Diversification

Open Access Article

1 - Design and Implementation of an Appropriate Model for Allocating Bank Loans
M. E. Mohammad Pourzarandi M. Minouei H. Nikoomaram

One of the main activities of the commercial banks is to offer financial facilities. Usually, these financialfacilities are considered as a main asset and a primary source for bank revenues. These facilities can alsobring most risks for the banks. Two major activities o More

One of the main activities of the commercial banks is to offer financial facilities. Usually, these financialfacilities are considered as a main asset and a primary source for bank revenues. These facilities can alsobring most risks for the banks. Two major activities of each bank are to attract and lend out funds. Thesuccession degree of a bank extremely depends on the optimum allocation of the funds. The aims of thisresearch consist on designing a mathematical model to optimize the allocation of funds for commercialbanks, designing a software for portfolio management of facilities, attracting profitable customers anddecreasing delayed or unpaid debts. In This research, Islamic contracts are used for modeling and the creditrisk is defined by the probability of a costumer's default. To avoid complication of the model and problemsolutions, which are caused by the plurality of the decision making variables and the constraints, a linearprogramming model have been used. The statistical population is state commercial banks and the sample isthe Bank of Mellat, using the year 2004 data. The main reason to choose the Bank of Mellat wereaccessibility and availability of the statistical data and bank information. The Designed model and thesoftware attained from this research can be used in all commercial banks and financial and credit institutions. Manuscript profile

Open Access Article

2 - The U.S.A Strategy about Energy
Abolghasem Taheri

The U.S. energy Policy, independence reduction, diversification and utilizing new energies areamong the U.S. measures to reinforce its presence in oil-bearing regions.

The U.S. energy Policy, independence reduction, diversification and utilizing new energies areamong the U.S. measures to reinforce its presence in oil-bearing regions. Manuscript profile

Open Access Article

3 - Assay the Effect of revenue Diversification on performance in Accepted Banks in Tehran Stock Exchange
seyed kazem Ebrahimi Mehri Shahriyari Soheyla Mehman-navazan

To create diversified revenue strategies for the purpose of value and performance improvement has become vital due to the globalization of the banking industry.This article investigates the effect of revenue Diversification on Performance in Accepted Banks in Tehran Sto More

To create diversified revenue strategies for the purpose of value and performance improvement has become vital due to the globalization of the banking industry.This article investigates the effect of revenue Diversification on Performance in Accepted Banks in Tehran Stock Exchange from 1388 until the end of 1392. The population of the study are the accepted banks in Tehran Stock Exchange.Variables needed to use the software Excel calculated and then through multiple regressions, using Eviews software and Fisher F test research hypotheses were testedWith this study, it was found that revenue Diversification and ROA have a positive impact and cost- to- income have a negative impact on bank performance. The results show that equity and bank size have no effect on the Bank's Performance. Manuscript profile

Open Access Article

4 - Diversification and Financial Performance in Bursa Malaysia
M. Doaei M. Ahmad Anuar Z. Ismail

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Open Access Article

5 - Investigating the Relationship between Discretionary Accruals and Total, Relevant, or Irrelevant Diversification at Companies Listed in Tehran Stock Exchange
Akram Taftian S. Zahra Mirbagheri Mahdeye Hasani Sadrabadi

Diversification is regarded as a growth and development method for organizations and a major strategy for multi-business corporations. Businesses can be created and developed through relevant or irrelevant diversification. Relevant diversification will let a business be More

Diversification is regarded as a growth and development method for organizations and a major strategy for multi-business corporations. Businesses can be created and developed through relevant or irrelevant diversification. Relevant diversification will let a business benefit from synergy or common resources. The aim of this study was to analyze the relationship between discretionary accruals and total, relevant, or irrelevant diversification at companies listed in Tehran Stock Exchange. This is a correlational-causal (post-event) applied study in which the statistical population included the companies listed in Tehran Stock Exchange. A sampling method was employed to select 81 companies from 2005 to 2017. Then the regularized least squares regression was used in Eviews to test the research hypotheses. According to the results, there was a negative and significant relationship between discretionary accruals and total, relevant, or irrelevant diversification. In other words, increasing at Companies Listed in Tehran Stock Exchange diversification decreased discretionary accruals. Manuscript profile

Open Access Article

6 - The Role of Non-Agricultural Incomes in Food Security of Rural Households
M. Charaghi M. Ghadiri Masom M. R. Rezvani

Introduction: Food security in rural society is one of the main objectives of rural development program in all the countries. Therefore development of non-agricultural incomes in rural areas can expand the rural society due to the additional source of income where a bet More

Introduction: Food security in rural society is one of the main objectives of rural development program in all the countries. Therefore development of non-agricultural incomes in rural areas can expand the rural society due to the additional source of income where a better access to resources namely food might be achieved. This study is concerned with the effects of non-agricultural incomes on food security in rural households. Materials and Methods: The population of rural area in the province of Zanjan in 2011, consisted of 97,225 people, 26,429 households scattered in 13 districts and 248 villages. 54 villages were selected according to the modified Cochran formulas. Data collection was obtained by questionnaire for statistical analysis, descriptive statistics (mean and standard deviation) and inferential statistics (Jonckheere test and multiple regression) and applied to calculate the amount of food security and food insecurity scales. Results: The results indicated that 31.73% of the households have food security while 43.10% do not have the security but without hunger. The results also indicated that 15.52% of the households who do not have food security have moderate hunger while 9.65% of the households without food security have severe hunger. Conclusion: This study has concluded that the non-agricultural incomes in the rural areas can improve the food security and the quality of life. Manuscript profile

Open Access Article

7 - Impact of portfolio diversification on the performance of holding companies based on modern and modernized theories of portfolios
ali farhadian

Over 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 More

Over 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

8 - The Effect of Portfolio Diversification on Value at Risk in Tehran Stock Exchange (TSE)
Ali Rostami Narges Niknia

The concept of risk always attracted investors.Diversification is one of strategies that investors used it to against the risk. This research explores the risk associated with the stocks prices in the twenty-two companies that are listed in Tehran Stock Exchange (TSE) & More

The concept of risk always attracted investors.Diversification is one of strategies that investors used it to against the risk. This research explores the risk associated with the stocks prices in the twenty-two companies that are listed in Tehran Stock Exchange (TSE)  as well as portflio of investment that are constructed from these twenty-two companies employed. In addition to national studies, the importance of international diversification by constructing a portfolio of investment from stock price indexes of emeging and developed countries would be examined.Correlation between stocks in national diversification porfolios shows the relationship between various domestic equities in investment portfolios, as well as correlation between indices, displays relationship between stock price indexes in international investment porfolio. Value at risk (VaR) is undertaken for studying the benefits associated with domestic as well as international diversification. The results show that domestic diversification reduces risk and more significient result is that international diversification significiently reduces the risk. Manuscript profile

Open Access Article

9 - Survey on the relationship between transaction activity ratio and risk, return & portfolio diversification of mutual funds
Hassan Ghalibaf Asl Maliheh Kordi

This 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 More

This 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

10 - Investigating the Impact of Diversification Strategy in Assets and Loans on Bank Risk
Mousa Bozorg Asl Alireza Akbari Masule Mohammad Javad Mohaghegh Nia Mohammad Taghi Taqhavi Fard

The realtionship between risk and diversification is an important issue in banking. This paper evaluated the impact of diversification in loans and asset on risk. Assets based on a fourfold division of assets other than loans, including fixed assets, securities, investm More

The realtionship between risk and diversification is an important issue in banking. This paper evaluated the impact of diversification in loans and asset on risk. Assets based on a fourfold division of assets other than loans, including fixed assets, securities, investment and facilities granted by economic sectors including agriculture, industry and mining, construction, housing, trade, services and export.The sample of study was 12 listed banks in Tehran Stock Exchange included Saderat, Mellat, Tejarat, Parsian, Eghtesad Novin, Pasargad, Sina, Hekmat, Day, Sarmaye, Postbank, and Karafrin. The period of study was from 2011 to 2015. The method of study was panel data that used a model for investigating the relationship between risk and diversification. Findings showed that there was a positive and significant relationship between risk and concentration. This result confirmed the traditional therory in banking about risk and diversification. Also, the results have the important policy implications to banks for decreasing risk in loans and deposits. Manuscript profile

Open Access Article

11 - A comprehensive review of inter-relationship among capital structure, free cash flow, diversification and firms’ performance (Tehran Stock Exchange)
MohammadAli Aghaei Sahar Sepasi Morteza Kazempour

The present study is a comprehensive review of the relationship between capital structure, free cash flow, diversification and firms performance. A total of 107 companies who were listed on theTehran stock exchange from 2008 to 2013 were studied. Tobin’s Q was use More

The present study is a comprehensive review of the relationship between capital structure, free cash flow, diversification and firms performance. A total of 107 companies who were listed on theTehran stock exchange from 2008 to 2013 were studied. Tobin’s Q was used to measure firm performanc, Debt leverage was used to measure capital structure and diversification was used to measure entropy. The Lehn and Poulsen (1989) model was used to measure free cash flow.The results showed that free cash flow and debt leverage had positive and significant effects on performance and that diversification had a negative and significant effect. Debt leverage had a negative and significant effect on free cash flow and free cash flow and debt leverge had a positive and significant effect on diversification.Tobin's Q index showed a negative and significant effect for diversification. Diversification and Tobin's Q index showed positive and significant effects on debt leverage. Manuscript profile

Open Access Article

12 - Efficiency and Productivity in Tehran Stock Exchange based on Diversification Strategy
Meysam Doaei Babooshka Shavazipour Mahdi Zamani Sabzi

In recent years, corporate diversification has turned into a highly controversial issue amongst numerous managers. It is contended by many that diversification is vitally important and highly effective especially when it comes to evaluating the financial performance. Th More

In recent years, corporate diversification has turned into a highly controversial issue amongst numerous managers. It is contended by many that diversification is vitally important and highly effective especially when it comes to evaluating the financial performance. There are several studies about the relationship between diversification and financial performance. However, there is no agreement that diversified firms are more efficient than focus firms. In this study, the listed firms in Tehran Stock Exchange are ranked based on their efficiency scores calculating by Data Envelopment Analysis (DEA) models. Then, by slack analysis, the proposed improvement strategies for inefficient firms have been cited. Ultimately, the Malmquist index of productivity (MIP) has been utilized to further comparison and analysis. Manuscript profile

Open Access Article

13 - Impact of Buffer capital changes on banks portfolio risk changes
Majid Zanjirard Alireza Zamanpour

Capital is one of the fundamental factors in assessing the health and stability of the banking system. On the other hands, the value of the banks’ capital has a significant effect on their competitive position. Therefore, the utility and appropriateness of the cap More

Capital is one of the fundamental factors in assessing the health and stability of the banking system. On the other hands, the value of the banks’ capital has a significant effect on their competitive position. Therefore, the utility and appropriateness of the capital base is as safe cover against a wide range of banking risks. The purpose of this study was to determine the effect of Buffer capital changes on the risk changes of banks’ portfolios. This research has been collected in term of applied methodology and accomplished transaction data in the period of five years from 2011 to 2015. The statistical   population of the study consisted of 17 with systematic elimination sampling from Stock Exchange organization. For analyzing the data, Linear Regression and Correlation tests were used Eviewse software. The research results show, changes in Buffer capital have a significant effect on portfolio risk changes and given the negative coefficient of the variable of the Buffer capital changes, there is an inverse relationship between Buffer capital changes and portfolio risk changes. Also, Buffer capital changes in interaction with the business cycle, income diversification and asset fluctuation affects banks’ portfolio risk changes.   Manuscript profile

Open Access Article

14 - ANN-DEA Approach of Corporate Diversification and Efficiency in Bursa Malaysia
Meysam Doaei Seyed Hashem Davarpanah Mahdi Sabzi

10.22034/amfa.2017.529058

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15 - The Study of the Effect of Diversification Strategy, Cost Leader-ship Strategies and Product Differentiation on Business Unit Value
Majid Davoudi Nasr Mohsen Cheraghi

10.22034/amfa.2017.529063

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Open Access Article

16 - The Relationship between Diversification Strategy, Capital Structure and Profitability in Companies Listed in the Stock Exchange by Combining the Data Line and VAR Methods
Seyedeh-Mahsa Mousavi Hanjani Seyed-Javad Iranban

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17 - The impact of meta-heuristic hybrid algorithm analysis on portfolio diversification and excess return of investment funds and its role in Islamic financial marketing
Narges Salehi Azari Shadi Shahverdiani Gholamreza Zomorodian

The purpose of this research is to investigate the impact of meta-heuristic hybrid algorithm analysis on portfolio diversification and excess returns of investment funds. In terms of method, the current research is a part of correlation research. In correlation research More

The purpose of this research is to investigate the impact of meta-heuristic hybrid algorithm analysis on portfolio diversification and excess returns of investment funds. In terms of method, the current research is a part of correlation research. In correlation research, the researcher's effort is focused on discovering or determining the relationship between one or more variables. In fact, the purpose of this method is to study the limits of changes of one or more variables with the limits of changes of one or more variables, and from the point of view of the purpose of this research, it is an applied research, the results of which can be useful for shareholders, stock exchange officials, and researchers. It is useful and in terms of the type of post-event studies that examines hypotheses based on past financial data. The statistical population of this research includes all the companies admitted to the Tehran Stock Exchange during the period of 36 months in the period from April 2019 to March 2011, which number is 591 companies based on the Rahevard software. According to the conditions and application of the aforementioned restrictions, 150 companies were selected as a sample in the 36 months ending in March 1401. By observing the results of the stock portfolio selection models with single and combined measures, we find that in all three models, the amount of risk increases with the increase in return. This shows that investors, in order to obtain more return, They are forced to accept Manuscript profile

Open Access Article

18 - Investigating the effect of corporate diversification on cash retention in companies listed on the Tehran Stock Exchange
Mahdis Alemzadeh

This study was an attempt to investigate the effect of corporate diversification on cash retention. Diversification is a risk management method that combines different types of investments. Diversification is a model for developing a company by offering diverse products More

This study was an attempt to investigate the effect of corporate diversification on cash retention. Diversification is a risk management method that combines different types of investments. Diversification is a model for developing a company by offering diverse products and services. This study is experimental and fundamental in terms of its purpose and correlational in terms of its nature. The study data were extracted from the observed values of eighty-nine stock companies during ten years from 2002 to 2021. The collected information is company-year and the purpose of the study is to test the effect of independent variables on the dependent variable to investigate the effect of corporate diversification on cash retention in companies listed on the Tehran Stock Exchange. According to the collected information and using the combined model of regression analysis, three models were fitted and three hypotheses were tested. The results obtained from the investigated models support the inverse effect of corporate diversification indices including commercial diversification index, commercial diversification dummy variable, and geographical diversification dummy variable on cash retention. A dummy variable is referred to as an indicator of technological changes at a certain point in time. However, the results did not support the effect of the geographic diversification index on cash retention. Manuscript profile

Open Access Article

19 - The effect of liquidity and diversification on choosing the optimal investment portfolio
ABBAS KHADEMPOUR ARANI Mehdi Madani Zaj AmirReza Keyqobadi QolamReza Zomorodian

Examining the results in the case where there is a liquidity cost and a diversification index in the model, shows that the industries that have more stability in their stock prices over time have more weight in the optimal portfolio. In addition, performing statistical More

Examining the results in the case where there is a liquidity cost and a diversification index in the model, shows that the industries that have more stability in their stock prices over time have more weight in the optimal portfolio. In addition, performing statistical analysis with total index return data in this case does not show the existence of a significant relationship between the average portfolio return data and the average return of the total index .By removing the cost of liquidity from the model, the examination of the output data shows that the average weight share of the petroleum products industry and the metal ore industry increases compared to the previous state, which means that these two industries are less liquid; Meanwhile, the average return and value at risk of the portfolio increases in this case. Performing statistical analysis with total index return data in this case shows a significant relationship between the average return of the portfolio and the average return of the total index. In the case of removing the diversification limit from the model, the results of the research in this case show that the average weight of the selected industries in the optimal portfolio changes, but this change is not very noticeable, and the result is that this limitation can be ignored in the model; In addition, performing statistical analysis with total index return data shows a significant relationship between the average portfolio data in this case and the average index return. Manuscript profile

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20 - Strategic Capacity of Managers Based on Job Recognition, Job Variability, Organizational Support and Job Adjustment
Alireza Mooghali Maryam Farami Rahman MoshiriZadeh

The purpose of this study was to determine the predictive model of managers' strategic ability based on professional recognition, organizational support, job diversification and job adjustment in the General Directorate of Imam Khomeini Relief Committee of Fars province More

The purpose of this study was to determine the predictive model of managers' strategic ability based on professional recognition, organizational support, job diversification and job adjustment in the General Directorate of Imam Khomeini Relief Committee of Fars province in 1397. In this study, This descriptive-correlational study was conducted. The statistical population included all employees of the General Directorate of the Imam Khomeini Relief Committee of Fars province. Morgan table was used to determine the sample size. The estimated sample was 140 people using this table. A stratified sampling method was used to select statistical sample.The direct and positive direct effect of job diversification on managers 'strategy ability was 0.75; the direct and positive effect of job support on managers' strategy ability was 0.63 The direct and positive impact of professional recognition on the ability of managers' strategy is equal to 0.79; the direct and positive effect of job adjustment on the ability of managers is equal to 0.61; the indirect and positive effects of professional recognition and the ability of managers to adjust through job adjustment The indirect and positive effects of job diversification and managers' strategy ability through job adjustment is 0.37. The direct and indirect affection of job support and the ability of managers to adjust through job matching is 311%. Professional recognition, organizational support, job diversification and job adjustment in the General Directorate of Imam Khomeini Relief Committee of Fars province are able to predict the strategic capability of managers. Manuscript profile

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21 - Diversifying finance research: From financialization to sustainability
Jamal Tavousi Abdoali Keshtegar Aminreza Kamalian

This paper seeks to overcome the apparent contradictions between global demand for sustainability and the structure of conventional financial discourse by putting forth a strategy for diversifying academic finance. It comprises four sections. We first situate academic f More

This paper seeks to overcome the apparent contradictions between global demand for sustainability and the structure of conventional financial discourse by putting forth a strategy for diversifying academic finance. It comprises four sections. We first situate academic finance within the broader spectrum of social sciences and highlight its ontological, epistemological and methodological assumptions. Second, we show that these assumptions, taken for granted within the field of finance, are the object of much debate within other fields – as is demonstrated by controversy regarding logical positivism, social ontology and performativity –which brings out the limitations of paradigmatic unity in finance. Third, we characterize diversification in finance with reference to the nested epistemological structure of scientific discourse. We argue that diversification is a process by which (i) finance research is extended to other existing paradigms in social sciences; (ii) new research metaphors are developed within the current paradigm; and (iii) puzzle-solving robustness is achieved. Fourth, I develop a research agenda for the diversification of academic finance. This agenda is broken down into themes, paradigmatic hypotheses, and research questions. Manuscript profile

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22 - The Effect of Corporate Governance on Corporate Diversification with an Emphasis on Earnings Opacity
Zahra Shekari Astyar سعید انورخطیبی

According to the agency conflicts hypothesis, managers' ability to distort and hide information depends on the degree of complexity of the organization. Companies with complex organizational environments and more agency problems have high diversification compared to oth More

According to the agency conflicts hypothesis, managers' ability to distort and hide information depends on the degree of complexity of the organization. Companies with complex organizational environments and more agency problems have high diversification compared to other companies. However, mechanisms are needed to control the opportunistic behavior of managers. Therefore, the purpose of this study is to investigate the impact of corporate governance on corporate diversification, emphasizing the lack of profit transparency in companies listed on the Tehran Stock Exchange. In this regard, 110 companies were selected for the period of 2016-2021. The purpose of applied research and its methodology is post-event type. The combined data approach has been used to test the research hypotheses. Eviews statistical software was used to test research hypotheses. The results showed that the use of corporate governance mechanisms limits managers' motivation to diversify. On the other hand, when profit opacity is high, corporate governance mechanisms are not capable enough to limit the incentive of corporate diversification. Manuscript profile

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23 - Examining the Views of Employees and Inhabitants of the Village about the Impact Woodcraft the Diversification of the Rural Economy (Case Study: Jowkar District, Malayer County and Hamedan Province)
seyed Hosein Shahed Ebrahim Fathi nia

10.30495/uf.2022.1949779.1022

Today, with the decline in natural resources in rural areas, and also the developments in the modernization of natural and human sector, particularly among the young and educated people, has led to the specifications and different views in the field of employment and in More

Today, with the decline in natural resources in rural areas, and also the developments in the modernization of natural and human sector, particularly among the young and educated people, has led to the specifications and different views in the field of employment and income arise between people. As a result, the capacity crowd of villages reduced and thus the wave of migration to the cities villagers in decades, the problems in the development of villages and towns. because of the existing workshops in the village of 9, which amounted to 150 workshop, study, and by the formula Cochrane with a margin of error of 5 percent of the 17235 people, 380 (people) of the sample volume that were selected to achieve the results of the principles and scientific 190 questionnaire practitioners of the village and 190 questionnaire was full of the village's residents. and stability them by Cronbach's method of 0.890 professionals and 0.935 residents confirmed and data collected by Excel software, gis, spss, and testing T, 5 study includes indicators of employment, income, poverty reduction, the agricultural activities and diversity of economic activities, which have after determining the appropriate for them through questionnaires. research results showed that the formation of wooden industries workshops in the countryside in order to build and strengthen the rural economy and diversify it, from the perspective of in wooden industries and residents of the village is positive and these industries have managed with differences in income index and reduce poverty exists between the two groups have a positive influence on the diversification of the economy have studied villages. Manuscript profile

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24 - Career Diversification and its existing Challenges in Sustainable Rural Development from the Perspective of Experts (Case study: Villages of Langruod County)
habib -o - lah rezadoost alireza estelaji Mohammad Sadegh Allahyari majid shareeatpanahi

In most developing countries, the agricultural sector plays an important role in generating income and job opportunities to meet the needs of rural areas. So that the lack of diversity in economic contexts and job opportunities is one of the most important features of t More

In most developing countries, the agricultural sector plays an important role in generating income and job opportunities to meet the needs of rural areas. So that the lack of diversity in economic contexts and job opportunities is one of the most important features of the country's villages. In this regard; the approach of diversifying rural economic activities should be considered as a useful solution. The aim of this study was to identify the challenges of diversification of economic activities in Langroud township . In this study, the Delphi method was used in two stages and 15 experts were purposefully selected to do this research. In order to analyze the most important challenges from the perspective of experts in this article, in the first stage, open-ended questions were used for 16 experts. In the second round, using content analysis of the results of the first stage, the second stage questionnaire was designed using the Likert scale. In this study, a panel of experts identified 113 problems in the development and diversification of rural employment. The results showed that the most important problems were "lack of close relationship between science and knowledge owners with producers and rural business owners, lack of motivation to do agricultural activities, lack of accurate, scientific and classified knowledge of employment-related officials about the concept of diversification in rural communities and lack of stability in the programs and executive policies in the villages of Langroud township" which resulted in a lack of job diversity. Manuscript profile

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25 - Factors Influencing Rural Livelihood Diversification Activities among Women in Northern Region of Ghana
Hamza Adam Henny Osbahr

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26 - Livelihood Diversification among the Agricultural Land Scarce Peasants in the Central Highlands of Ethiopia
Reta Hailu Ali Hassen

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27 - منابع درآمدی متنوع، محدودیت‌ها و روش‌ها: شواهدی از ناحیة آگارفا در جنوب شرق اتیوپی
Mideksa Fufa Jilito Eric Ndemo Okoyo Dereje Kifle Moges

کشاورزی موتور محرکة کاهش فقر و عدم‌امنیت غذایی به شمار می‌رود. بااین‌حال، بخش کشاورزی ناتوان از پاسخ به نیاز روزافزون جمعیت روستایی به غذا بوده و تحت تاثیر ریسک‌های مختلف قرار گرفته است. با اینکه راهبردهای متنوع‌سازی درآمد مکمل تولید مزرعه‌ای زراعان است، اما گسترة منابع More

کشاورزی موتور محرکة کاهش فقر و عدم‌امنیت غذایی به شمار می‌رود. بااین‌حال، بخش کشاورزی ناتوان از پاسخ به نیاز روزافزون جمعیت روستایی به غذا بوده و تحت تاثیر ریسک‌های مختلف قرار گرفته است. با اینکه راهبردهای متنوع‌سازی درآمد مکمل تولید مزرعه‌ای زراعان است، اما گسترة منابع تنوع درآمدی خانوارها و عوامل مربوطه در ناحیة آگارفا هنوز به صورت تجربی شناسایی نشده‌اند. درنتیجه، در این مطالعه به دنبال ارزیابی راهبردهای تنوع درآمد و شناسایی عوامل مؤثر بر انتخاب این راهبردها در میان خانوارهای روستایی این ناحیه بودیم. برای این منظور، 150 خانوار را با استفاده از تکنیک نمونه‌برداری تصادفی طبقه‌ای از سه بخش این ناحیه انتخاب کردیم. برای جمع‌آوری داده‌های کمّی از روش مصاحبه و برای جمع‌آوری داده‌های کیفی از روش بحث گروه متمرکز و مصاحبه با افراد مطلع استفاده کردیم. از آمار توصیفی و استنباطی نیز برای توصیف راهبردهای تنوع درآمدی بهره گرفته‌ایم. نتایج نشان می‌دهد که کشاورزی سهم اصلی را در درآمد کل خانواده‌ها دارد (89/88 درصد) و فعالیت‌های غیرمزرعه‌ای (12/10 درصد) و خارج از مزرعه (99/0 درصد) نیز در رده‌های بعدی قرار دارند. علاوه بر این، مشخص شد که میانگین شاخص‌های تنوع در خانوارهای درگیر در فعالیت‌های خانگی (67/36 ) کمتر از خانوارهای درگیر در تولید محصول (00/38320) است. بنابراین، نتیجه می‌گیریم که بخش کشاورزی به تنهایی قادر به افزایش درآمد خانوارها، تضمین امنیت غذایی و کاهش ففر در منطقة موردمطالعه نیست. بنابراین، در خط مشی‌ها و راهبردهای توسعه روستایی باید به موضوع ترویج فعالیت‌های درآمدزا در کنار فعالیت‌های کشاورزی در مناطق روستایی توجه بشود تا بتوان رفاه کلی جوامع روستایی را ارتقاء داد. Manuscript profile

Open Access Article

28 - Factors Affecting Nonfarm Income Diversification among Rural Farm Households in Central Nepal
Raju Ghimire Wen-Chi Huang Rudra Bahadur Shrestha

Nonfarm activities play an important role in the determination of rural household income, consumption expenditure, and household food security. However, much less studies have been devoted to the factors that influence nonfarm income diversification by farm household in More

Nonfarm activities play an important role in the determination of rural household income, consumption expenditure, and household food security. However, much less studies have been devoted to the factors that influence nonfarm income diversification by farm household in developing countries. Using cross-sectional data and a probit model, this study attempts to determine the factors influencing nonfarm income diversification decisions by farm households in Central Nepal. The result reveals that household characteristics such as age, gender and education of the household head, and family size play a significant role in nonfarm work decisions. The households with larger farm size are less likely to participate in nonfarm work than their counterpart. Additionally, for those remains in the rural households, distance to road and market hinders the opportunities for nonfarm work. Finally, regional differences also exist in participating nonfarm activities among farm households. This study suggests that government policy should pay more attention on education, gender and infrastructures such as road and markets, to reduce the entry barriers and facilitate easier access to nonfarm activities. Also, nonfarm activities need to be promoted and incorporated in governmental plans and policies for balanced development between hills and terai areas. Manuscript profile

Open Access Article

29 - تاثیر مزیت نسبی صنایع سه گانه کشاورزی و متنوع سازی صادرات بر ارزش افزوده این صنایع در ایران
افسانه شایسته همایون رنجبر

برنامههای توسعهای کشور بر استراتژی رشد مبتنی بر صادرات تاکید دارد و متنوع سازی صادرات، یکی از سیاستهای مناسب در این زمینه است. یکی از عوامل مؤثر در شناخت توانمندیهای تولیدی و صادراتی یک کشور برای اتخاذ سیاستهای مناسب در آن زمینه، وجود مزیت نسبی More

برنامههای توسعهای کشور بر استراتژی رشد مبتنی بر صادرات تاکید دارد و متنوع سازی صادرات، یکی از سیاستهای مناسب در این زمینه است. یکی از عوامل مؤثر در شناخت توانمندیهای تولیدی و صادراتی یک کشور برای اتخاذ سیاستهای مناسب در آن زمینه، وجود مزیت نسبی در تولید و صادرات کالا بوده و تغییرات ارزش افزوده فعالیتهای صنعتی میتواند توانمندیهای تولیدی و صادراتی کشور و همچنین رشد تولید را نشان دهد. با توجه به اهمیت و ارزش افزوده بخش کشاورزی در کشورهای در حال توسعه، ارزش افزوده و عوامل تاثیرگذار در صنایع سه گانه غذا، چوب و کاغذ مورد مطالعه قرار گرفته است. برای این منظور متغیر مزیت نسبی وزنی صنایع سه گانه کشاورزی و تنوع در این صنایع در طول سال های 1998 تا 2013 با استفاده از داده های پانل در نظر گرفته شده است. نتایج برآورد مدل نشان می دهد که در دوره مورد مطالعه صنایع چوب و کاغذ کمبود مزیت نسبی در تولید و صادرات داشته اند و این متغیر تاثیر منفی بر رشد ارزش افزوده خواهد داشت. متنوع سازی صادرات تنها در صنایع غذایی انجام شده است،  اما این متغیراثر مثبت بر رشد ارزش افزوده صنایع بخش کشاورزی دارد. متغیرهای سرمایه انسانی و سرمایه فیزیکی هم اثر مثبت بالایی بر  ارزش افزوده این صنایع، در بخش کشاورزی دارند. Manuscript profile

Open Access Article

30 - China’s Energy Strategy on the Middle East
Alireza Rezaei Ghasem Toraby Ghasem Rezaei

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Open Access Article

31 - The Effect of Export Diversification on Economic Growth of Chosen Developing Countries
Aliabbas Heidari

Third world Countries,especially OPEC members heavily are dependent on foreign exchange incomes from petroleum export.The increase in the number of export goods and variety of them in these countries ,On the on hand,reduces the instability of export earnings & ,On t More

Third world Countries,especially OPEC members heavily are dependent on foreign exchange incomes from petroleum export.The increase in the number of export goods and variety of them in these countries ,On the on hand,reduces the instability of export earnings & ,On the other hand, provides the basis for achieving permanent exchange earnings and economic growth.The main purpose of this article is to consider the effect of the variety of export products on economic growth in selected developing Countries(OPEC members or other non member Countries) over 2002-2017 using the Generalized Method of Moments approach(GMM.)The model estiamtion results showed that economic growth has significantly increased in OPEC non member countries,with a decrease in export concentration and Consequently,an increase in the variety of export products. Therefore, these countries can insure their economy against foreign shocks and international fluctuations with a greater variety of export products.but in OPEC member countries,the effect of export variety on economic growth was not significant,which could be due to the high concentration of exports and consequently,the lower variety of export products with a focus on petroleum in these countries. Therefore, formulating basic strategies in order to get out of the single-product economy and achieve export diversity in OPEC member countries seems to be a necessity. Manuscript profile

Open Access Article

32 - An Analysis of export diversification effects on economic growth in Iran after revolution
Abbas Meamarnejad Ghodratollah Emamverdi Afsaneh Shayesteh

The relation between export growth and economic growth has been controversial among economist and policy makers during several last decades. In this study, we introduce a model to test export diversification and economic growth, in Iran after revolution (1980-2005). The More

The relation between export growth and economic growth has been controversial among economist and policy makers during several last decades. In this study, we introduce a model to test export diversification and economic growth, in Iran after revolution (1980-2005). The findings show that non-oil export has increased and diversified during the three last decades. The export diversification index for some goods has lead to higher export growth. So export diversification especially in non-oil good's has contributed to economic growth. Manuscript profile

Open Access Article

33 - Data mining of Iranian stock market by modeling complex network filtering based on MST
Hadi Esmaeilpour Moghadam

10.30495/fed.2023.700134

Abstract One of the most important problems in modern finance is finding efficient ways to summarize and visualize stock market data. Modeling the filtering of complex networks in the stock market allows this to be achieved by reducing the market size, obtaining reliab More

Abstract One of the most important problems in modern finance is finding efficient ways to summarize and visualize stock market data. Modeling the filtering of complex networks in the stock market allows this to be achieved by reducing the market size, obtaining reliable information with less disturbance. Since stock price changes are not independent of each other, the study of the correlation between stock price changes provides a better understanding of market performance for investors. Stock market analysis based on complex networks allows studying the correlation of stock prices. In this paper, using the stock market data in the Tehran Stock Exchange, the Iranian stock market network is created by the threshold method, and then the network filtering is based on MST. The results show that the filtration modeling of Iran's stock market network based on the MST can form a subset of the stock market that follows the performance of the entire market with a significant reduction in size and has a similar degree of diversification with the entire market. These analyzes provide a more in-depth insight into the structure of the stock market while reducing the size. Manuscript profile

Open Access Article

34 - Socioeconomic and Ecological Transitions of Pastoral System in Semi-arid Areas of Rift Valley, Fentale District, Ethiopia
Fikrineh Negash

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Open Access Article

35 - Explaining the effects of investors' feelings, trust and diversity on corporate investment performance
hosein mahmoudzade zadollah fathi

The 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 More

The 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

36 - Investigate the effectiveness of gold coin dealing to hedge the risk of stock price volatility
Soheila Hoghooghi Mohammad Ebrahim Aghababaei

Investors often aim to reduce the risks associated with traditional assets such as investing in equities. The risk of stock price volatility is one of the concerns that always active investors are trying to manage it. Therefore, this research tries to investigate the ef More

Investors often aim to reduce the risks associated with traditional assets such as investing in equities. The risk of stock price volatility is one of the concerns that always active investors are trying to manage it. Therefore, this research tries to investigate the effectiveness of the hedging stock price volatility methods and its diversification using the gold coin futures. In this study, using monthly data on stock index returns and gold coin future returns between 2008 and 2018, we compare the result’s effectiveness of dynamic hedge ratios using multivariate generalized auto- regressive heteroskedasticity (BEKK-GARCH) and recursive ordinary least square (OLS) methods. The results indicate that the use of the gold coin future is suitable instrument to hedging stock portfolio and the multivariate GARCH method is more effective than the rolling regression method in 5 conditional effectiveness indices, including percentage reduction in variance, percentage reduction in semi-variance, percentage reduction in hedged losses, percentage increase in portfolio excess returns and percentage increase in positive returns. Manuscript profile

Open Access Article

37 - Optimal Portfolio Diversification Strategy Using WCVaR Risk Criteria and Its Comparison with Monte Carlo Method
Mohammad reza Haddadi seyed parviz jalili kamju sara goodarzi dahrizi

Choosing an optimal portfolio is one of the main goals of financial management. The initial strategy is to zero the risk of non-systematic risk by diversification in the optimal portfolio. In this research, WCVaR applied model and linear programming method for stock mar More

Choosing an optimal portfolio is one of the main goals of financial management. The initial strategy is to zero the risk of non-systematic risk by diversification in the optimal portfolio. In this research, WCVaR applied model and linear programming method for stock market risk measurement and selection of a weight optimized portfolio were used. WCVaR is one of the newest risk measurements and covers the defects of the VaR and CVaR models. This research 11-year period information (1387 -1397) was used from actual data of 10 different companies accepted in Tehran Stock Exchange. This research uses data from ten companies accepted in TESM during the period of 1397-1387. The results of model estimation using the linear programming method in Matlab software showed that changing the benchmark optimization would lead to a change in the weight of the basket stock and change the strategy of diversification in the optimal portfolio. The results of estimating the model using the linear programming method showed that changing the optimization criterion will lead to a change in the stock weight of the portfolio and a change in the diversification strategy in the optimal stock portfolio. Among the 44 baskets with different weights, the most optimal Manuscript profile

Open Access Article

38 - Investigating the Impact of Diversification Strategy in Assets and Loans on Bank Return
Mousa Bozorg Asl Alireza Akbari Masule Mohammad Javad Mohaghegh Nia Mohammad Taghi Taqhavi Fard

Diversification and return's relationship is a question that every bank faces with it. It is a routin issue that the bank should answer to it. This study also seeks to evaluate the relationship between diversification and return. The sample of study is 10 banks included More

Diversification and return's relationship is a question that every bank faces with it. It is a routin issue that the bank should answer to it. This study also seeks to evaluate the relationship between diversification and return. The sample of study is 10 banks included Saderat, Mellat, Tejarat, Parsian, Eghtesad Novin, Pasargad, Sina, Hekmat, Day, Sarmaye, Post bank, and Karafrin. The period of study was from 2011 to 2015. Herfindal Herishman index (HHI) was used as the proxy of diversification and two kinds of return included return of assets (ROA) and return on equity (ROE). The multiple regression is used and estimated by estimated generalized least squares (EGLS). The results showed that there was a significant and adverse relationship between diversification of assets and ROA. Also, there wasn't a significant relationship between diversification of loans and ROA. Furthermore, there wasn't a significant relationship between diversification of loans and assets with ROE Manuscript profile

Open Access Article

39 - The Impact of Corporate Strategy on Capital Structure in Tehran Stock Exchange
Fraydoon Rahnamay Roodposhti Anahita Zandi

10.30495/afi.2020.682065

The impact of corporate strategy decisions on capital structure has attracted researchers and managers for decades, though these decisions have so far yielded complex and uncertain results. While previous studies have focused on the effective effects of a single strateg More

The impact of corporate strategy decisions on capital structure has attracted researchers and managers for decades, though these decisions have so far yielded complex and uncertain results. While previous studies have focused on the effective effects of a single strategy at one point in time, this study attempts to provide an overview of the impact of strategic decisions on capital structure. According to the hierarchical strategy theory, there are three effective strategies, namely external activity, diversification and integration (integration), at the company level. This study was conducted using the annual data of listed companies in Tehran Stock Exchange during the period 2013-2019. By screening, 152 companies were identified as the sample of the study. Multivariate linear regression based on panel data was used to test the research hypotheses. The results of empirical evidence show that the aforementioned strategies influence the structure of corporate capital simultaneously and independently. Integration and external activity are inversely related to debt ratio, whereas diversification is directly related to debt ratio. The findings of this study contribute to the richness of the work on capital structure / strategy and help more academics and managers understand the impact of strategy on firm capital structureKeywords: Capital structure, corporate strategy, integration, diversification, External activity Manuscript profile

Open Access Article

40 - Qatar's foreign policy priorities in relation with the European Union
Ali Adami Mohammad Hosein Ansari

Qatar's remarkable economic growth in the last two decades has transformed it from a small, non-influential country into an effective player in regional and global level. Qatar's new approach to achieve economic diversification and sustainable development, especially af More

Qatar's remarkable economic growth in the last two decades has transformed it from a small, non-influential country into an effective player in regional and global level. Qatar's new approach to achieve economic diversification and sustainable development, especially after the Arab Spring, has led Qatari policymakers to exploit the capacities and experiences of other countries. In this regard, Europe is an important partner for Qatar. This article aims to examine Qatar's relations with the European Union based on current and future Qatari priorities and interests, from the perspective of bilateral and region-to-region relations. The main question is, what are Qatar's foreign policy priorities for developing relations with the European Union? This study hypothesizes that the Qatar's main priority in expanding relations with the European Union is to develop socio-economic relations. By using the descriptive-analytical approach, it was concluded that, Qatar's defense-security reliance on the United States and its efforts to achieve economic diversity and sustainable development have led Qatar's foreign policy priorities in relation with the EU, toward socio-economic interactions. This approach has made the European Union the largest exporter of goods and services, the most important supplier of modern technologies and, most importantly, the supplier of the diversification necessaries for socio-economic development of Qatari society. Manuscript profile

Open Access Article

41 - Investigating the Relationship between Company Diversification and Systematic Risk by Studying the Cash flow of Companies Listed on the Tehran Stock Exchange
Zahra Houshmand Negabi Fatemeh Pirhayati

The main objective of this study is to investigate how cash flow and systematic risk can affect corporate diversification. When it comes to investment decisions and financial considerations in companies, diversification plays a crucial role. Studies indicated that corpo More

The main objective of this study is to investigate how cash flow and systematic risk can affect corporate diversification. When it comes to investment decisions and financial considerations in companies, diversification plays a crucial role. Studies indicated that corporate diversification influences employees’ productivity, cash retention, investment costs and overall company value. Diversification helps companies reduce risks when they encounter economic or market conditions. In other words, it assists companies in anticipating and preventing market changes and disruptions, thereby minimizing the impact of systematic risks. This research follows a descriptive and ex-post facto approach, categorized as cause and effect. The analysis of variables has been performed using multiple linear regression. Data from 118 companies between 2018 to 2022 were collected for research purposes. In order to analyze the data and test the hypotheses, Excel and EVIEWS software have been employed. The findings of this study indicate a relationship between systematic risk and corporate diversification. However, cash flow of companies and corporate diversification exhibited no significant correlation. Additionally, the results suggest that cash flow acts as a moderating variable that significantly influences the relationship between corporate diversification and systematic risk. Manuscript profile

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