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Open Access Article

1 - Investigation of Micro and Macro of Economic Policies Factors Affecting Corporate Financial Performance
Ebrahim Alizadeh HamidReza Vakilifard Mohsen Hamidian

Financial indicators are a good measure for policymakers who want to assess the current state of the economy and predict the future. The purpose of this study was to investigate the micro and macro factors of economic policies affecting the financial performance of comp More

Financial indicators are a good measure for policymakers who want to assess the current state of the economy and predict the future. The purpose of this study was to investigate the micro and macro factors of economic policies affecting the financial performance of companies. Fuzzy Delphi fan research method and in the second stage to prioritize the indicators and determine the internal relationships between the indicators, the fuzzy dimtel method was used to systematically and comprehensively study to identify all the measures that may affect the profitability stability and other basic indicators. Financial performance is effective and a complete database of these metrics is provided. The results showed that the four most effective factors on the performance of companies among micro-financial factors according to experts, respectively, were the value of the company to debt, asset growth, income size and liquidity of assets. Also, the four most effective factors on the performance of companies among microeconomic factors according to experts, respectively, were the total index, price index, cash return index and industry index. And the four most influential factors on the performance of companies among macroeconomic factors have been production growth, investment growth, exchange rate fluctuations and financial instability, respectively. Manuscript profile

Open Access Article

2 - A comprehensive Model Including Macro and Micro Factors Affecting Investment Motives in Stock Exchange Market
Ali Mohammadi Firouzeh Setoudeh

As previous researches have shown, investors in stock exchange market are affectedby various factors. Therefore this research is aimed to identify and rank these influentialfactors. For this purpose a general model including macro (political and economical) andmicro (en More

As previous researches have shown, investors in stock exchange market are affectedby various factors. Therefore this research is aimed to identify and rank these influentialfactors. For this purpose a general model including macro (political and economical) andmicro (enterprise information, market information and psychological variables) factors isintroduced. Questionnaire was formed by a synthesis of existing constructs in relevantliterature. Reliability tests and statistical analyses were performed to confirm scalevalidity and reliability and to answer the research questions. Structural equation modelwas applied for this purpose. Statistical analyses revealed that, except for scientificanalysis (technical and fundamental) all the factors are positively and significantly relatedto investment motives. Also Friedman test showed that financial information, politicalfactors and trade information are most influential factors in investor’s motive. It worth tomention that this general model has been used for the first time and previous studies havebeen considered a part of these variables. Manuscript profile

Open Access Article

3 - Mechanism of impulse effects of oil price, macroeconomic factors and political effects of embargo on energy market, unemployment, budget deficit and business cycles of the country
mohammad taghizadeh marjan damankeshideh hooshang momeni majed afshari rad

This article explains the impact of oil price impulses, macroeconomic factors and the political effects of sanctions on the energy market, unemployment, budget deficit and business periods of the country for the years 1984-2020. Based on the SVAR model estimation result More

This article explains the impact of oil price impulses, macroeconomic factors and the political effects of sanctions on the energy market, unemployment, budget deficit and business periods of the country for the years 1984-2020. Based on the SVAR model estimation results; An impulse from the oil price area increases the production gap by 13% and an impulse from the exchange rate increases the production gap by 8%. The results also show that an impulse from the years of embargo in the country's oil income, the government budget deficit and the unemployment rate increase the production gap by 1, 4 and 32 percent, respectively. Also, based on the results of variance analysis, 65.71% of the production gap is related to oil price impulses, 0.08% is related to foreign exchange impulse, 5.55% is related to the impulse of the sanctions years in the country's oil income, 6.34% is related to the export impulse. Nafti, 14.16 percent was related to budget deficit impulse and 6.24 percent was related to unemployment impulse. Therefore, the gap between production and supply and export of oil in our country does not move in the same direction. It seems that the creation of a suitable theoretical relationship between the discussed variables in our country is more than affected by the current economic policies of the government, it is undergoing fundamental changes in the structure and political and economic conditions. Therefore, the more the impulse effects increase in the country, the amount of investment in the production sector will decrease and it will worsen the country's production situation and cause the production to move away from the main path, so the government's attention to investment in the production and export sectors. It is necessary. Manuscript profile

Open Access Article

4 - Investigation of Micro and Macro Economic Factors Affecting Corporate Financial Performance: A Fuzzy Dimensional Approach
Ebrahim Alizadeh HamidReza Vakilifard mohsen hamidian

Financial indicators are good benchmarks for policymakers who want to assess the current state of the economy and predict the future, especially for creditors and the central bank, and there are several reasons to justify this. The data on which the financial indices ar More

Financial indicators are good benchmarks for policymakers who want to assess the current state of the economy and predict the future, especially for creditors and the central bank, and there are several reasons to justify this. The data on which the financial indices are calculated is essentially defined by looking at the future and possibly taking into account market expectations of the macro data. Financial indicators may also directly affect the future state of the economy or be influenced by macroeconomic and micro indicators. This study attempts to conduct a systematic and comprehensive study to identify all the measures that may be likely to affect profitability and other key indicators of financial performance and provide a complete database of these measures. For this purpose, a combination of knowledge domain and content analysis methods has been used to select effective metrics. Finally, the most effective factors are determined through interviews with experts and the fuzzy DEMATEL method. Manuscript profile

Open Access Article

5 - Shock Modeling of Influencing Variables on Stock Return Forecasting with the Approach of BMA-BVR Models
Majid Abdi Seied Atefe Hosseini Amir Gholam Abri

10.30495/eco.2022.1972863.2706

The purpose of the research is to predict stock returns using Bayesian averaging and BVAR. The current research is based on the applied research method and MATLAB 2021 and EVIEWS12 have been used to estimate the model. The time period of the research includes the years More

The purpose of the research is to predict stock returns using Bayesian averaging and BVAR. The current research is based on the applied research method and MATLAB 2021 and EVIEWS12 have been used to estimate the model. The time period of the research includes the years 2010 to 2019. First, 11 non-fragile variables out of 64 entered variables were identified with the Bayesian averaging model approach. Based on the results of the current ratio; ROE; P/E; oil revenue; The increasing coefficient of money in the whole period has a positive effect and inflation fluctuation variables; debt ratio; fluctuation of GDP growth; unofficial market exchange rate; Interest rate and systematic risk have a negative effect on yield in the whole period. Based on the results of variance analysis, the most explanatory of changes in stock returns is caused by the variable itself (20 percent), followed by interest rate variables (14 percent); Inflation volatility (13 percent) and debt ratio and systematic risk (10 percent) have the highest effect in explaining yield changes. Manuscript profile

Open Access Article

6 - Bank and Macroeconomic Variables Efficiency in Risk Management
Mohsen Mehrara Mehdi Mehran far

This study investigates the factors affecting risk management efficiency of banking industry during 2001-2009, taking 15 public and private operating banks in Iran. For this purpose, capital adequacy ratio is considered as risk management efficiency indicator and other More

This study investigates the factors affecting risk management efficiency of banking industry during 2001-2009, taking 15 public and private operating banks in Iran. For this purpose, capital adequacy ratio is considered as risk management efficiency indicator and other determinants are divided into bank specific indicators and macroeconomic variables. Empirical results represent a positive relationship between the liquidity, profitability, operating efficiency, economic growth and capital adequacy ratio while credit risk and inflation rates have a negative effect on capital adequacy ratio as an indicator of risk management efficiency in banks. Manuscript profile

Open Access Article

7 - The Effects of Targeted Subsidies on Iindustry and Mine Sector (A Computable General Equilibrium Approach)
مهرداد نعمتی سید علی اکبر طباطبایی

This article seeks to analyze the effects of targeted energy subsidies on the industrial sector. For this purpose, the Computable General Equilibrium model was used.At the sector level, the combination of increases in energy prices, exchange rates and interest rates hav More

This article seeks to analyze the effects of targeted energy subsidies on the industrial sector. For this purpose, the Computable General Equilibrium model was used.At the sector level, the combination of increases in energy prices, exchange rates and interest rates have been a total of eight scenarios. In scenario increase in energy prices (4 scenarios) employment of labor in the mining and services sectors increased, but in agriculture and industry sectors is reduced. Production of industrial sectors, mining and services will increase in all four scenarios. In all four scenarios to reduce agricultural exports, but exports of industrial, mining and services increases. In scenario increase in energy prices and 81 percent increase in exchange rate, employment for services and mining sectors is increasing, but employment in the industrial and agriculture sectors decreases.Results show that increasing exchange rate with the increase in energy prices offset part of the negative effects of rising prices on exports and is also part of the negative effects of rising energy prices on production also compensates. Manuscript profile

Open Access Article

8 - Identifying and Ranking Factors Affecting Shareholders' Decision to Invest in the Iranian Stock Exchange
fatemeh khaksarian keyhan azadi Seyed Mozaffar Mirbargkar

Shareholders 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 More

Shareholders 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

9 - Stock return prediction modeling, a new approach to Bayesian dynamic averaging models and time-varying parameters
Majid Abdi Seyedeh Atefeh Hosseini Amir Gholam Abri

10.30495/afi.2022.1970890.1160

Purpose: The current research seeks to provide a stock return prediction model using micro, market level and macroeconomic data.Methodology: The current research is applied in terms of research methodology. Bayesian averaging model and TVP_FAVAR were estimated in MATLAB More

Purpose: The current research seeks to provide a stock return prediction model using micro, market level and macroeconomic data.Methodology: The current research is applied in terms of research methodology. Bayesian averaging model and TVP_FAVAR were estimated in MATLAB 2021 software environment. The time frame of the research includes the period of 2011 to 2021.Findings: According to the output, variables at the micro level, market level and macro economy affect this index; Also, based on the results of the TVPFAVAR model, it was observed that the effect of the effective variables on stock returns is generally positive and strong, and this effect is generally stronger in the long term than in the short term.Originality / Value: 64 variables affecting stock returns in three groups at the micro, market and macroeconomic levels were entered into the model, and then using the Bayesian averaging model approach, 11 non-fragile variables affecting stock returns, which are current ratio, ratio debt, rate of return on equity; Price-profit ratio, oil income, GDP growth fluctuation, informal market exchange rate, inflation fluctuation, money multiplier, interest rate and systematic risk were identified. For this purpose, to solve the problem of traditional models that do not have the ability to identify the most important variables affecting stock returns, the Bayesian averaging method and the generalized vector autoregression method of the time variable parameter have been used. Manuscript profile

Open Access Article

10 - Investigating the effect of macroeconomic factors on cash holding in Tehran stock exchange
Hadi Memari Seyyed Mozaffar Mirbargkar Mohammad Reza Vatanparast

10.30495/afi.2023.1982853.1214

Purpose: The purpose of this research is to investigate the effect of macroeconomic factors on cash holding in companies listed on the Tehran Stock Exchange.Research methodology: A sample of 151 companies admitted to the Tehran Stock Exchange was selected between 2008 a More

Purpose: The purpose of this research is to investigate the effect of macroeconomic factors on cash holding in companies listed on the Tehran Stock Exchange.Research methodology: A sample of 151 companies admitted to the Tehran Stock Exchange was selected between 2008 and 2018. Then, using inferential statistics methods, 6 hypotheses related to macroeconomic factors were investigated.Findings: Interest rate, recession, gross domestic product, economic liquidity, exchange rate and inflation had an effect on cash holding, so that the factors of interest rate and gross domestic product had an inverse and significant effect on cash holding and Recession, economic liquidity, exchange rate and inflation had a positive and significant effect on cash holding.Originality / value: The current research develops previous studies in the field of cash holding and improves the existing knowledge in the field of cash management in companies. In this study, the effect of macroeconomic factors on cash holding in Tehran Stock Exchange companies over a period of time has been investigated. Also, the effect of factors such as GDP, economic liquidity and exchange rate on cash retention was investigated for the first time in Iran. The results of the research can be a guide for newly established companies in terms of effective cash holding policy. Manuscript profile

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