decision-making in companies listed on the stock exchange. For this purpose, using Cochran formula and selected 193 shareholders of companies listed in Tehran Stoc MoreThe main purpose of this study is to investigate the effect of psychological variables on investors’ decision-making in companies listed on the stock exchange. For this purpose, using Cochran formula and selected 193 shareholders of companies listed in Tehran Stock Exchange during 1398. The purpose of the study is causality. The data collection tool was a questionnaire that a researcher-made questionnaire was used in this study. Its 36 questions assess 12 psychological variables (behavioral biases) and 10 questions analyze investor behavior (CANSLIM -Financial Analysis). The validity and reliability of the questionnaires were evaluated. Confirmatory factor analysis, construct validity and Cronbach's alpha coefficients confirmed the reliability of the variables. The results of structural equations showed that the trust, adaptability, representation, self-attribution, imaginability, latency and ambiguity, and eventivism had a significant effect on the investors using CANSLIM Analysis. Trust, reliance, adjustment, familiarity, imagination, ambiguity and eventivism have a significant impact on investors using financial analysis. Structural equation results also showed that 12 behavioral bias accounts for 75% of the variance in investor behavior of consumer analysis and 68% of the variance of investor behavior on financial analysis. As a result, it can be said that behavioral biases affect investor behavior. Manuscript profile -
Open Access Article
95 - Investigating the Impact of Financial Freedom and Investment on Tax Evasion: A Quantile Regression Approach
Naser Yousefnezhad Ali Akbar Farzinfar Hossein jabbari mehdi safari griyly Hasan GhodratiTaxes play a key role in combining government revenues and can help governments achieve the three goals of resource allocation, revenue distribution, and economic stability. There are several factors that affect tax evasion, one of the most important of which is the ope MoreTaxes play a key role in combining government revenues and can help governments achieve the three goals of resource allocation, revenue distribution, and economic stability. There are several factors that affect tax evasion, one of the most important of which is the openness of markets (financial freedom and freedom of investment). Therefore, in this study, the effect of financial freedoms and investment on tax evasion in the period 2000-2020 has been studied using the quantitative regression method. The results of model estimation show that higher monetary freedom (low inflation), financial freedom and investment freedom have negative, positive and negative effects on tax evasion, respectively. Also, the impact of property rights on tax evasion is negative and significant, and the guarantee of personal property by the government has reduced the rate of tax evasion. In addition, rule of law also has a significant negative impact on tax evasion. Because the rule of law is high, it increases people's confidence in the strict implementation of laws, especially tax laws, and reduces the possibility of tax evasion. At the significance level of 5%, the impact of government spending and the agricultural sector share variable (percentage of GDP) on tax evasion was positive but not statistically significant. In contrast, the effect of religion (percentage of Muslim population) and unemployment rate on tax evasion are negative, positive and significant, respectively. Manuscript profile -
Open Access Article
96 - Designing Investment conditions uncertainty index
Ezatollah Abbasian Tahmaseb Mazaheri Saied Sehhat Mehri AkbariEconomic uncertainty and foreign investment have always been the focus of researchers, policymakers and investors, but what has been overlooked is the measurement of economic uncertainty with a focus on foreign investment. Therefor the purpose of this study is to design MoreEconomic uncertainty and foreign investment have always been the focus of researchers, policymakers and investors, but what has been overlooked is the measurement of economic uncertainty with a focus on foreign investment. Therefor the purpose of this study is to design an investment conditions uncertainty index by identifying the economic factors affecting FDI inflows in the largest owners of gas reserves including. For this purpose, first the economic variables affecting foreign direct investment are modeled and identified using annual data from 1997 to 2017 of Russia, Iran and Qatar and the Feasible Generalized Least Squares method in the data panel. According to the results, GDP growth, inflation, real interest rate, stock market capitalization and trade openness have significant effect on foreign direct investment. After identifying influential variables, using monthly and seasonal data for the maximum available time period, after estimating the types of GARCH models and determining the optimal model for each variable, the optimal criterion of their fluctuations is calculated. Finally, using the obtained criteria and weighting based on the results of the panel model, Investment conditions uncertainty index for each country is constructed. According to the results, Trend of mentioned index clearly shows the fluctuations due to economic changes in different countries and its compliance with macroeconomic, monetary and fiscal policies adopted by governments, so that, it can be a useful guide for our country's policymakers, It also provides an appropriate scale for assessing the uncertainty of countries by policymakers, investors and researchers at macro and micro level. Manuscript profile -
Open Access Article
97 - The role of management's expected profit on the investment efficiency in stock market
Yazdan Gudarzi Farahani leila baratiThe purpose of this article was the role of management's expected profit on the investment efficiency of companies listed on the Tehran Stock Exchange. The literature shows that with increasing accuracy of expected profits, investment efficiency increases and abnormal i MoreThe purpose of this article was the role of management's expected profit on the investment efficiency of companies listed on the Tehran Stock Exchange. The literature shows that with increasing accuracy of expected profits, investment efficiency increases and abnormal investment decreases. The present study was reviewed among 457 companies listed on the Tehran Stock Exchange in the period 2013-2021. In order to analyze the relationship between variables, the panel data method has been used. The results of this study showed how the expected profit of management, which is estimated under the direction of management expectations, affects investment efficiency. The effect of expected profits on abnormal investment through underinvestment and overinvestment was also examined. The results showed that the expected profit of management had a significant effect on under-investment and over-investment variable. Manuscript profile -
Open Access Article
98 - Social capital, Sticky Dividend and investment efficiency
Esmail Ebrahimi Farzin Rezaei Salahedin GhaderiSocial capital as a socio-behavioral factor can keep the problem of excessive costs of the company at a desirable level. Therefore, when a company's social capital is at a high level, managers show less opportunistic behaviors and strive for more cooperation and interac MoreSocial capital as a socio-behavioral factor can keep the problem of excessive costs of the company at a desirable level. Therefore, when a company's social capital is at a high level, managers show less opportunistic behaviors and strive for more cooperation and interaction in the company. Therefore, reducing the opportunistic behaviors of managers through social capital can affect the adhesion of dividends and increase the investment efficiency of the company. Therefore, based on this argument, the present study examines the relationship between social capital, dividend stickiness and investment efficiency. For this purpose, Levy and Lee (2015) questionnaire was used to measure social capital. The hypotheses were tested using the structural equation modeling method based on the information of 83 companies listed on the Tehran Stock Exchange in 2019. The findings of the first hypothesis of the research indicate that social capital increases the investment efficiency of the company. Also, the high level of social capital in companies causes dividend stickiness. Manuscript profile -
Open Access Article
99 - Capital Formation and Corporate Governance, Inter-country Approach
Seyed Rouhollah Hosseini Moghaddam Mahdi Adibpour abbas memarnejadThe 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 MoreThe 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
100 - Spreading Commercial Rumors in Cyberspace: Evidence From the Tehran Stock Exchange (Phenomenological Method)
javid hatam maryam Bokharaeian Khorasani Arash naderian Jamadori Gorganli DojiIn this study, employing a qualitative approach and phenomenography method and using in-depth interviews, the way of perception of the stock exchange activists in dealing with trade rumors was investigated. In this regard, 20 experts in the field were interviewed under MoreIn this study, employing a qualitative approach and phenomenography method and using in-depth interviews, the way of perception of the stock exchange activists in dealing with trade rumors was investigated. In this regard, 20 experts in the field were interviewed under the positions, including managers of regional stock exchanges, executives, analysts, experts, and consultants of the stock brokerage firms using the maximum variation sampling method. The content of interviews, roundtables, notes, and comments published in newspapers and online magazines on the stock market in recent years was used, which were generally similar to the interviewees' views on the subject matter of the research. Data analysis was performed based on Diekelmann method and 8 themes and 22 main themes were extracted. Based on the research findings, it can be concluded that the role of the government in the stock market and the emotional and mass-like behavior of the investors have exacerbated the trade rumors. Furthermore, some interviewees believe that cyberspace, especially telegram, have had recently a major impact on spreading the rumors. On the other hand, although Stock Exchange activists considered the Comprehensive Database of All Listed Companies (CODAL) network information as the most real and authentic information network of the organization because it passes through the audit filter, the recent political events and skepticism about the government have changed their attitude to some extent and made them less trusting to the CODAL network information. Manuscript profile -
Open Access Article
101 - Interpretive structural modeling to improve the financial fragility of companies listed on the Iranian Stock Exchange with a screening approach
bahman kianirad Babak Jamshidinavid Mehrdad GhanbarIFinancial fragility is one of the terms that has recently been widely used in financial and accounting issues and its improvement has become one of the important issues and challenges in various organizations in the public and private sectors. This mixed (qualitative-qu MoreFinancial fragility is one of the terms that has recently been widely used in financial and accounting issues and its improvement has become one of the important issues and challenges in various organizations in the public and private sectors. This mixed (qualitative-quantitative) research has been conducted with the aim of presenting a model for promoting financial fragility with a screening approach in companies listed on the Iranian Stock Exchange. After interviewing 19 experts, 28 components of the model were identified in the qualitative section, but fuzzy Delphi method was used to rely on very important components and screen the identified components. Then, to achieve the model in the quantitative part, based on interpretive structural modeling (ISM) and self-interaction matrix was used to collect the required data. Findings The research presents a four-level model consisting of 9 components, of which the most effective component and the only independent component of the financial fragility improvement model of this research is the amount of economic stability. Manuscript profile -
Open Access Article
102 - Presenting an Investment Efficiency Model Based on Managers' Behavioral Biases with Emphasis on the Role of Investment Sentiment
khadijeh Rabiee Hassan Fotouhi FoshtomiToday, managers' behavioral biases play a very important role in investment and investment sentiment. Behavioral methods of managers can shape the efficiency of investment in companies. Based on this, the main goal of the current research is to provide an investment eff MoreToday, managers' behavioral biases play a very important role in investment and investment sentiment. Behavioral methods of managers can shape the efficiency of investment in companies. Based on this, the main goal of the current research is to provide an investment efficiency model based on the behavioral biases of managers, emphasizing the role of investment sentiment in companies listed on the Tehran Stock Exchange. The statistical population of the research is all the companies admitted to the Tehran Stock Exchange. As a sample, 143 companies were examined in the period from 2012 to 2019. Hypotheses testing was done using the combined data regression method and panel data in EViews10 software. The results obtained at the 95% confidence level using the generalized least squares method showed that overconfidence bias has a negative and significant effect on investment efficiency. Also, investment sentiment have a moderating and negative role in the relationship between overconfidence and investment efficiency. But the biases myopia, optimism and agency intuition variables have no significant effect on investment efficiency. Also, investment sentiment do not play a moderating role in the relationship between biases myopia, optimism and agency intuition with investment efficiency. Based on the results, it can be said that based on behavioral financial principles, the increase in investors' desire to invest in a company increases the overconfidence of managers, and they invest based on their feelings, which ultimately reduces investment efficiency. Manuscript profile -
Open Access Article
103 - The designing and presentation a model of the use of power resources in measuring the performance of mutual funds and the quality of financial reporting
mahnaz iravani mir feiz fallah shams Fraydoon Rahnamay Roodposhti mohammadhamed Khanmohammadi Zohreh HajihaThe 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 port MoreThe 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. Manuscript profile -
Open Access Article
104 - Investigating the Impact of Political Communication on the Relationship between Investment Performance and Cost of Capital
Hamideh Jafari yazdi Alireza Heidarzadeh Hanzaeiin this study, the effect of political relations on the relationship between investment efficiency and capital cost of the company was examined and tested. In order to investigate this issue, three hypotheses have been designed. To test these hypotheses, multivariate re Morein this study, the effect of political relations on the relationship between investment efficiency and capital cost of the company was examined and tested. In order to investigate this issue, three hypotheses have been designed. To test these hypotheses, multivariate regression models based on composite data and fixed effects method have been used. The statistical population of the study according to the screening pattern and systematic elimination method includes 181 companies listed on the Tehran Stock Exchange and in a period of 6 years from the beginning of 1392 to the end of 1397. Evidence from the model brush related to the first hypothesis proved that the efficiency of investment has a negative and significant effect on the cost of capital. But political connections do not have a significant effect on the cost of capital. Studies have also shown that political communication has a negative and significant effect on the relationship between investment efficiency and the cost of capital. Manuscript profile -
Open Access Article
105 - Presenting a model of how sanctions affect the investment chain until the exploitation of Iran's oil industry using the Grounded Theory
Abbas Ayaran Mehdi Fadaei Eshkiki Mehdi Homayounfar Hossein AmoozadThe 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 t MoreThe 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. Manuscript profile -
Open Access Article
106 - Develop a Model of Factors Affecting Investment Performance and Analyze and Compare with Structural Equation Methods and Data Panel
maryam ajam zahra LashgariThe power of profitability and increasing the wealth of shareholders in the enterprise requires the optimal use of resources and performance efficiency, especially in investment; In this regard, the effect of accounting information quality on investment performance was MoreThe power of profitability and increasing the wealth of shareholders in the enterprise requires the optimal use of resources and performance efficiency, especially in investment; In this regard, the effect of accounting information quality on investment performance was investigated by the role of auditing quality adjustment and capital cost; Therefore, the proposed theoretical model was first evaluated by distributing a questionnaire among 44 experts by Delphi method and analyzing it by structural equation method. Thus, the most effective factor was the quality of accounting information (profit forecasting) and audit quality (institutional size); Then, the theoretical model designed with selected factors with 138 companies listed on the Tehran Stock Exchange in the period 2013 to 2020 were tested by data panel method. The results showed that the quality of accounting information improves investment efficiency and more or less reduces investment; Also, the quality of the auditor and the cost of capital as moderators strengthen the relationship; These results were confirmed both by questionnaire analysis by structural equations and by regression method. The proposed model of this research can provide a good view of the factors affecting the efficiency of investment for stakeholders to provide the ground for improving the quality of investment and on the other hand to monitor the efficiency of investment. Manuscript profile -
Open Access Article
107 - Investment Portfolio Optimization of Insurance Companies with Copulas and Extreme Value Approach
arash goodarzi reza Tehrani Ali souriThis study determines the optimal investment portfolio of insurance companies by considering underwriting activities. investment decisions in insurance companies are affected by underwriting activities. In this paper, the investment optimization problem of insurers is m MoreThis study determines the optimal investment portfolio of insurance companies by considering underwriting activities. investment decisions in insurance companies are affected by underwriting activities. In this paper, the investment optimization problem of insurers is modeled using the copula-based conditional risk value, taking into account the results of insurance activities. Also, since the emphasis is on tails of distribution, the probability distribution of variables in tails is estimated using Pareto distribution and in other parts of the distribution using the Empirical probability distribution. Data collected on monthly basis covers two periods in-sample, between 2006 to 2015 and out-of-sample, between 2016 to 2019.The findings show that the optimum portfolio includes eighty percent of risky assets (stock and real estate) and only twenty percent of risk-free assets (bank deposits) and it is outside the legal constraints set by Central Insurance Therefore, legal constraints prevent insurance companies from the optimal selection of investment portfolio. Also, the comparison of out-of-sample performance with in-sample performance of portfolios shows that portfolios based on copula functions have better and more robust performance than traditional models. Manuscript profile -
Open Access Article
108 - Stakeholder Relationship Capability and Investment Efficiency: A Mosaic Homology Theory Test
Maryam Ghaed Vali Khodadadi Alireza jorjorzadeh Ahmad KaabomeirConsidering the constraints on resources and the need for firms’ planning to avoid recession and underdevelopment, enhanced investment efficiency would promote the capital market attractiveness and increase the performance of capital market investment. Empowering MoreConsidering the constraints on resources and the need for firms’ planning to avoid recession and underdevelopment, enhanced investment efficiency would promote the capital market attractiveness and increase the performance of capital market investment. Empowering these markets through investment efficiency requires to promote the flow of information disclosure to stakeholders in order to provide the greater coherence and integration of information, enhance equal decision-making capabilities, and promote trust and confidence in the company. The present study aimed to examine the impact of stakeholder relationship capability on investment efficiency through testing the mosaic theory. In this study, two criteria (namely the ratio of net fixed assets to total assets and investment level) were used in order to measure investment efficiency. Furthermore, meta-synthesis and Delphi analyses were adopted based on a 5-point Likert scale to measure the development of stakeholder relationship capability. To collect the research data, the questionnaires were sent to 142 companies in 2019, of which 112 questionnaires were returned by the managers of the firms listed in Tehran Stock Exchange. To fit and test the research hypothesis, the partial least squares analysis was used. After confirming the fit of the model, the results revealed that the stakeholder relationship capability had a positive and significant effect on investment efficiency. With regard to the Mosaic theory, this finding confirms that the equity of information in reflecting news and knowledge among stakeholders can promote the role of the firm's stakeholder relationship capability, thus enhancing the investment efficiency. Manuscript profile -
Open Access Article
109 - Presenting a model for the development of green investment in smart production systems based on digital transformation in the automotive industry
Fatemeh Gheyasi Tabari seyed alireza mirarab saber khandanThe purpose of this research is to provide a model for the development of green investment in smart production systems based on digital transformation in the automotive industry. In this research, using the targeted snowball method, the opinions of 20 experts were used. MoreThe purpose of this research is to provide a model for the development of green investment in smart production systems based on digital transformation in the automotive industry. In this research, using the targeted snowball method, the opinions of 20 experts were used. The process of data analysis was carried out in two stages, which includes the identification of factors affecting the development of green investment in smart production systems based on digital transformation in the automobile industry through interview tools and using thematic analysis and research model design. Using the questionnaire tool and interpretive structural modeling method. The results of the research showed that the final model of the research has six main levels, and the component of developing the model of green investment and smart production (branding, localization, assembly or joint production) is placed in the sixth level of the model. Therefore, it is necessary to start the development of green investment in production systems based on digital transformation with the mentioned factor in order to provide the ground for the realization of other factors at higher levels. Manuscript profile -
Open Access Article
110 - An overview of contractual methods of financing energy projects with emphasis on Project revenues
sadegh abdi mohammad amin salarianChoosing the best method for implementing infrastructure projects is always the main concern of governments, especially the governments of developing. One of the main issues in the field of oil projects is the supply of capital for these projects. According to the inter MoreChoosing the best method for implementing infrastructure projects is always the main concern of governments, especially the governments of developing. One of the main issues in the field of oil projects is the supply of capital for these projects. According to the international oil companies and national oil companies, how and in what way will attempt the funds required for the implementation of oil projects, Outcome and financial effects also, consequently, will be different. Up to now, various methods have been implemented for this purpose. In general, financing is divided into two parts: Corporate financing and project financing. In This paper is paid to examine the contractual terms of financing a project looking at the oil and gas industry as well as a quick look at the Foreign Investment Promotion and Protection Act (FIPPA) and its implementing regulations to attract foreign investment for projects in the country Manuscript profile -
Open Access Article
111 - Investigating the relationship between personality phases of mutual fund managers and fund risk measures: considering the moderating effect of personality types
Hosein Didehkhani Amir reza MehralizadehPresent research was accomplished to survey the relationship between Severity of personality phases of mutual fund managers and the risk measure of mutual funds. The research hypothesizes are that the intensity of individual phases of managers and their portfolio risk a MorePresent research was accomplished to survey the relationship between Severity of personality phases of mutual fund managers and the risk measure of mutual funds. The research hypothesizes are that the intensity of individual phases of managers and their portfolio risk are related. And also the personality types (A & B) can have a moderating effect on the relationship. The sample size in this study consisted of 98 Person of investment fund managers. The methodology of this study was to evaluate the correlation between structural modeling with using the smart PLS software. The results indicated that there are significant relations between 5 personality Phases (Depression, Hypomania, Psychopathic Deviate, Psychasthenia, Paranoia) and fund risk measures including Value at Risk & Semi Variance. Also it was shown that personality type of investment fund managers is moderating effect on these relations. Manuscript profile -
Open Access Article
112 - Securitization in the Islamic Markets vs. Securitization in Major International one
Zahra Amirhosseini Masumeh GhobadiThis paper is focusing on the process of securitization, as well as comparing securitization in the major international markets vs. the Islamic one. Since, financing through the issue of securities has seen significant changes in the past decade, it seems necessary to h MoreThis paper is focusing on the process of securitization, as well as comparing securitization in the major international markets vs. the Islamic one. Since, financing through the issue of securities has seen significant changes in the past decade, it seems necessary to have an overview of the process as well. On the other hand, since the need for liquidity in the Islamic framework has been well- recognized, samples of several securitization processes in the Islamic lawlikemurabaha and ijara-based securitization have been being considered. Finally, we find that the process of securitization in the Islamic markets should not be in conflict with the basic principles of Islamic finance such as finance without riba.Whereas, the process of securitization in major international markets violates these essential norms. Manuscript profile -
Open Access Article
113 - Creating the balance between sources and uses of pension plans by Using the Actuarial knowledge
Ali Akbar Pourmousa Reza KhaleghiThe balance between revenues and expenses in pension funds is one of the main objectives for continuing the activities of these funds. This can be possible, for the purpose of doing Obligations and exploitation of economic and reliable of pension funds and resources, b MoreThe balance between revenues and expenses in pension funds is one of the main objectives for continuing the activities of these funds. This can be possible, for the purpose of doing Obligations and exploitation of economic and reliable of pension funds and resources, by using the modern methods of design and Exploitation of systems and advanced tools. Actuarial knowledge by using the mathematical techniques, probability theory and statistical methods in finance problems which specifically applies to insurance and pension plans, can help these funds to achieve their goals. In this paper, we develop Actuarial knowledge through review of concepts, theories and actuarial models and its relationship with pension funds, state pension funds in Iran and the balance between sources and uses of them. For this purpose, with a case study in one of the country's pension funds, we review on the second layer of the defined benefit plans (DB), by using Actuarial calculations and based on the Actuarial model Employer- Sponsored Plans. Also, the statistical software is used to test the hypotheses of the study, based on a balance between resources and uses of the current pension funds in the country, according to Actuarial calculations and providing an appropriate strategy for strengthen these mentioned Funds. The results of this research suggest the fraction of resources to funds expenses. Manuscript profile -
Open Access Article
114 - Examine the effect of Institutional Investors on Reduce Stock Price Crash Risk
Zahra Dianati Dilami Mehdi Moradzadeh Fard Saeed MahmoudiThis study investigates the effect of institutional investors on stock price crash risk reduction in companies listed in Tehran Stock Exchange. Crash of stock price is a phenomenon where stock price will suffer an unexpected severe negative adjustment (Chen, J., H. Hong MoreThis study investigates the effect of institutional investors on stock price crash risk reduction in companies listed in Tehran Stock Exchange. Crash of stock price is a phenomenon where stock price will suffer an unexpected severe negative adjustment (Chen, J., H. Hong, et al, ٢٠٠١). One of the most important methods for manipulating accounting information is expediting the identification of good news versus postponing bad news in profits (Callen, J. L. and X. Fang, ٢٠١١).But always there will be a final level for accumulating bad news in the company, and with achieving the final level, this bad news will be published, which is that the company’s stock price crash. In this study, the numbers of stock prices crash of Hutton’s model (٢٠٠٩) is used to measure stock prices crash for ٥٦ companies listed in Tehran Stock Exchange from period of١٣٨٠ to ١٣٨٩. In the present study strong evidences are provided that the existence of institutional investors will significantly reduce the probability of the stock price crash probability Manuscript profile -
Open Access Article
115 - A New Approach to Evaluate the Performance of Value-at-risk Estimators, Using Genetic Algorithms
Seyed Ali Nabavi Chashmi Hamze Pourbabagol Ahmad Dadashpoor OmraniValue at Risk (VaR) is the maximum loss which could be incurred within a given time horizon, except for a small percentage, that its application has sharply increased after the 90s. Parallel to the increase in usage of value-at-risk in risk management are MoreValue at Risk (VaR) is the maximum loss which could be incurred within a given time horizon, except for a small percentage, that its application has sharply increased after the 90s. Parallel to the increase in usage of value-at-risk in risk management areas, validation of VaR measures has gain great importance. In prevalent back testing approaches, returns which are yielded from VaR estimators are not regarded as a criterion. It's may not be desirable for the investors who emphasize on return more than the risk. What distinguishes this study from other researches in the field of back testing VaR estimation models is the simultaneous consideration of actual return and loss(CVaR) which were yielded from VaR estimators as criteria of risk and return that are the primary basis for financial studies. On the other hand, due to relativeness of risk and return in terms of investors, we considered the weight of these two indexes as fuzzy. In this paper, we constitute and optimize our risky portfolio with safety-first investor's rule. We need to estimate quantile of risky portfolio's return in objective function of safety-first investor's rule to optimize the portfolio. VaR estimators were used to calculate it. On the other hand, given the non- convexity of VaR function and also other reasons, we applied one of the most popular meta-heuristic models namely genetic algorithms for optimization. Our findings show that GEV and HS models are more conservative than parametric models (t-student and normal) and also have better performance in portfolio optimization. The empirical findings also indicate that safety-first investor will choose significantly different amounts of borrowing. Thus, the scale of the risky portfolio and the amount borrowed is diverse across methods. There is another interesting finding. Despite the computational simplicity of historical simulation method, it has shown the best performance of all. Manuscript profile -
Open Access Article
116 - Relationship between Stock price & NAV
Nasser Shams Mahsa Pezeshki Abolfazl Davoudabadi DavoudabadiTheoretically, the net asset value of closed end funds is considered as one of the most important indicators of their stock valuation. In practice, closed end fund stock is traded with discount or premium to their net asset value and trading with discount is more popula MoreTheoretically, the net asset value of closed end funds is considered as one of the most important indicators of their stock valuation. In practice, closed end fund stock is traded with discount or premium to their net asset value and trading with discount is more popular. The purpose of this research is studying the relation between the price and net asset value of investment companies. The data for this research is the price and net asset value of investment companies accepted in Tehran stock exchange for the period from 2002 to 2009 that were investigated by econometrics methods. According to research results in short-term relationship, auto correlation in price series is clear. The reason is more affected by two restriction factors, "Tick Size" and "Base Volume". It is clear that in long-term relationship after 2004, investment companies stock price is 67% of their net asset value plus a constant and a variable amount which is depended on time (Trend). The variable amount of long-term equilibrium relationship in Tehran Stock Exchange has descending trend that shows increase in discount of stock price in recent years. Considering the high correlation coefficient between different companies discount in the sample over time, it can be concluded that behavioral theories have played more important role in describing discount fluctuations in Tehran Stock Exchange. Manuscript profile -
Open Access Article
117 - Analysis of the role of five factor model of personality on the The effect of financial information acquisition on behavior of investors in the Tehran Stock Exchange
Fateme Hijroudi Mohammad Doustar Mahmoud MoradiThe topic of behavior of investors in financial literature has a special position, because investors in the Stock Exchange may exhibit different behaviors, which these behaviors are influenced by several factors such as financial information. In this context, the aim of MoreThe topic of behavior of investors in financial literature has a special position, because investors in the Stock Exchange may exhibit different behaviors, which these behaviors are influenced by several factors such as financial information. In this context, the aim of this research is to analyze the role of financial information on the behavior of investors in the Tehran Stock Exchange. Since investors personality has an important role in behavior of investors, the role of moderator of investors personality characteristics are also examined in this study. The current research method is practical in terms of purpose that it has collected by using questionnaire and necessary survey data procedure. The statistical population of this research are all investors who have invested In the Tehran Stock Exchange in 2016. To collect the data, number of 384 questionnaires were distributed randomly among investors. In order to analyze the data used software smart pls2. The Results show that financial information acquisition have a significant positive important on behavior of investors in Tehran exchange. And among of personality characteristics (openness to experience, extraversion, conscientiousness, neuroticism and compatibility) the extraversion and compatibility variables have the role of moderator in this relationship. The openness to experience, conscientiousness and neuroticism variables have not significant moderator impact in this relationship. Manuscript profile -
Open Access Article
118 - Examining the Impact of Corporate Social Responsibility on Investment - Cash Flow Sensitivity
Gholalreza Mahfoozi Mohsen Akbari Masoomeh Ghasemi ShamsThis study examines the impact of corporate social responsibility on the sensitivity of investment to cash flow of companies in the Tehran Stock Exchange. Therefore, data from companies listed in Tehran Stock Exchange for the period of 1387 to 1392 with panel data regre MoreThis study examines the impact of corporate social responsibility on the sensitivity of investment to cash flow of companies in the Tehran Stock Exchange. Therefore, data from companies listed in Tehran Stock Exchange for the period of 1387 to 1392 with panel data regression model was used to test the hypotheses. After examining the significant positive relationship between capital expenditures and operating cash flow in the first hypothesis, the second hypothesis explores the relationship between corporate social responsibility and sensitivity of investment to cash flow. The results showed that in the period under review, there is a significant positive relationship between social responsibility and sensitivity of investment to cash. Manuscript profile -
Open Access Article
119 - The Effect of Investment Firms Ownership on Earnings Overstatement: Test of Strategic Alignment and Efficient Monitoring Hypothesis
Faezeh Baharvand Bahman Banimahd Fereidoon OhadiThis study examines the Impact of investment firms ownership on management opportunistic behaviors in earnings overstatement, using the theoretical foundations of strategic alignment hypothesis, in a sample of 96, listed firms in Tehran stock exchange for a period of 8 MoreThis study examines the Impact of investment firms ownership on management opportunistic behaviors in earnings overstatement, using the theoretical foundations of strategic alignment hypothesis, in a sample of 96, listed firms in Tehran stock exchange for a period of 8 years, from 2006 to 2013 that were simple random sampling selected. Data and theoretical foundations collected through library studies and analyzed using correlation method and multiple regression. The study results suggest that there is a significant and positive relationship between earnings overstatement and investment firms ownership. In other words, investment firms as a major shareholder, want to get the benefit of their investee firms. Investee firms managers maximize earnings for responding to its major shareholder too. This is approved in line with the strategic alignment hypothesis. The results also show that earnings overstatement have a significant and positive relationship with the variables of firm size, return on asset ratio and debt ratio. But there is a significant and negative relationship about operating cash flow. Manuscript profile -
Open Access Article
120 - Performance Evaluation of risk premium measurement models: q-theory asset pricing model against three factor model of fama and french
Gholamreza kordestani Mozhde GhasemiFinancial scholars have made valuable efforts to measure risk premium. Recently, Chen et al (2010) proposed a three factor model based on market factor, investment factor, and profitability factor for explaining stock return and called it q-theory model. Prior researche MoreFinancial scholars have made valuable efforts to measure risk premium. Recently, Chen et al (2010) proposed a three factor model based on market factor, investment factor, and profitability factor for explaining stock return and called it q-theory model. Prior researches have shown that this model reduces the magnitude of the abnormal returns of a wide range of anomalies. This research examines the performance of new model in explaining the risk premium of the individual stock and portfolio of stock, and compares it with the performance of CAPM and three factor model of Fama and French in stock exchange market. Sample under investigation consist of 72 listed companies for the period of 1386-1391. The results show that risk premium of stocks has a significant relationship with the sensitivity of its returns to investment and profitability factors. Furthermore, q-theory model significantly excel CAPM in explaining risk premium of firm size, book to market value and momentum portfolios. But it significantly excels three factor model of Fama and French just in explaining the risk premium of momentum portfolios. Manuscript profile -
Open Access Article
121 - Price Limit Effects on Stock Prices Behavior: A Contrarian Investment Strategy Approach
Hamid Reza Vakili fard Jalal Seifoddini Arash Abjadpour Hossein MaghsoudPrice limit is a kind of circuit breaker which is used in developing stock exchanges and futures markets to prevent extreme price volatility, price manipulation, and financial crashes. Generally speaking, researchers and market participant usually disagree about price MorePrice limit is a kind of circuit breaker which is used in developing stock exchanges and futures markets to prevent extreme price volatility, price manipulation, and financial crashes. Generally speaking, researchers and market participant usually disagree about price limit application, its efficiency, and optimum range. Pros believe although price limit may delay price discovery, it prevents extreme price volatility and overreaction. On the other hand, cons assert that price limit causes price volatility spillover and intensify investor’s overreaction. Since there is no consensus over the price limit application and efficiency, it is recommended to study this issue using different methods. Therefore, we are trying to study price limit effects in Tehran Stock Exchange using Contrarian Investment Strategy. Our results show that price limit application in Tehran Stock Exchange delays price discovery but has nothing to do with investor’s overreaction. Consequently, it seems that regulators have prevented extreme volatility, although this constraint delays price discovery and reduces market efficiency. Manuscript profile -
Open Access Article
122 - Designing Joint Investment Fund to increase the capacity of the insurance reinsurance
Saeed Soleimani Mahdi Sadeghi Shahedani Mohammad FetanatMany accidents occur every year around the world cause material and human losses. The amount of insured losses resulting from these incidents make damage inflicted on the insurance company. in some cases, the insurance company are faced with the threat of bankruptcy. In MoreMany accidents occur every year around the world cause material and human losses. The amount of insured losses resulting from these incidents make damage inflicted on the insurance company. in some cases, the insurance company are faced with the threat of bankruptcy. Insurance companies use reinsurance to approach to the crisis traditionally. But it should be noted that the reinsurance companies have limited storage capacity and concentration risk. so, one of the effective tools to solve this problem is a direct relationship between the insurance industry and the capital market as a concept called "risk securitization". This is known as debt securities insurance. However, an additional problem in our country is international sanctions that cause limitation. In this case the cost of such reinsurance increases. Thus, according to studies and evaluated that were collected and analyzed by using the Delphi technique ideas theme "insurance investing investment fund reinsurance in order to increase capacity" was proposed. Manuscript profile -
Open Access Article
123 - Role of Behavioral Finance In Understanding Individual Investor's Behavior (A Review of Empirical Evidences from Tehran Stock Exchange)
Keyvan Dadras Abbas Toloie Reza RadfarIn paradigm of behavioral finance, the prevalent Assumption of viewing human being as rational entity who is always satisfied in optimizing his/her benefits is questionable. The advocates of Behavioral finance knowledge strongly believe that awareness of psycho-cognitiv MoreIn paradigm of behavioral finance, the prevalent Assumption of viewing human being as rational entity who is always satisfied in optimizing his/her benefits is questionable. The advocates of Behavioral finance knowledge strongly believe that awareness of psycho-cognitive" tendencies in investment realm is absolutely essential and it requires serious improvement in terms of expanding the scope of studies. However academicians and professionals who are advocates of classic financial school do not believe in examining behavioral aspects of human and its impact on financial decisions as an independent field of studies, yet both quantitative and qualitative advancement of experimental studies within this field indicates the importance of research on behaviors in financial markets. The aim of this study is to identify influential factors on individual investor's decision making and also identifying behavioral biases,through a comprehensive review of conducted studies in Iran and comparing it with the result of studies from other countries. The finding of this study shows that domestic and foreign studies have identified similar effective factors such as financial ratios, recommendations,behavioral biases and etc. Also the effect of demographic factors on investors' behavior has been not studied in Tehran stock exchange so far. Manuscript profile -
Open Access Article
124 - Evolution of Trading in Iran Capital Market A Gate to Entrance High Frequency Traders and Foreign Investors
Kashipaz Kashipaz Hooman Pashootanizadeh Hasan RangrizFollowing information technology influence in industrial solstice in the world, Iran Capital Market included too and even has a faster solstice toward other fields. In continuation of dealing methods change chain, Direct Market Access (DMA) as a technological tool impro MoreFollowing information technology influence in industrial solstice in the world, Iran Capital Market included too and even has a faster solstice toward other fields. In continuation of dealing methods change chain, Direct Market Access (DMA) as a technological tool improves this way to achieve better e-dealing. The problems engender because of DMA lack are an important reason to use it. Specially now when Iran Capital Market try and plan to attract foreign investors. In this research tries to introduce DMA and taxonomy various factors influenced in implementation after detection. Based on E-readiness measurement models to implementing E-commerce some factors extracted and after adjusting them with related Iran Market Capital organizations divides these factors in six sub-groups inclusive in Technical/Infrastructure, Juridical, Cultural/Training, Economical, Organizational/Social and Risk Management. First uses Factor Analysis to summarize factors and then prioritizes them by using Taxonomy method. This research results represent to do evolutionary activities in how to trade and implementing DMA in a best platform must seriously invest in infrastructural technical factors. One of the most important preconditions of this evolution is Centralized Risk Management unfortunately applies inefficiently and in traditional mode. Furthermore a comprehensive culture building needs to get a suitable feedback and implement DMA in best way. Manuscript profile -
Open Access Article
125 - Testing portfolio strategies based on fundamental, technical and heuristically with behavioral objects and characteristics of Tehran stoke market investors
Esfandyar ShahmansuriObjectives and strategies have a significant relation with investors’ performance. In this research, we study and classified strategies and objects of individual investors in Tehran stock exchange. First investor’s objectives divided to 5 groups like financi MoreObjectives and strategies have a significant relation with investors’ performance. In this research, we study and classified strategies and objects of individual investors in Tehran stock exchange. First investor’s objectives divided to 5 groups like financial capital growth, Building financial buffer, saving for retirement, hobby and speculation. Then their strategies classified in 3 conventional strategies: fundamental, technical and heuristically. Finally according to behavioral characteristics like risk taking, aspiration levels and over confidence we tested relation among these objectives and strategies with their investors’ performance. Testing behavioral portfolio based on investment objectives and investing strategies for simulation of 120 strategies during 1393-1389 shows that fundamental, technical and heuristically strategies with high risk portfolios have made higher return toward average Stock index. Results show that behavioral characteristic of investor’s has a significant effect on objectives and investing strategies and their performance. There is a relation between aspiration level and risk taking with investor’s objectives, especially there is a strong significant relationship for investors whose object is makes capital grow. Tests show that investors with technical strategy, has higher aspiration and risk taking level but the average yield of this approach is lower than average yield of fundamental strategy. These results are opposite of Shefrin and Hafman(2011) results. Investors, who use fundamental strategy in financial market of Iran, pursued Building financial buffer and capital growth. Manuscript profile -
Open Access Article
126 - Comparative study of the behavior of investors in equity portfolio (Classic financial approach or behavioral finance approach)
Mahdi Barasoud Gholamreza ZomorodianInvestor’s behavior is hardly comprehensible as people who have rational behavior and they are after profit optimization, all knowing, and extremely reasonable in the real world. Even by the assumption that investors are omniscient and they know everything, this f MoreInvestor’s behavior is hardly comprehensible as people who have rational behavior and they are after profit optimization, all knowing, and extremely reasonable in the real world. Even by the assumption that investors are omniscient and they know everything, this fact that they may have to interact in the process of searching for information and, they may have rational limits, has been ignored. The studies that have been done in the country to explain the behavior of stakeholders in stock exchange or classic finance or just behavioral finance and mediating and intermediate variables and moderating influence on these approaches have not been studied and analyzed. Therefore, lack of Comprehensive research that simultaneously investigate and consider the allotments of both approaches on decision making of all stakeholder’s stock, had been sensed. The aim of this study is to check and investigate the position and the place of both approaches of behavioral finance and financial Classic in decision-making system to choose stock portfolio to be determined much more the fund’s market players according to which view they should behave in the market. All brokers of stock exchange, buyers stock including real, legal people, analysts of capital market and investment companies which are active in exchange, are the statistical community of this study. To test and examine the hypothesis, descriptive Statistics and Wilcoxon test had been used. The results showed that none of the three groups haven’t completely followed the specific approach while classic financial approach had a higher level of average approach. Manuscript profile -
Open Access Article
127 - Investigation of Financial Advisors Competencies Role in Perceived Investment Value InTehran Stock Exchange
Zahra ShirazianThe most important microeconomic theory and theories of modern finance is that the value of the investment, to increase its profitability, rationality and perfect information, lies. But recent research shows that the value of the investment aspects and influenced by var MoreThe most important microeconomic theory and theories of modern finance is that the value of the investment, to increase its profitability, rationality and perfect information, lies. But recent research shows that the value of the investment aspects and influenced by various factors, including the role of financial advisor. This study aimed to investigate the role of the financial advisor in the perceived value of investment necessary competencies investors Stock Exchange of Hamadan. This kind of study is one of few studies, surveys, applied and quantitative and cross-sectional. The study population active investors in the Stock Exchange of Hamedan have been an infinite number randomly and without replacement sample of 387 members selected from among them. Data collection instrument was a questionnaire and field data collection. In order to analyze the data structure based on partial least squares path modeling methods were used. The results showed that the competencies necessary financial advisor significant impact on the perceived value of investments of investors. As well as direct evidence of a positive impact and ethical competencies, technical and financial advisor on the perceived value of the investment was emotional. Manuscript profile -
Open Access Article
128 - An Analytical Modeling of Investments Decision-making Behavior in Tehran Stock Exchange
Seyed Kazem Chavoshi Farshid Falatoon NejhadOptimal Investment in Today’s Competitive market, requires a Justly Distribution of Services to Capital Market Participants by Identifying and Priotizing the most important factors that affects on behaviors of investors decision-making. This paper defined investme MoreOptimal Investment in Today’s Competitive market, requires a Justly Distribution of Services to Capital Market Participants by Identifying and Priotizing the most important factors that affects on behaviors of investors decision-making. This paper defined investment behavior inspiering from consumer behavior, and by using AMOS software for Confirmatory Factor Analysis could fitting and Classification the affecting factors on decision-making process of capital market participants in four fields, searching behavior, validation behavior, financial Analyst behavior and behavioral biases. These results were obtained from analysis of the 140 Investors responses in Tehran Stock Exchange that gather with questionnaire included 33 affecting factor on investment behavior. By using SPSS software for Friedman test, we understand that there was significant difference between kinds of Investors decision-making behaviors. Then prioritizing behavoirs by there Importance as follows: 1) Validation behavior (Friedman Rank 3.43), 2) Financial Analyst behavior (2.56), 3) Searching behavior (2.52) and 4.Behavioral biases (1.49). Manuscript profile -
Open Access Article
129 - Style Investing and Return Predictability
Maryam Davallou Hamidreza FartokzadehThis research investigates cross section individual stock return predictability by style return in Tehran Stock Exchange. Test of stock return predictability is performed based on Fama and Mac-Beth regression model using data from 1380 to 1389. Also for profound analysi MoreThis research investigates cross section individual stock return predictability by style return in Tehran Stock Exchange. Test of stock return predictability is performed based on Fama and Mac-Beth regression model using data from 1380 to 1389. Also for profound analysis, the relation between co-movement of stock return with its style return and momentum is examined. So, Portfolio analysis approach based on dual sorting is used for the latter test. The outcomes of this research confirm future cross-section stock return predictability by style-based return over twelve month formation period. The results indicate that co-movement of stock return with its style return generates variation in momentum profit. This finding is restricted to twelve month formation period and one month future return horizon and is not observed over longer horizon future return. Manuscript profile -
Open Access Article
130 - An Investigation into the effects of Investors’ Financial Literacy on Securities Investment Decisions
Javad Moradi Mansoureh IzadiThe purpose of this paper is to investigate determinants of investment decisions cinonsidering financial literacy of the individual investors. A modified questionnaire developed and divided into three parts. The first part covers demographic variables. The second part i MoreThe purpose of this paper is to investigate determinants of investment decisions cinonsidering financial literacy of the individual investors. A modified questionnaire developed and divided into three parts. The first part covers demographic variables. The second part identifies factors affecting the investment decision of the investors. The third part is devoted to financial literacy using exam-type questions. A sample of 384 Iranian national investors is selected. The results indicate that there is a positive significant relationship between Individual imagination, accounting information, economic information, personal financial needs and investment decisions in Iran. There is a positive significant relationship between financial literacy and investment decisions in Iran, but this relationship is too weak and less than 10% of the variations of factors influencing investment decisions in Iran are explainable by the financial literacy level. In addition, the factors influencing investment decisions have greater sensitivity to financial literacy level in the field of nonfinancial jobs. Manuscript profile -
Open Access Article
131 - Survey on the relationship between transaction activity ratio and risk, return & portfolio diversification of mutual funds
Hassan Ghalibaf Asl Maliheh KordiThis research dealt with the survey of the relationship among the transaction activity ratio and risk, return & portfolio diversification of mutual funds. the statistical population of this research consists of investment managers of mutual funds and a sample MoreThis research dealt with the survey of the relationship among the transaction activity ratio and risk, return & portfolio diversification of mutual funds. the statistical population of this research consists of investment managers of mutual funds and a sample of investment managers of 37 mutual funds was investigated. Derived results from analyzing the data by Pearson correlation and SPSS software show that between the transaction activity ratio of mutual funds and risk, return, portfolio diversification, there is a meaningful direct relation, meaningful reverse relation, meaningful reverse relation, respectively. The results show that transaction activity ratio in men investment managers, less experienced, less educated and younger ones is more than women, more experienced, highly educated and older ones. One of the findings of this research is the survey of relationship between mutual funds portfolio diversification ratio and transaction activity ratio of mutual funds which is done for the first time in Iran. Manuscript profile -
Open Access Article
132 - Relationship between Financial Constraint and Investment Efficiency and Working Capital Strategy
Karim Pouralireza Rasoul Baradaran Hasanzadeh Younes Badavar Nahandi Mehdi ZeynaliRegarding the limitation of resources and as a result of increasing importance of increase in investment efficiency and the important role of working capital in the business of the economic corporations, this study is devoted to the relationship between financial constr MoreRegarding the limitation of resources and as a result of increasing importance of increase in investment efficiency and the important role of working capital in the business of the economic corporations, this study is devoted to the relationship between financial constraint and investment efficiency and working capital strategy. Financial data of 171 firms in the time period of 2011-2016 is studied in this research. According to the conducted analyses of the first hypothesis, financial constraint has a positive and meaningful effect on inefficiency of the investment. The second hypothesis showed that financial constraint has no meaningful relationship with the working capital policies .The third hypothesis shows a positive and meaningful relationship between financial constraint and investment inefficiency in companies adopting risky strategies and finally the fourth hypothesis showed no meaningful relationship between financial constraint and investment inefficiency in companies adopting a conservative policy. The general conclusions show that a limitation in resourcing will entail a deviation from favorite investment. Also, the unwanted effect of the financial constraint on effective investment occurs only in companies with risky strategies of working capital and it does not exist in companies with conservative strategies. Manuscript profile -
Open Access Article
133 - Different Effect of Corporate size on The Relationship Between conventional Returns, unconventional Returns and Heterogeneous Investor Beliefs
Maryam Safarpoor Roya Darabi Mohsen HamidianThe purpose of this study is to investigate the effect of size of the company on the relationship between conventional returns, unconventional returns and heterogeneous investor beliefs.For calculate the size of a company from the natural logarithm of book value of asse MoreThe purpose of this study is to investigate the effect of size of the company on the relationship between conventional returns, unconventional returns and heterogeneous investor beliefs.For calculate the size of a company from the natural logarithm of book value of assets, the unusual returns of the Fama and French Factor model, the conventional returns from the difference between fluctuations in stock returns and the volatility of unusual stock returns and nulligan beliefs by obtaining relative prices (model Below, 2008). 110 companies in the capital market of Iran during the period of 1385 to 1395 have been studied as a statistical society. To test the hypothesis , regression analysis has been used in combination data. The results of the study show that the conventional and unconventional returns of stock affect the heterogeneous investor’s beliefs and the effect of these two variables is greater on heterogeneous beliefs in large firms than in small firms. Thus, these components of stock return can affect investor confidence and challenge investment decisions. Manuscript profile -
Open Access Article
134 - A Performance Evaluation of Black Swan Strategy
Seyed Jalal Sadeqi Sharif Mohammad Osolian Mandana AbolfathiThe identification of price patterns in inefficient markets and the market with distribution of abnormal returns on the market index, is one of the most important factors of earning return commensurate with the risk.In this regard, when the unexpected and extreme market MoreThe identification of price patterns in inefficient markets and the market with distribution of abnormal returns on the market index, is one of the most important factors of earning return commensurate with the risk.In this regard, when the unexpected and extreme market fluctuations happen or so-called black swan events, by forming the portfolio at the correct times can gain higher return than market.The main objective of this article consist of analysis of portfolio performance that forming by black sawn strategy than market portfolio, based on using measures of risk and return in the market with black sawn events. The sample included 83 companies from 10 different industry of Tehran stock exchange, which traded from March 1383 to December 1393. The data were collected monthly.The results show that Tehran Stock Exchange has black swan events that the volatility is ± 4.22 percent. The portfolios formed on the basis of a black swan strategy to market index portfolio, despite limitations of the market, observed better performance. Manuscript profile -
Open Access Article
135 - An Evaluation of Mutual Funds Performance in Iranian Capital Market by combining Market Timing Models with the Fama and French three Factor Model
Hossein Abdoh Tabrizi Behrang Asadi GharehjelooThe aim of this study is to consider the combination of market timing models with Fama - French three factor model to evaluate the performance of mutual funds in Iran capital market. To follow this purpose, a sample of 12 mutual funds for the years of 2011-2015 has been MoreThe aim of this study is to consider the combination of market timing models with Fama - French three factor model to evaluate the performance of mutual funds in Iran capital market. To follow this purpose, a sample of 12 mutual funds for the years of 2011-2015 has been chosen. At first step, active management skills including market timing & security selection based on Treynor-Mazuy & Henriksson –Merton models for individual funds and then for all of the funds, using panel model, was applied. The results show that there is no statistically significant market timing ability and security selection among any of these cases. Although a Positive statistically significant size and book to market ratio effect, respectively, in one and three mutual funds is observed. As a result of panel model, there is a negative statistically significant size effect and security selection, a positive statistically significant beta and book to market ratio, and there is no market timing ability in both Treynor-Mazuy & Henriksson –Merton models. In contrast to traditional models, combined models show better results. Manuscript profile -
Open Access Article
136 - The Evaluation of Venture Capital as an Installment Option and Real Options
Ali Foroush Bastani Hamed Hamedi NiaThe evaluation of VC projects (companies) is very important because the present value of them defines the proportion of Entrepreneur’s profit from all future profit of that project (company). In this article, VC projects have been evaluated by using Real Options a MoreThe evaluation of VC projects (companies) is very important because the present value of them defines the proportion of Entrepreneur’s profit from all future profit of that project (company). In this article, VC projects have been evaluated by using Real Options and Installment Option. In order to doing that, the lower and upper bounds based on “No-Arbitrage” condition are obtained for pricing installment option in both discrete and continuous time. These bounds have been used for pricing Venture Capital projects. With simulation of stock price by Monte Carlo, they have been compared with DTS bounds (the bounds obtained by other authors). Results reveal the bounds in the present study are more effective than DTS bounds. For more confidence, the Bounds have been compared with Monte Carlo simulation based on Least Square approach (we have changed that approach to be used in the evaluation of Installment Option); as expected, they have confirmed each other. Manuscript profile -
Open Access Article
137 - Investigation of Relationship between Corporate Governance and Cash Flow with Firms’ Investment Efficiency
Samaneh sadat Salavati Abdorreza AsadiInvestment in different activities has been considered by the company as of ways corporate development and avoid recession. The aim of this study is investigate the relationship between free cash flow and corporate governance with their efficiency investments. Therefore MoreInvestment in different activities has been considered by the company as of ways corporate development and avoid recession. The aim of this study is investigate the relationship between free cash flow and corporate governance with their efficiency investments. Therefore, free cash flow and corporate governance are known as the independent variable that mean of corporate governance is required of members, ownership concentration and the proportion of institutional ownership. The data of 131 companies listed in Tehran Stock Exchange during the period 2010-2014 analysis by using panel data and regression multivariate was in Eviews software. A model was developed in order to test the hypothesis, according to the hypotheses. This model evaluated relationship between the excess cash and corporate governance by investment efficiency. The results of the test model showed that free cash flow did not effect on the investment efficiency but corporate governance has a significant impact on investment efficiency. Manuscript profile -
Open Access Article
138 - comparing the return and risk in technical methods with strategies of reinvestment and rebalancing and a buy and hold method (Case Study: Tehran Stock Exchange)
Elahe Alizadeh Nodehi Gholamreza Mahfoozi Atieh VasireshThe present research has been carried out aiming at comparing the return and risk in selected technical methods, using two strategies of reinvestment and rebalancing, and a buy and hold method as an inactive investment method, in Tehran Stock Exchange during the years b MoreThe present research has been carried out aiming at comparing the return and risk in selected technical methods, using two strategies of reinvestment and rebalancing, and a buy and hold method as an inactive investment method, in Tehran Stock Exchange during the years between 2006 and 2012. After data collection about 15 active firms, Excel broadsheet software was used to categorize information and calculate the variables. Finally the resulted data were analyzed through the use of SPSS software. In this research, risk and return of the selected technical methods including moving average, two moving averages, money flow index, trading range breakout, and money flow index were calculated by using the two strategies and then the return and risk of the selected technical methods were compared using buy and hold method. Results showed that the return of technical methods with two strategies of reinvestment and balancing do not have meaningful differences. Meanwhile, the risk of reinvestment method has had a meaningful difference with the risk of balancing investment method and in most results; the risk of technical method with reinvestment strategy has been less that the same technical method with balancing strategy. On the contrary, the technical method with two strategies posed for return of buy and hold method has been different from technical methods with reinvestment and balancing strategies and this difference has been more for technical method with balancing strategy than reinvestment strategy. On the whole, in most selected technical methods, the returns of the selected technical method have been less than buy and hold method with a trivial difference. And the return of buy and hold method has been less than technical method used with balancing investment strategy. Regarding risk, most results gained showed that the risk of the selected technical method with reinvestment strategy has been less than the risk of buy and hold method and risk of buy and hold method has been more than the technical method used with rebalancing investment strategy. Manuscript profile -
Open Access Article
139 - The ranking of Exchange-Trade Funds (ETFs); Applying the parametric value at risk approach
Gholamreza Zomorodian Fraydoon Rahnamay Roodposhti Maryam Borzabadi FarahaniStudying and ranking the Exchange-Traded Funds have been vital issues, since these asset funds have been amongst the most popular financial means, which their significant emergence and growth may confirm undeniable success in the global market. On the other hand, the mo MoreStudying and ranking the Exchange-Traded Funds have been vital issues, since these asset funds have been amongst the most popular financial means, which their significant emergence and growth may confirm undeniable success in the global market. On the other hand, the most part of studying and ranking these funds can be categorized based on the efficiency criteria. Accordingly, applying a new perspective, this paper would consider the funds ranking based on value at risk approach. In doing so, the funds have been considered who had been active in the period of the 2014-September to 2017- September. Findings of the research show the appropriate value at risk models based on GARCH approach. In addition, the ranking based on the loss function illustrates that Almas, Atlas and Asam Exchange-Traded Funds have had the lowest risk in this study. Manuscript profile -
Open Access Article
140 - Optimization of portfolio Constituted from mutual funds of Tehran stock exchange using genetic algorithm
Fraydoon Rahnamay Roodposhty Kazem Chavoshi Ebrahim SaberExpansion and growing complexity of financial markets, makes difficult Choosing assets for investors; Meanwhile, based on portfolio theory, diversification, while maintaining average returns, leads to lower fluctuations. Also, due to the complexity and speed of effectiv MoreExpansion and growing complexity of financial markets, makes difficult Choosing assets for investors; Meanwhile, based on portfolio theory, diversification, while maintaining average returns, leads to lower fluctuations. Also, due to the complexity and speed of effective factors, constitution of optimal portfolio with Using traditional methods is difficult. This study is aimed at optimizing the portfolio consists of shares of mutual funds using genetic algorithm and comparing it with the traditional approaches and the impact of portfolio size has also been studied. For this purpose, the data of 30 mutual funds in the Iran's stock market from 2011 till 2013 are collected. Results indicate that genetic algorithms can be used to select a portfolio of shares of mutual funds. Using paired t-test determined that using genetic algorithms in portfolio selection is better than traditional methods. Also, the size of the portfolio did not influence the results and at all level, the genetic algorithm has better performance. Meanwhile, the larger and more diversified portfolio, genetic algorithm performance advantage over linear methods is more significant. Manuscript profile -
Open Access Article
141 - Test of Five factors Model; Evidence from Tehran Stock Exchange
Maryam Davallou Zohreh GholamiFama and French (2015) with the addition of two more elements - operating profitability and investment - developed their three-factor model and offered a new five-factor model. This study aimed to test the Fama-French five-factor model compared with the three-factor and MoreFama and French (2015) with the addition of two more elements - operating profitability and investment - developed their three-factor model and offered a new five-factor model. This study aimed to test the Fama-French five-factor model compared with the three-factor and four-factor models. For this purpose, a sample of 184 companies listed in Tehran Stock Exchange during the years 1380 to 1393 is examined. For testing the model, Portfolio analysis and test of Gibbons et al (1989) is used. The results of this study revealed that operating profitability and investment are able to explain the return of portfolio. Fama-French five-factor model explains the excess return better than other models in Tehran Stock Exchange. Then four-factor model in different portfolios, depending on the factors made them, have better performance than three-factor models. Manuscript profile -
Open Access Article
142 - Analysis of Behavioral Reactions in Tehran Stock Exchange
Hamidreza Vakilifard Ali Saeedi Akbar Eftekhari AliabadiThrough Behavioral finance, researchers faced with many exceptions in financial markets and concluded that psychological phenomena play an important role to determine financial markets behavior. In this research, different types of investors’ behavior have been re MoreThrough Behavioral finance, researchers faced with many exceptions in financial markets and concluded that psychological phenomena play an important role to determine financial markets behavior. In this research, different types of investors’ behavior have been recognized in different time scales. A general model for Tehran Stock Exchange has been designed by using the time series data, from 2006 to 2010. Wavelet analysis has been used as a statistical and analytical tool to explain trait and multi resolution. Research results show that investors have different reaction after good or bad news,their reaction in long term scale is more distinct than short term. Return of investment derived by price is different in various periods after good or bad news; it has the same trade as the direction of EPS adjustment in short term. But this trend isn’t recognized in long term. Manuscript profile -
Open Access Article
143 - Liquidity, Investment Style?
Maryam DavallouSharp specified investment styles by four characteristics: (1) “identifiable before the fact” (2) “not easily beaten” (3) “a viable alternative” and (4) “low cost”. The paper is aimed to test mentioned four characteristics MoreSharp specified investment styles by four characteristics: (1) “identifiable before the fact” (2) “not easily beaten” (3) “a viable alternative” and (4) “low cost”. The paper is aimed to test mentioned four characteristics about liquidity in Tehran Stock Exchange (TSE). To this end, a sample composed of listed firms in TSE has been examined during 1379 to 1389. One and two-dimensional portfolio study approaches and regression analysis have been used to test above characteristics. According to research findings, Even though portfolios which have different liquidity level that allocated by turnover to meet “identifiable before the fact” condition but return of extreme portfolios based on liquidity is very low relative to other styles. The results do not confirm superior performance of investment strategy based on liquidity so “not easily beaten” characteristic for liquidity style is not verified in TSE. Nevertheless, it can beat the market by putting together liquidity and other investment styles. In accordance with research outcomes, liquidity does not have more information content than other investment styles so it is not taken into account “viable alternative”. Since half of stocks in portfolio based on liquidity are interchanged by rebalancing, so it cannot manage this strategy passively and “low cost” condition is not confirmed. Liquidity as risk factor also is not viable and is only liner combination of identified risk factors in other asset pricing models. Manuscript profile -
Open Access Article
144 - A classification model of factors affecting application of corporate venture capital strategy: An Interpretive Structural Modeling approach
Hossein Ghazanfari Seyed Hamid Khodadad Hosseini Asadolah Kord Naeij Adel AzarIn many cases, Internal R&D cannot follow the changes in the organization’s turbulent environment with the sufficient pace. So the companies in such markets have to complete their internal R&D activities with external development strategies. Use of corpora MoreIn many cases, Internal R&D cannot follow the changes in the organization’s turbulent environment with the sufficient pace. So the companies in such markets have to complete their internal R&D activities with external development strategies. Use of corporate venture capital as an external development strategy is growing among large Iranian companies. In this research, we are going to propose a classification model of factors affect the application of corporate venture capital strategy in Iranian companies. Data has been gathered through interview to experts and Literature review. Then factors have been Identified based on a content analysis. The built model in an ISM approach has been analyzed in a MICMAC. Manuscript profile -
Open Access Article
145 - Investigate the relationship between investor sentiment, courage in predicting dividends and future corporate performance
Reza Gholami Jamkarani Zahra Akbari Masoud BakhtiariThe purpose of this research is to investigate the relationship between investor sentiment, courage in predicting dividends and future performance of the company in Tehran Stock Exchange. The research is applied from the direction of the target, and, depending on the ty MoreThe purpose of this research is to investigate the relationship between investor sentiment, courage in predicting dividends and future performance of the company in Tehran Stock Exchange. The research is applied from the direction of the target, and, depending on the type of research project, relying on historical information, then the event. The method of research inference is inductive and correlation type and consists of 3 hypotheses. The research community is the accepted companies in Tehran Stock Exchange for a period of 5 years. To document the results of statistical analysis and provide final solutions, the researcher used a statistical method using Eviews software to analyze the questions and hypotheses. The research was conducted using regression Compound linear and F and t tests. The results of the test of research hypotheses showed that investor's feelings on courage affect the prediction of dividends and company growth, but not affect future returns. Manuscript profile -
Open Access Article
146 - Behavioral Modeling of Angel Investors’ Investment Decision Makings
Yahya Hassas Yeganeh Adel AfkhamiAngel investors are the most important supportive groups for innovations and new ideas in developed countries. Therefore, studding their investment behavior is really important. This research aims to study angel investment behaviors in terms of behavioral finance. Using MoreAngel investors are the most important supportive groups for innovations and new ideas in developed countries. Therefore, studding their investment behavior is really important. This research aims to study angel investment behaviors in terms of behavioral finance. Using pilot and Delphi study, 16 variables as behavioral finance indicators were determined, which then turned to 31 observable variables which they were basis for the research questionnaire. 183 angels’ questionnaires were collected as our sample. Our data were analyzed by factor analysis and then structural equation modeling. Seven latent variables were realized as affecting behavioral finance factors by factor analysis, which their relationship next with one decision making factor were analyzed by structural equation modeling. Finally, it can be stated that factors respectively including: Hope, Retrospective, Overconfidence, simplistic and Risk have a positive relationship and factors including: Mental Accounting and Self Attribution have a negative relationship with angel investors’ decision makings. Manuscript profile -
Open Access Article
147 - The Effect of Investors Sentiment and Free Float on Stock return in TSE Listed Companies by Using Generalized Method of Moments (GMM)
ommolbanin Dadar seyedeh mahboobeh jafariThis paper analyses the effects of investor sentiment and Free Float on stock price, based on Stock return. This study Uses data from firms listed in Tehran Stock Exchange over a period of 6 Years (2010-2016)and constructs investors' Sentiment Index and examines investo MoreThis paper analyses the effects of investor sentiment and Free Float on stock price, based on Stock return. This study Uses data from firms listed in Tehran Stock Exchange over a period of 6 Years (2010-2016)and constructs investors' Sentiment Index and examines investors' sentiment effect on Stock return. Based on current expectations, when the free float is more, more deals done and consequently the share price volatility will also increase. Shareholders expect more profits from stocks which have more free floats. In this study, in order to increase the degree of confidence in the results, has been used Dynamic Panel method and estimation of the equation generalized moments (GMM).The findings of this study indicate that there is a positive and significant relationship between investor sentiment and free float stocks and stock returns. Manuscript profile -
Open Access Article
148 - The investigation of the effect of risk disclosure on investment efficiency of accepted companies in Tehran stock exchange
Soghra Fasihi Seyed Ali Hosseini Shahnaz MashayekhFirms need investment for their growth and development. According to efficiency contracts, management should choose efficient investment among different them. Previous research assess different factors relating to firm specification such as information quality and capit MoreFirms need investment for their growth and development. According to efficiency contracts, management should choose efficient investment among different them. Previous research assess different factors relating to firm specification such as information quality and capital structure on investment efficiency, but there is a gap on effect of risk disclosure.so, the aim of this research is investigation of The investigation of risk disclosure on investment efficiency .according to theory and previous research expected that risk disclosure has significant effect on investment efficiency. For calculate of risk disclosure index we used manual content analysis and we categorize risks in four categories’ include financial, operational, regulation and strategies. After that, we used Miihkinen (2103) to calculate risk index. Also, we used Chen et al (2014) for investment efficiency. Our sample includes 60 firms from 2009 to 2017. The result shows that risk disclosure has a significant and positive impact on investment efficiency that means when the risk disclosure increases as the investment efficiency increases. Manuscript profile -
Open Access Article
149 - بررسی نقش سرمایهگذاری و طرحهای عمرانی در توسعه صنعت گردشگری مازندران (مطالعه موردی: شهرستان سوادکوه
مهرداد متانی محمدرضا امیری -
Open Access Article
150 - Insurance of Foreign Investment: An International Trade Law Approach and Islamic Jurisprudence
Fatemeh AsaryForeign investment provides the country with economic growth. Thus, the entry of goods into the country has triggered a request for national currency that would lead to an increase in the value of the national currency. Foreign investment can be a surefire way to achiev MoreForeign investment provides the country with economic growth. Thus, the entry of goods into the country has triggered a request for national currency that would lead to an increase in the value of the national currency. Foreign investment can be a surefire way to achieve goals. The investor's assurance is a prerequisite for the implementation of the project. Therefore, the funds are insured against deliberate or unintentional threats and incidents of the victim and, at the same time, people in the country should be insured in the event of possible accidents. The legislator did not pay enough attention to the issue of the coordination of foreign investment insurance, and this has created legal uncertainties. But at the same time, according to the contracts and subcontractors of the insurance contract in these types of contracts, which are emphasized in Islamic jurisprudence and Iranian law, the filler is a vacuum in this field. Also, lack of information about legal issues and failure to observe certain points in the contracts, and the lack of coordination of internal laws of our country with international law resulted in non-payment of damages by the insured, which was also resolved with the pre-investment agreement. However, the legislator needs to take a step further. The investor must be aware of the legal credibility of the probable loss of insurance by the insurer in accordance with the domestic laws of the host country and international law. Manuscript profile -
Open Access Article
151 - The Impact of Policies on Attracting Foreign Investors on the Development of Economy and International Relations of Iran
Seyed Azim Hossini Hamid Pishgah hadianThe purpose of the present study is to review and determine the policies and obstacles of attracting foreign investors to achieve the aim of development in the Islamic Republic of Iran in different political, social, and economic aspects by creating a secure economic at MoreThe purpose of the present study is to review and determine the policies and obstacles of attracting foreign investors to achieve the aim of development in the Islamic Republic of Iran in different political, social, and economic aspects by creating a secure economic atmosphere and expanding diplomatic relations for localizing technology and promoting business. In this regard, a descriptive-analytical method was used to deal with this main question: what is the impact of recognizing drawbacks in Iran's policies about attracting foreign investors on the development of economy and expansion of diplomatic relations? The results showed that undoubtedly, economic security is one of the most basic requirements for sustainable development in developed or developing countries like Iran for attracting foreign investors and substantiation of resistive economy, adopting some policies for economic growth, increasing job opportunities, acquiring and expanding technology and administrative skills, and promoting the quality of production and the export potential of the country for making international relations. Manuscript profile -
Open Access Article
152 - The Obstacles to Iran's Permanent Membership in the World Trade Organization
Iman Pak Sima Seyed Bagher Mir Abbasi Mohammad Sadeghi Seyed Taha Mousavi MirkalaiThe aim of the present research is to examine the obstacles existing in Iran's laws for accepting commitments to the World Trade Organization (WTO). The research method is descriptive-analytical, and the results indicate that Iran's problems in joining the WTO stem from MoreThe aim of the present research is to examine the obstacles existing in Iran's laws for accepting commitments to the World Trade Organization (WTO). The research method is descriptive-analytical, and the results indicate that Iran's problems in joining the WTO stem from both internal and external factors. Apart from the current problems and instabilities prevailing in Iran's economy, some domestic laws also fail to align with WTO regulations. For instance, Article 44 of the Constitution, which enforces state ownership and monopolies in significant sectors such as industries, mines, banking, radio and television, shipping, aviation, etc., underscores the overbearing presence of government and semi-government entities in the economy, while relegating the private sector to a marginalized role in economic activities. Furthermore, due to the absence of a single exchange rate, regulations related to foreign insurances, insufficient support for foreign investment in Iran and high import tariffs, some other domestic laws not only fail to conform to WTO regulations but also contradict them significantly. In Iran, due to access to foreign currency resources derived from oil exports, the foreign trade sector has not developed properly and proportionately to the needs, resulting in various problems. The emergence of these issues and the potential decrease in oil export revenues in the future underscore the significance of the foreign trade sector and its presence in global markets. Therefore, increasing production, enhancing export capabilities and competitiveness on a global scale, and benefiting from the facilities of the WTO are raised as necessities. Manuscript profile -
Open Access Article
153 - A Study of the Security Consequences of Attracting Foreign Direct Investment to the Islamic Republic of Iran
Shahram Saadatmand Hosein Ahmadi Masoud HemmatThe purpose of the present research is to study security consequences of attracting foreign direct investment to the Islamic Republic of Iran. The research method is descriptive-analytic and it emphasizes on the hypothesis that in addition to the advantages of attractin MoreThe purpose of the present research is to study security consequences of attracting foreign direct investment to the Islamic Republic of Iran. The research method is descriptive-analytic and it emphasizes on the hypothesis that in addition to the advantages of attracting foreign direct investment to the country, the security consequences of this issue are among some of the most effective factors on how much foreign direct investments are attracted to the Islamic Republic of Iran. The research results reveal that efficient management and accurate planning by the executive organizations and the economic diplomacy in the country would moderate security concerns and thus attracting foreign direct investment can foster national security and solidarity in the country. Manuscript profile -
Open Access Article
154 - Evaluation of Behavioral Biases Affecting Investors’ Decision-Making by Fuzzy Analytic Hierarchy Process
Hossein Jamali Masoud BakhtiariThe purpose of the present study is to evaluate behavioral biases affecting investors’ decision-making by fuzzy analytic hierarchy process. This research is a case study in terms of data collection and it is descriptive-explorative in methodology. Regarding purpos MoreThe purpose of the present study is to evaluate behavioral biases affecting investors’ decision-making by fuzzy analytic hierarchy process. This research is a case study in terms of data collection and it is descriptive-explorative in methodology. Regarding purpose, this study is classified in the group of applied research. The statistical population included all the active clients (around 300) of Yasouj stock exchange firm. The sample size was calculated to be 168 by Cochran formula. In this research, a snowball sampling method was used and data collection tools were Delphi and pairwise comparison questionnaires. For data analysis, multi-criteria decision-making techniques such as fuzzy-AHP were used. The research data were analyzed by Super Decision software. Prioritization of behavioral biases affecting investor’ decisions showed that overconfidence bias (0.235) is in the 1st level, aversion bias (0.168) is in the 2nd level, and mental accounting bias (0.149) is in the 3rd level. Moreover, availability bias (0.119) is in the 4th level, agency bias (0/108) is in the 5th level, regret bias (0.095) is in the 6th level, anchoring bias (0.073) is in the 7th level and finally, herding bias (0.054) is in the 8th level. Manuscript profile -
Open Access Article
155 - Positive Information Shock, Investors’ Behavior and the Risk of Stock Price Crash
Majid Amin Masoumeh JafariPurpose: The purpose of the present study is to review the effect of positive information shocks on investors’ behavior and the risk of stock price crash in corporations accepted in Tehran Stock Exchange.Method: This research has a practical objective and it is an MorePurpose: The purpose of the present study is to review the effect of positive information shocks on investors’ behavior and the risk of stock price crash in corporations accepted in Tehran Stock Exchange.Method: This research has a practical objective and it is an ex-post facto study conducted by descriptive-causal method. The research statistical population consisted of all companies accepted in Tehran Stock Exchange from 2009 to 2011. Random sampling method with systematic deletion was used. For data collection and hypothesis testing, the researchers used the audited financial statements of corporations accepted in Tehran Stock Exchange (available in the library of Tehran Stock Exchange). For data analysis, multivariate linear regression technique was used.Results: The research results indicated that positive information shocks have a significantly positive effect on investors’ behavior and the risk of stock price crash. Positive information shocks decrease disclosure of information, increase information risk, and decline information transparency which ultimately accelerate the crash risk in the stock exchange. In addition, the effect of positive information risks on the crash risk is under the influence of corporation features, supervisory mechanisms, and economic environment.Conclusion: According to the obtained results, it is suggested to the analysts to study the impact of information shocks on important variables effective in the performance of corporations and give the results to the users. Furthermore, minor investors should pay special attention to prevent concealment of bad news by the directors because stockholders' attention is oriented to others’ fuss and their non-expert comments which have filled the market environment and increase the crash risk of the stock price. Manuscript profile -
Open Access Article
156 - The Effect of Internal Quality Control on the Relationship between Financial Reporting Quality and Mass Behavior in Investors
Zeinab Rezaei Ali TamoradiThe purpose of the present study is to review the effect of internal quality control (IQC) on the relationship between financial reporting quality and mass behavior of the accepted corporations' investors in Tehran Stock Exchange. The method of study was descriptive-ana MoreThe purpose of the present study is to review the effect of internal quality control (IQC) on the relationship between financial reporting quality and mass behavior of the accepted corporations' investors in Tehran Stock Exchange. The method of study was descriptive-analytic which used the statistical software of EViews 10 for data analysis. In this research, 150 corporations (1050 years of participation) were chosen for the research hypothesis testing from 2013 to 2020. For the research hypothesis testing, multi-vitiate regression models with panel data were used. The results showed that financial reporting quality has a significant effect on the mass behavior of the accepted corporations' investors in Tehran Stock Exchange. Moreover, IQC increases the negative correlation between financial reporting quality and mass behavior of the accepted corporations' investors in Tehran Stock Exchange. According to the research results, it can be asserted that besides financial and nonfinancial factors, the investors should pay attention to the role of financial reporting quality as an important criterion in decision making. Furthermore, the board of directors and audit committee members in corporations can take steps to increase financial reporting quality and decrease the investors' mass behavior through consistent and accurate evaluation and supervision over the process of internal control. Manuscript profile -
Open Access Article
157 - The Effect of Financial Constraint and Managerial Overconfidence on Investment-Cash Flow Sensitivity
Ramtin Falahat Fatemeh Samadi Mostafa Hashemi TilehnoueiPurpose: Access to cash flow is primarily important for the substantiation of corporation investment plans but in various situations, the effect of cash flow on investment may change. Accordingly, the present study has dealt with the impact of financial constraints and MorePurpose: Access to cash flow is primarily important for the substantiation of corporation investment plans but in various situations, the effect of cash flow on investment may change. Accordingly, the present study has dealt with the impact of financial constraints and managerial overconfidence on investment-cash flow sensitivity. Method: The statistical sample consisted of 153 companies accepted in Tehran Stock Exchange from 2013 to 2021. The required data were collected from audited financial statements in Coda website. 8 hypotheses were proposed in this study and then tested using regression econometrics with fixed effects and Probit regression in EViews.Results: Cash flow has a significantly positive effect on investment and overinvestment. Moreover, financial constraint increases positive investment and overinvestment-cash flow sensitivity although managerial overconfidence has no significant impact on investment and overinvestment sensitivity to cash flow. Yet, when the correlation between financial constraint and managerial overconfidence is considered, positive investment and overinvestment-cash flow sensitivity is reinforced which indicates the important role of financial constraint on adopting investment decisions.Conclusion: By supporting the theory of investment-cash flow sensitivity, findings of the study show that financial constraint, managerial overconfidence, and cash flow all have a vital effect on corporation investment decision making. Manuscript profile -
Open Access Article
158 - A Study of the Effect of Auditing Committee on the Relationship between Investors’ Short-Sightedness and Research and Development Costs
AliReza Ghanbarzadeh Behbahani Mohammad Abedi Zoheyr AlipourzadehPurpose: Investors’ short-sightedness is a factor that makes them overestimate short-term and underestimate long-term interests. This behavior of investors motivates the directors to overestimate short-term performance of the company by decreasing its research and MorePurpose: Investors’ short-sightedness is a factor that makes them overestimate short-term and underestimate long-term interests. This behavior of investors motivates the directors to overestimate short-term performance of the company by decreasing its research and development costs. On the other hand, the auditing committee as a powerful mechanism of corporation authority makes a contribution to supervise responsibility of the board of directors through surveillance of the financial reporting process, autonomy of auditors, and effectiveness of internal controls. In this regard, the present research aims to review the effect of auditing committee on the relationship between investors’ short-sightedness and research and development costs in corporations accepted in Tehran Stock Exchange,Method: The information of 150 companies were collected and analyzed by systematic deletion method during a 7-year-old period from 2007 to 2013. Hypotheses testing was conducted using multivariate regression and ordinary least square method with mixed data.Results: Investors’ short-sightedness has a significantly negative impact on research and development costs. It means that as investors’ short-sightedness increases, research and development costs decline. The results also showed that the size of the corporation's auditing committee has a significantly decreasing impact on the negative relation between investors' short-sightedness and research and development costs and makes the correlation between those two variables positive. The autonomy of the corporation's auditing committee has a moderating effect on the negative correlation between investors' short-sightedness and research and development costs and decreases its intensity. It means that the decrease in the size and autonomy of the auditing committee decreases the negative relation between investors' short-sightedness and research and development costs.Conclusion: Considering the negative effect of investors' short-sightedness on research and development costs that encourages the directors to decrease long-term investment in future research and development, it is suggested to the managers to regard long-term consequences of decreasing investment in this field because they will decline the corporation's performance and competitive strength in long-term. Furthermore, it is recommended to short-sighted investors who have short-term perspective to pay more attention to the real and long-term performance of the company rather than its short-term interests because investors' short-sightedness causes that fundamental factor and long-term perspective in terms of investment in stock exchange be forgotten and replaced with obtaining just daily profit. Therefore, investors' short-sightedness has caused one of the greatest problems in the stock exchange and in the long term leads to its inefficiency. Manuscript profile -
Open Access Article
159 - The Impact of Investors' Behavior on Tax Management Approaches in Tehran Stock Exchange
Nazanin Bashirimanesh Saeed MoinfardPurpose: The purpose of the present study is to review the effect of investors' behavior on tax management approaches.Method: In this research, approaches to tax management including tax evasion, tax avoidance, and tax aggressiveness were studied. To this aim, panel dat MorePurpose: The purpose of the present study is to review the effect of investors' behavior on tax management approaches.Method: In this research, approaches to tax management including tax evasion, tax avoidance, and tax aggressiveness were studied. To this aim, panel data method based on the annual data obtained from accepted corporations in Tehran Stock Exchange during 2014-2021 were used. Finally, 127 corporations were chosen as the sample by systematic deletion technique and data analysis was done by Stata (version 16/with 95% confidence). To measure sentimental tendency and herding behavior of investors, EMSI index and Huang and Salmon Model (2006) were used.Findings: The experimental evidence and results of the research indicate that investors' behavior has a significantly positive effect on tax management approaches. That is to say, with the increase of sentimental and herding behavior among the investors, the directors' tax management in corporations improves.Conclusion: The research results showed that investors' behavioral variables (herding behavior and sentimental tendency) have a direct and positive effect on tax management approaches in corporations. It means that as investors' herding behavior and sentimental tendency increases, tax evasion, tax avoidance and tax aggression goes up, too. Therefore, investors' behavior is confirmed to be an important element to disturb order in financial markets. The results of this research can be effective to improve politicians and investors' decision-making for proper orientation towards the stock market and its consistent management. Manuscript profile -
Open Access Article
160 - Analysis of the Behavior of Individual Investors Based on the Theory of Planned Behavior: With Emphasis on Optimism-Pessimism and Financial Literacy
Mohammad Nazaripour Babak ZakizadehAmong the requirements for capital markets development is to analyze the individual investors' behavior from the different aspects. In this study, the individual investors' behavior has been investigated based on the expanded theory of planned behavior (including two va MoreAmong the requirements for capital markets development is to analyze the individual investors' behavior from the different aspects. In this study, the individual investors' behavior has been investigated based on the expanded theory of planned behavior (including two variables: optimism-pessimism and financial literacy). The required data were collected through the distribution of questionnaires among 266 individual investors. Data analysis was performed using structural equation modeling in the form of SmartPLS version 3 and SPSS version 26 software. According to the research findings, all 10 research hypotheses were confirmed. Out of 10 hypotheses, 7 are related to direct effects and 3 are related to indirect effects. This means that the variables of attitude, subjective norms, perceived behavioral control, and optimism-pessimism have a positive and significant effect on people's investment intention. In addition, variables of optimism-pessimism and financial literacy have a positive and significant effect on attitude. Also, the variable of financial literacy has a positive and significant effect on the variable of perceived behavioral control. Based on the research findings, the variables of attitude and the perceived behavioral control have a mediating effect on the relationships between optimism-pessimism and financial literacy variables with people's investment intention. Finally, based on the research findings, the implementation of the extended planned behavior theory in the capital market can help the growth and development of this market. Manuscript profile -
Open Access Article
161 - The Effect of Investor Sentiment on the Market Reactions to Earnings Restatements
Neda rostami donya ahadiyanInvestors' sentiment often stem from held mental beliefs or information unrelated to stock value and can lead to extreme or low reactions to good or bad news, fanatical expectations such as speculative tendencies and optimistic or pessimistic optimism. Meanwhile, restat MoreInvestors' sentiment often stem from held mental beliefs or information unrelated to stock value and can lead to extreme or low reactions to good or bad news, fanatical expectations such as speculative tendencies and optimistic or pessimistic optimism. Meanwhile, restatement of financial statements may be one of the factors affecting the sentiment of investors. The purpose of the present study is to investigate the effect of investors’ sentiment on the market reactions to earnings restatements. The statistical sample consists of 119 companies listed on the Tehran Stock Exchange in the period 2012 to 2020. The results show that the willingness of investors has a significant effect on the market reaction to the earnings restatement. The results also show that the high investor sentiment, both in the presence of restatement and non-restatement, has a positive effect on market reaction, but in the presence of restatement, the effect of high investor sentiment on market reaction is less. Another result of the research indicates that the low investor sentiment has a negative effect on the market reaction in the presence of a restatement and a positive effect when there is not restatement. Therefore, it can be said that the restatement is effective on the impact of low investor sentiment on the market reaction. Manuscript profile -
Open Access Article
162 - Investor Sentiment, Misstatements, and Auditor Behavior
Faegh Ahmadi amirhossein jamali mohammad hadi hosseini saraniHigh investor sentiment has been linked with opportunistic managerial behavior in the face of more optimistic investors and analysts. In this study, this line of work is developed by documenting the increased likelihood of misstatements and the consequent increase in au MoreHigh investor sentiment has been linked with opportunistic managerial behavior in the face of more optimistic investors and analysts. In this study, this line of work is developed by documenting the increased likelihood of misstatements and the consequent increase in audit risk in the face of high investor sentiment. The main objective of this study is to investigate the effect investor sentiment on misstatements, and auditor behavior of listed companies in Tehran Stock Exchange. The sample consists of 94 firms listed in Tehran Stock Exchange in the period from 2017 to 2021. The research hypotheses were tested using multivariate regression model with panel data method. The results showed that investor sentiment have significant positive effect on the misstatements with in 95% confidence level. In addition, other findings indicated existence of a significant positive effect investor sentiment on audit fees and going concern opinion. As a result, The findings enhance the understanding of how investor sentiment affects misstatements, and auditor behavior, and enrich the literature on corporate auditor pricing and reporting decisions. Manuscript profile -
Open Access Article
163 - Investigating the effect of emotional intelligence on financial decision making with the mediating role of investors' mood in the stock market
abas samadi roholah sohrabi elham rezaei negin maghsodInvestors face problems in making financial decisions. People who have no control over their emotions make irrational decisions. On the other hand, daily moods have a great impact on financial decisions. In this study, the effect of psychological variables of emotional MoreInvestors face problems in making financial decisions. People who have no control over their emotions make irrational decisions. On the other hand, daily moods have a great impact on financial decisions. In this study, the effect of psychological variables of emotional intelligence mediated by mood on investors' decision making has been investigated. The research method is applied in terms of purpose and descriptive and survey in terms of nature. The statistical population is investors in the city of Hamedan. The data collection tool in this study is based on a questionnaire. The Baron Emotional Intelligence Questionnaire with 90 scores, the Panas Questionnaire with 20 scores were used to measure the mood variable and the Bruce and Scott Decision Making Scale with 25 scales. In order to confirm the validity of this questionnaire, in addition to confirming the face and content validity, construct validity was used. Data analysis was performed by linear regression tests. It was concluded that there is a relationship between emotional intelligence and financial decision making. One of the minor results is the lack of relationship between emotional intelligence and intuitive decision making and the negative relationship between emotional intelligence and rational decision making but emotional intelligence is directly related to three styles of dependence, instant and avoidance . But the other result is that positive mood such as enthusiastic, active, alert is not related to intuitive decision making and is positively related to rational, instantaneous and avoidant decision-making style and negatively related to dependent decision-making style. Manuscript profile -
Open Access Article
164 - The Impact of Behavioral Financial Characteristics on Investment Decisions by Emphasizing the Mediating Role of Individual and General Characteristics of Investors in Tehran Stock Exchange
Azadeh Fooladi Sedigheh Tootian Esfahani Hossein Eslami Mofid AbadiThe main purpose of this study was to investigate the effect of financial and behavioral characteristics on investment decisions by considering the mediating role of individual and general characteristics of investors in the Tehran Stock Exchange. The statistical popula MoreThe main purpose of this study was to investigate the effect of financial and behavioral characteristics on investment decisions by considering the mediating role of individual and general characteristics of investors in the Tehran Stock Exchange. The statistical population of this study includes active investors in Tehran Stock Exchange. The sample size obtained using the formula is 384 Cochrane. In order to measure the research variables, a questionnaire with 43 items and the dimensions of investors' behavioral biases, the decision to invest in stock equations, individual and general characteristics of investors have been used. The present study was descriptive-survey and applied in terms of purpose.In order to test and test the research hypotheses, descriptive and inferential statistical techniques and structural equation modeling methods have been used.Findings of this research showed that investors' behavioral biases have a significant effect on the decision to invest in stocks by mediating the individual and general characteristics of investors. Judgment biases have a significant effect on the decision of investors in stocks by mediating the individual and general characteristics of investors. Also, preferential bias has a significant effect on the decision to invest in stocks with the mediating role of individual and general characteristics of investors. However, the behavioral biases of investors do not have a significant effect on the decision to invest in stocks. But the individual and general characteristics of investors have a significant effect on the decision to invest in stocks. Manuscript profile -
Open Access Article
165 - Presentation a model for crediblistic multi-period portfolio optimization model whit bankruptcy control
snoor modaresi farshid kheirollah mehrdad ghanbari babak jamshidinavidIn this research, a mathematical model has been presented for optimizing multi-period portfolios with a bankruptcy control approach. The goals of optimizing the multi-period portfolios include: 1- maximizing the expected outflow of the investor 2- Minimizing accumulated MoreIn this research, a mathematical model has been presented for optimizing multi-period portfolios with a bankruptcy control approach. The goals of optimizing the multi-period portfolios include: 1- maximizing the expected outflow of the investor 2- Minimizing accumulated risk 3- Minimizing the uncertainty of the portfolio''''s returns during the investment period, that achievement of these three objectives has been evaluated by two limits of bankruptcy control and the maximum and minimum adjustments of investment amounts during the investment period. The Hybrid Particle Swarm Optimization (Hybrid PSO) algorithm has been considered as the proposed solution for solving the model and a practical example has been presented to illustrate the application of the proposed model, which includes a portfolio with 17 different types of stocks from the companies listed in Tehran Stock Exchange For the three-year period from 2014 to 2016, the daily returns of these companies have been used as inputs for the model. Three different modes for the weights of the goals of optimizing the portfolio of multi- period portfolios have been determined using the sensitivity analysis table. In the end, the state of investment, which the investor equates to all three goals of optimizing the weight, has been the most suitable state for optimizing a multi-period of portfolios. the results has been compared with other algorithms Experimental results have shown that the algorithm proposed by this research for solving the model has been more appropriate than other algorithm. Manuscript profile -
Open Access Article
166 - Economic analysis of gas extraction refining risk response strategies by NPV method (Case study in the Gas Refinery)
alireza Askarian mahnaz Mirza Ebrahim TehraniTechnical and economic evaluation is a completely scientific way of being able to comment on the economics of risk response strategies. The purpose of this study is to analys the economic feasibility of the risk mitigation strategy proposed by the unit managers taking i MoreTechnical and economic evaluation is a completely scientific way of being able to comment on the economics of risk response strategies. The purpose of this study is to analys the economic feasibility of the risk mitigation strategy proposed by the unit managers taking into account the requirements, standards and constraints of the gas refinery. By calculation the total stop losses of the refinery unit showed that it was found that its amount is staggering, anf if even a part of the relevant costs erosion course of the system can be reduced, large profit can be made for the company. In this study, the financial process of risk reduction strategies, In the form of numerical differences obtained before and after risk correction measures and The effectiveness of corrective actions over ten years was analyzed using techniques the net present value (NPV) and return on capital investment (IRR). The results of the economic analysis showed six risk reduction strategies showed, the financial process resulting from the implementation of risk reduction strategies in the unit to prevent accident or stop the unit, is positive and greater than zero. According Using advanced methods for investment analysis, it is possible to calculate the economics and increase the profitability of the risk reduction strategy. Manuscript profile -
Open Access Article
167 - Identifying Causal Relationships and Ranking the Obstacles Affecting the Goals of Public-Private Partnership Projects (Case Study: Partnership Model of Industrial Developmental Organizations in Iran)
Mohammad Khalilzadeh Morteza Vasei Davoud Seddighizade Arvin AzizianUsing Public-Private Partnership method as an investment model may result in applying private sector's expertise and knowledge management to transfer governmental infrastructure projects. Hence, governments can focus on the other economic sectors in order to accelerate MoreUsing Public-Private Partnership method as an investment model may result in applying private sector's expertise and knowledge management to transfer governmental infrastructure projects. Hence, governments can focus on the other economic sectors in order to accelerate the development rate of infrastructure. In this paper, we study the legal model implemented in industrial developmental organizations in Iran to identify the obstacles affecting the goals of the approved enterprise projects in 3 sections of governmental (10 criteria), private (5 criteria) and business (7 criteria) and the amount of their effects on each other is determined by Fuzzy DEMATEL technique. Also, their importance weights are calculated and analyzed by Fuzzy ANP method. Manuscript profile -
Open Access Article
168 - Ranking of North Areas of Isfahan According to Measures Affecting Investment by Fuzzy TOPSIS and AHP Approach
Masoud Hekmatpanah Masoud Nasri Azar BaratiUsually, MCDM for choosing the best-provided option that their criteria may be in conflict with each other and by providing results, it facilitates the decision-making process. In this research, the aim is prioritizing Isfahan North areas(Kashan, Aran, and Bidgol, Nain, MoreUsually, MCDM for choosing the best-provided option that their criteria may be in conflict with each other and by providing results, it facilitates the decision-making process. In this research, the aim is prioritizing Isfahan North areas(Kashan, Aran, and Bidgol, Nain, Natanz, and Ardestan), based on affecting measure for investors to determine which area requires the greatest amount of investment between mentioned areas. To achieve this aim, weighing the areas is performed by using of fuzzy TOPSIS and entropy methods and finally, it is ranked by AHP. To avoid confusion caused by uncertainty in decision making at all stages, triangular fuzzy numbers used. Results show, in the first phase, textile manufacturing with the most weight was selected as first priority; then, non-metallic mineral products, rubber and plastic products and machinery and equipment products placed accordingly. In the second phase, Natanz was placed in first priority, and Nain, Kashan, and Ardestan were placed at second, third and last priorities. Manuscript profile -
Open Access Article
169 - "Investigating the role of psychological characteristics in the relationship between investor personality and investment performance"
Ali Laalbar mehdi mirzayi nasrin khankeshBehavioral finance which is regarded as psychology application in finance, has become an up-to-date topic in the world and specially Iran after crashing the bubble of stock prices in most countries.Behavioral finance’s tries to say that human being as an investor MoreBehavioral finance which is regarded as psychology application in finance, has become an up-to-date topic in the world and specially Iran after crashing the bubble of stock prices in most countries.Behavioral finance’s tries to say that human being as an investor is not completely logical entity and they take their decisions and investment performance according to the existing situations and impressed by a variety of elements that these decisions can be illogical.psychological characteristics and personality are one of the most important factors which affect investment performance.The purpose of this research was to investigate the role of psychological characteristics(financial overconfidence and risk tolerance)in the relationship between investor personality characteristics (responsibility, neuroticism, adaptability, openness to experience and extroversion) and investment performance.The research method is applied in terms of purpose and descriptive and survey in terms of nature.The statistical population of the research includes the investors of Tehran Stock Exchange during the year 1400,based on Cochran's formula, 387 people were selected as a sample and randomly available.The data collection tool in this study is based on a questionnaire.Data analysis is performed by structural equation modeling(SEM)technique Confirmatory factor analysis.According to the data analysis, the results showed that personality traits affect the perceptual performance of investment and the personality of investors has a significant effect on their financial overconfidence and investors with higher(lower)level more Financial confidence has a higher(lower)perceptual performance of the investment.Also, personality affects the perceptual performance of the investment through financial overconfidence.Investors' personality has a significant effect on their financial risk tolerance. Manuscript profile -
Open Access Article
170 - Investigation the Causal Relationships of Marital Commitment through Relationship Investment Model and Roots Development with Mediated of Emotional Processing Styles and Self-Differentiation
Leyli Amirsardari Ali Khademi Reza Tasbih Sazan MashhadiPurpose: The aim of this research was investigation the causal relationships of marital commitment through relationship investment model and roots development with mediated of emotional processing styles and self-differentiation. Methodology: This study was a descriptiv MorePurpose: The aim of this research was investigation the causal relationships of marital commitment through relationship investment model and roots development with mediated of emotional processing styles and self-differentiation. Methodology: This study was a descriptive from type of correlation. The research population was married male and female students of Islamic Azad University of Qazvin branch in the 2017-18 academic years with number 1416 people. The sample size was estimated based on Cochran's formula 302 people who were selected by cluster randomly sampling method. The research tools were the questionnaires of Adams and Jones marital commitment (1997), Result relationship investment model (1980), Young and Klosko parenting (1993), Baker and et all emotional processing styles (2007) and Drake self-differentiation (2011). Data were analyzed by structural equation modeling method in Amos software. Findings: The findings showed that relationship investment model and roots development on emotional processing styles, self-differentiation and marital commitment had a direct and significant effect and emotional processing styles and self-differentiation on marital commitment had a direct and significant effect (p < 0.01). Also, the relationship investment model with mediated of emotional processing styles and self-differentiation on marital commitment and roots development with mediated of self-differentiation on marital commitment had an indirect and significant effect (p < 0.01), but roots development with mediated of emotional processing styles had not an indirect and significant effect (P>0.05). Conclusion: Based on the results of present study, to improve the marital commitment of married students can be designed programs to promote their relationship investment model, roots development, emotional processing styles and self-differentiation and implemented through workshops. Manuscript profile -
Open Access Article
171 - Determination of optimum size of storage in micro-network for loss reduction using smart method
javad safaee kouchaksaraeeOne of the major challenges in the world is the need for energy resources due to its increasing demand and this demand is constantly increasing. In this regard, this paper presents a new method to determine the optimal location and size of energy storage in the micro gr MoreOne of the major challenges in the world is the need for energy resources due to its increasing demand and this demand is constantly increasing. In this regard, this paper presents a new method to determine the optimal location and size of energy storage in the micro grid by considering discrete models such as power supply and battery charge and discharge to meet technical objectives such as loss reduction and economic objectives. Battery investment and maintenance costs are provided. Based on the results, it can be stated that the batteries will continue to charge and discharge according to the target function selected for their installation and capacity determination. Manuscript profile -
Open Access Article
172 - بررسی تاثیر میزان سود تقسیمی سهام بر رشد شرکت از طریق تامین مالی خارجی (با تاکید بر نقش فرصتهای سرمایه گذاری)
یونس بادآور نهندی محمدعلی کاوه نژاد -
Open Access Article
173 - بررسی سودآوری استراتژی سرمایهگذاری مومنتوم در بورس اوراق بهادار تهران
دکتر غلامرضا اسلامی بیدگلی دکترسیدعلی نبوی چاشمی دکتر محمود یحیی زاده فر صدیقه ایکانی -
Open Access Article
174 - بررسی ارتباط بین فرصتهای سرمایهگذاری و سیاستهای تقسیم سود
دکتر محمدرضا شورورزی راهبه برومند جواد صادقی پناه -
Open Access Article
175 - Impact Rating of Social Responsibility on Investors’ Estimates of Company Fundamental Value
Habib Olah ْGarousi Naser Izadinia Mohsen DastgirThe goal of this research is to investigate the impact rate of social responsibility on investors’ estimates of company fundamental value. Given the lack of ranking of companies in terms of social responsibility in iran for determine the rate of social responsibil MoreThe goal of this research is to investigate the impact rate of social responsibility on investors’ estimates of company fundamental value. Given the lack of ranking of companies in terms of social responsibility in iran for determine the rate of social responsibility of companies admitted to Tehran Stock Exchange and OTC securities, a questionnaire consisting of 130 questions in nine main level that included:1-economic level, 2-social participation,3-corporate governance, 4- human rights and meritocracy,5- environmental and sustainable development,6-religious,7-products,8-ethics(organizational,professional,social),9-cultural was used.The data of this research is cross-sectional and the statistical population of the study is all the Tehran stock exchange and OTC securities whose financial statements are available in 2016. The test of hypotheses has been done in experimental study for investigating the effect of social responsibility rating on estimation of investors from fundamental value of company. The estimation of fundamental value of 319 Companies there have been by use of the penman residual profit model (2009).To test the hypotheses, a multivariate regression model, paired t-test and wald test were used. The findings show that investors with awareness of the social responsibility rating can be more accurate estimate of the fundamental values of their company. In other words, the estimation of investors without awareness of the social responsibility rating and using traditional financial statements is more (less) than the firm's actual value when the performance of social responsibility is negative (positive). Inconclusion, corporate social responsibility in decision-making has time Information and is part of relevant information on the decision-making by investors. Manuscript profile -
Open Access Article
176 - Designing the viability Model of Entrepreneurial Businesses Among Cooperatives Based on Key Components of Entrepreneurship
Mehdi HoseinNejad Gholamhossein Hosseininia Hosein vazifehdustthis study aimed to design a viability model in entrepreneurial cooperatives under the gaurantee of the Cooperative Investment Guarantee Fund. In this regard, a qualitative and quantitative approach was used to identify and formulate effective factors on the viability o Morethis study aimed to design a viability model in entrepreneurial cooperatives under the gaurantee of the Cooperative Investment Guarantee Fund. In this regard, a qualitative and quantitative approach was used to identify and formulate effective factors on the viability of cooperatives. Delphi method and semi-structured interview in qualitative section and exploratory and confirmatory factor analysis in quantitative section have been used. The target population of this study is Entrepreneurial Cooperative Companies under the Gaurantee of Cooperative Investment Guarantee Fund. Some CEOs and board members of co-operatives were involved in the elite interview and Delphi process. In this research, the framework was first prepared using previous studies and interviews in this field, and then by using Delphi method of experts and by judicious and chain sampling, it was tried to develop the correct model according to the experts' opinion. The results of the interviews and Delphi stages identified 44 factors influencing the viability of cooperatives which were divided into 8 indices using exploratory factor analysis and then the research hypotheses were analyzed by structural equation analysis and confirmatory factor analysis. The obtained structural model and path analysis in standard estimation mode showed that creativity and innovation had the greatest impact on the viability of entrepreneurial cooperatives. Other factors that influence the viability of entrepreneurial cooperatives in order of importance include environmental factors, the importance of cooperative agents, the commitment and responsibility of cooperatives, the right idea, the plan to sell, the ability to adopt new approaches and process-driven. Manuscript profile -
Open Access Article
177 - Identifying the factors affecting the formation of mass behavior of Tehran Stock Exchange investors
Samire Qaledare Ardeshir Shiri Karam Khalili Ali Yasini Qaribe EsmaelikiaThis study is to identify the factors affecting the formation of mass behavior of investors in the Tehran Stock Exchange. For this purpose, by conducting interviews in the form of five categories of economic and political factors, market psychological factors, company f MoreThis study is to identify the factors affecting the formation of mass behavior of investors in the Tehran Stock Exchange. For this purpose, by conducting interviews in the form of five categories of economic and political factors, market psychological factors, company financial factors and individual factors were classified. The present research method is applied in terms of purpose and in terms of data collection is considered as descriptive-survey research. investigate the field in the present study, the statistical population includes all shareholders in the stock exchange, which was calculated to be 384 people due to the unlimited nature of the society to obtain the statistical sample size of Cochran's formula. In addition to library studies, the data collection tool is a questionnaire whose validity was confirmed using the opinion of professors and experts and its reliability was calculated using Cronbach's coefficient was 0.91. Spss software was used to analyze the data and liserl software was used to determine the significance of the indicators. The results show that the five factors studied are effective in the mass behavior of investors and the exchange rate, sanctions and brokers' opinion have the greatest impact on behavior. Mass investors like the Tehran Stock Exchange. Manuscript profile -
Open Access Article
178 - Identifying the Effective Factors of Corporate Investment in the R & D Department
Meghdad Haji Mohammadalijahromi Soleyman Allah VirdiCalhoryThe main objective of this paper is to investigate the factors influencing the investment of companies in the research and development sector. The factors considered in this study as independent variables include tangible resources, intangible resources, financial facto MoreThe main objective of this paper is to investigate the factors influencing the investment of companies in the research and development sector. The factors considered in this study as independent variables include tangible resources, intangible resources, financial factors, market factors, as well as the presence of international companies in the country as an intermediary variable. The research method in this research is applied in terms of applied and descriptive-survey nature and the statistical population selected in this study is all active companies in Takestan industrial towns. The results show that market factors (intensity of competition, complexity of the environment), tangible resources (size of organization and structural capital), intangible resources (manpower, reputation and business resources), and ultimately financial factors (financial independence and profitability of the company) The title of effective factors is the key to deciding on investment in research and development. The results show that the presence of international companies in Iran after the imposition of sanctions and the elimination of sanctions as a mediating variable in terms of intensity of competition does not have a significant effect on directors' decision making on investing in research and development, but the effect of this mediator variable is Then, the impact of environmental complexity on investment decisions on research and development is meaningful. Manuscript profile -
Open Access Article
179 - Proposing a Model for the Efficiency of Human Resources Investment in Iranian Capital Market
Rasoul masroori Asgar Pakmaram Ahmad Mohammadi Rahimi GholamrezaRegarding the strategic role and importance of human resources in organizational valuation in modern business space, investment is highly important. Hence, the present study aimed to investigate the effective factors affecting the efficiency of human resources investmen MoreRegarding the strategic role and importance of human resources in organizational valuation in modern business space, investment is highly important. Hence, the present study aimed to investigate the effective factors affecting the efficiency of human resources investment in Iranian capital market. This survey study had a descriptive design. The statistical population consisted of all firms listed in Tehran Stock Exchange. The statistical sample included 155 companies recruited through convinience sampling method. A researcher-made questionnaire based on Likert scale was used for collecting the data. Kolmogorov-Smirnov test was used to test the normality of the data and structural equation modeling was employed to test the hypotheses. The results showed that the quality of financial reporting, the quality of profit and financial stability, human capital disclosure, social responsibility reporting, motivational commitment of employees, conservatism in financial reporting, organizational atmosphere and improvement of business environment have a positive and significant effect on the efficiency of investment in human resources. Manuscript profile -
Open Access Article
180 - The effect of Labor Productivity, Investment Security, Exchange Rate, and Economic Openness on Foreign Direct Investment in Iran under Stable and Nonstable Conditions
Kambiz Hojabr Kiani Mohammadreza NahidiThe main Purpose of this study is to examination the effect of the main economic variables on the foreign direct investment in Iran under stable and nonstable conditions during 1973-2006. The study of stable conditions is based on Auto Regressive Distribution Lag (ARDL) MoreThe main Purpose of this study is to examination the effect of the main economic variables on the foreign direct investment in Iran under stable and nonstable conditions during 1973-2006. The study of stable conditions is based on Auto Regressive Distribution Lag (ARDL) models, and the study of nonstable conditions is based on Hitrosidacity group (GARCH) models. The study examines the effect of Positive and negative shocks on the net foreign direct investment under nonstable conditions. The results indicate the positive effects of labor productivity, economic openness and investment security, and the negative effect of the exchange rate on the net foreign direct investment under stable and nonstable conditions. Manuscript profile -
Open Access Article
181 - The Relationship between Comparability of Financial Statements and Asymmetric Behavior of Costs with Considering the Moderating Role of Institutional Investors’ Ownership
Shirin Shahbazi Shirin Shahbazi یونس بادآور نهندیThe asymmetric behavior of costs is one of the phenomena that originates from the conflict of interests between managers and owners. The ability to compare financial statements by determining the level of coordination between the accounting procedures of different compa MoreThe asymmetric behavior of costs is one of the phenomena that originates from the conflict of interests between managers and owners. The ability to compare financial statements by determining the level of coordination between the accounting procedures of different companies makes the information environment transparent and provides the possibility of correct evaluation of performance and optimal allocation of resources. Institutional owners, as one of the pillars of the corporate governance system, play an important role in monitoring management. Based on this, the current research examines the relationship between the comparability of financial statements and the asymmetric behavior of costs with considering the moderating role of institutional investors’ ownership. The statistical population of the research include the companies admitted to the Tehran Stock Exchange for the years since 2013 to 2020, and 139 Firms were selected as a statistical sample using the systematic elimination method. The research method is post-event and the data analysis method is multivariate linear regression. The results of the research showed that, there is a negative relationship between comparability of financial statements and asymmetric behavior of costs. Also, ownership of institutional investors exacerbates the negative relationship between comparability of financial statements and asymmetric behavior of costs. Therefore, the comparability of financial statements and the ownership of institutional investors play a complementary role in reducing the negative consequences of conflicts of interest between managers and owners and providing the goal of optimal use of resources. Manuscript profile -
Open Access Article
182 - Investigating the Impact of Foreign Direct Investment on Renewable Energy on Environmental Disasters in OECD Countries
Abdulrahim Hashemi dizaj Zahra Faturechi Hamed NajafiToday, economic growth and development in all countries, although positive and constructive goals appear, but has negative effects on other sectors and areas, including the environment. In recent years, a topic that has attracted much attention is the discussion of the MoreToday, economic growth and development in all countries, although positive and constructive goals appear, but has negative effects on other sectors and areas, including the environment. In recent years, a topic that has attracted much attention is the discussion of the negative side effects of globalization and trade liberalization and its effects on environmental degradation. It has made the environment more obvious. On the other hand, energy demand and economic development are increasing due to the need to meet basic human needs and productivity. However, efforts to meet global energy demand have led to the use of unsustainable environmental energy resources that have had an impact on environmental degradation. The purpose of this study is to investigate the impact of foreign direct investment in non-renewable energy on environmental degradation by examining the pollution shelter hypothesis in OECD member countries during the years 1990-2019. For this purpose, PMG ARDL test was used to obtain long-term and short-term relationships between research variables and Granger causality test was used to investigate the causal relationship between variables using composite data. Increased foreign direct investment in non-renewable energy and economic growth, along with education and population size, support the pollution shelter hypothesis, but foreign direct investment in renewable energy in OECD countries has rejected the halo hypothesis. Manuscript profile -
Open Access Article
183 - تعیین اولویتهای سرمایهگذاری صنعتی با استفاده از روشهای تاپسیس و تاکسونومی (مطالعه موردی: استان آذربایجان غربی)
محمد نقیبی سید فخرالدین فخرحسینی -
Open Access Article
184 - مدل سرمایه گذاری مناسب در سبد سهام با رویکرد تحلیل پوششی دادهها- شبکه عصبی
مصطفی کاظمی محمد اسفندیار حدیث نجاریاندر سالهای اخیر با ورود سرمایه گذاران خصوصی به بازار سرمایه، رقابت موجود بین شرکتهای سرمایه گذاری افزایش چشمگیری داشته است. شرکتهای بزرگ و قدرتمند، اهداف پیش بینی شده خود را با جدیت پیگیری میکنند تا توان رقابتی خود را بالا ببرند. برای تجزیه و تحلیل کارایی شرکتهای سر Moreدر سالهای اخیر با ورود سرمایه گذاران خصوصی به بازار سرمایه، رقابت موجود بین شرکتهای سرمایه گذاری افزایش چشمگیری داشته است. شرکتهای بزرگ و قدرتمند، اهداف پیش بینی شده خود را با جدیت پیگیری میکنند تا توان رقابتی خود را بالا ببرند. برای تجزیه و تحلیل کارایی شرکتهای سرمایه گزاری از روشهای پارامتریک و ناپارامتریک استفاده میشود. با توجه به ضعف قدرت تفکیکپذیری و حساسیت مرز کارایی به دادههای پرت در روش تحلیل پوششی دادهها، در این پژوهش کارایی 31 شرکتهای سرمایهگذاری در بورس اوراق بهادار تهران با استفاده از مدلهای تحلیل پوششی دادهها و مدل ترکیبی شبکههای عصبی و تحلیل پوششی دادهها به عنوان دو روش ناپارامتریک، مورد ارزیابی قرار میگیرند. با استفاده از مدلهای BCC و CCR تحلیل پوششی دادهها کارایی شرکتهای سرمایه گذاری در بازه زمانی 1388ـ1390 محاسبه و نتایج تجزیه و تحلیل گردید. با توجه به ضعف تحلیل پوششی دادهها در رتبهبندی واحدهای کارا، با استفاده از روش اندرسون و پیترسون واحدهای کارا رتبهبندی شده است.در روش ترکیبی شبکههای عصبی و تحلیل پوششی دادهها از شبکه پرسپترون چند لایه با الگوریتم آموزش لونبرگ ـ مارکوآرت (LM) استفاده شده است. مقایسه نتایج مدل ترکیبی با روش تحلیل پوششی دادهها نشاندهنده قدرت بالای شبکههای عصبی برای اندازهگیری کارایی می­باشد. Manuscript profile -
Open Access Article
185 - Relationship between Public and Private Investment in Iran (Analyzing the Crowding-Out or Crowding-In Effects)
Esmaeel SafarzadehThe main objective of this paper is to analyze empirically the effects of public investment on private investment, evaluating the existence of crowding-out/-in effects, in Iran for the 1970-2019 periods. I evaluate the macroeconomic effects of public and private investm MoreThe main objective of this paper is to analyze empirically the effects of public investment on private investment, evaluating the existence of crowding-out/-in effects, in Iran for the 1970-2019 periods. I evaluate the macroeconomic effects of public and private investment through VECM analysis. From impulse response functions, we are able to assess the extent of crowding-in or crowding-out of both components of investment. I also compute the associated macroeconomic rates of return of public and private investment for Iran Economy. The results point to the existence of positive effects of public and private investment on output. On the other hand, results show the crowding-in effects of public investment on private investment. Based on these results, it is suggested that the government provide the conditions for private investment by creating infrastructure, helping to finance investment projects and creating a secure economic environment. I also compute the associated macroeconomic rates of return of public and private investment for Iran Economy. The results point to the existence of positive effects of public and private investment on output. On the other hand, results show the crowding-in effects of public investment on private investment. Manuscript profile -
Open Access Article
186 - Analysis the Effect of Inefficiency in Labor Investment on Tax Avoidance in a Selection of Export Companies in Tehran Stock Exchange
shahryar zaroki Mohamad Abdi Seyyedkolaee sudabe BararjaniTax avoidance reduces the outflow of cash from the company to the government, which from the past to the present is considered a value for shareholders. Therefore, considering such a necessity, the present study, in order to help tax administrators, examines the effects MoreTax avoidance reduces the outflow of cash from the company to the government, which from the past to the present is considered a value for shareholders. Therefore, considering such a necessity, the present study, in order to help tax administrators, examines the effects of investment inefficiency in the labor force on corporate tax avoidance activities for a sample of 64 export companies in Iran during the period of 2009 to 2019. For this purpose, in two stages, Dynamic Panel Data method and Generalized Method of Moment (GMM) estimator were used; in this way, first, the inefficiency of investment in labor was estimated and then its effect on corporate tax avoidance was estimated. The results of estimating the research model indicate the direct effect of investment inefficiency in the workforce on corporate tax avoidance. In addition, the results showed that the market value and size of the company are associated with a direct and inverse effect on tax avoidance, respectively. Thus, increasing ambiguity, a weaker control environment, and a reduction in expected cash flows due to inefficient investment in the workforce provide opportunities for the company's manager to increase tax avoidance, and tax policymakers need to pay special attention to this issue. Manuscript profile -
Open Access Article
187 - The effect of private and government investment on the growth of the health sector in Iran
Mehraneh Shamshirbandi mohamad dalman pour Farid AsgariThis study estimated the effect of private and government investment on the growth of the health sector in Iran with the ARDL approach, 1981-2019. The selected indicators were estimated in two selected indicators: health expenditure and health index (life expectancy). T MoreThis study estimated the effect of private and government investment on the growth of the health sector in Iran with the ARDL approach, 1981-2019. The selected indicators were estimated in two selected indicators: health expenditure and health index (life expectancy). The estimation results of the model show that the increase in economic growth, causes an increase health expenditures and the increase of private sector investment in the health sector, causes an increase health expenditures and the increase of private sector and government investment in the health sector, improve the Health index. In the long term, the rate of AIDS and the inflation rate have a negative effect on health expenditure and health index; and the literacy rate, the urbanization rate, the real exchange rate, and the real interest rate have a positive effect on health expenditure and health index. The results of this study, consist with other researches, showed that by focusing on investment, the growth of the health sector in Iran improves. The findings of this study can be used to implement a more efficient policy in the way and type of investment in the health sector. Manuscript profile -
Open Access Article
188 - The impact of economic sanctions on foreign direct investment in Iran: A fuzzy approach
Mostafa Elmimoghaddam Mostafa Shokri Yaqub MahmoudianForeign direct investment stands as a crucial economic variable, influenced by various factors that contribute to its attraction. Empirical studies reveal that both visible and invisible elements play a role in shaping FDI in any given country, often eluding straightfor MoreForeign direct investment stands as a crucial economic variable, influenced by various factors that contribute to its attraction. Empirical studies reveal that both visible and invisible elements play a role in shaping FDI in any given country, often eluding straightforward inclusion in economic models. This research, recognizing the significance of this subject, delves into the impact of economic sanctions on the attraction of foreign direct investment in Iran over 44 years, employing a fuzzy approach. The findings underscore the substantial and moderate economic sanctions, characterized by high and robust fuzzy coefficients, exerting a notable negative effect on the allure of foreign direct investment in Iran. Additionally, the study reveals that variables such as the budget deficit, inflation rate, mild economic sanctions, adverse exchange rates, alongside factors like gross domestic product, economic openness, domestic interest rates, foreign direct investment with interruptions, governance quality index, and the effective tax rate on company profits, have exhibited a positive influence on the attraction of foreign direct investment in Iran. Manuscript profile -
Open Access Article
189 - The Effect of Uncertainty in the Current and Constructional Governments Expenses on the Investment of Private Section in Iran Economy
karim emami leila AhmadiThis study is aimed to analyze the effect of uncertainty in the current and constructional Governments Expenses on the investment of private sector in Iran during 1959-2006. Other descriptive variables such as Gross National Product (GNP) and inflation rate are consider MoreThis study is aimed to analyze the effect of uncertainty in the current and constructional Governments Expenses on the investment of private sector in Iran during 1959-2006. Other descriptive variables such as Gross National Product (GNP) and inflation rate are considered. For calculating the uncertainty, an Exponential Generalized Auto Regressive Conditional Heteroscedaticity Model is used (EGARCH (0, 1)). Finally, by the determination of optimal lag and long-term relation, error correction model of VEC was estimated.The results explain that uncertainty of the current and constructional expenses of the government has negative effect on the investment of the private sector in long term. According to this, in short term, uncertainty of the current governmental expenses is not statistically significant on the investment of the private sector, but uncertainty of the governmental constructional expenses has a positive effect on it. The effect of Inflation rate and GNP variables, in short and long term, is negative and positive on the investment of the private sector. Manuscript profile -
Open Access Article
190 - Effective Factors on Absorbing Foreign Direct Investment (FDI) in MENA Region
Sanaz Khatabi Akbar Komijani Teymour Mohamadi Abbas MemarneJadAbstract The purpose of this paper is to investigate the effective factors associated with FDI inflows to MENA region (11 selected countries in Middle East and North Africa). The two-stage least squared pooling method was used for selected MENA countries to a MoreAbstract The purpose of this paper is to investigate the effective factors associated with FDI inflows to MENA region (11 selected countries in Middle East and North Africa). The two-stage least squared pooling method was used for selected MENA countries to analyze the data for 2002-2014. Based on the results of analysis, positive effect of economic growth, rate of inflation, and market openness and a negative effect of good governance on foreign direct investment obtained. The results, also, showed that countries with fixed exchange rate regime were more successful in attracting FDI inflows. Based on the findings of this study, and to attract FDI inflows, MENA member countries should implement policies aimed at, improving public’s perceptions of governance, decreasing the inflation, increasing economic growth, creating stable foreign exchange rate regimes, and increasing trade openness. Manuscript profile -
Open Access Article
191 - The Effect of Banking Facilities on Macroeconomic Variables of Agriculture
zarir negintaji mehdi omidi kiaCapital plays an important role in increasing the productivity of economic sectors like agriculture. Due to the limitations of financial and capital markets in Iran, banking resources are one of the most important factors to provide capital in the agricultural sector. T MoreCapital plays an important role in increasing the productivity of economic sectors like agriculture. Due to the limitations of financial and capital markets in Iran, banking resources are one of the most important factors to provide capital in the agricultural sector. The purpose of this study is to investigate the effects of the banking facilities including fixed and working capital on macroeconomic variables of agriculture during 1973-2010. To achieve the goal, 3-Stage Least Squares (3SLS) method is used. The Results represent that banks facilities have positive and significant effects on the value added, investment and employment in agriculture sector. Manuscript profile -
Open Access Article
192 - Identification of Industrial Investment Priorities in Iran with Emphasis on Value-Added Growth
Mehdi Rezaee Khalil Heidari Parisa YaghobiThe purpose of this paper is to identify the priorities of investment in manufacturing activities in Iran, which would lead to more value-added growth. To do it, the production function of 92 manufacturing activities of the country at the level of the four-digit ISIC co MoreThe purpose of this paper is to identify the priorities of investment in manufacturing activities in Iran, which would lead to more value-added growth. To do it, the production function of 92 manufacturing activities of the country at the level of the four-digit ISIC code estimated by the data panel method in econometrics for the period 1996-2013. Then by calculating the elasticity of the production to the capital level in these industries and the effect of the capital changes on the value-added of them, the prioritizing has been done. The results show that industrial mining sectors and their downstream manufacturing activities in Iran would create more value-added via one unit investment than other manufacturing activities. These activities are important for the country, because they process the country's mineral products and convert them into more value-added products, and the findings of this paper emphasize the importance of the investing in these industries. Based on the results, it is recommended that investment should be targeted in industrial mining sectors and their downstream manufacturing activities. Manuscript profile -
Open Access Article
193 - Determining the Ranking of Industrial Investments in Gilan Province
Abdorrahim Hashemi Dizaj esmaeil sabouriThe main purpose of this study is to identify the capabilities and potentials of industrial sector in Gilan Province to direct the private sector investments toward these industries. For this purpose, we used a method mixed of factor analysis, numerical taxonomy, cluste MoreThe main purpose of this study is to identify the capabilities and potentials of industrial sector in Gilan Province to direct the private sector investments toward these industries. For this purpose, we used a method mixed of factor analysis, numerical taxonomy, cluster analysis by indexes related to the subject in industrial activities of the province during 2001-2009 in terms of ISIC (3rd Edition), and then by mixing the results obtained, the industries existing in province are divided in two priorities; the first and the second priority. Industrial activities related to the codes 152; production of dairies products, 171; spinning, knitting and completing textile, 172; production of other textile, 181; clothing production except the fur clothing, 201; sawing and grating of wood, 222; printing and service activities related to printing, 232; production of oil products refined, 242; other chemical products, 251; production of tire products except shoes, 281; production of metal construction products, reservoirs and steam generators, 343; production of motor vehicles parts and their motors and 361; production of furniture are the activities having next priorities in Gilan province to be invested. Manuscript profile -
Open Access Article
194 - Investigating the Impact of Competition in the Product Market Using the Herfindahl-Hirschman Index on the Efficiency of Investing in Human Resources in Companies Listed on the Tehran Stock Exchange
Hamid Reza Mohammadi Atefeh AbbasiNowadays, Daneshgar human resources are considered as the most important ability of the organization to gain a competitive advantage and also the main intangible asset, and the organization believes that employees should be the basis for improving the quality and effici MoreNowadays, Daneshgar human resources are considered as the most important ability of the organization to gain a competitive advantage and also the main intangible asset, and the organization believes that employees should be the basis for improving the quality and efficiency of all organizational processes The purpose of this study is to investigate the effect of competition in the product market using Herfindahl-Hirschman index on the efficiency of investment in human resources in companies listed on the Tehran Stock Exchange. The research data has been prepared using the library-documentation method and the statistical population of this research is the companies listed on the Tehran Stock Exchange during the period 1393 to 1398. Sampling was done by systematic elimination method and 124 companies were selected as a sample. This research is random, correlation and post-event. Multivariate regression technique using panel data method has been used to test the hypotheses. The findings showed that there is a significant inverse relationship between competition in the product market using the Herfindahl-Hirschman index and the efficiency of investment in human resources. Manuscript profile -
Open Access Article
195 - Examining the role of green financing on the financial success of private companies with the mediation role of green investment
Shayan Rouhani RadToday, private companies in the competitive market and to achieve financial success must comply with the necessary environmental standards in the field of their production. The current research was conducted with the aim of investigating the role of green financing on t MoreToday, private companies in the competitive market and to achieve financial success must comply with the necessary environmental standards in the field of their production. The current research was conducted with the aim of investigating the role of green financing on the financial success of private companies with the intermediary role of green investment. This study has been conducted in terms of applied purpose, descriptive type and survey method. The statistical population in this study is 198 employees of private companies in Shiraz, who were selected by convenience sampling. In order to analyze the data, partial least squares method and Smart PLS-2 software were used. Convergent validity was used to measure validity, and Cronbach's alpha was used to measure reliability, and its coefficient is greater than 0.7 for all research constructs. The obtained results indicate that green financing has a positive and significant effect on the financial success of private companies. Also, the positive and significant effect of green financing on green investment was confirmed. Finally, the results of this research showed that green investment plays a mediating role between green financing and financial success of private companies. Manuscript profile -
Open Access Article
196 - The Impact of Investment Decisions and Tax Management on Stock Liquidity
Amir ShamsThe purpose of this study is to investigate the impact of investment decisions and tax management on stock liquidity and also to investigate the moderating role of company liquidity (current ratio) in the impact of investment decisions and tax management on stock liquid MoreThe purpose of this study is to investigate the impact of investment decisions and tax management on stock liquidity and also to investigate the moderating role of company liquidity (current ratio) in the impact of investment decisions and tax management on stock liquidity. In this regard, 140 companies (1400 year-company views) during the period 2010 to 2019 have been studied. In order to test the research hypotheses, a multiple linear regression model has been used using panel data with a random effects pattern. The results of this study show that at the same time, investment decisions based on the growth of current and fixed assets and tax management have a significant positive effect on stock liquidity. The results also showed that investment decisions based on the growth of current and fixed assets and tax management separately have a significant positive effect on stock liquidity. In addition, the results indicate that the company's liquidity has a positive and significant effect on the impact of investment decisions based on the growth of current assets and tax management (simultaneously and separately) on the liquidity of the company's shares. However, in this study, no evidence of significant impact of corporate liquidity on the simultaneous impact of investment decisions based on fixed asset growth and tax management on stock liquidity was found and also based on the evidence presented in this study, it was claimed that corporate liquidity can not influence growth decisions based on growth. Adjusts fixed assets on stock liquidity. Manuscript profile -
Open Access Article
197 - Managers' Narcissism and Investment in Research and Development
Sobhan Abdolrezaei Mohammad Hassan Janani Mahmoud HematfarNarcissism, which is considered as a personality structure, can affect managers' judgments and decisions regarding the possibility of various outcomes. Narcissism among managers plays a vital role in carrying out activities related to corporate social responsibility and MoreNarcissism, which is considered as a personality structure, can affect managers' judgments and decisions regarding the possibility of various outcomes. Narcissism among managers plays a vital role in carrying out activities related to corporate social responsibility and research and development costs. Based on this, the aim of the current research is to relate managers' narcissism with research and development costs based on the moderating role of corporate social responsibility performance. In this research, two measures of managers' cash rewards and the size of managers' signatures have been used to measure managers' narcissism. In terms of purpose, the research is applied and correlational. In this regard, 132 companies were selected as sample member companies that were active in the Tehran Stock Exchange during 2019-2020. The research data was collected from the real financial statements of the companies through the Kodal website and compiled using Excel software. The hypothesis testing method is multivariate regression using Image J and Eviuse 12 software. The findings showed that managers' cash bonus and the size of managers' signatures have no significant relationship with research and development costs. The company's social responsibility performance has a positive and significant relationship with research and development costs. The performance of social responsibility of the company does not have a moderating role on the relationship between managers' cash rewards and the size of managers' signatures with research and development costs. The results of this research add to the development of the literature related to managers' narcissism and research and development costs. Manuscript profile -
Open Access Article
198 - Investigating the moderating role of job concerns and company life cycle on the relationship between ceo ability and investment in intellectual capital
marzieh kalaei Khadijeh Khodabakhshi Parijan samira zareiThe purpose of this study was to investigate the moderating role of job worries and company life cycle on the relationship between CEO ability and investment in intellectual capital. The life cycle of the company is done using the four divisions of growth, maturity, dec MoreThe purpose of this study was to investigate the moderating role of job worries and company life cycle on the relationship between CEO ability and investment in intellectual capital. The life cycle of the company is done using the four divisions of growth, maturity, decline and stagnation. The CEO's ability has been done using Dimerjan (2012) model and data analysis technique and Nadim et al. (2021) approach was used to measure intellectual capital.The statistical population of this study was all companies listed on the stock exchange in the period 2013 to 2020. The statistical sample was selected by systematic removal method for 149 companies. The statistical software used in this research was EV 10 version. The research method was applied in terms of purpose and post-event in terms of data collection method. Data analysis was performed using the panel data technique.The results showed that there is a significant relationship between the ability of the CEO and investing in intellectual capital so that capable managers pay more attention to investing in intellectual capital. Managers' job concerns undermine the link between the CEO's ability to invest in intellectual capital. It was also found that the life cycle in the growth phase leads to strengthening the relationship between the ability of the CEO and investing in intellectual capital, and in other stages of the life cycle, including maturity, amplification and stagnation, the relationship between the ability of the CEO and investing in intellectual capital is weakened. Manuscript profile -
Open Access Article
199 - A Multi-Objective Optimization Model Based on Genetic Algorithm for Voltage Management of Radial Distribution Networks in Tropical Areas of South of Iran Using a Combination of Fixed Capacitors and Voltage Regulators
Ali Askarizadeh Elaheh Mashhour Mohsen SanieiThis paper presents a multi-objective optimization model for optimal placement of fixed capacitors and voltage regulators to manage the voltage profile of radial distribution networks, in which the realities of the distribution network of Ahvaz city (as representing the MoreThis paper presents a multi-objective optimization model for optimal placement of fixed capacitors and voltage regulators to manage the voltage profile of radial distribution networks, in which the realities of the distribution network of Ahvaz city (as representing the tropical regions of southern Iran) are considered. The objective functions include minimizing the investment cost, minimizing the sum of absolute value of the node’s voltage deviations from 1 p.u., and minimizing the cost of energy losses on the planning horizon. The optimization model is formulated by considering two different load patterns according to the warm and temperate periods of the year in Ahvaz city. The loads are modeled as a combination of constant power and constant impedance components and the share of each component in the warm and temperate periods of the year is considered in accordance with the actual conditions of the Ahwaz power distribution network. The cost of energy losses as well as the final profit of the project is calculated based on the current rules of Iranian power market for active and reactive powers. The optimization problem is solved using multi-objective non-dominated-sorting genetic algorithm-II (NSGA_II), and in order to choose the best answer among none-dominated Pareto front, a selection index is introduced. The proposed model is implemented on two 33 kV test feeders (i.e., a 33-bus test feeder and a real 123-bus feeder from Ahvaz distribution company) and the results are analyzed. Manuscript profile -
Open Access Article
200 - The effect of internal factors on sales performance with the mediating role of idea transfer, creativity and sales force innovation: Emphasis on the role of self-efficacy moderator
Reza Baloo Elnaz Mehran Farzad Asayesh Alireza RoustaThe growing trend of competition in the sale of products and services has led organizations to pay special attention to the sale of their products and services, and as a result, good planning and investment in the use of sales forces to develop the level of sales perfor MoreThe growing trend of competition in the sale of products and services has led organizations to pay special attention to the sale of their products and services, and as a result, good planning and investment in the use of sales forces to develop the level of sales performance.Do it yourself. Accordingly, the purpose of this study was to investigate the role of intra-organizational factors(regulatory knowledge, adaptability of new workforce and investment in team social capital) on sales performance with emphasis on the mediating role of idea transfer, new workforce creativity and sales innovation.To.This study also examines the role of self-efficacy modulator on the impact of intra-organizational factors on sales performance. The statistical population of the study consisted of all managers and senior managers of food production companies that 138 people were selected as the research sample using stratified-random sampling method. The collected data were analyzed using a questionnaire by structural equation modeling with a partial least squares approach using Smart-Pas software.The findings of this study showed that the adaptability of new workforce and investment in team social capital, idea transfer and sales innovation had a significant effect on sales performance. This study also showed that self-efficacy only modulates the effect of new sales force adaptability on sales performance and its moderating role in relation to the effect of regulatory knowledge and investment in team social capital on sales performance was not confirmedKeywords: regulatory knowledge; New workforce adaptability; Investing in team social capital; Idea transfer; New workforce creativity;Sales innovation;Self Efficacy Manuscript profile -
Open Access Article
201 - Survey of international capacities and restrictions on attracting Foreign Investment in the Islamic Republic of Iran (1390s)
Shahram Saadatmand Hosein Ahmadi , masoud hemmatToday, in international relations, attracting foreign investment is one of the most important tools for gaining the international financial resoures in most countries, including the Islamic Republic of Iran. The existence of some international capacities or restrictions MoreToday, in international relations, attracting foreign investment is one of the most important tools for gaining the international financial resoures in most countries, including the Islamic Republic of Iran. The existence of some international capacities or restrictions in each country will always have important effects on the inflow of foreign investment.The important queston of Article is “How international limitations influence on attracting foreign investment and wich are increas investment opportunaties for Iran? The purpose of this study is to identify and introduce the important international capacities and limitations of attracting foreign investment, especially in the 1390s Hijri Solar of the Islamic Republic of Iran. The research method in this research is descriptive-analytical and the collection tool is library and statistical studies. The research hypothesis emphasizes that from an international perspective, the political and economic sanctions imposed by the United States on our country have been among the most important international restrictions on attracting foreign investment in Iran. The results show that how to use the potential of economic cooperation and investment with some countries and the economic potential of Iranians living abroad can increase the amount of foreign investment and subsequently overcome international constraints for the Islamic Republic of Iran. Manuscript profile -
Open Access Article
202 - بررسی نقش سرمایهگذاری و طرحهای عمرانی در توسعه صنعت گردشگری مازندران (مطالعه موردی: شهرستان سوادکوه
مهرداد متانی محمدرضا امیری -
Open Access Article
203 - The investigation into problems of decreases rate of return investment in tea strategical research program of Iran
hojatalah alavi hassan dadras ali sertajiAt present, tea is one of major and strategic crops in Iran. Cultivation of tea is only possible in the northern areas of Iran. According to statistic, about 32000 Ha of our country is under the cultivation of tea. Until now made tea produced in Iran can’t secure MoreAt present, tea is one of major and strategic crops in Iran. Cultivation of tea is only possible in the northern areas of Iran. According to statistic, about 32000 Ha of our country is under the cultivation of tea. Until now made tea produced in Iran can’t secure internal consumption. However, according to the cost of planting and harvesting in tea gardens, economically in compare with other crops has less interest. On the other hand, some affairs like insufficient tea factories and packing industries, low training level in the productivity system, not assigning appropriate cost for tea green leaf and made tea, the absence of suitable productivity system, the lack of unit administrator, irregular imports, not proper politisizing in the tea product part, not reasonable insurance, changing consumer taste and inappropriate tea marketing industry have been caused that investment out put rate measure in cultivation, also industry of tea are in short supply. In this project has been tried to recognize the problems of production, supply, demand and proper politicization; afterward the approaches to reach to predicable aims will become certain. The methods in this research were analytical, since they were discussed theoretical and historical dimensions. This project through participation discussion and research makes used of group knowledge experience; also in this way was considered the goals. Moreover, recognize problems, difficulties and made priority for performance. Manuscript profile -
Open Access Article
204 - آثار اقتصادی و اجتماعی سیاست توسعه سرمایهگذاری در بخش کشاورزی
پرنیان زند حمیدرضا میرزایی خلیل آبادی حسین مهرابی بشرآبادی صدیقه نبی ییانسرمایهگذاری در بخش کشاورزی از اهمیت بالایی برخوردار است. زیرا این بخش نقش بهسزایی در زمینه تولید مواد غذایی، استقلال و امنیت غذایی، اشتغال و حفاظت از محیط­زیست ایفا میکند. لذا در این مطالعه آثار اقتصادی و اجتماعی (آثار مستقیم و غیرمستقیم) سیاست توسعه سرمایهگذاری Moreسرمایهگذاری در بخش کشاورزی از اهمیت بالایی برخوردار است. زیرا این بخش نقش بهسزایی در زمینه تولید مواد غذایی، استقلال و امنیت غذایی، اشتغال و حفاظت از محیط­زیست ایفا میکند. لذا در این مطالعه آثار اقتصادی و اجتماعی (آثار مستقیم و غیرمستقیم) سیاست توسعه سرمایهگذاری در بخش کشاورزی و زیربخشهای آن در ایران با استفاده از ماتریس حسابداری اجتماعی سال 1390 بررسی شده است. نتایج ناشی از سه سناریو شامل افزایش 15 درصد سرمایهگذاری در بخش کشاورزی، افزایش 10 درصد سرمایهگذاری در زیربخش زراعت و باغبانی، افزایش 15 درصد سرمایهگذاری در زیربخش زراعت و باغبانی و 10 درصد سرمایهگذاری در سایر زیربخشها نشان میدهد که درآمد کل اقتصاد در اثر اعمال سناریوهای فوق افزایش یافته است. همچنین سناریو اول دارای تاثیر بیشتری بر کل اقتصاد (12/13 درصد) در مقایسه با سایر سناریوها بوده است. بهعلاوه میتوان گفت که بخش کشاورزی (98/2 درصد) و صنعت (36/0 درصد) در اثر اجرای سناریو اول و زیربخش زراعت و باغبانی و همچنین صنایع در اثر اعمال سناریوهای دوم و سوم بیشترین تاثیر را پذیرفته­اند. لذا براساس نتایج این مطالعه گسترش بیمه محصولات کشاورزی و سرمایهگذاری مطمئن در برابر ریسکهای موجود در بخش کشاورزی پیشنهاد میشود. بهعلاوه دولت قادر است نقش موثری در زمینه کنترل تورم و محافظت در مقابل نوسانات قیمت و افزایش انگیزه برای سرمایهگذاران جهت افزایش سرمایهگذاری ایفا نماید. Manuscript profile -
Open Access Article
205 - Explaining Relationship Between Audit Opinion and Auditor’s Qualitative Characteristics on Earnings Management
Omid Sabaghiyan Toosi Zahra Moradi Shohreh YazdaniThis study explaining relationship between audit opinion and auditor’s qualitative characteristics on earnings management in companies with different investments opportunities. In this research, the data of 320 companies during the years 2011-2021 have been analyz MoreThis study explaining relationship between audit opinion and auditor’s qualitative characteristics on earnings management in companies with different investments opportunities. In this research, the data of 320 companies during the years 2011-2021 have been analyzed using Eviews econometric software. To test the hypotheses using the middle of 4 methods (MEQLDTA), (MB), (PPEQGMEQLD) and (Growth PPE), the statistical population was classified into two groups of companies with high and low investments opportunities. In a group hypotheses were tested using data panel estimation and ML - Ordered Probit method and the results are as follows: There are a significant positive relationship between the auditor's tenure and the auditor independence with the audit Opinion. There is a significant negative relationship between the change auditor with the audit Opinion. Then the hypotheses were tested using unstructured estimation in (OLS) and (ARMA) methods and the result is as follows: Results of b_1 group hypotheses: There is a significant relationship between the earnings management and auditor’s qualitative characteristics in companies with high investments opportunities, which are separated by MEQLDTA and Growth PPE methods. Results of b_2 group hypotheses: There is a significant relationship between earnings management and auditor’s qualitative characteristics in companies with low investments opportunities, which are separated by MB, PEEQGMEQLD and Growth PPE methods. Manuscript profile -
Open Access Article
206 - بررسی تأثیر رفتار فرهنگ بازاریابی کشور میزبان بر سهام سرمایهگذاری مستقیم خارجی
مصطفی حیدری هراتمه -
Open Access Article
207 - رفتار معاملهگران و تأثیر آن بر مدیریت دارایی بر پایه دادههای درون روزی بازار طلا
مجتبی دستوری سعید مرادپور علیرضا روستا -
Open Access Article
208 - Technical and economical evaluation of Azodicarbonamide production as blowing agent
Zohre Taherkhani OMID SHOJAEI ELAHEH BOHLOULBANDI hadi momeni mahmood akbariAzodicarbonamide is the most popular chemical blowing agent for producing polymer foams. Due to the lack of internal production, high imports and high consumption of this material in the country, the construction of its production unit seems necessary. However, making a MoreAzodicarbonamide is the most popular chemical blowing agent for producing polymer foams. Due to the lack of internal production, high imports and high consumption of this material in the country, the construction of its production unit seems necessary. However, making a confident decision about construction and financial investment requires a comprehensive economic analysis. In this study, the economic evaluation of azodicarbonamide production was performed and economic indicators were investigated. Capital expense (CAPEX), operating expense (OPEX) and total expense of the project with a capacity of 1000 tons per year were estimated equal to 230350, 117040 and 347390 million Rials, respectively. The analysis of the economic indicators of the project including the internal rate of return (IRR) of 38%, net present value of (NPV) 126701 million rials, rate of return of 31% and payback period of 3.2 years showed the economic justification of the project. IRR sensitivity analysis indicated that sales revenue, operating expense, and capital expense have the highest degree of sensitivity to the economic justification of the project, respectively. Also, the most important factor affecting the NPV was the discount rate fluctuations, so that in the ranges of 21% -38% discount rate, the project is economically justified. Manuscript profile -
Open Access Article
209 - Modeling and Comparative Study of the Behavior of Consumption, Production and Investment Sectors in the Money and Capital Markets of Iran
Fatemeh Masoumi Soureh Mohammadreza Nahidi Amirkhiz AliReza Bafandeh Zendeh Yousof HajiAsghariExtended Abstract With the view of the existence of different types of markets in every economy and according to the macroeconomic structure of every country, we can mention money and capital markets as the most basic financial markets. In the money market, resources MoreExtended Abstract With the view of the existence of different types of markets in every economy and according to the macroeconomic structure of every country, we can mention money and capital markets as the most basic financial markets. In the money market, resources are lent for a short period, and the most important task of this market is to create facilities for economic units and improve their liquidity. By definition, the money market is a market for trading money and other financial assets that are close substitutes for money that have a maturity of less than one year. In other words, the money market is known as the market of short-term financial instruments with the characteristics of low non-payment risk, liquidity, and high nominal value. The capital market is a market where longer-term bonds (with a maturity of one year or more) and company stocks are traded. Securities that are traded in the capital market (such as stocks and long-term bonds) are more interested in financial intermediaries. Considering that these institutions have a long-term investment horizon and prefer to invest in such long-term bonds. Several variables such as economic growth, investment growth in the production sector, investment growth in the housing sector, consumer price index, people's purchasing power, income and savings changes, employment, liquidity, inflation, exchange rate fluctuations, imports, exports, profit fluctuations, and bank interest. and... can be counted among the internal factors influencing the markets and consequently economic growth and development. One of the most basic goals of economic development is to increase the wealth and welfare of the people of the society. In the meantime, among the issues that can have a fundamental and significant role in the markets, is the behavior of economic variables, whose changes and fluctuations can affect the indices of those markets. Purpose In this research, an attempt has been made to investigate consumption behavior, production and investment, producer index and investor behavior in the years 1357 to 1397, using the Hodrick-Press filter method Methodology For this purpose, in this research, an attempt has been made to investigate the behavior of the consumption, production, and investment sectors in the money and capital markets of Iran. To achieve this goal, the annual data of variables of consumer price index, producer price index, private sector investment in new buildings in urban areas, inflation uncertainty, value of stock transactions and money supply have been used and after examining the behavior of each variable in the form of behavior Consumer consumption, producer production behavior and investor behavior for the years 1357 to 1397 have been investigated using Hodrick-Prescott filtering method, autoregression with distributed lag (ARDL) and vector autoregression (VAR) model. The price index of consumer goods and services is one of the types of price indices that shows the price changes of goods and services that are consumed by households in a period. This variable is expected to affect money and capital markets; Therefore, in this research, the consumer price index was used to evaluate the consumer's consumption behavior, and the producer price index was used to evaluate the producer's production behavior. The producer price index includes all productions (goods and services) in the country in question. The weight of each item is the sales volume (producer's sales) of that item to the total sales volume of items and the change in the price of items is the price of each item in each month compared to the price of the same item in the previous month. In the housing sector, it is expected that an expansionary monetary policy will increase the demand for housing by increasing the amount of money in the asset portfolio. Of course, this depends on various issues. For example, suppose the amount of money increases as a result of an expansionary monetary policy, people will try to buy other assets, such as housing, currency, and stocks, to use the amount of money more. If in that economy, the yield of the housing sector is higher than other assets, or if people in that society are more willing to make long-term investments. In that case, the demand for housing will increase and investors will replace housing with other assets, including stocks and currency. To investigate the behavior of these variables, the Hedrick-Prescott filter provides the unobservable time trend for the time series variable. This filter is used to separate permanent and temporary fluctuations in a time series. The working principle of this filter is based on the separation of fluctuations into permanent fluctuations (supply) and short-term fluctuations (demand). Finding After examining the behavior of the aforementioned variables using Hedrick-Prescott filtering, the results of the ARDL method with a distribution break for the money market showed that in the short term, the variables of consumer consumption behavior, producer production behavior, and investor behavior, and in the long term, all variables with money supply have a relationship But the results of the same method for the capital market show that there is no significant relationship between any of the variables with the value of stock market transactions, both in the short term and in the long term. The results of the VAR model for the money market showed that there is a significant positive relationship between the money supply and the consumer's consumption behavior and the investor's behavior of a previous period, and there is a negative significant relationship between the money supply and the producer's production behavior of a previous period, and the output resulting from this The method for the capital market indicates the existence of a significant negative relationship between the consumption behavior of the consumer, the production behavior of the producer and the behavior of the investor with the value of the stock transactions of a previous period. Conclusion The results of the ARDL method showed that in the long term in the money market, all the considered variables were related to the money supply, which indicates the confirmation of all the considered hypotheses for the money market, but none of the mentioned variables were related to the value of market transactions. Stocks were not related and it shows the rejection of all the hypotheses considered for the capital market. Manuscript profile -
Open Access Article
210 - The Effect of Accounting Quality on the Transmission of Monetary Policy based on the Balance Sheet Channel to the Stock Market
Elham Malakzade Mohammad Ali Aghaei Mohammad Amri-AsramiThis paper examines the role of accounting quality on transmission of monetary policy based on balance sheet channel to stock market. Accounting quality can affect the transmission of monetary policies based on the balance sheet channel to the stock market through stock MoreThis paper examines the role of accounting quality on transmission of monetary policy based on balance sheet channel to stock market. Accounting quality can affect the transmission of monetary policies based on the balance sheet channel to the stock market through stock returns and corporate investment. The quality of firms’ accounting reports can play an important role in transmitting monetary policy. From the companies listed on the Tehran Stock Exchange, 148 firms from 2013 to 2019 were selected as a sample using screening method, and the hypotheses tested by the panel data with fixed effects. The findings show that contractionary monetary policy has negative relation with the stock returns and the firm's investment. The interaction effect of accounting quality with monetary policy has a negative and significant effect on stock returns, and the interaction effect of accounting quality with monetary policy has a positive and significant effect on new investment. Therefore, improving the quality of accounting leads to an increase in stock returns and an increase in new investment. But an contractionary monetary policy based on the balance sheet channel increases stock returns and reduces investment. Companies with low accounting quality have more sensitive to changes in monetary policy, as their fluctuations in returns and investments are more than others. Adopting the appropriate monetary policy improves the accounting information quality and consequently improves the accuracy of the market response. Manuscript profile -
Open Access Article
211 - The Effect of Fiscal Policy on Economic Growth in Iran
ali Dehghani Afsoun YahyapourFinancial sustainability is generally linked to current and future government policies. If governments do not expect current and future policies to create a periodic budget constraint, fiscal policy is called unsustainable. In this study, the effect of financial policy MoreFinancial sustainability is generally linked to current and future government policies. If governments do not expect current and future policies to create a periodic budget constraint, fiscal policy is called unsustainable. In this study, the effect of financial policy on Iran’s economic growth over the period 1350-2014 has been investigated using the ARDL method. The logarithms of GDP as the economic growth of dependent variable and foreign direct investment, the degree of economic openness and financial policy measures, including government consumption expenditures in the construction sector and current state taxes, are used as independent variables for model estimation. The results indicate that the GDP gap of up to two years has a positive and significant effect on the growth variable, foreign direct investment, tax revenue, economic openness and government expenditures. The effect of current government expenditures and government expenditures in the current sector has a negative and significant effect on GDP per capita in Iran. Manuscript profile -
Open Access Article
212 - A Discovery of Stock Portfolio through Using Cardinal Restrictions
hassan aboalfathiDiversity and complexity of investment decisions in the last few decades have increased dramatically. This massive growth has created an increasing need for integrated and comprehensive models to meet these requirements. Financial modeling has been created through MoreDiversity and complexity of investment decisions in the last few decades have increased dramatically. This massive growth has created an increasing need for integrated and comprehensive models to meet these requirements. Financial modeling has been created through linking financial approach and mathematical programming. These models use the development of mathematical programming and financial issues in parallel. The aim of this study was to develop an intelligent model for selecting optimal stock basket using an Improved Constraint Differential Evolution (ICDE) Algorithm for solving constrained optimization problems. To this end, the risk and expected returns of pharmaceutical companies and investment firms accepted in Tehran Stock Exchange have been evaluated on a monthly basis. The sample included financial data of 32 pharmaceutical companies and 28 investment firms for the years 2011 to 2015. The results show that, taking into account the interactions between risk and return, the algorithm used has the capability of selecting the optimal stock basket. Moreover, based on the results acquired it is concluded that a portfolio of pharmaceutical companies has been more efficient than investment companies Manuscript profile -
Open Access Article
213 - Effect of Public Investment on Private Investment
zahra momeni mohammad khezriAbstract Investment is an important component accessory to production in the economy of every country. Hence, investment is one of the fundamental necessity for improving economically in every country. Because in developing country governmental investment is generally MoreAbstract Investment is an important component accessory to production in the economy of every country. Hence, investment is one of the fundamental necessity for improving economically in every country. Because in developing country governmental investment is generally numerate as political implement, there is a belief between diplomats and economists of these countries that governmental investment is an effective stimulant for the investment of private sector and as a result it is a powerful implement for growth political and economic consistence, but it should be considered that governmental investment reduces from private sector’s resources for investment, moreover ,it also leads to decreasing of private sector’s investment in case that it is used for production of goods that compete with private sector’s production. In the other word crowding in happens. This article has been done in order to survey the relation between governmental investment and private investment and the VECM method in econometrics has been used. Manuscript profile -
Open Access Article
214 - The Relationship between Methods of Measuring Intellectual Capital and Investment Efficiency
Yadollah Nourifard Abdolreza ShahbaziIntellectual capital is considered by many scholars as an important resource in organizations, as well as for the impact that can have on corporate performance. In this research, the relationship between methods of measuring intellectual capital and investment eff MoreIntellectual capital is considered by many scholars as an important resource in organizations, as well as for the impact that can have on corporate performance. In this research, the relationship between methods of measuring intellectual capital and investment efficiency has been investigated. The research, in terms of target type is a part of applied research and the method of research, in terms of substance and content, is a correlation research. The research framework is deductive-inductive reasoning. Research hypotheses have been analyzed based on information gathered from 141 companies accepted in the Tehran Stock Exchange during the period from 2009 to 2015. The results of the hypotheses test showed that there is no significant relationship between intellectual capital calculated using conventional value method and investment efficiency and the existence of a significant and positive relationship between the intellectual capital calculated by the coefficient of intellectual-Pulic value added and the calculated intellectual capital calculated using the intangible value coefficient with more investment and there is a significant and negative relationship between the intellectual capital calculated by the coefficient of intellectual-Pulic value and intellectual capital calculated using the intangible value coefficient with low capitalization Manuscript profile -
Open Access Article
215 - Investigating the Relationship Between Interest Rate, Exchange Rate and Herding Behavior in TSE
Roya Darabi Hossein Rajabdorri manoochehr khoraminThe purpose of this research is to investigate the relationship between the interest rate, exchange rate and herding behavior in Tehran Stock Exchange. This research is applied to the target and its statistical society includes all companies accepted in Tehran Stock Exc MoreThe purpose of this research is to investigate the relationship between the interest rate, exchange rate and herding behavior in Tehran Stock Exchange. This research is applied to the target and its statistical society includes all companies accepted in Tehran Stock Exchange. The studied period is 2012 to 2016 and the sample is 2055 daily views. To test the hypothesis of the research, regression method of least squares was used. The findings showed that there is a positive and significant relationship between exchange rate and interest rate with herding behavior in all cases of daily and weekly and all levels of 1%, 5%, and 10%. Also, the effect of interest rates and exchange rates on herding behavior is higher in the more limited periods (daily or weekly) and at the lower levels (1%, 5%, and 10%), and with increasing time intervals and disclosure, this herding is reduced. Manuscript profile -
Open Access Article
216 - The Effect of Information Asymmetry on Investment Risk in Tehran Stock Exchange Companies
Amir Geramiasl Sadegh Sarbazi azad Seyed Kazem Ebrahimi Ali BahraminasabRisk taking is one of the most important factors in investment and analyzing the companies. Therefore investors concern about the factors which lead to greater investment risks. Information asymmetry is one of those important factors and has a deep connection with agenc MoreRisk taking is one of the most important factors in investment and analyzing the companies. Therefore investors concern about the factors which lead to greater investment risks. Information asymmetry is one of those important factors and has a deep connection with agency theory and investment management. It is believed that the information asymmetry leads to market inefficiency and eventually increases the investment risk. The purpose of this studies to evaluate the impact of information asymmetry on the investment risk in Tehran Stock Exchange companies. Eighty companies has been analyzed in a 4 year period. To measure information asymmetry, a gap between buy and sell orders has been measured. Panel data and generalized least squares (GLS) has been applied to assess the fit of the regression model. Results indicate that the information asymmetry has a significant and positive effect on the investment risk. Therefore, by increasing information asymmetry, investment risk increases; thus, investors should be aware of companies’ level of information asymmetry to decrease their investment risk Manuscript profile -
Open Access Article
217 - The Impact of Financial Reporting Quality and Debt Maturity on the Investment Efficiency
Yadollah Noorifard Hassan Chenari BouketThis study investigates the impact of financial reporting quality and debt maturity on the investment efficiency in the companies registered in Tehran Stock Exchange during the years between 2009 to 2013. In this research, for measuring the quality of financial reportin MoreThis study investigates the impact of financial reporting quality and debt maturity on the investment efficiency in the companies registered in Tehran Stock Exchange during the years between 2009 to 2013. In this research, for measuring the quality of financial reporting, we have used Francis et al. (2005) model, and for debt maturity date of short-term debt ratio to total debt and investment efficiency, we have applied Biddle et. al. (2009) model. Data analysis of this research was conducted using multiple linear regression and concatenated data. The findings of the first hypothesis test have demonstrated that there is a significant relevance between financial reporting quality and efficiency of investment. The findings of the second hypothesis have shown that there is a significant relevance between the financial reporting quality and the investment efficiency. In other words, we could reach to the conclusion that the improvement of the quality of financial reporting and the reduction of debt maturity due to reduced information asymmetry and prolonging the period of debt maturity contracts and strengthening of creditors monitoring on senior managers and the whole company operation, leads to increased efficiency of investment. Manuscript profile -
Open Access Article
218 - Investigating the Impact of Audit Quality on the Relationship between Investors’ Emotional Attitudes and Earnings Response Coefficient in Companies Listed in Tehran Stock Exchange
Roya Darabi Zohrehsadat MirtaheriThe purpose of this study was to investigate the effect of audit quality on the relationship between investors' emotional attitudes and earnings response coefficient in firms admitted to the Tehran Stock Exchange. The spatial domain of this research was the companies li MoreThe purpose of this study was to investigate the effect of audit quality on the relationship between investors' emotional attitudes and earnings response coefficient in firms admitted to the Tehran Stock Exchange. The spatial domain of this research was the companies listed in the Tehran Stock Exchange and the time zone is the period from 2013 to 2016. In this study, audit quality was considered as a moderating variable and investors’ emotional tendencies as an independent variable and earnings response coefficient as a dependent variable. Based on the screening method, 107 companies listed in Tehran Stock Exchange were selected as the statistical sample. In the present study, the research method is descriptive-causal and since it can be useful in the process of using information, it is therefore a kind of applied research. Data analysis was also performed using Eviews software. The results showed that there is a significant relationship between investors’ emotional tendencies and earnings response coefficient. The quality of auditing affects the relationship between investors’ emotional attitudes and earnings response coefficient. Manuscript profile -
Open Access Article
219 - The Relationship between Corporate Investment and Stock Liquidity with an Emphasis on the Role of Financial Constraints in the Iranian Capital Market
Sara Mosayebi Roya DarabiThe main purpose of the present study is to examine the relationship between corporate investment and stock liquidity with an emphasis on the role of financial constraints of Iran's capital market in the companies accepted at Tehran Stock Exchange from 2013 to 2017. The MoreThe main purpose of the present study is to examine the relationship between corporate investment and stock liquidity with an emphasis on the role of financial constraints of Iran's capital market in the companies accepted at Tehran Stock Exchange from 2013 to 2017. The theoretical foundations of the present study were collected using the library research method through the books, theses papers, and the statistical information was collected using financial statements and relevant notes. The present study employed panel method as the analysis method, and it used EVIEWS7 for analysis. The results of the study suggest that there is a significant relationship between corporate investment and stock liquidity. In addition, the financial constraints have an inverse and significant effect on the relationship between corporate investment and stock liquidity Manuscript profile -
Open Access Article
220 - The Investigation of Relationship between Free Cash Flows and Over-Investment through Considering Adjusted Role of Corporate Governance Mechanisms in Tehran Stock Exchange
meisam rahimi lacktaseraei Hoda HemmtiThe purpose of this research is the survey of relationship between free cash flows and over-investment through considering adjusted role of corporate governance mechanisms in Tehran Stock Exchange. This practical research is executed through descriptive-correlation meth MoreThe purpose of this research is the survey of relationship between free cash flows and over-investment through considering adjusted role of corporate governance mechanisms in Tehran Stock Exchange. This practical research is executed through descriptive-correlation method. This research was done through systematic knockout sampling in companies admitted to Tehran Stock Exchange between 2009 to 2015 with a sample of 134 items. To conduct this research, regression model was used via statistical softwares of Eviews 6 and SPSS 18. The findings of this research show that free cash flows have negative effect on the over-investment in companies accepted in Tehran Stock Exchange. The effect of the independence of the directors’ board on this relationship has also been confirmed Manuscript profile -
Open Access Article
221 - The Impact of Venture Ccapital Investments on Strategic Innovation in Knowledge-based Organizations
Mahsa Ghorbani Meysam Bagheri Samaneh TarighiRecently venture capital has been introduced in scientific and research circles of the country that is initial development (Start-ups) investment in start-ups and financing of newly established companies need to expand their business deals. This study empirically examin MoreRecently venture capital has been introduced in scientific and research circles of the country that is initial development (Start-ups) investment in start-ups and financing of newly established companies need to expand their business deals. This study empirically examines the knowledge based companies that have used venture capital, compared with state-owned enterprises that have benefited from government. Their innovative activities has been compared with other organizational characteristics and the role of venture capital in innovative strategies has been analyzed. Findings show that the knowledge based companies attracted more intercompany potential fund for their portfolio and take care to the results of research and development. However, it has been also found that public financing of state-owned enterprises experience less financial constraints. But these companies have less capacity and innovative strategies. Results also show the specific role of venture capital in the form of innovative strategies. Manuscript profile -
Open Access Article
222 - Differential Prediction of Externalizing Behavior Problems of Children Based on Marital Conflicts and Social Emotional Investment of Parents
Abbas Amanelahi Mohammad Zarbakhsh Gholamreza Rajabi The aim of this study was to predict externalizing behavior problems of children based on marital conflicts of parents and social emotional investment of parents in children. The conducted study was descriptive and correlation one, and the statistical populat More The aim of this study was to predict externalizing behavior problems of children based on marital conflicts of parents and social emotional investment of parents in children. The conducted study was descriptive and correlation one, and the statistical population included mothers with children aged 6 to 12 years old in Ahvaz city, Iran. Participants included 702 mothers that were selected by voluntarily sampling method. For data collection, Child and Adolescent Behavior Assessment (Morin, Miller, Smith, & Johnson, 2016), Marital Conflict Questionnaire (Sanai Zaker, 2007) and Parental Investment in Children (Bradley & Caldwell, 1995) were used. Differential analysis method was used for data analysis. The results showed marital conflicts of parents and social emotional investment of parents could predict the group membership of children with external behavioral problems and without external behavioral problems. The findings suggested that decreasing marital conflicts and increasing social emotional investment of parents could decrease the externalizing behavior problems of children. Manuscript profile -
Open Access Article
223 - The relationship between marital adjustment and relationship standards
Hoda Barazandeh Ali Sahebi Amir Aminyazdi Behrooz MahramThis research studied the relationship between marital adjustment and relationship standards (i.e., beliefs about how the relationship between two spouses should Mashad district completed Baucom and Epstein’s Inve MoreThis research studied the relationship between marital adjustment and relationship standards (i.e., beliefs about how the relationship between two spouses should Mashad district completed Baucom and Epstein’s Inventory of Specific Relationship Standards (ISRS) and the Spanier’s Dyadic Adjustment Scale (DAS). The correlation between the relationship-focused standards in the three major dimensions of marital functioning (boundaries, power, and investment), and marital adjustment was significant. Also, satisfaction from meeting relationship standards was significantly related to marital adjustment. The results suggested no significant correlation between emotional responses to unmet standards and marital adjustment. The relationship standards pre- sults of the stepwise regression technique showed that the expressive investment was the only standard that significantly variance of marital adjustment. Differences between spouse’s standards also were related to marital adjustment. Manuscript profile -
Open Access Article
224 - بررسی خسارت در حقوق بین الملل عمومی و حقوق بین الملل سرمایه گذاری
سیده فاطمه میرمجتبایی موسی موسوی زنوز بهشید ارفع نیا -
Open Access Article
225 - Jurisprudential study of foreign investment and the environment and their legal relations with each other
seyed sajjad khaloei tafti reza aqaabbasi reza shamsiBackground and Aim: In this research, the aim and goal is to refer to the permissibility of foreign investment activities and non-destruction of the environment according to the jurisprudential and Islamic rules; The effect of foreign investment in the destruction of th MoreBackground and Aim: In this research, the aim and goal is to refer to the permissibility of foreign investment activities and non-destruction of the environment according to the jurisprudential and Islamic rules; The effect of foreign investment in the destruction of the environment, which is contrary to the jurisprudential and religious principles of our country should also be addressed; Therefore, it is necessary to conduct this research to provide the necessary legal solutions to reduce and eliminate the negative effects of foreign investment on the environment, so that an effective step can be taken to manage foreign investment while maintaining environmental considerations.Method: In this research, analytical and descriptive methods have been used.Findings and Results: Considering the importance of foreign investment and its impact on the environment in recent decades, we decided to first examine the position of Islamic law on foreign investment and developments in the environment with reference to jurisprudential sources and then Explain and analyze the impact of foreign investment on environmental degradation and the proposed solutions in order to take an effective step towards balancing the environment and the flow of foreign investment according to the jurisprudential and legal principles for our country. Manuscript profile -
Open Access Article
226 - Corrupt on Foreign Investment and the Host State’s Responsibility in the ICSID Arbitral Tribunal Procedure
Javad SalehiField and Aims: Corrupt on foreign investment and its results in the ICSID procedure is one of the new topics in international investment law. Investigating the different dimensions and the impact of the ICSID procedure on investor’s rights and the responsibility MoreField and Aims: Corrupt on foreign investment and its results in the ICSID procedure is one of the new topics in international investment law. Investigating the different dimensions and the impact of the ICSID procedure on investor’s rights and the responsibility of the host state in relation to foreign investment is of importance, objectives and subject matter of this article.Method: The research method is descriptive-analytical and critical to answer a question, what is the impact of corrupted foreign investment on investor rights and the responsibility of the host state in the ICSID procedure?Finding and Conclusion: The findings show that arbitration based on the investment treaty combined with corruption is rejected at the request of the foreign investor in the ICSID. This procedure has two achievements, two on the same coin. First, the investor is deprived of legal protections and arbitration. Ignoring investor rights resulting from playing its role as the first party to corruption is self-imposed and inevitable. Second, the host state is clear of responsibility for the foreign investor by corruption defense and proving it. The situation suggests a benefit of corruption for the host state, while host state agents are also the second party to corruption. Manuscript profile -
Open Access Article
227 - Suspension of Criminal Prosecution of a Foreign Investor by Reliance to the International Centre for Settlement of Investment Disputes (ICSID) Arbitration Tribunal’s Provisional Measures
Javad SalehiField and Aims: Reliance to Provisional Measures in the ICSID Arbitration Tribunal to suspend criminal prosecution is a new issue in international investment law. The host state will prosecute a foreign investor after to start investing disputes in the ICSID Arbitration MoreField and Aims: Reliance to Provisional Measures in the ICSID Arbitration Tribunal to suspend criminal prosecution is a new issue in international investment law. The host state will prosecute a foreign investor after to start investing disputes in the ICSID Arbitration Tribunal to prevent from international arbitration. Therefore, the study of different dimensions of this approach is important and one of the aims and subject of this paper. Method: The research method is descriptive-analytical and critical to answer a question by relying on the ICSID Arbitration Tribunal’s procedure. Research question is what are the effect of the ICSID Arbitration Tribunal’s Provisional Measures in denying the host state’s sovereignty in prosecuting a foreign investor? Findings and Conclusion: Research findings show that the imposition of Provisional Measures, acceptance of the investment agreement, reliance of the parties on the international arbitration mechanism before disputes arising to ignore the host state’s sovereignty in prosecuting foreign investors at the same time as the international arbitration begins, so that fair arbitration will be carried out while maintaining equality of arms Manuscript profile -
Open Access Article
228 - گستره حقوق بشر در رویه محاکم سرمایه گذاری بین المللی (مطالعه موردی مرکز داوری ایکسید)
محمدرضا سبحانی مهدی شهبازی جلال جعفری -
Open Access Article
229 - Role of Psychological Prejudice on Financial Satisfaction of Investors: Evidence from Investors in Tehran Stock Exchange
Mehrdad Nemati Saman Rahmani NowruzabadAbstract The Purpose of This Study was to Identify the Effect of Psychological Bias on Financial Investors' Satisfaction in Tehran Stock Exchange. In this field of research, in order to collect data field method and standard questionnaire were used. The validity of que MoreAbstract The Purpose of This Study was to Identify the Effect of Psychological Bias on Financial Investors' Satisfaction in Tehran Stock Exchange. In this field of research, in order to collect data field method and standard questionnaire were used. The validity of questionnaire was checked by experts. In the next step, the reliability of the questionnaire was investigated using Cronbach's alpha coefficient. The results confirm that the questionnaire has the necessary reliability. The statistical population of this research is real investors in Tehran Stock Exchange. Considering that the number of the statistical population is unlimited, the desired sample size of 384 people was randomly selected using Cochran's formula and investigated. In order to Investigate the Relationship Btween the Variables of Research, Structural Equation Modeling Technique and LISREL Software have been used. Good Fitting Indicators Such as RMSEA, GFI, and AGFI Indicate Good fit of the Model and the Usability of the Results. The Results show That the Effect of Excessive Self-confidence, Reliance on Financial Experts, Tendency to Classify Money, Tendency to Budgeting, Tendency to adapt, Social Responsibility, Reliance on Spouse and Self-control on Positive Financial Satisfaction and Meaningful Manuscript profile -
Open Access Article
230 - The relationship between tourism and foreign direct investment in developing countries (approach causality panel data)
داوود Behbod فرانک BastanTourism is an activity capital, infrastructure, knowledge and access to global marketing and distribution chains are critical. Foreign direct investment (FDI) is often considered one of the most effective engines for harnessing these elements. This study applies panel c MoreTourism is an activity capital, infrastructure, knowledge and access to global marketing and distribution chains are critical. Foreign direct investment (FDI) is often considered one of the most effective engines for harnessing these elements. This study applies panel causality methods to investigate the relationship between FDI and tourism in Developing Countries during 1995-2007. For this purpose, the Hsiao's- Granger and Toda & Yamamoto (TY) causality tests used for investigating causality relationship between two variables. The model estimation reveal finds that there is unilateral causality tourism to FDI. With respect to results of this study, the main implication policy is that the policy makers and economic planners should be adopting the suitable policies to improve tourism industry. Manuscript profile -
Open Access Article
231 - Mechanism of impact of shocks on oil prices, currency prices and investment, taking into account adjustment costs on the stock price index
Peyman Armagan Manijeh Hadi-Najad Marjan DamnKeshide Masoume ShojaeiAbstractThe present article explains the mechanism of the effect of shocks on oil prices, currency prices and investment by considering the adjustment costs on the stock price index using SVAR structural self-regression model for the years 1370-1397. Based on SVAR model MoreAbstractThe present article explains the mechanism of the effect of shocks on oil prices, currency prices and investment by considering the adjustment costs on the stock price index using SVAR structural self-regression model for the years 1370-1397. Based on SVAR model estimation results; A shock in oil prices will reduce production by 5 percent and reduce employment in the country by 1 percent. The results also show that a single impulse from the oil price range increases the stock price index by 33%, as well as an exchange rate impulse from the exchange rate increases the stock price index by 7% and an impulse from Taking into account the adjustment cost, the investment area will reduce the stock price index by 40%, as well as a shock from the commercial period and the production gap will reduce the stock price index by 17%. Also based on the results of analysis of variance among the variables of the model; Investing in adjustment costs, oil price shocks, currency shocks, real interest rate shocks and production gaps, respectively, accounted for the largest percentage of explanatory changes in the model during the period under review. Therefore, reducing investment adjustment costs by applying various policies such as; Distributing skills and supporting unemployed workers, developing technical and vocational education, reducing labor costs between industries, using trade liberalization policies can be helpful in ensuring macroeconomic stability and stock market and stock market index.. Manuscript profile -
Open Access Article
232 - The Corruption Effect on Foreign Direct Investment in Developing Countries
عبدالرحیم کردی مهدی خدا پرست مشهدیA country's investment environment is affected by Political, Institutional, and Economic Factors. These factors are determinants of quality of institutional environment across countries. Corruption often viewed as consequence of inappropriate institutions. Results of Mo MoreA country's investment environment is affected by Political, Institutional, and Economic Factors. These factors are determinants of quality of institutional environment across countries. Corruption often viewed as consequence of inappropriate institutions. Results of Most studies show that high cost and uncertainty created due to corruption affect attractiveness of host country to investors and destroys incentives for foreign investment. Yet, some studies could not find significant relationship between the corruption and foreign direct investment flows. Regard the lack of experimental study, the present research highlight the relationship between subcomponents of corruption and the flows of foreign direct investment in developing countries. The result of regression using panel data of 50 countries for time period 1996 – 2012, show that different forms of corruption have separately effects on the flows of foreign direct investment. So, corruption in the field of import/export permits has a positive and significant impact on FDI inflows, whereas corruption in the fields of annual tax payments, access to public utilities and judicial decisions have negative impact on FDI. Manuscript profile -
Open Access Article
233 - 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
234 - The Effects of Doing Business Improvement on Export and FDI Absorption (case study some selected countries in G77 )
ابو الفضل شاه آبادی یونس سلمانی سید آرش ولی نیا Abstract In modern literature of international trade, institutional function and issuing efficient regulation from trade perspective are considered as the major reasons for economic development of the countries. Foreign direct investment (FDI) accumulation and More Abstract In modern literature of international trade, institutional function and issuing efficient regulation from trade perspective are considered as the major reasons for economic development of the countries. Foreign direct investment (FDI) accumulation and export are the key determinant of foreign trade which lead to economic development in some countries. In this study, the effects of improving the Doing Business and other variables on FDI accumulation and export have been investigated between 2006 and2012 in G77 countries. The key factors in accumulation of FDI include: Doing Business, plenty of natural resources, Good Governance and Economic Freedom. Moreover, the determining factors in export development are as follows: Doing Business, accumulation of FDI and real foreign currencies exchange rate. The results further indicate that improvement of Doing Business and Good Governance has a positive relationship with accumulation of FDI; however, plenty of natural resources have a negative relationship with accumulation of FDI. The results of this study show that improvement of Doing Business, accumulation of FDI and real foreign currencies exchange rates have a positive relationship with the export development of selected G77 countries. Manuscript profile -
Open Access Article
235 - بررسی و مقایسه اثر عدم تقارن تکانههای قیمت نفت بر رشد اقتصادی (کشورهای منتخب صادرکننده و وارد کننده نفت به روش GMM)
ناصر سیف الهی علی امامی حمید آماده عاطفه تکلیف -
Open Access Article
236 - An Appraisal of Rating of Mutual Funds Performance in Iran
امید علی عادلیThe mutual funds are suitable instrument for individuals and legal in order to investment. Evaluating and rating of these mutual funds can be useful guide for investment. The aim of this study was ranked active mutual fund in Iran. For this purpose, the statistical data MoreThe mutual funds are suitable instrument for individuals and legal in order to investment. Evaluating and rating of these mutual funds can be useful guide for investment. The aim of this study was ranked active mutual fund in Iran. For this purpose, the statistical data during December -2011 to the end of the period of December 2016 (5 years) is used. The mutual funds selected on the basis traditional criteria and DEA are ranked. Then, according to numerous criteria to rank the full funds have been used TOPSIS. Input and output surplus return funds in traditional measures of risk indicators and data envelopment analysis inputs and outputs, including a variety of risk factors, including the rate of return and of course have been better. After ranking all funds with 8 criteria to criteria used in the ranking of TOPSIS. The results showed that among the 17 funds surveyed Firouzeh, Burseiran and Agah aware ranked first to third and Pishgam fund, brokerage Agricultural Bank fund and the Ganjeneh Refah fund have the final ranking. Manuscript profile -
Open Access Article
237 - اثر سرمایه گذاری مستقیم خارجی بر رشد اقتصادی ایران بسط مدل پاجولا
اسفندیار جهانگرد آرین دانشمند سامان پناهی بهنام نیک بین -
Open Access Article
238 - Providing the Optimal Economic Model of Investment in the Agricultural Sector of Mazandaran Province Using Multi-Criteria Decision Making Models
مجید قربانی ابوالفضل محمودی محسن شوکت فدایی محمد خالدیEconomic development requires investment in various sectors of the economy. The agricultural sector has a major share of Iran's GDP, employment and food security. The main objectives of this study are to identify and prioritize investment potentials in the agricultural MoreEconomic development requires investment in various sectors of the economy. The agricultural sector has a major share of Iran's GDP, employment and food security. The main objectives of this study are to identify and prioritize investment potentials in the agricultural sector of Mazandaran province using multi-criteria decision making (MCDM) models. For this purpose, 8 investment options of the province, including: pressurized irrigation, construction of gardens and pastures, electrification of wells, poultry farming, watershed management, conversion industries, fisheries and greenhouses were selected. Increasing production capacity was compared and prioritized. The results showed that in the criterion of the return on investment period and the rate of return on capital, activities that do not require group work and have fewer employees are a priority. Also, according to the final calculations, the processing industry has the first priority in the investment of the province's agricultural sector, and watershed management, construction of gardens and pastures, poultry farming, pressurized irrigation, fisheries and aquaculture, electrification of wells and finally greenhouses in the second to eighth priority were placed.Based on the research results, it was suggested that facilitating the inflow of funds into the agricultural sector and the impact of government fiscal policies on private sector activities should be considered by policy makers and the policy of reform and development of the financial sector should be a priority in the country. Manuscript profile -
Open Access Article
239 - تاثیر اطمینان بیش از حد سرمایه گذاران بر اثر تمایلی در بورس اوراق بهادار تهران
محمد حیدری فر امیررضا کیقبادی -
Open Access Article
240 - تأثیر عوامل مؤثر بر جذب سرمایهگذاری مستقیم خارجی با تأکید بر متغیرهای نهادی و ساختاری
غلامرضا گرایی نژاد علیرضا دقیقی اصلی آذین سادات استاد رمضان -
Open Access Article
241 - تأثیر پس انداز و آزاد سازی بر توسعه کشورهای عضو اوپک
سعید منصوریان طبایی سیدمجتبی حسین زاده یوسف آباد بهزاد زمانی کرد شولی -
Open Access Article
242 - Selection of Stock Asset Portfolio Based on Behavioral Economics Method: A Case Study of Tehran Stock Exchange
لیلا آسیابی اشکان رحیم زاده نعمت فلیحی یدالله رجاییThe main purpose of this paper is to investigate selection of stock asset portfolio based on behavioral economics method (case study: Tehran Stock Exchange). Regarding method, this research is applied and in terms of time it is cross-sectional. In order to test the rese MoreThe main purpose of this paper is to investigate selection of stock asset portfolio based on behavioral economics method (case study: Tehran Stock Exchange). Regarding method, this research is applied and in terms of time it is cross-sectional. In order to test the research hypotheses, one-sample t-test was used and Friedman test was used for ranking. The statistical population of this research includes two classes; the first class is related to high-ranking experts and officials of Tehran Stock Exchange and the second is related to the statistical population of brokers and investors active in the stock market of Tehran Stock Exchange. The sample size in the first part was selected non-randomly including 20 people and in the second part, considering that the number of statistical population was unknown, the number of sample size selected was 384 people. Field method of research and a researcher-made questionnaire were used to collect the questionnaire data. The face validity of the questionnaire was examined by experts and the content validity of the questionnaire was assessed using the Delphi method. It was shown the validity of the questionnaire’s questions is acceptable. Then, the reliability of the questionnaire was evaluated using Cronbach's alpha coefficient. The obtained results indicated that the research questionnaire has the required reliability. Then, the collected data were analyzed in two sections of descriptive and inferential statistics. The results of one-sample t-test showed that selection of stock asset portfolio based on behavioral economics method (psychological factors), loss aversion of individuals, mass behavior of individuals, conservatism (bias), accessibility of information and excessive self-confidence affect the decision of investors in the stock market of Tehran Stock Exchange. Friedman's ranking showed that loss aversion is placed in the first place, mass behavior of individuals in the second place, and conservatism (bias) in the third place. Manuscript profile -
Open Access Article
243 - Investigating the Impact of Investment on Value Added of Tourism Industry in the Framework of Regional Economy: A Case Study of Khorasan Razavi Province
Hadi Rafi Darani Mahsa Bahrami Nesab Javad Brati Fatemeh RahmaniAbstract Today, the tourism industry is one of the main and stable foundations of the world economy, which can affect other economic and cultural activities by creating the maximum amount of added value. The tourism industry in Khorasan Razavi province can plan and use MoreAbstract Today, the tourism industry is one of the main and stable foundations of the world economy, which can affect other economic and cultural activities by creating the maximum amount of added value. The tourism industry in Khorasan Razavi province can plan and use the province's domestic and foreign investment to develop this sector, grow production, create added value, and increase employment and income sources in the region. The purpose of this study is to investigate the amount of added value created by the main tourism activities of the province (each of the 12 tourism sectors). Another purpose is to analyze the effect of increasing investment on the value-added of the tourism industry. For these purposes, the updated input-output table of Khorasan-Razavi province (2018) has been used. The results were analyzed by considering two scenarios (proportional investment in all economic sectors of the tourism industry together, and investment in each economic sector of the tourism industry separately). The results showed that if investment in all sectors of tourism, increases by 100 billion rials simultaneously -in total equivalent to 1200 billion rials- (as analytical scenarios), 851718 million rials will be added to the value-added of province's economic activities; Of this amount, 95.5% of value-added creation is directly related to the 12 sectors of the tourism industry. The most direct effect of investment in value creation is related to the wholesale and retail sector, the arts, entertainment, recreation sector and Travel agency services sector, respectively. Also, if investment increases by 100 billion rials in each of the tourism sectors separately, maximum direct value-added creation, results from the "arts, entertainment, recreation" sector. The most important suggestions of this study were, Investing in forming groups and institutions in the province to produce, promote and starting various artistic, recreational and sports activities, investing in designing travel packages on specific topics in the field of travel agency services and providing accommodation services based on travellers' tastes. Manuscript profile -
Open Access Article
244 - بررسی رابطه بین اطلاعات نامتقارن و اختیارات مدیریتی با تامین مالی و سرمایهگذاری در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران
وحید فرمان آرا -
Open Access Article
245 - Behavioral factors affecting the decisions of foreign investors in Iran
Mozhgan Babaee Yadollah Rajaei Ashkan Rahimzadeh Mohammad DalmanpourAbstract One of the basic strategies in supporting Iranian labor and capital is to pay attention to foreign investment. Obviously, foreign investment can lead to the transfer of technology and technical knowledge, improve management and marketing methods, training and MoreAbstract One of the basic strategies in supporting Iranian labor and capital is to pay attention to foreign investment. Obviously, foreign investment can lead to the transfer of technology and technical knowledge, improve management and marketing methods, training and education of human resources, easier access to export markets, and so on. so; The main purpose of this article was to investigate the behavioral factors affecting the decisions of foreign investors in Iran in both econometric and qualitative sections. In this article, data in the econometrics section were collected annually in the period of 1372 to 1400, and in the qualitative section, a questionnaire (researcher-made) field method was used to collect information and data. To determine the validity of the questionnaire and test, experts were consulted and the questionnaire in terms of validity (validity) was approved by obtaining the opinion of the respected supervisor. On the other hand, some questions lacking the necessary characteristics were removed and some ambiguous questions were corrected, which indicates the formal validity of those questions in the questionnaire. Then, in this study, content validity ratio was used to examine the validity of the questions. The results of the analysis based on the AR model indicate that an increase in foreign direct investment (FDI) in the previous period will increase foreign direct investment (FDI) by investors from the country, the reason for this should be sought in behavioral economics. The results obtained from the analysis of t-test show that the mean behavioral economics variables (risk aversion, herding behavior, social security, conservative mental accounting (bias) and orientation) influence the decisions of foreign direct investors. Is transient and is statistically valid. Manuscript profile -
Open Access Article
246 - Investigating the relationship between free cash flow, investment sensitivity and the moderating role of financial constraints
فاطمه مدانلو آرش نادریان علی خوزین جمادوردی گرگانلیOne of the topics well dealt with in the theoretical foundations of financial economics is the sensitivity of investment costs to cash flow. The extent to which a company relies on internal resources is determined by the investment's sensitivity to its cash flow. Theref MoreOne of the topics well dealt with in the theoretical foundations of financial economics is the sensitivity of investment costs to cash flow. The extent to which a company relies on internal resources is determined by the investment's sensitivity to its cash flow. Therefore, the purpose of this study was to investigate the relationship between free cash flow and investment sensitivity with respect to the moderating role of financial constraint in listed companies in Tehran Stock Exchange. The sample companies in this study included 125 companies listed in Tehran Stock Exchange during the years 2012 to 2016. In this regard, there are three hypotheses that there is a significant relationship between free cash flow and investment sensitivity as well as examining the moderating role of financial constraint in the next hypothesis and also in firms that are expected to suffer more financial constraint, investment sensitivity is less than Free cash flow is not higher. Data were analyzed using linear and logistic regression statistical techniques with Eviews software. The results show that there is not only positive and significant relationship between free cash flow and investment sensitivity; The financial constraint also moderates the relationship between free cash flow and investment sensitivity, and in firms that are expected to suffer greater financial constraints, investment sensitivity is not lower than higher free cash flow. Manuscript profile -
Open Access Article
247 - 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
248 - A Generic Process-based Framework for Investment Management of Iranian Banks
Ali Asghar Abdorrahimian Ali Asghar Anvary Rostamy Mirfeiz FallahThis main purpose of this study is to provide a generic process pattern for optimizing the investment management process in Iranian banks. To this end, the literature and related processes were examined, three types of legal, systemic, and goal constraints on investment MoreThis main purpose of this study is to provide a generic process pattern for optimizing the investment management process in Iranian banks. To this end, the literature and related processes were examined, three types of legal, systemic, and goal constraints on investment were mentioned, and investment management constraints on banks, including bank liquidity management constraints, were emphasized. Then, the special distinction of banks in terms of criteria and indicators and two levels of investment performance evaluations were explained. Finally, the components and, accordingly, the generic process pattern for bank investment management were presented. In this pattern, the necessity of using a systemic approach and the necessity of coordinating its banking and non-banking activities in the form of a large set in modeling and optimization were emphasized. The proposed pattern through improving the coordination and a more logical sequence of the investment management process in banks will provide the basis for improving the efficiency of Iranian banks. Manuscript profile -
Open Access Article
249 - The role of intellectual property,ruled and agreements in Iranian FDI attraction, with a focus on technology transfer
seyyed mohammad ali akrami rad Zadollah Fathi hemid tabaiezadeh fesharakiAbstractIntellectual property (IP) is one of the factors influencing the attraction of foreign direct investment (FDI). Even though previous research has focused extensively on the relationship between FDI attraction and intellectual property, the categories of technolo MoreAbstractIntellectual property (IP) is one of the factors influencing the attraction of foreign direct investment (FDI). Even though previous research has focused extensively on the relationship between FDI attraction and intellectual property, the categories of technology transfer, governments' legal protection, and membership in international conventions have received less attention. Therefore, the present study seeks to explain how IP and legal protections contribute to FDI attraction, focusing on technology transfer. This study included 1236 managers and macro-planning experts in the statistical population. According to Krejcie and Morgan's table, 213 individuals were included in the study. A simple random sampling method was used to select respondents. A questionnaire was used for data collection. Data analysis was conducted using the exploratory factor analysis (EFA) technique. It was found that IP plays a multidimensional role in FDI attraction. According to the findings, IP facilitates the attraction of FDI through technology transfer. Furthermore, the results indicate that adopting international laws and agreements (e.g., membership in conventions) plays a significant role in attracting FDI.Keywords: foreign direct investment, FDI, intellectual property, IP, technology transfer Manuscript profile -
Open Access Article
250 - Explaining the effects of investors' feelings, trust and diversity on corporate investment performance
hosein mahmoudzade zadollah fathiThe purpose of this study is analyzing the effects of Sentimental tendencies and investor trusts and diversity on the level of investment of companies. The statistical population is the companies listed on the Tehran Stock Exchange by Systematic elimination sampling met MoreThe purpose of this study is analyzing the effects of Sentimental tendencies and investor trusts and diversity on the level of investment of companies. The statistical population is the companies listed on the Tehran Stock Exchange by Systematic elimination sampling method and 128 companies during the period from 1390 to 1399 were studied. The econometric method in this research is the System of Simultaneous Equations (3SLS). Findings show that the effects of investor trust on the investment rate is positive and significant and shows that increasing investor trust will lead to increased liquidity with the market and increase prices and profits and thus increase investment. The results show that Sentimental tendencies in companies accepted in Tehran Stock Exchange on the level of investment are negative and significant and show that in the long run, emotional tendencies lead to volatile movements and sudden outflow of liquidity from the stock market and reduce investment in companies. Manuscript profile -
Open Access Article
251 - The role of exchange rate fluctuations on private sector investment in housing in Tehran using the Markov switching regime model
Aliakbar Mehrabian yazdan gudarzi farahaniThe purpose of this article was to investigate the role of exchange rate fluctuations on private sector investment in housing in Tehran. For this purpose, statistical data for the period 1970-2020 based on the frequency of annual data and the Markov switching regime app MoreThe purpose of this article was to investigate the role of exchange rate fluctuations on private sector investment in housing in Tehran. For this purpose, statistical data for the period 1970-2020 based on the frequency of annual data and the Markov switching regime approach have been used. In general, the developments in the housing sector play an essential role in intensifying the fluctuations of prosperity and stagnation of economic activities. Fluctuations in the return on other assets, such as currency, will affect demand for housing. When a monetary shock occurs, it changes the opportunity cost of maintaining durable goods, including housing, by changing interest rates, and this shock is due in part to the demand for housing resulting from the demand for services. The result of this property affects the housing. The results of this study showed that the exchange rate in the two currency regimes of high and low fluctuations has affected the investment of the private sector in housing in Tehran. The results also showed that the stability of the regime with high fluctuations in exchange rate volatility is greater than the stability of the regime with low fluctuations in exchange rate volatility. Manuscript profile -
Open Access Article
252 - Investigating the effect of internal controls on the relationship between the level of social responsibility and the sensitivity of investment on cash flow
Forouzan Mohammadi Yarijani Maryam NouraeiAlthough the amount of investment of companies is caused by several factors. But the internal control factor is expected to have an effect on the cash flow of the company and the social responsibility of the companies. Therefore, the aim of the research is to answer the MoreAlthough the amount of investment of companies is caused by several factors. But the internal control factor is expected to have an effect on the cash flow of the company and the social responsibility of the companies. Therefore, the aim of the research is to answer the question of what is the effect of internal controls on the relationship between the level of social responsibility and the sensitivity of investment to cash flow. The research method is descriptive and causal-correlation in terms of relationship between variables and practical in terms of purpose. The statistical population of companies admitted to the Tehran Stock Exchange and the sample includes 140 companies during the years 2015 to 2019. The regression method and panel data as well as the fixed effects model were used to process the hypotheses and Wes Weaver software was used to search for the most cited authors. The level of social responsibility with the sensitivity of cash flow investment and internal controls has a negative and significant effect on the relationship between the level of social responsibility. Therefore, it can be argued that the disclosure of social responsibility reports will increase the quality of accounting information and reduce information asymmetry, Manuscript profile -
Open Access Article
253 - بررسی تاثیر سرمایه گذاری در تکنولوژی اطلاعات بر بهرهوری بانکها
قاسم علی بازایی سید علی آقامیری -
Open Access Article
254 - بررسی اثرات محافظه کاری شرطی و غیرشرطی بر رفتار سرمایهگذاری و بازدهی آتی شرکتها
مهدی صالحی محمدرضا عباس زاده احمد احمدی -
Open Access Article
255 - The Effect of Conditional and Unconditional Conservatism on the Level of Future Investment and Stock Value
مهدی حقیقت شهرستانی محسن دستگیر افسانه سروش یارAbstract Investment is known to be as one of the most important ways to expand the scope of companies’ operations and prevent them from being recessed and falling into downturn. If the level of company’s investments is proportional to financial and o MoreAbstract Investment is known to be as one of the most important ways to expand the scope of companies’ operations and prevent them from being recessed and falling into downturn. If the level of company’s investments is proportional to financial and operational policies, it would create value for the company and increase the stock value of the company. One of the factors affecting these two parameters, that are the level of investment and the stock value, is the conservatism principle. Therefore, this research is aimed to study the effect of conditional and unconditional conservatism on the level of future investment and stock value. In this regard, the financial data of 129 companies for a nine years period from March 20th 2008 till March 20th 2017 was used as combined data. To analyze the data, multivariate regression was used. Research findings suggest that business entities who implement a high level of conditional conservatism, do a lower level of investment. While business entities who implement a high level of unconditional conservatism have a higher level of investment. Another finding of the research suggests that the conditional and unconditional level of conservatism amplify the impact of the company's investment on stock value. The results of this research can be explained in the view of conservative contract theory and the theory of information asymmetry. Manuscript profile -
Open Access Article
256 - تأثیر احساسات سرمایهگذاران بر پویایی معاملات بورس اوراق بهادار تهران
سید علی حسینی فاطمه مرشدی -
Open Access Article
257 - تأثیر سیاستهای تقسیم سود سهام بر تصمیمات سرمایهگذاری با تأکید بر کیفیت گزارشگری مالی
رقیه رنگزن مقدم زهرا لشگری -
Open Access Article
258 - The Effect of Investors' Emotional Behavior with the Moderating Role of Public Confidence in Stock Prices
الهام باحقیقت علی اسماعیل زاده مقریNowadays, psychological factors of investors with cognitive aspects can influence investment decisions. Behavioral financial perspective shows that some changes in securities prices have no fundamental reason and the emotional behavior of investors plays an important ro MoreNowadays, psychological factors of investors with cognitive aspects can influence investment decisions. Behavioral financial perspective shows that some changes in securities prices have no fundamental reason and the emotional behavior of investors plays an important role in determining prices. The aim of this study was to investigate the effect of investors' emotional behavior with the role of moderator of public confidence in stock prices in companies listed on the Tehran Stock Exchange. This research is correlational in nature and content. In this research, the information related to 142 companies listed on the Tehran Stock Exchange, which have formed a statistical sample, has been analyzed in the period of 2011-2011. The results of this model show the emotional behavior of investors with the moderating role of public confidence on the stock price in companies listed on the Tehran Stock Exchange. Also, the adjusted coefficient of determination of the model is 0.446. This means that the independent variables of the research model can explain 44.6% of the variances of the dependent variable stock price. Manuscript profile -
Open Access Article
259 - The impact of ownership structure on the risk of investing in companies
S.H Sajadi حسن Farazmand جواد NikkarThe aim of thisstudy is to examinethe effectof ownership structureon the investment risk incompanieslistedon the Stock Exchangeof Tehran. Thisstudyfocuses onthree variables: concentration of ownership, the ownershipofinstitutional investors and managerial ownership were MoreThe aim of thisstudy is to examinethe effectof ownership structureon the investment risk incompanieslistedon the Stock Exchangeof Tehran. Thisstudyfocuses onthree variables: concentration of ownership, the ownershipofinstitutional investors and managerial ownership were considered as measures of ownership structure. Using data 120firmsinTehran Stock Exchangefor the periodbetweenthe years1383to 1389 were examined in this study. In this study panel data approach with fixed effects model were used. The results showed that the concentration of ownership and management ownership has significant negative effect on investment risk. Moreover, the results showed that the ownership of institutional investors does not significant effect on the investment risk offirm. Key Words: Investment Risk,Concentration of Ownership, Ownership of Institutional Investors, Managerial Ownership. Manuscript profile -
Open Access Article
260 - The Effect of Free Cash Flow on the Efficacy of Investment Using Panel Generalized Moment Regressions (GMM)
پارسا پرتوی فاطمه صراف فاطمه بشارت پورThe major goal of the present research is to investigate about the effect of free cash flow on investment efficiency. The statistical population for the present study involves all firms enlisted in Tehran Stock Exchange. The sample included 134 firms regarding the defin MoreThe major goal of the present research is to investigate about the effect of free cash flow on investment efficiency. The statistical population for the present study involves all firms enlisted in Tehran Stock Exchange. The sample included 134 firms regarding the definitions for the criteria utilized by the researcher and making benefit of a systematic deletion method. The research method is quasi-experimental using a post incidental approach. The research method is regression correlation-analysis of applied type and to investigate about the effect of the independent variable (free cash flow) on the dependent variable (investment) we have utilized economic measurement models. The hypotheses were studied by using a panel multiple regression method and the method used to estimate the data was a dynamic model using a generalized moment regression (GMM). Results showed that free cash flows have had a positive and meaningful effect on over-investment and under-investment. Manuscript profile -
Open Access Article
261 - The Relevance between Accounting Variables and Stock Return Based on the Stock Returns Model of Zhang
Mohsen Dastgir Neda Taji Rahman SaediIn this research we investigate the relationship between the accounting variables and stock returns based on the equity value model of Zhang. The aim of the paper is to show that stock returns is a function of earning yield, equity capital investment, changes in profita MoreIn this research we investigate the relationship between the accounting variables and stock returns based on the equity value model of Zhang. The aim of the paper is to show that stock returns is a function of earning yield, equity capital investment, changes in profitability, growth opportunities and discount rates. Based on the literature review five hypotheses has been considered and analyzed by simple and multiple regression methods during 2001-2010 in Tehran Stock Exchange (TSE). Empirical results do not confirm the predicted roles of all identified factors. Only there is a direct relation between earning yield and stock returns also there is an inverse relation between changes in discount rates and stock returns. Manuscript profile -
Open Access Article
262 - تأثیر سرمایهگذاری در سرمایه در گردش بر ارزش بازار شرکت با توجه به محدودیت تأمین مالی شرکتها
رضوان حجازی سونا نوروزی فاطمه قشقایی -
Open Access Article
263 - ارتباط رفتار تودهواری با عملکرد و ویژگیهای شرکتهای سرمایهگذاری
شهاب الدین شمس امیر تیمور اسفندیاری مقدم -
Open Access Article
264 - The Role and Importance ofIncreasingDisclosures Audit Reportinthe Decisions of Professional and Non-professional Investors with Fuzzy Delphi Approach
Esmaeel Shoja Seyed Yousef AhadiSerkani SeyedehAtefeh HosseiniAbstract It is now believed that the disclosure of audit reports provides users with the necessary information, reduces the risk of making incorrect decisions, and, as a result, reduces allegations of corruption against auditors and CFOs.Scandals and financial crises, MoreAbstract It is now believed that the disclosure of audit reports provides users with the necessary information, reduces the risk of making incorrect decisions, and, as a result, reduces allegations of corruption against auditors and CFOs.Scandals and financial crises, especially in recent years, the complexity of the global business environment, and the increasing complexity of financial reporting standards have led to increased demand from users for more information from auditors. Therefore, this study uses the fuzzy Delphi method to investigate the role and importance of disclosure of audit reports on the decisions of professional and non-professional investors using the opinions of 30 experts and experts in the field of finance and auditing.In this regard, the results of the first and second stages of the fuzzy Delphi technique have shown that the level of disclosure and the auditor's reassurance dimension have a potential impact on investors' decisions; And distinguishes between decisions made by professional and non-professional investors. Manuscript profile -
Open Access Article
265 - Evaluation the Effect of Life Cycle and Expand Option on Regulator Role of Financial Reporting Quality in Mitigating the Constraining Effect of Divide
علی نادری محسن دستگیر فرزاد کریمیThis Research Investigates the Role of Financial Reporting Quality inMitigating the Constraining Effect of Dividend Policy on Investment Decisions with regard to general price index. In this way 107 firms were by systematic elimination and data were modified by general MoreThis Research Investigates the Role of Financial Reporting Quality inMitigating the Constraining Effect of Dividend Policy on Investment Decisions with regard to general price index. In this way 107 firms were by systematic elimination and data were modified by general price index. We used multiple regression for structuring and testing hypothesis in the pattern of combined data with respect to the effect of life cycle on the structure of expenses, sales and profitability. We classified firms in to the growth, maturity, and decline period. Accordingly the effect of financial reporting quality in the growth and maturity period were evaluated significant and therefore it can be said the different firm characteristics are effective in this phases. In evaluating expand option, the role of Financial Reporting Quality in high expand option firms was significant. Besides The Role of Financial Reporting Quality among firms with high and low financial Reporting Quality were evaluated significant. Default theoretical basis about the restriction of dividend policy decisions on investment, among firm in different phases of life cycle, different level of expand option were confirmed. Manuscript profile -
Open Access Article
266 - The effect of tangible fixed assets and long-term investments in the quality of earnings
محسن Dastgir بهرام GHanizadehDue to the financial crises of the twentieth and the twenty-first centuries, investors have largely lost their trust in earning and its quality seeing their own capital or that of others being lost. Therefore, it seems necessary to measure earnings quality. The findings MoreDue to the financial crises of the twentieth and the twenty-first centuries, investors have largely lost their trust in earning and its quality seeing their own capital or that of others being lost. Therefore, it seems necessary to measure earnings quality. The findings of a lot of accounting studies suggest that despite multiple criteria in performance evaluation, corporate managers and investors in their investment decisions use earning more widely in the optimal allocation of resources in investments. Thus, in addition to the quantity of earnings, the quality should also be noted and examined more carefully. Tangible fixed assets and long term investments are the key elements of financial reporting which represent the financial condition of the business unit. They play an important role in carrying out operational activities and, ultimately, profitability of the firms. Operational activities are not possible without them. This study evaluates the impact of earnings quality on the amount of investment in fixed assets and long term investments. The population is 415 and the ed sample is 123 firms among the listed companies in Tehran Stock Exchange for the period of 2002 to 2012. In order to measure the earnings quality, Chen model in 2005 is used which is one of the best models in the world. The research results indicate that a decrease in the earnings quality has negative correlation With Tangible fixed assets, long-term investments, and the whole company assets, and with reducing the quality of earnings, the above mentioned investments increase. Manuscript profile -
Open Access Article
267 - The Optimal Timing of Capital Investment, Financing and Financing
نصیبه ولی زاده جواد رمضانی مهدی خلیل پورThe purpose of this paper is to investigate the optimal timing of capital investment, financing and financing. The statistical population of this research is Tehran Stock Exchange firms. The number of firms listed as the sample is considered. The respondents were asked MoreThe purpose of this paper is to investigate the optimal timing of capital investment, financing and financing. The statistical population of this research is Tehran Stock Exchange firms. The number of firms listed as the sample is considered. The respondents were asked to answer the questionnaire. This research is among applied research and in terms of method, it is a descriptive study of survey type. Then, using partial least squares approach, the relationship between research variables and main model of research is studied. The raw data obtained from the statistical society were analyzed using appropriate statistical techniques and smart pls software the results showed that there is a significant relationship between optimal operating time and cash assistance. There is a significant relationship between debt financing and cash assistance. There is a significant relationship between investment and cash flow. Manuscript profile -
Open Access Article
268 - تأثیر نوع مالکیت بر رابطه ویژگیهای مدیران اجرایی و کارایی سرمایهگذاری
رضا غلامی جمکرانی سید موسی محمدی -
Open Access Article
269 - بررسی تأثیر معیارهای اعتماد بیش از حد مدیران ارشد بر خطر سقوط آتی قیمت سهام در شرکتهای پذیرفته شده بورس اوراق بهادار تهران
محمدرمضان احمدی محمد حسین قلمبر سید صابر درسه -
Open Access Article
270 - اثر کیفیت گزارشگری مالی و سررسید بدهی بر انواع عدم کارایی سرمایهگذاری
مهدی الهایی سحر هدی اسکندر -
Open Access Article
271 - Investigating the Relationship between Financial Reporting Quality and Capital Intensity and Moderating Role of Growth Opportunities
یحیی حساس یگانه اسماعیل توکل نیاFrom the agency theory perspective, there are various control mechanisms to attenuate information asymmetries and information risk and to enable better supervision of managerial activity that mitigates the opportunistic behavior of managers, such as financial reporting MoreFrom the agency theory perspective, there are various control mechanisms to attenuate information asymmetries and information risk and to enable better supervision of managerial activity that mitigates the opportunistic behavior of managers, such as financial reporting quality and disclosure. Several studies have analyzed some of information asymmetries and information risk attenuate effects, such as the reduction of the cost of capital and cost of debt and access to the debt market and the effect on its conditions, i.e., lower cost, higher debt maturity and lower guarantees in bank financing. This study, examines the impact of financial reporting quality and growth opportunities on the capital intensity. The sample of this study, includes 134 companies listed in the Tehran Stock Exchange during the period 1392-1396 and for processing and testing hypotheses, panel data methodology is used. The results show that financial reporting quality has negative impact on the capital intensity. Also, it shows that growth opportunity decreases negative impact of financial reporting quality on capital intensity. Therefore designed conceptual model is confirmed. Manuscript profile -
Open Access Article
272 - The Evaluation of Financial Performance of Investment Companies in Iran
سپیده سادات نصیری غلامرضا سلیمانی امیریAbstract Investment is one of the most important issues in society. Many investors decide to purchase of shares of investment companies due to lack of expertise in direct investment. So, it is very important to recognize, analyze and evaluate the performance of these c MoreAbstract Investment is one of the most important issues in society. Many investors decide to purchase of shares of investment companies due to lack of expertise in direct investment. So, it is very important to recognize, analyze and evaluate the performance of these companies. The purpose of the this paper is to investigate and categorize the activities of investment companies in Iran, to assess the more accurate way to evaluate the performance of these companies and to provide an approach for evaluating performance according to all the fields of activity of these companies. For this purpose, the information of investment companies of Tehran Stock Exchange was investigated. The activities were divided into three general categories of exchanged, non-exchanged and project investment, and the financial performance was measured by two criteria including ROA and Q Tobin’s ratio. Finally information was examined by econometric techniques. The results of analysis using Q Tobin’s ratio indicates that exchanged investments have the greatest impact on the firm's performance, which is because information is available to investors easily and allows them to evaluate and analyze them completely, while the other two fields of the activities, despite the importance, are less considered by investors because of insufficient information. The results of analysis using ROA showed that exchanged & project investments have important impacts on financial performance. Manuscript profile -
Open Access Article
273 - تأثیر هزینههای نمایندگی بر رفتار سرمایه گذاری
رسول برادران حسن زاده وحید تقی زاده خانقاه -
Open Access Article
274 - تاثیر ضعفهای عمده کنترلهای داخلی بر ناکارآیی سرمایهگذاری
سید محمدرضا رضوی عراقی آزیتا جهانشاد امیر مستوفی -
Open Access Article
275 - تأثیر مالکیت مدیریتی بر رابطه بین جریانهای نقد آزاد و ناکارایی سرمایهگذاری
رسول عبدی مهدی زینالی وحید تقی زاده خانقاه -
Open Access Article
276 - The Information Content of Comprehensive Income and Other Alternative Income
Mohammad Ali Aghaei Rahman SajadpourBecause the knowledge of all aspects of financial performance for the economic decisions of users of financial needs, it is necessary to identify all revenues and expenses during the period be considered. For this purpose, the committee drafted new guidelines for accoun MoreBecause the knowledge of all aspects of financial performance for the economic decisions of users of financial needs, it is necessary to identify all revenues and expenses during the period be considered. For this purpose, the committee drafted new guidelines for accounting and audit report to the profit and loss reports for comprehensive profit binding in all units. In this paper, the information content of net income, comprehensive income and of the alternative candidates profit in the Tehran Stock Exchange. According to Standard No. 6, comprehensive income consists of net income(NI), Adjustment for foreign currency translation(FCT), Adjustment for unrealized gains/ losses on securities) and Annual adjustments(AA). Expected to report comprehensive income classified intelligence reports, financial times increase. If classified information is expected to increase its financial information. Due to the homogeneity of variables accounting, content relative to comprehensive income and Alternative candidate for income with Companies listed on stock exchange Tehran data over the years 2001-2010 Using multiple linear regression and the Wald test were studied. The results show that comprehensive income(Standard No. 6) for the explanatory power is stronger, and among income alternative candidates' net income plus FCT and AA has the highest content. This result with the research evidence Biddle and Choi(2006) in America, and Kiridaran Kanagaretnam(2009) in Canada is similar. Manuscript profile -
Open Access Article
277 - تأثیر رقابت در بازار محصول بر ریسکپذیری سرمایهگذاران
سید کاظم ابراهیمی علی بهرامی نسب صدیقه پروانه -
Open Access Article
278 - رابطه بین کیفیت اطلاعات حسابداری و همبستگی نرخ رشد شرکت با صنعت
سعید نادری فرزانه حیدر پور احمد یعقوب نژاد -
Open Access Article
279 - رابطه بین داراییهای وثیقهای و سرمایهگذاری با نقش تعدیلی کیفیت گزارشگری مالی
محمد علی پلنگی مزرعه جمادوردی گرگانلی دوجی -
Open Access Article
280 - نقش بازده مبتنی بر سبک در پیشبینی بازده آتی
لیلا صفدریان داریوش فروغی فرزاد کریمی -
Open Access Article
281 - ارزیابی عملکرد مدیریت با استفاده از شاخص ارزش افزوده نقدی در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران
مینا معینی مرتضی دین پرور صدیقه صادقی تبار -
Open Access Article
282 - Identify the determinants of investment opportunities regression
Bahman Banimahd متین FarzanehIdentifying Determing Factors in Investing Opportunity on The Basis of Regression Application Bahman Banimahd Matin Farzaneh Nokhandan (Received: 07/Jun/2014; Accepted: 10/Mar/2014) Abstract This essay attempts to analyses effective factors upon investing opportunities MoreIdentifying Determing Factors in Investing Opportunity on The Basis of Regression Application Bahman Banimahd Matin Farzaneh Nokhandan (Received: 07/Jun/2014; Accepted: 10/Mar/2014) Abstract This essay attempts to analyses effective factors upon investing opportunities in The approved companies in Tehran Stock Exchange during seven years 2002- till 2009. consequently this study indicate some factors such as profiting , financial leverage and the firm size and the proportion of the fixed asset to the total asset are effective variables in investing opportunities. The result also show that there is no significant relationship on selling growth and type of company ownership. finally, the most important factor is profiting index element in investing opportunity. Key Words: Investing Opportunity. Profiting Index. Financial Leverage. Firm Size. Manuscript profile -
Open Access Article
283 - The Effect of Passive Institutional Ownership Focus, CEO Tenure and Product Market Competition on the Relationship between Distracted Passive Institutional Investors and Firms Transparency
Ali Badiee Nezhad Afsaneh TavangarAbstractDisclosure of information plays a key role in the correct and informed decisions of various user groups, especially investors, but economic units without external pressures and legal and professional requirements, are reluctant to disclose sufficient information MoreAbstractDisclosure of information plays a key role in the correct and informed decisions of various user groups, especially investors, but economic units without external pressures and legal and professional requirements, are reluctant to disclose sufficient information because disclosure of information is costly(Pourheidari, and.Foroughi, 2019).This study examines the effect of distracted passive institutional shareholders on firm transparency by considering the level of concentration of passive institutional ownership, product market competition and the tenure of the CEO.In this study, using data from 150 companies listed on the Tehran Stock Exchange, the issue was investigated.To test the research hypotheses, multivariate regression models were used with panel data method and fixed effects approach.The results of testing the research hypotheses showed that distracted passive institutional investors has negative and significant effect on the firm transparency and despite the fact that the ownership concentration of passive institutional investors in both levels of concentration more than 5% and concentration more than 15% have aposotive and significant Have a posotive and significant effect on firm transparency, but distrated institutional investors only in companies with a level of passive institutional ownership concentration of more than 15%, has a negative and significant effect on companies' with information transparency.Also, based on the results of testing research hypotheses, Distractedpassive institutional investors in companies with new CEOs has a posotive and significant effect on the firmstransparency,However, in companies with competitive product market level, it does not have a significant effect on companies' firm transparency. Manuscript profile -
Open Access Article
284 - تأثیر عامل رفتاری اطمینان بیش از حد مدیران بر اثربخشی مدیریت ریسک
کاوه قادری صلاح الدین قادری سامان قادری -
Open Access Article
285 - Analyzing the Asymmetric Effects of Exchange Rate Movements on an Investment Risk of the Banking Industry Activing in Tehran Stock Exchange Market
Maryam Zarezadeh Mahrizi Samira ZareiThis study seeks to analyze the effects of exchange rate movements on an investment risk of the banking industry by applying the idea of risk separation into two sorts of the period, the high and low risk. In line with this, the daily time series data, from 26th March 2 MoreThis study seeks to analyze the effects of exchange rate movements on an investment risk of the banking industry by applying the idea of risk separation into two sorts of the period, the high and low risk. In line with this, the daily time series data, from 26th March 2011 to 19th February 2020, and a hybrid model of exponentially conditional heteroscedasticity and Markov- Switching approaches have been used. The results of this paper, based on the hybris MS-TGARCH model used in the investigations of (Bibi, 2019) and (Aloui and Jammazi, 2020), are statistically significant and prove the accuracy of the hybrid model in the case of Iran. Therefore, based on this finding, it could be possible to more precisely analyze the effects of different determinants on the modelled risk. Regarding this approach, the impacts of exchange rate movement on the investment risk of the banking industry are far more in the high-risk periods than those of low-risk ones. Manuscript profile -
Open Access Article
286 - An enhanced model for the index tracking problem with transaction costs
Amir Azadi Amir Abbas NajafiPortfolio optimization is one of the most important issues in financial sciences. Various strategies have been used to manage stock portfolios, which can be categorized into types: active and passive strategies. One of the most important passive portfolio management app MorePortfolio optimization is one of the most important issues in financial sciences. Various strategies have been used to manage stock portfolios, which can be categorized into types: active and passive strategies. One of the most important passive portfolio management approaches is to form an index tracking portfolio. The purpose of index tracking portfolio is to its performance replicate market index as benchmark as closely as possible with a limited stocks in portfolio which will result in lower transaction costs for investor. In this research, a model for index tracking problem is proposed which aims to minimize undesirable deviations and maximize desirable deviations. Finally, a genetic algorithm is used to solve the leading model. To evaluate the performance of the model, data from four major industries of Tehran Stock Exchange has been used. The results show that the proposed model has a suitable performance in tracking the relevant index and achieving excess return over the benchmark. Manuscript profile -
Open Access Article
287 - Mutual fund performance with a different approach to data envelopment analysis
Fatemeh MehreganDespite the large number of mutual funds available to investors, paying attention to their ratings is important. Many ranking approaches use subjective weights to integrate fund performance across different time horizons, which can lead to completely different ranking.S MoreDespite the large number of mutual funds available to investors, paying attention to their ratings is important. Many ranking approaches use subjective weights to integrate fund performance across different time horizons, which can lead to completely different ranking.So far, the efficiency of the funds has been calculated in the valuation of the funds with the help of data envelopment analysis, and then the portfolio is selected from the efficient funds. In this paper, a new approach and application of the philosophy of data envelopment analysis (input reduction and output increase) is applied and generalized to the concept of risk and return. The proposed model is a new nonparametric technique that focuses on the simultaneous estimation of contractile (risk) and expansion (return) potentials. This approach eliminates any need for mental such as the importance, weighting, and meaningfulness of actions across different time horizons. This approach, based on the performance of the underlying fund relative to other funds, assigns a score to the underlying fund, on which it can rank the funds.This model has been applied to a sample community of 26 mutual funds. The clear results and unique ratings indicate the ability of this model to evaluate and ranking. Manuscript profile -
Open Access Article
288 - Identifying and Ranking Factors Affecting Shareholders' Decision to Invest in the Iranian Stock Exchange
fatemeh khaksarian keyhan azadi Seyed Mozaffar MirbargkarShareholders as key players in a stock exchange make extensive reviews when buying or selling shares. .This study attempts to identify and rank the factors influencing shareholders' decision to invest in the Iranian stock market.To achieve this goal, the required inform MoreShareholders as key players in a stock exchange make extensive reviews when buying or selling shares. .This study attempts to identify and rank the factors influencing shareholders' decision to invest in the Iranian stock market.To achieve this goal, the required information was collected by surveying and designing a questionnaire from investors, experts and experts in the Iranian Stock Exchange for the year 1398 and analyzed in the framework of fuzzy Delphi method.The results showed that exchange rate variables, parallel market returns and bank interest rates are the most important macroeconomic factors that influence stockholders' decision-making in the stock market.In addition, among the psychological and behavioral factors, three variables of mass behavior, formal and informal news from corporate assemblies, and the opinion of investment advisers and investment firms have had the greatest impact on shareholder decision making in the Iranian stock exchange.Finally, the results showed that earnings per share, share trading volume and liquidity of the three financial and accounting factors as well as the variables of internal political developments, technical analysis and political relations with other countries are the three technical and political factors that are most important in the decision making of the Iranian stock market shareholders.. Manuscript profile -
Open Access Article
289 - Modeling Investors' Behavior by Using Psychological Variables with Interpretive Structural Modeling Approach to Recognize Investment Decision Making Errors
shirvan barari Ghodratolah Taleb Nia Hamid reza Vakili fard Hossein IzadiInterpretive structural modeling is one of the methods of system design, especially management and accounting systems. This technique starts by identifying the variables and then establishes the underlying relationships between the variables using the expertise and know MoreInterpretive structural modeling is one of the methods of system design, especially management and accounting systems. This technique starts by identifying the variables and then establishes the underlying relationships between the variables using the expertise and knowledge of the experts and finally the multilevel structural model. In this study, using this approach, behavioral biases are structured to influence the decision making of real active investors in the stock market. For this purpose, expert experts in this field were used and 12 behavioral influences affecting investor behavior / decision making were identified and then coded using the matrix of initial access, their impact on investor behavior / decision model. Finally, they were leveled using the final matrix. The results of interpretive structural modeling showed that behavioral bias affecting investors' decision making was modeled at six levels, and imaginative power bias was at the highest level and more effective than other bias and late bias bias. Manuscript profile -
Open Access Article
290 - The financial development, financial constraint and firms investment
somayeh peyghambari fatemeh samadi Ahmad YaghbnezhadThe ratio of investment can have a significant impact on various criteria such as the ratio of cash flows and dividends. The long-term policies of managers are such that the ratio of cash flows of companies increases, and in the same way dividend profits will increase, MoreThe ratio of investment can have a significant impact on various criteria such as the ratio of cash flows and dividends. The long-term policies of managers are such that the ratio of cash flows of companies increases, and in the same way dividend profits will increase, and with increasing dividends, the amount of investment in research and development spending will also increase. The purpose of this study is to investigate the relationship between financial development, financial constraints and investment. This research is library and analytical-Ali research and is based on the analysis of panel data (data panel). In this research financial information of 104 companies accepted in Tehran Stock Exchange during the period 2012 to 2017 (624 companies - year) was investigated. The results of the research show that according to the analyzes carried out in relation to the confirmation of the first hypothesis of the research, it can be concluded that financial development has a significant and direct effect on the investment rate of firms, and finally, according to the analysis of the relationship By confirming the second hypothesis of the research, we conclude that financial constraints have a significant and inverse effect on the investment rate of firms.. Manuscript profile -
Open Access Article
291 - Modeling and evaluating an investment without any delay in renewable resources based on real option approach (Case study: Optimal feed-in tariff for solar renewable resource in Iran)
Reyhaneh Sayyadinejad Ali Mohammad KimiagariInvestors are faced with a wide range of investment options. Considering the growing demand for energy and the limitations of non-renewable resources (RES) , the importance of modeling and evaluating investment in RES has become significant for both investors and policy MoreInvestors are faced with a wide range of investment options. Considering the growing demand for energy and the limitations of non-renewable resources (RES) , the importance of modeling and evaluating investment in RES has become significant for both investors and policymaker. The purpose of this study is to model and evaluate investment in RES with the aim of attracting investors without delay by determining the optimal level of the RE tariff by applying the Real Option approach (ROA). For modeling, a five-factor set of uncertainty, delay option, climatic differences has been considered and for implementation, a combination of backward dynamic programming algorithm, Monte Carlo simulation and geometric Brownian motion has been used. The results show investing in RES without considering the subsidy is not attractive for investors to investment without delay and then investors and policymakers need to apply ROA to evaluate and invest. The optimal tariff is estimated at an average of 503,000 Rials and the tariff should be adjusted according to the climatic conditions. By technology advancement, Implementation of CO2 trading scheme, the investment value increases and the optimal subsidy is reduced. The optimal subsidy is directly related to tax rate, capacity, exchange rate, discount rate and volatility. Manuscript profile -
Open Access Article
292 - Multi-period portfolio optimization model design with a new approach to fuzzy uncertainty
Zahra Khandan Barkousaraee Emran Mohammadi Farzad Movahedi SobhaniPortfolio optimization and selection is one of the most important issues in the financial world, so investors are trying to make decisions that are most in line with the real world. But the uncertainty in data and parameters, and the contradiction in the investor's goal MorePortfolio optimization and selection is one of the most important issues in the financial world, so investors are trying to make decisions that are most in line with the real world. But the uncertainty in data and parameters, and the contradiction in the investor's goals, adds to the complexity of the stock portfolio optimization problem, and the other hand because of the efficient market, it is necessary to use multi-period models that, unlike single-period models, allow the investor to review their wealth at the beginning of each period. This paper introduces a new approach to optimizing a multi-period portfolio optimization based on fuzzy general theory and using scenario tree to deal with uncertainties. In addition to considering all of the above constraints, It has made it possible for the investor to be able to apply his manner by changing the parameter to optimistic-pessimistic, and there is no need to model in credibility, necessity or possibility mode. Then the proposed model is solved by the Epsilon constraint method. Finally, using the data of 17 companies from different industries operating in the Tehran Stock Exchange Market in 1398, we examine the validity of the model and its efficiency. Manuscript profile -
Open Access Article
293 - Identifing and ranking the affectinve factors on liquidity timing in Iranian mutual funds
hamid sabzali gholamreza zomorodian farhad hanifiMutual funds are one of the types of financial intermediaries, including institutions that sell their investment unit to the public, raise funds and invest them in a variety of securities. However, managing mutual funds is fraught with complexities and difficulties that MoreMutual funds are one of the types of financial intermediaries, including institutions that sell their investment unit to the public, raise funds and invest them in a variety of securities. However, managing mutual funds is fraught with complexities and difficulties that arise from achieving optimal returns and cash flow management as the most important management criteria. Market scheduling, meanwhile, is an important dimension for mutual funds. With this approach, in this study, an attempt has been made to identify and rank the factors affecting the timing of liquidity in Iranian mutual funds. The results of the study showed that the returns of parallel markets and stocks (weighing 0.206), bank interest rates (weighing 0.194) and political developments (weighing 0.193) are the most important external and macroeconomic factors that affect liquidity and liquidity timing in mutual funds. In addition, among the internal factors, the three variables of ability and management skills of the fund (weighing 0.206), net value and percentage of cash assets of the fund (weighing 0.1734) and the risks facing the fund (weighing 0.1726) are the most They have had an impact on liquidity and the timing of liquidity in mutual funds. Manuscript profile -
Open Access Article
294 - Retail investor attention and stock price crash risk: A case study of Tehran Stock Exchange
mohammad nadiri seid sajad miri jalal naderiThe stock price crash risk is one of the main concerns of financial market participants. According to financial theories, Retail investor attention is one of the factors affecting the stock price crash risk. This study investigates the effect of retail- investors' atten MoreThe stock price crash risk is one of the main concerns of financial market participants. According to financial theories, Retail investor attention is one of the factors affecting the stock price crash risk. This study investigates the effect of retail- investors' attention based on the GSV index on the stock price crash risk in the Tehran Stock Exchange. Also, considering the moderating role of institutional ownership and the quality of companies 'audits in the relationship between investors' attention and the probability of stock price crashes, the role of these two variables has been investigated in the study. The research period was 2009-2020 and the sample included 164 companies. The study's results using the panel data regression approach indicate that investors' attention in the current period increases the risk of a stock price crash in the subsequent period. Also, there is a negative relationship between institutional shareholders and the stock price crash risk in the next period and there is no relationship between the quality of companies' audits and the stock price crash risk of companies in the next period. Also, institutional ownership and audit quality do not affect the relationship between retail-investor attention and stock crash risk. Manuscript profile -
Open Access Article
295 - Analysis the Effect of Heuristic Biases on Investment Decisions and Market Efficiency for future policy making
Shahriar Shirooyehpour Rohullah Bayat Ali MoafiThe Behavioral finance literature states that human beings in practice behave differently from what modern financial theories portray as rational human beings, so the assumption of rationality of investors and the belief in the efficiency of stock markets has been criti MoreThe Behavioral finance literature states that human beings in practice behave differently from what modern financial theories portray as rational human beings, so the assumption of rationality of investors and the belief in the efficiency of stock markets has been criticized. Accordingly, the present study examines the impact of investor behavioral biases on how to make decisions and market efficiency simultaneously, which has not been addressed so far. It also highlights the importance of understanding the process and the role of behavioral factors in investor decisions and market efficiency for future capital market policymakers and regulators. The present study is applied in terms of type of use and descriptive-correlational research. The target population of this study was real investors in Tehran Stock Exchange and Available purposive sampling method was used. Structural equation modeling were used to analyze the data and test the conceptual model of the research. The research findings show that biases of overconfidence, representation, availability and anchoring and adjustment have a significant effect on market efficiency. Findings also showed that overconfidence bias, anchoring and adjustment have a significant effect on investment decisions. Behavioral biases among investors are inevitable that these biases can affect investors' decisions and market efficiency. Manuscript profile -
Open Access Article
296 - The Development and Assessment of Stock Pricing Model Based on the Anchoring and Adjustment Theory
Mohammad Noroozi daruosh foroughi farzad karimiThe Financial market analysis is an important issue that influences investors' decisions. This paper developed the stock pricing model by comparing the predicted stock price based on the anchoring and adjustment theory and the real stock price through collecting and ana MoreThe Financial market analysis is an important issue that influences investors' decisions. This paper developed the stock pricing model by comparing the predicted stock price based on the anchoring and adjustment theory and the real stock price through collecting and analyzing the initial information and data of 122 companies listed on the Tehran Stock Exchange during the period 2011 to 2019. The results of this study show the effectiveness of the anchoring and adjustment theory based on the separation of stock return components and measuring the irrationality coefficient and emotional reactions of investors' decisions in stock prices. Accordingly, the limitations of investors 'ability to process information seem to affect the level of use of reasoning and rationality in decision-making and the effect of bounded rationality through the irrationality and limited attention on stock pricing. Therefore, it is expected that knowledge about the process of bounded rationality based on the rational bounded of investors and the behavioral biases resulting from the irrational part of their thinking, will provide a good explanation for the process of changes in financial markets. This can provide both profit opportunities and costs in investment management so that it can be used in modeling, analysis and investmentstrategies. Manuscript profile -
Open Access Article
297 - Investigating the intelligence of investors of mutual funds during the recession and economic prosperity of the capital market
bahareh heidari mogadam mirfeia fallahshams gholamreza zomorodianThe purpose of this study is to investigate the ability of mutual fund investors to predict the performance of mutual funds and select a fund with higher returns. To predict whether investors and the cash they enter into investment funds will be able to select a more ef MoreThe purpose of this study is to investigate the ability of mutual fund investors to predict the performance of mutual funds and select a fund with higher returns. To predict whether investors and the cash they enter into investment funds will be able to select a more efficient fund, first, the information of 34 funds in the period 2012 to 2020 was Collected to examine the intelligence of cash. The economic prosperity periods of the market were then examined separately to determine whether investors had acted differently in different market periods. Also, real and legal investors are separated from each other to examine the performance of each separately. Using Carhart's four-factor model, the adjusted return on risk of the funds was calculated to assess the intelligence of investors, which showed that group of real and legal investors, at the time of entry during market blooming and at the time of exit money during market stagnation act wisely in mutual funds. Manuscript profile -
Open Access Article
298 - A trading algorithm to establish a suitable investment system with a reasonable return (Case study: Tehran Stock Exchange)
Hassan Torabi Mehdi Bararnia firouzjaeiOne of the most important issues in modern financial markets is finding efficient ways to summarize and visualize stock market information. The purpose of this paper is to discover a method to reduce risk and increase investment returns. By analyzing the mass volume of MoreOne of the most important issues in modern financial markets is finding efficient ways to summarize and visualize stock market information. The purpose of this paper is to discover a method to reduce risk and increase investment returns. By analyzing the mass volume of Tehran stock market data as a case study, and finding the relationships between the data and the discovery of their hidden information that has a significant impact on investors' decisions; an algorithm was designed. Moreover, the data from the automobile industry and oil products and the index of various industries were utilized from 2018 to 2022, and modeling was done by twenty technical indicators. The results of this research showed that mentioned model has a significant performance in identifying and predicting the sales signals issued at the maximum points and the prediction is done with acceptable accuracy. Portfolio management and capital supply companies can use this trading algorithm to make decisions regarding the sale, purchase or holding of securities. Manuscript profile -
Open Access Article
299 - Enhancing momentum investment strategy: using leverage, over-leverage and under-leverage and asset growth rate
davood shahbazi Ahmad Yaghoobnezhad Gholamreza Zomorodian Mahdi Madanchi Zaj Shadi ShahverdianiInvestment decisions are examined based on financial concepts that are based on the efficient market hypothesis. Considering the confirmation of the complete inefficiency of Iran's capital market, there is an expectation of obtaining more returns. In this research, we s MoreInvestment decisions are examined based on financial concepts that are based on the efficient market hypothesis. Considering the confirmation of the complete inefficiency of Iran's capital market, there is an expectation of obtaining more returns. In this research, we seek to introduce investment portfolios based on the momentum investment strategy (which has been confirmed in various studies) and its combination with other factors affecting the company's value and profitability. Based on this, 119 companies were investigated in the period of 1388 to 1400 in three short-term periods of three and six months and medium-term of one year. According to the findings, the average returns obtained from the formation of different combined portfolios are positive in all periods and the returns of the combined portfolios are higher than the single-criteria portfolios. The investment strategy based on the asset growth rate and momentum in the short-term periods of three and six months and the medium-term of one year has the highest average return, then the strategy based on over-leverage and under-leverage and momentum and finally the strategy based on leverage Manuscript profile -
Open Access Article
300 - مدلسازی و ارائهی راهحل بهینه برای بهینهسازی
امیرعباس نجفی سیامک موشخیان -
Open Access Article
301 - مقایسه عملکرد یکساله سهام ارزشی و سهام رشدی
غلامحسین اسدی سعید اسلامی بیدگلی -
Open Access Article
302 - Investor's reaction towards the mental and objective stability of profit components in financially distressed companies
kaveh parandin babak jamshidinavid Mehrdad Ghanbari afshin baghfalakiThe purpose of this study was to study the reaction of investors to the objective and objective suspicion of profit components in suspected financial distress in a 11-year period from 1386 to 1396 with 1320 views in 120 companie MoreThe purpose of this study was to study the reaction of investors to the objective and objective suspicion of profit components in suspected financial distress in a 11-year period from 1386 to 1396 with 1320 views in 120 companies accepted in Tehran Stock Exchange. To analyze the data and test the hypotheses, the simulation model of Mishkin (1983) and the multivariate regression model were used using the Eviews software version 10 has been used.The findings of the research indicate that investors have the mental sustainability of cash components and earnings accruals in relation to the objective stability of cash components and earnings accrual, more than actually they value it.Therefore, investors are pricing inappropriately, the profit of companies suspected of financial distress and the capital market is not as efficient as the components of profit information. In other words, companies suspect financial distress, the investors' incorrect responses and inappropriate pricing of them. Manuscript profile -
Open Access Article
303 - Investment portfolio optimization using value at risk under credibility theory with Z-numbers approach
Amirsina Jirofti Amirabbas NajafiZ-numbers theory was proposed in 2011 by Lotfy Zadeh. This theory describe the uncertainty of information where any z-number is displayed by a pair of fuzzy number. Because of the uncertainty in the financial markets, this theory can be used in the investment portfolio MoreZ-numbers theory was proposed in 2011 by Lotfy Zadeh. This theory describe the uncertainty of information where any z-number is displayed by a pair of fuzzy number. Because of the uncertainty in the financial markets, this theory can be used in the investment portfolio selection. As the first component of z-number is the fuzzy asset return and the second component is reliability of prediction of first component. We can use value at risk criterion for increasing efficiency of investment portfolio selection model. Due to consideration the uncertainty in asset returns and using value at risk, this model is an appropriate model for investment portfolio selection. The advantage of this method compared to the conventional fuzzy method is consideration uncertainty of expert knowledge and allocation reliability to their prediction of fuzzy parameter. Finally, we provide a numerical example from Tehran stock market. Manuscript profile -
Open Access Article
304 - An Assessment of Foreign Portfolio Investment in Hierarchical Model based on Topsis Algorithm
Gholamreza Amini Khiabani Karim HamdiPortfolio or Stock Investment is one of the most important investment methods especially in foreign market. In regulation of Organization for Investment Economic and Technical Assistance of Iran, stock investment is classified in 5 different sections including “St MorePortfolio or Stock Investment is one of the most important investment methods especially in foreign market. In regulation of Organization for Investment Economic and Technical Assistance of Iran, stock investment is classified in 5 different sections including “Stocks of Corporation”, “Bonds”, “Fellow of Banking Capital”, “Trading Securities”, and “Governmental Treasury Bills”. Gathering the data by means of a questionnaire distributed among the target population including managers and experts of the Organization for Investment Economic and Technical Assistance of Iran, we investigate on stock investment methods in foreign market in hierarchical model based on Topsis algouritm. Due to the answers gathered from the questionnaire, we identified 8 factors effective on portfolio investment to be used in topsis algorithm. These effective factors was entered to a decision making matrix, using in ranking portfolio investment styles based on ideal solutions technique. Results showed that the corporation stocks is the first and the top priority for international portfolio investors Manuscript profile -
Open Access Article
305 - بهینه سازی پویای سبد سرمایه گذاری با توجه به هزینه معاملات
زهرا پور احمدی امیر عباس نجفی -
Open Access Article
306 - بهینهسازی سبد سرمایهگذاری با استفاده از الگوریتم چند هدفه ازدحام ذرات برای مدل احتمالی چند دورهای میانگین-نیمواریانس-چولگی
سیامک موشخیان امیرعباس نجفی -
Open Access Article
307 - بهینه سازی پویای سبد سرمایه گذاری با توجه به هزینه معاملات
امیرعباس نجفی زهرا پوراحمدی -
Open Access Article
308 - Online Portfolio Selection Using Spectral Pattern Matching
Matin Abdi amirabbas najafiNowadays, due to the rise of turnover and pace of trading in financial markets, accelerating of analysis and making decision is unavoidable. Humans are unable to analyze big data quickly without behavioral biases. Hence, financial markets tend to apply algorithmic tradi MoreNowadays, due to the rise of turnover and pace of trading in financial markets, accelerating of analysis and making decision is unavoidable. Humans are unable to analyze big data quickly without behavioral biases. Hence, financial markets tend to apply algorithmic trading in which some techniques like data mining and machine learning are notable. Online Portfolio Selection (OLPS) is one of the most modern techniques in algorithmic trading. OLPS allocates capital to a number of stocks and updates portfolio at the beginning of each period by some techniques. Actually, individual has no role in portfolio selection and the algorithm determines the way of investing in each period. In this article, an algorithm which follows pattern matching principle has been introduced. In pattern matching principle, the portfolio is selected based on identical historical patterns and in this article these patterns are found by spectral clustering in data mining. At the end of article, there is a numerical example which uses the most 20 active stocks in New York Stock Exchange (NYSE) data and its results has been compared with other algorithms in this topic. Manuscript profile -
Open Access Article
309 - ارزیابی استراتژیک فرصتهای سرمایهگذاری با رویکرد تحلیل اختیارهای واقعی
امیررضا خسروی اسماعیل حسنپور -
Open Access Article
310 - Volatility clustering in financial markets based on the agent based model
zahra shirazian Hashem Nikoomaram Fereydoon Rahnamay Roodposhti Taghi TORABIThe purpose of this study is to investigate the clustering of fluctuations in financial markets, including the stock market, with the underlying model of simulation. Time series of financial asset returns show the clustering of volatility, which shows that large changes MoreThe purpose of this study is to investigate the clustering of fluctuations in financial markets, including the stock market, with the underlying model of simulation. Time series of financial asset returns show the clustering of volatility, which shows that large changes in prices tend to form clusters together And these clusters will last for a long time. Time series of financial asset returns often exhibit the volatility clustering property: large changes in prices tend to cluster together, resulting in persistence of the amplitudes of price changes. After recalling various methods for quantifying and modeling this phenomenon, we discuss several economic mechanisms which have been proposed to explain the origin of this volatility clustering in terms of behavior of market participants and the news arrival process. A common feature of these models seems to be a switching between low and high activity regimes with heavy-tailed durations of regimes. Finally, we discuss a simple agent-based model which links such variations in market activity to threshold behavior of market participants and suggests a link between volatility clustering and investor inertia. Manuscript profile -
Open Access Article
311 - Investigating the role of using the concept of classification in establishing the relationship between convergence and the trend of stock movements in listed companies in Tehran Stock Exchange
Leila Safdarian Darush Foroghi Foroghi farzad karimiThe main goal of present study is to investigate the relation between co-movement and momentum in Tehran Exchange`s Listed companies during 1384-1393.For this purpose with following Wahal and Yavuz (2013) study, the style is constructed and the co-movement o MoreThe main goal of present study is to investigate the relation between co-movement and momentum in Tehran Exchange`s Listed companies during 1384-1393.For this purpose with following Wahal and Yavuz (2013) study, the style is constructed and the co-movement of each stock with its style was accounted and then the standard approach in the momentum literature is used. Following Jeegadeesh and Titman (1973) method for identifying winner and loser portfolio at the end of each month, the stock is ranked based on their 6 prior period return and the relation between co-movement and momentum is examined. Findings show that there is a meaningful relation between co-movement and (3, 6, 12) prior return in winner high co-movement and loser low co-movement portfolio. Furthermore, in winner high co movement portfolios, with increasing the range of past return, the effect of co-movement on past return will expand. On the other hand, in loser low co movement portfolios with increasing the range of past return the effect of co-movement on past return will decrease. Manuscript profile -
Open Access Article
312 - Application of Real Option approach for optimizing Venture Capital
farshid moradi reza tehrani Mansour Momeni Shahabeddin ShamsApplication of traditional approaches based on Discounting the cash flow in order to evaluate and comparing investment opportunities including Venture Capital in most industries is a very common issue. Due to the lacking deep certainty in this sort of venture, relying o MoreApplication of traditional approaches based on Discounting the cash flow in order to evaluate and comparing investment opportunities including Venture Capital in most industries is a very common issue. Due to the lacking deep certainty in this sort of venture, relying on traditional approaches could end up with inappropriate decision making, because of ignoring the managerial flexibility. At this study the real option approach in estimated capital budgeting was compared with traditional approach based on Discounting the income. The research hypothesis was that the real option approach could improve the quality of decision making and optimize the investing portfolio from the high risk projects. Accordingly, a venture capital company in the field of pharmaceutical products and medical and therapeutic equipment was chosen for applying the model considering two indicators of the availability and completeness of the financial information of the plans by using the case study approach. The results indicated that considering the value of flexible deciding, the efficacy of the capital budgeting model based on dynamic planning and real options shows more precision than traditional budgeting approach. Manuscript profile -
Open Access Article
313 - Provide a Causal Model to Investigate the Emotional Behavior of Investors According to the Fuzzy Dematel Method
elham bahaghighat ali esmaeilzadeToday, the feelings of investors are recognized as one of the influential factors in the flow of capital as well as the general movement of the stock market; So that the flow of capital to investment funds is mentioned as one of the indicators for assessing market senti MoreToday, the feelings of investors are recognized as one of the influential factors in the flow of capital as well as the general movement of the stock market; So that the flow of capital to investment funds is mentioned as one of the indicators for assessing market sentiment. In fact, investors with little information are more likely to make new investments or withdraw from previous ones based on emotions. The aim of this study was to provide a causal model to investigate the emotional behavior of investors with respect to the fuzzy Dematel method. This research is descriptive in nature and content. In this research, information about 15 professors and capital market experts is the statistical sample. The results of this study showed that the four main factors of behavioral finance, behavioral personality, mass behavior and culture affect the emotional behavior of investors. Also, Dematel method showed that the mass behavior factor with an average of 18.740, the culture factor with an average of 9.497 and the behavioral financial factor with an average of 8.742 are among the influential factors. On the other hand, the behavioral personality factor with an average of 14.975 is considered as an influential factor. Manuscript profile -
Open Access Article
314 - Content Analysis of Investment Efficiency Measurement Methods (In Internal Research)
Amir Dolatkhah Sayed Ali Vaez Mehdi BasiratAbstractThe researchers obtain deep insight into research by studying the literature on the subject. However, time and resources limit the scope of the study. Therefore, the current research aims to investigate and analyze the quantitative and qualitative content of met MoreAbstractThe researchers obtain deep insight into research by studying the literature on the subject. However, time and resources limit the scope of the study. Therefore, the current research aims to investigate and analyze the quantitative and qualitative content of methods of measuring investment efficiency. The statistical sample includes all articles published from the years 2009 to 2020 on the investment efficiency topic in the "www.sid.ir". The results showed that, IN 72 articles, 26 models have been modeled using 30 variables (in 121 repetitions). 55.6 percent (40 articles) have used models based on sales growth 15 articles (20.8 percent) have used QTOBIN. Also, 35 articles (48.61%) are without the use control variable. The dominant method is to use the univariate model of sales growth with a share of 32% (23 articles) of all articles. Because the results of data-based research are highly sensitive to variable selection and data quality, the results obtained from models based on sales growth and QTOBIN may be affected by factors such as inflation, the book value of assets, and weak market efficiency. Researchers should determine effective factors that are likely to lead to measurement error before choosing the variables of the research model. Manuscript profile -
Open Access Article
315 - The Effect of Managers' Ability on The Relationship Between the Quality of Accounting Information and Investor Behavior and Trading Performance
kevan azizi farzad eivani hadis abdi Seyed Javad DellavariAbstractIn the behavioral financial paradigm, the human hypothesis as a rational being that always succeeds in optimizing its interests is questioned. Proponents of behavioral finance know that the knowledge of "psychological inclinations" in the field of investment is MoreAbstractIn the behavioral financial paradigm, the human hypothesis as a rational being that always succeeds in optimizing its interests is questioned. Proponents of behavioral finance know that the knowledge of "psychological inclinations" in the field of investment is absolutely necessary and requires serious development of the field of study. Accordingly, the purpose of this study was to investigate the relationship between financial ratios as a measure of accounting information on the pattern of behavior and trading performance of investors and also to investigate the effect of managers' ability on this relationship. In order to achieve the research goal, 105 companies were selected from the companies listed on the Tehran Stock Exchange, by systematic elimination method and tested using EViews and Stata software. The results of testing the hypotheses have shown that among the components of financial ratios; There was a significant relationship between current ratio, current ratio, gross profit ratio, total debt to equity ratio, total debt to total assets ratio, return on assets ratio and earnings per share ratio with investors' trading behavior and performance. The present results showed that in the content of accounting information, especially using some financial ratios, investors' trading behavior and performance can be predicted. On the other hand, the findings indicate a significant effect of managers' ability on the relationship between financial ratios (current ratio, instantaneous ratio, gross profit ratio and earnings per share ratio) and the trading behavior and performance of investors. Manuscript profile -
Open Access Article
316 - The Relationship between the Quality of Accounting Information and Institutional Investment on Investment Efficiency in Banks Present in the Capital Market of Iran
Shahnaz mashayekh mona parsaei pariya askarzadehAbstractAccording to the theoretical concepts of financial reporting, the purpose of financial statements is to provide summarized and classified information about the financial status, financial performance and financial flexibility of the business unit, which is usefu MoreAbstractAccording to the theoretical concepts of financial reporting, the purpose of financial statements is to provide summarized and classified information about the financial status, financial performance and financial flexibility of the business unit, which is useful for a wide range of users of financial statements in making economic decisions. Achieving this goal requires that the information is firstly relevant and reliable and secondly comparable and comprehensible, in other words, accounting information must be of high quality. The current research aims to explore the relationship between the quality of accounting information and Institutional investment on the efficiency of investment in banks that are members of the Iranian capital market. In this research, the quality index of accounting information is the quality of accrual items. The statistical population of this research includes 19 member banks of the capital market. Research hypotheses have been tested using OLS regression according to company-year observations in a panel manner. The results of processing the regression models for the first hypothesis of the research indicated that the quality of accruals and Institutional investment has a significant relationship with investment efficiency; The results of the second hypothesis of the research showed that overinvestment has a significant effect on the relationship between the quality of accruals and Institutional investment with investment efficiency. Manuscript profile -
Open Access Article
317 - The Role of Debt-based Financing in the Relationship between Corporate Governance and R&D Investment
Abdolrasoul Rahmanian Koushkaki Samira MotaeAbstract The purpose of this study is to investigate the role of debt-based financing in the relationship between corporate governance and R&D investment. The current research is applied and from the methodological point of view, the correlation is causal type (pos MoreAbstract The purpose of this study is to investigate the role of debt-based financing in the relationship between corporate governance and R&D investment. The current research is applied and from the methodological point of view, the correlation is causal type (post-event). The statistical population of the research is all the companies admitted to the Tehran Stock Exchange and using the systematic elimination sampling method, 134 companies were selected as the research sample and were examined. The results of the research hypothesis test showed that among the factors of corporate governance including (board size, board independence, financial expertise of board members and concentration of ownership), two variables of board independence and ownership concentration have a direct relationship with investment in research and development of companies. In the second group of hypotheses, it was observed that the interaction of debt-based financing with corporate governance factors does not affect research and development investment. Manuscript profile -
Open Access Article
318 - Explanation of Income Smoothing in terms of Financing and Auditor's Judgment in Companies with Different Investment Opportunities
Omid Sabaghiyan Toosi zahra moradi Shohreh YazdaniAbstractThis study explaining the income smoothing in terms of financing and auditor's judgment in companies with different investment opportunities.The data of 320 companies have been analyzed using eviews econometric software. Through the median value in each investme MoreAbstractThis study explaining the income smoothing in terms of financing and auditor's judgment in companies with different investment opportunities.The data of 320 companies have been analyzed using eviews econometric software. Through the median value in each investment opportunity criteria, the population was classified into two groups of companies with high and low investment opportunities. Then hypotheses were tested using unstructured estimation with (OLS) and (ARMA) methods.Findings shows in companies with high investment opportunities there is a positive relationship between income smoothing and financing that are separated by the MEQLDTA criteria but in the GROWTHPPE criteria was observed a negative relationship. In companies with low investment opportunities there isn't a relationship between income smoothing and financing that are separated by the MB criteria, but in PPEQGMEQLD criteria was observed a negative relationship. The explanatory variables of the auditor's judgment in both groups have an effect on the control of income smoothing.The findings can be used to identify companies with high investment opportunities. In order to achieve the expected return, it is recommended to pay attention to the auditor's judgment and experience in controlling income smoothing and financing method of companies.By comparing the determination coefficients and Durbin Watson's statistics, it was found that in companies with high investment opportunity, the MEQLDTA criteria and in companies with low investment opportunity, the MB criteria are optimal criterias for distinguishing investments opportunities. Manuscript profile -
Open Access Article
319 - The legitimacy of the expropriation of the foreign investors; an investigation to Iran and international law
Mohammad Sadegh TeimooriInternational customary law apparently provides a set of specific, known and established principles to control the legal actions of expropriation of foreign investors. Expropriation of property from foreigners can also lead to the creation of international responsibilit MoreInternational customary law apparently provides a set of specific, known and established principles to control the legal actions of expropriation of foreign investors. Expropriation of property from foreigners can also lead to the creation of international responsibility for the expropriating government; Unless this work is done based on special conditions, i.e. public interest and in a non-discriminatory manner, and in exchange for compensation. This compensation must be fair, immediate and complete. Considering the vagueness of each of the above three terms and the lack of a clear definition of them on the one hand, as well as providing a precise framework on the other hand, the current practice of international arbitration authorities considers case study to be the best tool in resolving disputes arising from foreign investment expropriation claims. Our attempt in this research will be to examine each of these conditions in the domestic legal system, international documents, and especially the perception of each of them by arbitration authorities. Manuscript profile -
Open Access Article
320 - Analysis of the Factors Affecting Investment In Housing and Construction in Iran
A. Shahabadi M. GanjiThe housing sector in the economy has had a special place and has always been considered as one of the urgent needs of families. In Iran, these has been a gap between supply and demand of housing and it’s price has increased over the past few decades. In order to MoreThe housing sector in the economy has had a special place and has always been considered as one of the urgent needs of families. In Iran, these has been a gap between supply and demand of housing and it’s price has increased over the past few decades. In order to inhibit the growth of housing prices and also to provide housing for various strata of society and reducing the gap between supply and demand of housing in Iran, a scientific review of the determinants of supply and demand in this sector is sequired. The aim of this study was to investigate the determinants of investment in housing and construction sector, during the period of 1989 to 2007 in Iran. The results suggest that despite the improvement of investment in housing and construction sector, during economic development plans, investment in housing and building has been sufficient and there is still a large gap between supply and demand of housing and buildings in the country, for many reasons such as low share of public sector investment in the production and supply of housing and low tendency of the private sector and co-operative, for housing investment Manuscript profile -
Open Access Article
321 - The Study of Factors Affecting Income Inequality in Rural Areas of Iran (The Ahluwalia Approach)
A. BagherzadehAccording to the Ahluwalia hypothesis (1995), the growth of total factor of productivity (TFP) in agricultural sectors along with the other government infrastructural investment in rural areas are the reason of income inequality decrease in these areas.The main objectiv MoreAccording to the Ahluwalia hypothesis (1995), the growth of total factor of productivity (TFP) in agricultural sectors along with the other government infrastructural investment in rural areas are the reason of income inequality decrease in these areas.The main objective of this study is to investigate the effects of public investments such as agricultural, road and education(R&E) and Irrigation on income inequality in rural areas of Iran. This research also attempts to study the direction of causality between the income inequality and total factor productivity (TFP) in Iran. Using ARDL methods in the period at 1980 to 2008, empirical results showed that there is a negative relationship between income inequality and agricultural TFP in rural areas of Iran. Hence, additional investments in rural education and agricultural R&E have significant impacts on income inequality. Findings showed also that the Ahluwali hypothesis of the relationship between income inequality and agricultural TFP in Iran's rural areas is not ejected Manuscript profile -
Open Access Article
322 - The Effect of Foreign Direct Investment on Domestic Private Investment in Iran (In Two Sectors of Building and Machinery)
Roohollah Babaki Mahnaz EfatiThe effects of foreign direct investment in host countries are one of the topics discussed in economics. By studying of the impacts of foreign direct investment on economic development, a key question is that attracting foreign direct investment (FDI) has a positive eff MoreThe effects of foreign direct investment in host countries are one of the topics discussed in economics. By studying of the impacts of foreign direct investment on economic development, a key question is that attracting foreign direct investment (FDI) has a positive effect on domestic investment or not; in other words, have they complementary or substitute effects. Therefore, in this paper, the impact of foreign direct investment on domestic private investment has been investigated in two sectors of building and machinery in Iran by using the Autoregressive Distributed Lag (ARDL) method between 1970 and 2020. The results of this study show that the foreign direct investment has a positive and significant effect on private investment in both sectors of building and machinery. So, foreign direct investment could be a complement commodity for domestic private investment in Iran Manuscript profile -
Open Access Article
323 - Effects of FDI and Institution Quality on Domestic Investment in Iran Outlook Document Countries
Karam Jafari parviz khanlooAccording to importance of foreign direct investment effects on domestic investment financing, growth and development, countries attempt to attract foreign direct investment by creation of infrastructures. But literature indicates that foreign direct investment can affe MoreAccording to importance of foreign direct investment effects on domestic investment financing, growth and development, countries attempt to attract foreign direct investment by creation of infrastructures. But literature indicates that foreign direct investment can affect domestic investment negatively. However, a key question is whether foreign direct investment crowd in or out domestic investment, and how foreign direct investment affects domestic investment in good governance and political freedom situation? So that, the aim of this paper is to research effects of foreign direct investment and good governance and political freedom on domestic investment in IRAN outlook documents countries by GMM model in 1996-2016 periods. Detected results indicate that foreign direct investment has crowding out effects on domestic investment in model without good governance and political freedom and model with political freedom index. In the model with good governance index foreign direct investment has neutral effect on domestic investment in IRAN outlook documents countries. Manuscript profile -
Open Access Article
324 - Study of the Knowledge and Content Flows of Articles in the Journal of Advances in Finance and Investment
kazem Dehnad Abtin Boostani Hamid GhandiPurpose: The aim of this research was to examine the scholarly and content trends of articles published in the journal "Advances in Finance and Investment," as one of the scientific publications in the field of finance and investment in Iran, from its inception until th MorePurpose: The aim of this research was to examine the scholarly and content trends of articles published in the journal "Advances in Finance and Investment," as one of the scientific publications in the field of finance and investment in Iran, from its inception until the end of 1401. Through identifying the characteristics of the information recorded in the articles, this study assists journal managers in identifying the strengths and weaknesses of the journal.Research Methodology: This study employed a quantitative content analysis method and falls under the domain of scientometrics. The statistical population of the research included all articles published in the journal "Advances in Finance and Investment," and they were all selected as the sample. The data were collected using bibliographic citation analysis and were statistically analyzed using Microsoft Excel.Findings: The results of the research indicated that during the 3-year period under investigation, there were 60 published article titles with the participation of 170 authors. Among these authors, 66% held specialized doctoral degrees, and 18% were doctoral students, placing them at the top of the list of authors in this journal. Furthermore, the Islamic Azad University, Science and Research Branch, held the foremost position with 9 published articles, while the Islamic Azad Universities of Tehran South, Damavand, and Masjed Soleiman each held the second position with 8 published articles. In terms of the thematic focus of the articles, 28% of the works were related to investment and markets, followed by financial markets and institutions with 27%. Additionally, out of a total of 2,308 cited sources in the articles, 73% were in English, and 27% were in Persian.Originality/Value: This research possesses both originality and scientific value, as it provided reliable results about the articles in the journal "Advances in Finance and Investment" using a quantitative content analysis approach. The information obtained from this study helps journal managers improve the scholarly and content trends of the journal and identify its strengths and weaknesses. Moreover, through the examination of author participation in terms of specialization and the ranking of universities and educational institutions, this research has substantiated its scientific and practical value. Manuscript profile -
Open Access Article
325 - Selecting the optimal model for impact of external financing variables on voluntary discretionary accruals in companies with high and low investment opportunities
Omid Sabaghiyan Toosi Zahra Moradi Shohreh YazdaniPurpose: This study explaining the effect of external financing on voluntary discretionary accruals in companies with high and low investment opportunities. In this research, the data of 320 companies during the years 2011-2021 have been analyzed using eviews econometri MorePurpose: This study explaining the effect of external financing on voluntary discretionary accruals in companies with high and low investment opportunities. In this research, the data of 320 companies during the years 2011-2021 have been analyzed using eviews econometric software.Methodology: To test the sub-hypotheses using the middle of 4 methods (MEQLDTA), (MB), (EQGMEQLD) and (Growth PPE), the statistical population was classified into two groups of companies with high and low investment opportunities. Then the hypotheses were tested using unstructured estimation and ordinary least squares (OLS) methods and maximum likelihood logarithm (ARMA).Findings: Results of group hypotheses: There is a positive significate relationship between the use of voluntary discretionary accruals and external financing in companies with high investment opportunities, that are separated by MEQLDTA method and there is a negative significate relationship with GROWTHPPE method, but there is a no significate relationship in other methods. Results of group hypotheses: There is a negative significate relationship between the use of voluntary discretionary accruals and external financing in companies with low investment opportunities, that are separated by PPEQGMEQLD method and there is a positive significate relationship with GROWTHPPE method, but there is a no significate relationship in other methods. Based on and D-W coefficients, optimal models were selected in companies with high and low investment opportunities..Originality / Value: To achieve the optimal investment opportunities, it is recommended to pay attention to the company's financing method in high and low investment opportunities. Manuscript profile -
Open Access Article
326 - Designing paradigmatic model of investors' behavior at the capital market with an emphasis on local indicators
Morteza Maryami Yaghoubian Ali Najafi Moghaddam Farideh Haghshenas Kashani Bita NasrollahiPurpose: The general goal of this research is to provide a model to explain the behavior of real investors in the Iranian capital market with an emphasis on local indicators.Methodology: The research is done using applied and qualitative method based on grounded data th MorePurpose: The general goal of this research is to provide a model to explain the behavior of real investors in the Iranian capital market with an emphasis on local indicators.Methodology: The research is done using applied and qualitative method based on grounded data theory technique. Data were collected through semi-structured interviews and theoretical sampling continued until the categories were saturated. Then, based on the theoretical systematic approach of Strauss and Corbin in the three main steps of open, central and selective coding, the paradigm model of investors' behavior was presented with emphasis on local indicators.Findings: The findings showed that the central category of the paradigm model and the causal conditions affecting the behavior of investors, in terms of background and involved factors, are placed in two main groups: behavioral-psychological and demographic factors, which are 19 categories of behavioral and psychological factors and demographic factors. 5 categories have the most importance on the behavior of investors.Originality / Value: In many studies, only the semi-conscious aspect of the mind and with medical equipment has been addressed. While in this study, the conscious and alert aspects of investors' minds have been analyzed. Manuscript profile -
Open Access Article
327 - A review of investment ethics with the approach of financial crises
Ali Hazaveh Mahdi Madanchi ZajPurpose: The purpose of this research is to create a model of ethical decision-making that applies to accountants and the accounting profession. In this research, an integrated pattern of five factors affecting ethical decision-making by accountants was identified, whic MorePurpose: The purpose of this research is to create a model of ethical decision-making that applies to accountants and the accounting profession. In this research, an integrated pattern of five factors affecting ethical decision-making by accountants was identified, which include professional codes of conduct, philosophical orientation, religious orientation, values derived from culture, and moral maturity.Research Methodology: The present study is a review study in which the articles indexed in scientific databases such as Academic Jihad Scientific Information Center, Marja Danesh, Noor specialized magazines database and financial analysis publication were made. Research texts from 1992 to the end of 2023 have been examined. In this study, the researchers searched and extracted the valid English articles from the valid electronic sources by using the determined keywords, and by examining the full texts of these articles, they described the obtained data in a classified manner.Findings: According to the findings of the research, most of the financial crises are caused by the non-observance of ethics in decision-making processes, and following ethical principles in decisions and professional behavior can prevent society from moving towards financial crises in the long term.Originality / Value: Based on the findings of the research, it was finally determined that the ethical requirements in investment is one of the categories of the model of ethics in investing in the financial crisis. The organization and development of the capital market depends on the regulation of the structure of the financial market in accordance with the macroeconomic characteristics and the coordinates of the companies active in the country's economy. Manuscript profile -
Open Access Article
328 - Growth opportunity and investment policy considering the role of managerial incentives in Iran's capital market
Meysam DoaeiObjective: This study examines the relationship between growth opportunities and investment policy, considering the role of managerial incentives within a sample of firms listed on the Tehran Stock Exchange and the Iran Fara Bourse. Methodology: This research is appl MoreObjective: This study examines the relationship between growth opportunities and investment policy, considering the role of managerial incentives within a sample of firms listed on the Tehran Stock Exchange and the Iran Fara Bourse. Methodology: This research is applied in goal, quantitative in data type, inductive in logic, and descriptive-correlational in its implementation. Using library resources, relationships between variables were tested using correlation models and multiple regression with a dynamic panel approach. Initially, data collected were organized and processed in Excel, and subsequently, the R statistical software was employed for data analysis. Findings: Statistical analysis and regression estimates indicate that there is a significant relationship between growth opportunities and investment in both tangible and intangible assets. Furthermore, managerial incentives moderate the relationship between growth opportunities and investments in both types of assets. Originality/Scientific Value: The innovation of this research lies in identifying the role of managerial incentives in the relationship between growth opportunities and investment policy in Iran's capital market. Manuscript profile -
Open Access Article
329 - Application of Alternative Dispute Resolution (ADR) in International Economic Law
morteza karkhaneh Mohammadreza hosseini Mohammadali Solhchi haybatallah najandimaneshAlternative Dispute Settlement (ADR) phrase is a common term that refers to peaceful and out-of-court dispute settlement. In this way, the parties to the dispute, instead of resorting to the courts, settle their claims by a third party or in a manner they consider appro MoreAlternative Dispute Settlement (ADR) phrase is a common term that refers to peaceful and out-of-court dispute settlement. In this way, the parties to the dispute, instead of resorting to the courts, settle their claims by a third party or in a manner they consider appropriate. The most important kinds of this method are: arbitration, negotiation, mediation, conciliation, Amiable Composition, and combinatorial methods. On the other hand, international economic law covers a wide range of areas including financial and banking law, commerce and foreign investment law. The key question of this study is what is the notion of alternative methods? And how we can effective and efficiently the resolving disputes arising from economic law? This study uses a descriptive-analytical method and its results show that the origin of international economic disputes is mainly due to the interpretation or performance of commercial contracts and banking and financial agreements, disputes arising out of expropriation, or deny of services. Because of international economic law subjects are diverse and even include natural persons, disputes are very complex; the parties to the disputes are usually reluctant to refer disputes to state courts and judicial authorities, thus using alternative means to resolve their disputes. Manuscript profile -
Open Access Article
330 - Diplomatic Development of Qatar; from Conservative Neutrality to Smart Penetration
Behnam SarkheyilIn coordination with new phenomena and changes, dipiomaey also has involved changes and the international actors, in regard to adopting themselves with future conditions, use the novel perspectives of diplomacy to creat opportunities and change them to useful situations MoreIn coordination with new phenomena and changes, dipiomaey also has involved changes and the international actors, in regard to adopting themselves with future conditions, use the novel perspectives of diplomacy to creat opportunities and change them to useful situations. From this view, as much as the concept of diplomacy and its related subsystems are to be more comprehensive, the foreign policy of governments will be more effective. Thus, studying, recognizing and explaining diplomatic movements of other active actors such as Qatar governemet (which inspite of having no some relative components of power such as population and land extent) is one of the important methods to realize the international interactions. The main question of present article is studying the behavioristic obligations, novel diplomatic ways and necessaties of Qatare government and which diplomatic approach has been considered by Duha to act as effectively as possible. The hypothesis of this research is the effective use of new diplomatic domains such as economic, educational, mass media and mediative diplomacy, additionally, programs like importing external capital, facilitating business, developing tourism, getting access to modern science and technology, international imagery by Qatar govenement. The research method is of a descriptive- analytic and qualitative type. Manuscript profile -
Open Access Article
331 - Risk perception, behavioral biases and investment decisions
Hanieh Jaberi Seyed Javad dellavari@razi.ac.ir Saman MohamadiBehavioral finance is one of the key topics in the field of finance and economics, which has a special attraction for scientific research. One of the determining factors of market movements is the sentiments of investors. In this context, it is important to study the ro MoreBehavioral finance is one of the key topics in the field of finance and economics, which has a special attraction for scientific research. One of the determining factors of market movements is the sentiments of investors. In this context, it is important to study the role of behavioral biases in shaping investors' decisions and its impact on market efficiency. The current research seeks to find the effect of the most important behavioral biases, the effect of tendency and herd behavior, considering the factor of risk perception on investors' decisions. The data of this research was collected through a questionnaire that was distributed among 384 stock market investors, also partial least square (PLS) method was used to analyze the data. The results showed that the effect of desire, herd behavior and risk perception have a positive and significant effect on investment decisions. Also, there is a negative and significant relationship between the effect of willingness and risk perception, finally it was found that herd behavior also has a significant effect on risk perception. In general, these results emphasize that behavioral and cognitive factors have an important impact on investment decisions. Manuscript profile -
Open Access Article
332 - The effect of personality traits on investment decisions with the mediating role of risk tolerance
Arezou Pouresgandar Raziabad Alireza Fazlzadeh Vahid Ahmadian Sajad NaghdiPurpose: The aim of this research was to investigate the effect of personality traits on investment decisions with the mediating role of risk tolerance in the Tehran Stock Exchange. Research Methodology: This research was conducted in 2022 and is of an applied nature, MorePurpose: The aim of this research was to investigate the effect of personality traits on investment decisions with the mediating role of risk tolerance in the Tehran Stock Exchange. Research Methodology: This research was conducted in 2022 and is of an applied nature, employing a descriptive-survey methodology. The statistical population of this research includes all individual investors in the Tehran Stock Exchange. The sample size in this study is 386 individuals. Data collection was carried out using a standard Likert scale questionnaire. The validity of the questionnaire was confirmed through content validity, and its reliability was verified using Cronbach's alpha. Data analysis was performed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) approach, facilitated by SPSS and SMARTPLS software. Findings: The results showed that personality traits significantly affect investment decisions and risk tolerance. Furthermore, risk tolerance significantly impacts investment decisions and mediates the relationship between personality traits and investment decisions. Originality / Value: The scientific contribution of this research lies in using risk tolerance as a mediating variable to examine the effect of personality traits on investment decisions. Additionally, the use of structural modeling with the Partial Least Squares approach, aided by SMARTPLS software, is highlighted. Manuscript profile -
Open Access Article
333 - Investigating the Mediating Role of Comparability of Financial Statements on the Relationship between Managers' Opportunistic Behavior and Investors' Divergence of Opinions
mohsen tohidloo علی بیات Ali Mohammadi VAHAB ROSTAMIBeliefs and emotional tendencies of investors can influence the direction of trading volumes and stock market prices by creating changes in the capital market environment. This paper has investigated the mediating role of comparability of financial statements on the rel MoreBeliefs and emotional tendencies of investors can influence the direction of trading volumes and stock market prices by creating changes in the capital market environment. This paper has investigated the mediating role of comparability of financial statements on the relationship between managers' opportunistic behavior and investors' divergence of opinions. This research was conducted post-event and using the causal correlation method. The companies listed to the Tehran Stock Exchange. formed the statistical population of the research, and by applying the desired conditions and systematically removing, it we used information of from 134 companies as a research sample in the period of 2014 to 2023. Divergence of investors' behavior has been calculated using the index of unexpected trading volume and managers' opportunistic behaviors have been measured by two factors of real earnings management and managers' overconfidence. The findings indicated that earnings management and management overconfidence have a direct and significant relationship with the divergence of investors' behavior. Also, the comparability of financial statements moderates the positive relationship between real earnings management and management's overconfidence on the divergence of investors' behavior regarding determining the correct figure of the intrinsic value of stocks while making investment decisions. Manuscript profile -
Open Access Article
334 - Explaining the behavioral pattern of investors' decision-making in the country's capital market
Reza Sotudeh alireza Hirad bahareh Barahoi PirniaInvestigating and analyzing the behavioral finance of investors is one of the emerging topics in the field of financial management. The main goal of the current research is to explain the pattern and finally to rank the decision-making behavioral components of the count MoreInvestigating and analyzing the behavioral finance of investors is one of the emerging topics in the field of financial management. The main goal of the current research is to explain the pattern and finally to rank the decision-making behavioral components of the country's capital market investors. The method of qualitative research was conducted through content analysis and interviews with 18 professional and university experts in 2023. According to the results of the research on the decision-making behavior pattern of investors in the country's capital market, it includes eight components: the tendency to measure risk, the tendency to maintain and protect capital, the tendency to search for information, the tendency to make quick decisions, the tendency to economic behavior, the tendency To group thinking, the component is the desire to change and the component is the desire to self-confidence. Also, 31 indicators were counted. Based on the results of Friedman's test, the component of willingness to measure risk ranks first, the component of willingness to maintain and protect capital ranks second, the tendency to search for information ranks third, the component of willingness to make quick decisions ranks fourth, the component of willingness to economic behavior in The fifth rank, the component of tendency to group thinking was ranked sixth, the component of tendency to change was ranked seventh, and the component of tendency to self-confidence was ranked eighth. Manuscript profile -
Open Access Article
335 - A model for institutionalizing innovation management among faculty members of Islamic Azad universities Case: Azad University, Research Sciences Branch, Tehran
Azadeh Motalebi axtar jamali Nader Ghourchian Kamran mohamadkhaniThis research is conducted to provide a model for institutionalizing innovation management in education for universities and higher education institutions of the country. For this purpose, based on the research literature, a list of dimensions and components of innovati MoreThis research is conducted to provide a model for institutionalizing innovation management in education for universities and higher education institutions of the country. For this purpose, based on the research literature, a list of dimensions and components of innovation management in the field of education of Islamic Azad University, Science and Research Branch, has been prepared. The present study has been quantitative and qualitative in terms of data type and in terms of collecting data has been descriptive survey. In the quantitative section, a sample of 285 faculty members was selected through random-stratified sampling method from the faculty members of Islamic Azad University, Tehran Research and Science Branch. According to the official statistics of Islamic Azad University, 1100 students were in the academic year 2018-2019. A researcher-made questionnaire was used to collect data. The formal validity of the questionnaires was investigated and confirmed by the experimental implementation and judgment of experts, and the construct validity through factor analysis. The reliability of the questionnaire was also calculated by Cronbach's alpha coefficient (89.0). To analyze the data, SPSS and AMOS software was used and to provide the final model of the research, modeling of measuring was used and for fitting model in the structural equation modeling technique, statistical tests including exploratory factor analysis and confirmatory factor analysis and Kendall's tau test were used. The following results were obtained and 9 dimensions, 40 components and 50 indicators were extracted. Manuscript profile -
Open Access Article
336 - The relationship between Abnormal Investment and Performance in Different Stages of the Life Cycle of Companies (Case Study: Companies Listed on the Tehran Stock Exchange)
Mohammadreza Abbasi Astamal Yalda HasannpourThe present study investigates the relationship between abnormal investment and performance in different stages of the companies' life cycle.This research is practical in terms of purpose and in terms of methodology, the correlation is of the causal type (after event). MoreThe present study investigates the relationship between abnormal investment and performance in different stages of the companies' life cycle.This research is practical in terms of purpose and in terms of methodology, the correlation is of the causal type (after event). The systematic elimination sampling, 128 companies were selected as sample and were investigated in the period of 8 years between 2013 and 2020. The method used to collect information is a library and data are collected for measuring variables from the codal website and corporate financial statements and in Excel, basic calculations have been made then, to test the hypotheses of the software stata was used. The results of the research show that there is a direct relationship between abnormal returns and company performance. However, there is an inverse relationship between unusual investment and company performance. There is no relationship between abnormal returns and company performance in the growth phase. Also, there is no relationship between abnormal investment and company performance in the growth phase. But, there is a direct relationship between abnormal returns and firm performance at maturity. There is no correlation between abnormal investment and firm performance at maturity. There is a direct relationship between abnormal returns and company performance in the downturn phase. There is an inverse relationship between abnormal investment and the company's performance in the downturn. Manuscript profile -
Open Access Article
337 - Identifying the cause and effect circles of investing in the sports industry by determining the effect of economic growth
Elnaz Sadeghi dizaj Mohammad Rahim Najafzadeh Jafar Barghi Moghadam َAli Reza Bafandeh ZendehOne of the most important indicators of real development and progress of countries is sports. Considering the gap of a comprehensive model in the organizations of the country and consequently the sports industry, in order to use the potential of investment and planning MoreOne of the most important indicators of real development and progress of countries is sports. Considering the gap of a comprehensive model in the organizations of the country and consequently the sports industry, in order to use the potential of investment and planning to achieve economic growth, there is a need for investigation and research. Therefore, the purpose of this research was to identify the cause and effect circles of investment in the sports industry by determining the effect of economic growth based on the dynamics of the system. And they were used for the analysis based on the systemic approach and the interactions between the components and subsystems of investment in the sports industry. The participants of the research were managers and experts in the field of sports industry, 20 of whom were purposefully selected as samples. Data analysis was done using Vansim software. The results of this research show that the investment system in the sports industry has the main subsystems of commercialization, privatization, infrastructure development, sports tourism and gaps in the market. In fact, these five subsystems are under the policies of the investment system in the sports industry; In other words, the policies of the investment sector in the sports industry act as the input of these subsystems. Also, the cause and effect circles obtained from the multiple subsystems of investment in the sports industry, draw the influencing variables and how they interact with each other and provide as a basis for the solution. Manuscript profile
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