• List of Articles bankruptcy

      • Open Access Article

        1 - The Effect of Working Capital Adjustment Speed on Reducing the Risk of Bankruptcy by Considering the Entity Risk Management Effectiveness
        Vahab Rostami Mehdi Mohammadi Hamed Kargar
        Objective: The current research is willing to trace the effect of the speed of adjustment of working capital in reducing the risk of bankruptcy with emphasis on the effectiveness of the Entity Risk Management (ERM)
        Objective: The current research is willing to trace the effect of the speed of adjustment of working capital in reducing the risk of bankruptcy with emphasis on the effectiveness of the Entity Risk Management (ERM) Manuscript profile
      • Open Access Article

        2 - The auditor's opinion on the going concern and corporate bankruptcy by the moderating role of conservatism in companies listed on the Tehran Stock Exchange
        Shekoufeh Nekoueizadeh
        Purpose: The purpose of this study is to assess the going concern opinion and bankruptcy by the moderating role of accounting conservatism in companies listed on the Tehran Stock Exchange. Methodology: For this purpose, 137 companies listed on the Tehran Stock Exchange More
        Purpose: The purpose of this study is to assess the going concern opinion and bankruptcy by the moderating role of accounting conservatism in companies listed on the Tehran Stock Exchange. Methodology: For this purpose, 137 companies listed on the Tehran Stock Exchange through systematic elimination method were selected as statistical sample during the period 2018-2022 and their data were analyzed. The statistical technique used to test the hypotheses is logistic. Findings: The results showed that there is a direct and significant relationship between bankruptcy in companies and the going concern opinion in companies listed on the Tehran Stock Exchange as well as conservatism plays a moderating role on the relationship between bankruptcy and the going concern opinion. Originality: The present research can greatly contribute to the expansion of the existing literature in the field of auditor's opinion on the going concern, corporate bankruptcy and accounting conservatism in Iran. Manuscript profile
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        3 - The prediction of Bankruptcy Risk Investigation Using Artificial Neural Networks Based on Multilayer Perceptron Approach (Empirical Evidence: Tehran Stock Exchange)
        Somayeh Saroei Hamid Reza Vkili Fard Ghodratolah Taleb Nia
        The aim of this research is Identification of the effective factors on bankruptcy prediction of Iranian companies by findings of artificial neural network (ANN) system based on Multilayer Perceptron Approach (PS) , and providing an appropriate statistical model for esti More
        The aim of this research is Identification of the effective factors on bankruptcy prediction of Iranian companies by findings of artificial neural network (ANN) system based on Multilayer Perceptron Approach (PS) , and providing an appropriate statistical model for estimating the bankruptcy of Iranian companies by using the findings of The ANN implementation. we seek to answer the following question: Are we able to design a valid statistical model by using findings of artificial neural network (ANN) system to predict the bankruptcy of Iranian companies? The statistical population in this study is all of listed companies in Tehran Stock Exchange. By considering the criteria and method of systematic deletion, 172 companies from this statistical society have been selected as the sample in this research from 2007 to 2016. In order to make statistical analyzes in this study, we used from methods such as artificial neural network system based on multilevel perceptron approach, binary logistic regression, and tests such as Akaic, Schwarz, Hanan Quinn and Z wang test. The results of the analysis of the research data show that the ANN system can identify of the factors affecting on bankruptcy of Iranian companies in the year before bankruptcy by Precision equal 98%. Manuscript profile
      • Open Access Article

        4 - A study on the financial performance of companies using data envelopment analysis model and Zemijsky's model, and a comparison of their results . (the case of accepted pharmaceutical companies in stock market)
        Akbar Rahimipoor Masomeh Tadress Hasani
        Recent bankruptcy of big companies all over the world and fluctuations in Iran's stock market require that some methods be developed for the evaluation of companies' financial potential. Different models are used for the prediction of bankruptcy and the evaluation of More
        Recent bankruptcy of big companies all over the world and fluctuations in Iran's stock market require that some methods be developed for the evaluation of companies' financial potential. Different models are used for the prediction of bankruptcy and the evaluation of organizational financial situation. Environmental changes and increasing competition among agencies led to companies' and organizations' limited access to expected profit. Thus, financial decision making is, nowadays, more and more important, forcing managers to apply modern control methods through sophisticated techniques. The present study aims to evaluate the performance of companies' situation. For this purpose, we use the two models of data envelopment analysis and Zemijsky and compare results derived from them. The research data were gathered from 10 accepted in stock market. Results from data envelopment analysis model indicated that only one company was in a proper financial situation while results from Zemijsky's model showed that there were two companies in good financial condition. We also managed to develop strategies for the improvement of financial situation in other companies using data envelopment analysis model. Manuscript profile
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        5 - Bankruptcy Prediction Using Artifical Neural Networks with Camparsion to the Altman Model
        M.R. Setayesh D. Ahadianpoor Parvin
        This research has been done under title: Bankruptcy Prediction using Artificsl Neural Networks withcamparsion to the Altman Model.The goal of this study is to provide exact explanation and presentation of theoretical basis of research andmeasurement of usefulness bankru More
        This research has been done under title: Bankruptcy Prediction using Artificsl Neural Networks withcamparsion to the Altman Model.The goal of this study is to provide exact explanation and presentation of theoretical basis of research andmeasurement of usefulness bankruptcy financial models. We presented the research hypotheses in order toprovide suitable scientific context for the study.Hypothese 1: Artificsl Neural Networks and Altman models are suitable instrumental for prediction ofbankruptcy.Hypothese 2: In prediction of bankruptcy one firm, have significant difference the resultsof this two models.The means of the research statements (Balance sheets, Income statement, cash flow statement) of thecompanies which were accepted in Tehran Stock Exchange. The library method was employed in datagathering. Statistical population of research includes active companies whose financial statements areaccessable in Tehran Stock Exchange. The statistical sample of the research includes active companies inproductive industries, from 1379 to 1384.In order to analysis data, We used statistical metods of nonparametric binomial, and for cointegrationsignificant difference two models employed wilcoxon signed- rank test and sign test for hypothese 2. Afteranalyzing the data the results gained id confirmed and supported by above tests Manuscript profile
      • Open Access Article

        6 - The Application of Altman & Springate Models In Bankruptcy Prediction of Accepted Companies In Tehran Stock Exchange
        A. Mohammadzadeh M. Noferesti
        The investors are always trying to prevent from losing their capital ad interest through predicting theprobability of the bankruptcy of a Company since in the event of the bankruptcy, value of thesecurities decreases intensely. So, the investors are looking for methods More
        The investors are always trying to prevent from losing their capital ad interest through predicting theprobability of the bankruptcy of a Company since in the event of the bankruptcy, value of thesecurities decreases intensely. So, the investors are looking for methods by which they could predictthe bankruptcy of the Companies. Moreover, one of the issues discussed 'in financial management isthe investment and trust in the investment and one of the things that could help the investors to makeright decisions in their investments is the existence of some tools and models for the assessmenl offinancial status and the condition of the Organizations.The purpose behind this research is to determine the efficiency of Altman and Springate Models inpredicting the bankruptcy of a Company. The statistic Community on which this research was 'madeis~ the successful and bankrupted Companies in Tehran's Security Exchange and the required Data tomake this research is collected in a period of five years (2001-2006). After calculating the ratiosexistent in the models and determining z index, accuracy and error for each of the models arecalculated .Regarding the results obtained from the, research, both, of Altman and Springate Models have thecapability to predict 'the bankruptcy of the Companies in Tehran's security Exchange while AltmanModel enjoys from more accuracy in comparison with Springate Model. So, the prospective investors,shareholders and others are recommended to use Altman Model in predicting the bankruptcy of theCompanies accepted in Tehran 's Security Exchange. Manuscript profile
      • Open Access Article

        7 - Bankruptcy Assessment with the Interval Programming and Games Theory
        A. Batamiz M. Allahdadi
        Some of the parameters in issues of the reality world are uncertainty. One of the uncertain problems with the qualitative parameters is economic problems such as bankruptcy problem. In this case, there is a probability of dealing with imprecise concepts including the in More
        Some of the parameters in issues of the reality world are uncertainty. One of the uncertain problems with the qualitative parameters is economic problems such as bankruptcy problem. In this case, there is a probability of dealing with imprecise concepts including the intervals regarding the official’s viewpoint, organizations’ managers. Accordingly, this article uses the concepts of data envelopment analysis (DEA) game theory’ applications that it is appeared in all areas of studies, and combining it with uncertainty models like intervals, assess bankruptcy and specify the pessimistic and optimistic interval for bankruptcy assessment that hep us to assess uncertain concepts in economics and in the problems that we have certain, converting to interval programming a, is studied problems simply. Manuscript profile
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        8 - The Investigation of Relationship between Earnings Management and Corporate Financial Failure in Tehran Stock Exchange
        زهرا پورزمانی مهدی پویان راد
        Due to importance of financial status of corporate and accounts manipulations, wedecided to investigate the relationship between corporate financial failure (bankruptcy)and earnings management that are amongst the main issues in companies grouping andaccounts manipulati More
        Due to importance of financial status of corporate and accounts manipulations, wedecided to investigate the relationship between corporate financial failure (bankruptcy)and earnings management that are amongst the main issues in companies grouping andaccounts manipulations, respectively.Therefore, income smoothing as a part of earnings management was partitioned andrelation each part of it separately was studied on three levels (net income, operationincome and gross profit) to companies status. For this study, data was collected for 33bankrupt companies (subject to article 141 of commerce law) and 33 non-bankruptcompanies active in Tehran exchange in 1380-1387.The research hypothesizes have been tested using the chi-square, t-test and logisticregression.Hypotheses test results showed that there is a direct and fairly strong correlationbetween research variables in real income smoothing, and for artificial income smoothingno meaningful relation between research variables was noted. Manuscript profile
      • Open Access Article

        9 - Studying the Association between Agency Costs and Corporate Financial Health: Empirical Evidence from Tehran Stock Exchange
        Nezamoddin Rahimian Bahman Qaderi Fatemeh Danshyar
        Based on theoretical finance and accounting literature, distress firm's managers manipulate their financial information and real activities in order to hide and postpone bad news about financial distress situation. In fact, in these companies, management efforts are on More
        Based on theoretical finance and accounting literature, distress firm's managers manipulate their financial information and real activities in order to hide and postpone bad news about financial distress situation. In fact, in these companies, management efforts are on track to provide personal benefits rather than putting in place to improving financial situation of the company. Therefore, this research aims to investigate the association between agency costs and corporate financial health. 120 publicly listed firms from Tehran Stock Exchange for the period 1382 to 1395 (Iranian Calendar) are selected as final data set. The research hypotheses were tested by using multivariate linear regression and Comparison of means. The results based on Altman adjusted z-score (1968) indicate that agency costs derived from the separation of ownership and management is one of the factors affecting the financial distress and the agency costs in healthy firms is lower than unhealthy companies. But the results based on Olson's financial health index (1980) indicate that there is no relationship between the agency costs and the level of financial health and there is no significant difference between the agency costs in healthy and non-healthy companies. Manuscript profile
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        10 - Modeling and Determining the Power of Working Capital Management in Predicting Corporate Financial Bankruptcy Using Artificial Intelligence Algorithms
        sedighe azizi
        10.30495/jfksa.2021.19258
        The main purpose of this study is to model and determine the ability of working capital management in predicting financial bankruptcy of companies using artificial intelligence algorithms. The statistical population of the study consists of 120 companies listed on the T More
        The main purpose of this study is to model and determine the ability of working capital management in predicting financial bankruptcy of companies using artificial intelligence algorithms. The statistical population of the study consists of 120 companies listed on the Tehran Stock Exchange during the years 2008-2019. In order to achieve the objectives of the research, first by studying previous research in the field of financial distress, 12 financial ratios affecting financial bankruptcy have been selected. After calculating the ratios, the mean comparison test was used to consider the ratios that have a significant difference between the two bankrupt and non-bankrupt financial groups for calculation in the forecasting models, which showed that all 12 variables are suitable for use in the models. Then, in order to evaluate the ability of working capital management in predicting companies' financial bankruptcy, to compare research models with and without working capital management variable based on five models of multilayer perceptron neural network, support vector machine, decision tree, logistic regression and multiple audit analysis is performed. The results of comparing bankruptcy prediction models showed that the multilayer perceptron neural network model has the highest power in predicting companies in terms of financial bankruptcy and soundness compared to other models. The results of comparing the models showed that with the development of the research model, by entering the working capital management variable, the training error of the multilayer perceptron neural network model is reduced to 0.036 and the accuracy of the model is increased to 75%. Manuscript profile
      • Open Access Article

        11 - The Impact of Agility on the Probability of Bankruptcy
        Vahid Bekhradi nasab
        Manuscript profile
      • Open Access Article

        12 - An Inquiry into Reasons for the Priorities about the Debtor’s Properties
        Farzaneh Ahmadi Ali Reza Amini
        When the Islamic Judge announces a debtor incompetent of invading his properties and judges him as bankrupt, creditors find a right about his wealth and they can take what the debtor owes them from his wealth. But, the point at issue for researchers, at least at first g More
        When the Islamic Judge announces a debtor incompetent of invading his properties and judges him as bankrupt, creditors find a right about his wealth and they can take what the debtor owes them from his wealth. But, the point at issue for researchers, at least at first glance, is whether all creditors are equal in this right, and whether there are priorities for some of them.    Islamic jurisprudential texts suggest that there are differences between them, since there are cases in which some creditors are preferred to others and have, so to say, some sort of priority. In these cases, the priority is based on criteria found in Islamic jurisprudence ,some of which we point in short: superiority of right, precedence of right, priority of essentially established right to accidentally established right, priority of rights resulted from will to rights not resulted from will, and right’s being daily.    In this dissertation, relying upon principles such as the equality of the rights of creditors, justice and fairness, and other points found in Islamic jurisprudence, I will examine the reasons of the priority of some creditors to others and, criticizing giving priority in some cases, I will reject some of them such as the priority of the right of the seller as to the very sold thing and …. Manuscript profile
      • Open Access Article

        13 - The investigation of relationship between labor value added and accrual and cash performance measures of companies in drug industry
        Zohreh Hajiha
        In recent years, value added and labor value added variables in presentation andmeasurement of companies performance have been vastly used. From another aspect,predicting financial situation of companies has become a concern of professionalistsand academicians. To conne More
        In recent years, value added and labor value added variables in presentation andmeasurement of companies performance have been vastly used. From another aspect,predicting financial situation of companies has become a concern of professionalistsand academicians. To connect between these two phenomena can cover some gaps inboth fields. Therefore, in this research labor value added variables were calculated inthree groups of Economic Structure Ratios, Productivity Ratios and ManagerialEfficiency Ratios. Each of these ratios also were calculated for three groups of directlabor, indirect labor and non manufacturing labor. Research period was 7 years from2001 to 2007 and companies active in drug industry accepted in Tehran StockExchange were analyzed. There are a variety of ratios, so an average of ratios for sixyears was calculated for each ratio. Bankruptcy prediction model that was used todifferentiate between bankrupt and non bankrupt companies for the research, is SprinGate (1978) model. Based on the model that was applied in 2007( last year of theresearch), sample companies were categorized into two groups of bankrupt and nonbankrupt and by value added ratios of these companies.Discriminant function is including ten ratios from two groups of EconomicStructure Ratios, Productivity Ratios and Managerial Efficiency Ratios. From tenratios that are discriminant ratios, six are related to indirect and non manufacturinglabor value added and only 4 variables are related to manufacturing direct labor valueadded. In the mean time, they are not the strongest discriminant ratios. This result isinteresting since it presents the importance indirect labor and non manufacturinglabor to create value added. Manuscript profile
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        14 - Investigation on the role of conservative accounting in the reduction of company bankruptcy risk (evidence from Iranian capital market, based on Zawgin bankruptcy Model)
        زهره حاجیها مهدی قائم مقامی
        This research examines the existing relations between conservative accounting andbankruptcy risk, that conservative accounting causes increasing properties and cashand bankruptcy is as a condition in which there is not enough money or cash, soaccounting theory indicates More
        This research examines the existing relations between conservative accounting andbankruptcy risk, that conservative accounting causes increasing properties and cashand bankruptcy is as a condition in which there is not enough money or cash, soaccounting theory indicates the existence of this relation between these two issues. Inthis research we used from classifications of the conditional and non conditionalconservatism and Zavgin bankruptcy prediction Model. Which just shows a spectrumof probability of bankruptcy instead of just expressing two cases?To investigate the relationship we used regression model. Based on financial dataof companies listed in Tehran Stock Exchange during the period of 2000 to 2009 (772year/ firm of observation), the research results indicate there is significant relationshipbetween conservatism and bankruptcy risk. In other words, the operations of firmsinclude conservative accounting to reduce bankruptcy risk. The finding is consistentwith other research and it could help both insiders and outsiders to decision making. Manuscript profile
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        15 - An investigation on the relationship between Intentional smoothing and companis' bankruptcy in Tehran Stock Exchange
        Zohreh Hajiha Omid Siri
        Income smoothing phenomenon is a common subject in accounting and finance and company bankruptcy is a field of finance that recent bankruptcy of international companies have been caused that this phenomenon is related wrong decisions of top managers and has involved man More
        Income smoothing phenomenon is a common subject in accounting and finance and company bankruptcy is a field of finance that recent bankruptcy of international companies have been caused that this phenomenon is related wrong decisions of top managers and has involved many stakeholders. These reasons are caused that bankruptcy became important subject in recent studies. Hence, this research attempts to find potation relationship between two fields to understand if bankruptcy could case income manipulation? The research population is consists of two groups of 96 bankrupt companies and non bankrupt companies from accepted companies in Tehran Stock Exchange. The sample includes 81 bankrupt companies and 81 non bankrupt companies from the same industries and groups with industries and groups of bankrupt companies. So we selected finally 81 companies from each group.         The research hypotheses which each one has 6 sub hypotheses for different levels of income. We tested them via Panel Data model by Eviews 6. Artificial smoothing was calculated by Icle model for both groups of companies. Finally, hypotheses testing confirmed the relationship between bankruptcy and Real and Artificial smoothing in three levels of gross income, net income and operating income. So, it is expected that like other countries in Iran, managers of public companies to remain themselves in the market apply smoothing. The results could emphasize the relationship between accounting and finance fields Manuscript profile
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        16 - Test of Corporate social responsibility engagement Based on two approaches to the Exchange Capital and the moral Capital of bankruptcy likelihood
        Anahita Zandi Khosro Faghani Makrani Naghi Fazeli
        This study examines the relationship between Corporate social responsibility engagement and their bankruptcy likelihood using annual reports of companies admitted to the Tehran Stock Exchange during the period of 2011-2017. To test the hypotheses of the study, multivari More
        This study examines the relationship between Corporate social responsibility engagement and their bankruptcy likelihood using annual reports of companies admitted to the Tehran Stock Exchange during the period of 2011-2017. To test the hypotheses of the study, multivariate linear regression based on Panel data is being used. Extant literature suggests that corporate social responsibility (CSR) accrues social capitals that buffers business risk. In this research, it was shown by documentary evidence that companies with a history of CSR engagement are less likely to file a bankruptcy on their behalf. Moreover, the social capital provided by the company's social responsibility was divided into moral capital and exchange capital. The results indicate that there is a negative and significant relationship between exchange capital and the probability of bankruptcy, and there is a negative, but statistically non-dominant relationship between moral capital and the probability of bankruptcy. as a result the effect of CSR engagement on bankruptcy likelihood primarily stems from the exchange capital, rather than moral capital Manuscript profile
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        17 - The Study of Productivity and Cost Leadership and Differentiation Strategy Effect on Bankruptcy Risk
        Majid Azimi Yancheshmeh Mostafa rajabi Zoherh Mahmoud Dehnavi
        The main purpose of this paper is to investigation of the impact of Productivity and Cost Leadership Strategy and Differentiation Strategy on Bankruptcy Risk of firms. In this regard, uses data envelopment analysis (DEA) to compute productivity of firms and uses Altman More
        The main purpose of this paper is to investigation of the impact of Productivity and Cost Leadership Strategy and Differentiation Strategy on Bankruptcy Risk of firms. In this regard, uses data envelopment analysis (DEA) to compute productivity of firms and uses Altman model (Z) to compute bankruptcy risk of firms. The data used consists of a sample of 79 firms that are publicly traded in the Tehran Stock Exchange (TSE) in the period 1384-1392. A multi-variable regression model is used for testing of hypotheses and data analyses. The results indicate that productivity has a positive effect on reducing bankruptcy risk of firms, and the results also indicate that pursuing either of the Cost Leadership Strategy and Differentiation Strategy successfully has a positive effect on reducing bankruptcy risk. The study also brings to light the mediating effect of productivity in the relationship between cost leadership strategy and bankruptcy risk Of Firms. Manuscript profile
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        18 - Studies the relations between operation cash flows, bankruptcy risk and future operation cash flows
        قدرت اله طالبنیا مجید بالایی
        The present paper studies the relations among operation cash flows, bankruptcyrisk and future operation cash flows. Accordingly, we have considered the relationsbetween “future operation cash flows” with “current operation cash flows” and“b More
        The present paper studies the relations among operation cash flows, bankruptcyrisk and future operation cash flows. Accordingly, we have considered the relationsbetween “future operation cash flows” with “current operation cash flows” and“bankruptcy risk”. We have also studied the relations that future operation cash flowscan bear with new variable which are formed from the combination of “bankruptcyrisk” with “current operation cash flows”. For studying the relation the variables with“future operation cash flows”, we have applied Pearson’s correlation coefficient andmultiple regression analysis (multi- variable).In data- analysis stage, we have used thedata from 93 firms certified by Tehran’s Stock Exchange from 1382 to 1387.Results from our study prove that there exists a noticeable direct and meaningfulrelationship between future operation cash flows with current operation cash flows.The same results also, indicate a relation between bankruptcy risk and currentoperation cash flows with future operation cash flows, so that in most operationyears, bankruptcy risk and current operation cash flows have been effective inpredicting future operation cash flows. Manuscript profile
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        19 - Predicting the possibility of bankruptcy for the Companies admitted to the Tehran stock exchange by hybrid approach based on Data Envelopment Analysis and essential components analysis
        Mohammad Reza Shahriari Peyman Hajizadeh Mohammad Hesam Asoodeh
        10.30495/ijdea.2023.73354.1193
        Manuscript profile
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        20 - A Modified Directional Distance Formulation of DEA with Malmquist Index to Assess Bankruptcy
        E. Mirzaie N. Malekmohammadi
        Manuscript profile
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        21 - A Study on the Financial Performance of Companies Using Data Envelopment Analysis Model and Zemijsky's Model and a Comparison of their Results
        Akbar rahimipoor masomeh tadress hasani
        Manuscript profile
      • Open Access Article

        22 - Identification of Indicators of Banks subject to Bankruptcy Crisis Based on Thematic Analysis Method
        Mahnaz Morshedzadeh Mahmoud ghorbani
        The occurrence of bankruptcy in the world's monetary systems is highly sensitive, as the systemic risk consequences associated with this phenomenon can have very devastating effects on the monetary and financial system of countries and lead to severe political and secur More
        The occurrence of bankruptcy in the world's monetary systems is highly sensitive, as the systemic risk consequences associated with this phenomenon can have very devastating effects on the monetary and financial system of countries and lead to severe political and security crises. Valuable laws and regulations have been developed to assess the status and performance of the bank and to warn of the crisis leading to bankruptcy in the world. The situation of some countries, including Iran, is different economically and in other respects. In this study, through interviews with banking experts and thematic analysis, the researchers identified 17 indicators with a high degree of impact on bankruptcy, that five of them are specific to the current conditions of the Iran’s banks. Manuscript profile
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        23 - Identifying and Prioritizing the Factors Affecting the Bankruptcy of Iranian Firms
        Alereza Mohammadnezami Zahra Lashgari Hossein Izadi
        هدف از این پژوهش بررسی شناسایی واولویت بندی عوامل تاثیرگذار بر ورشکستگی شرکتها در ایران بوده است. تعداد نمونه در این تحقیق 191از خبرگان درموضوع ورشکستگی میباشد و از روش نمونه گیری تصادفی برای انتخاب شرکت کنندگان در تحقیق استفاده شده است. پرسشنامه استفاده شده در این تحقی More
        هدف از این پژوهش بررسی شناسایی واولویت بندی عوامل تاثیرگذار بر ورشکستگی شرکتها در ایران بوده است. تعداد نمونه در این تحقیق 191از خبرگان درموضوع ورشکستگی میباشد و از روش نمونه گیری تصادفی برای انتخاب شرکت کنندگان در تحقیق استفاده شده است. پرسشنامه استفاده شده در این تحقیق با استفاده از روش دلفی و بهره گیری 15نفر ازاساتید در موضوع تنظیم ونهایی شده است . برای بررسی صحت فرضیات تحقیق از روش آزمون تی تک نمونه ای، آزمون رگرسیون و تحلیل سلسله مراتبی استفاده شد. نتایج پژوهش نشان دادند پنچ عامل خطاهای مدیریتی، اعمال مجرمانه، بحرانهای محیطی، خطای های حسابداری، عامل حوادث عمده ترین گروه هایی هستند که موجب ورشکستگی شرکتها در ایران هستند و عامل خطاهای مدیریتی اولین اولویت ورشکستگی شرکتها در ایران بوده است لذا بهره گیری از روشهای نوین مدیریت در سطوح مختلف شرکتها جهت جلوگیری از خطاهای مدیریتی در تصمیم گیری ها و ورشکستگی شرکتها سودمند خواهد بود. Manuscript profile
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        24 - A Model to Predict Bankruptcy using the Mechanisms of Corporate Governance and financial ratios
        ghazaleh Alibabaee Hamed Khanmohammadi
        Improving the economic and business environment is the most important factor in preventing bankruptcy, therefor, Artificial intelligence uses to predict the bankruptcy of companies in the future. In this study, companies in the Tehran Stock Exchange over a period of 10 More
        Improving the economic and business environment is the most important factor in preventing bankruptcy, therefor, Artificial intelligence uses to predict the bankruptcy of companies in the future. In this study, companies in the Tehran Stock Exchange over a period of 10 years in terms of bankruptcy localized model of Kurdistani-Tatli based on the Altman model were examined and companies were identified as bankrupt and healthy. Research data were collected, categorized and refined using secondary data extracted from financial statements and through the database of the Exchange Organization and the Central Bank.The models used to evaluate the data and predict the bankruptcy of companies are artificial intelligence models . Artificial neural network, combination of neural network and genetic algorithm and the K-nearest neighbor method has been used. They were also compared in terms of prediction accuracy. The output of the models indicates that the addition of corporate governance indicators to the financial ratios indicators has not improved the results. Therefore, financial ratios alone are sufficient for predicting and determining bankruptcy. The proposed model of this research based on accuracy is a combined model of neural network and genetic algorithm that has the highest accuracy. Genetic algorithm improves the optimal results of the neural network and provides a more optimal answer. Manuscript profile
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        25 - Bankruptcy Detection in Different Time Horizons Based on Macroeconomic and Firm Factors and Distance to Default Based on Black and Scholes Pricing Model
        Mostafa Rezaei REZA TEHRANI seyed mojtaba mirlohi,
        In the present study, bankruptcy forecasting has been done in different time horizons based on the Black and Scholes pricing model. The statistical population of the study includes companies listed on the Tehran Stock Exchange during the years 2014 to 2020 that 129 comp More
        In the present study, bankruptcy forecasting has been done in different time horizons based on the Black and Scholes pricing model. The statistical population of the study includes companies listed on the Tehran Stock Exchange during the years 2014 to 2020 that 129 companies were considered as a statistical sample of the research. The research method is correlational and the statistical method used in this research is the combined data regression method. The results of testing the hypotheses have shown that corporate and market factors have a significant effect on the risk of bankruptcy of companies and in different time horizons, have different effects on the risk of bankruptcy. The results also indicate that bankruptcy forecasting based on the Black-Scholes model and using corporate and market factors can be done with an accuracy of more than %90. According to the results, some factors affect the risk of bankruptcy in the short term and others in the long term. Manuscript profile
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        26 - Examining The Financial Engineering Approach’s Ability In Measuring Financial Distress
        Seyedalireza Rouintan Kambiz Peykarjou Maryam Khaliliaraghi
        Four major approaches to financial analysis can be defined. Traditional, Ultra -Traditional, modern and postmodern approach. In the novel theory of business resilience system, in measuring financial risks or otherwise, conditions are provided that by comprehensiveness a More
        Four major approaches to financial analysis can be defined. Traditional, Ultra -Traditional, modern and postmodern approach. In the novel theory of business resilience system, in measuring financial risks or otherwise, conditions are provided that by comprehensiveness and also considering the rule of contingency paradigm, the possibility of measuring financial indicators and other cases on a case-by-case basis. Or comprehensive, be provided. Or comprehensive, be provided. Statistical data of listed companies in the period 1390 to 1398 were used. In this study, using different methods based on innovative financial instruments, the power of these instruments in estimating financial distress, traditional, ultra -Traditional, modern and postmodern perspectives are compared. Finally, it was found that the financial engineering method, relying on the theory of business resilience system in determining financial distress, reduces the fluctuation of the estimate and increases the accuracy of the estimate of financial distress. Of course, along with new methods, traditional methods should always be considered as indicators to determine the extent of financial distress and for comparison. Manuscript profile
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        27 - Designing a Model for Measuring the Impact of Intellectual Capital, Profit Quality, Audit Report and Capital Structure on Bankruptcy Risk of Tehran Stock Exchange Companies
        Narjes Mogharebi Ali Asghar Anvary Rostamy Roya Darabi hamidreza vakilifard
        The purpose of this study is to design a model to investigate the impact of variables of intellectual capital, profit quality, nature of audit report and capital structure on the risk of bankruptcy of Tehran Stock Exchange companies. The present study is an applied, ana More
        The purpose of this study is to design a model to investigate the impact of variables of intellectual capital, profit quality, nature of audit report and capital structure on the risk of bankruptcy of Tehran Stock Exchange companies. The present study is an applied, analytical-mathematical research. Its spatial territory is Tehran Stock Exchange and its temporal territory is from 1391 to 1397. In this study, regression test method has been used to predict bankruptcy. Findings show that intellectual capital of 0.212 of changes in bankruptcy risk forecasting, profit quality of about 0.207 of changes of bankruptcy risk forecasting, nature of audit report 0.194 of changes of bankruptcy risk forecasting, and structure Capital 0.362 predicts changes in corporate bankruptcy risk. Manuscript profile
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        28 - Proposing a model of financial resilience in Tehran stock exchange companies in order to prevent bankruptcy
        Maryam Ghasemi Fateme Saraf yoosef Ahadi Mahboobeh iJafar
        Identifying and prioritizing factors affecting financial resilience in Tehran Stock Exchange companies in order to prevent bankruptcy.The research method is exploratory from the point of view of the practical goal and the method of data collection, and the data analysis More
        Identifying and prioritizing factors affecting financial resilience in Tehran Stock Exchange companies in order to prevent bankruptcy.The research method is exploratory from the point of view of the practical goal and the method of data collection, and the data analysis mechanism is based on meta-composite method and focus groups. Papers related to financial resilience including 40 articles and works were selected and analyzed based on valid criteria among 110 articles and works. The second statistical population included experts in the field of financial resilience, who were finally determined to be 10 people, and due to the conditions and limitations of the Corona pandemic, they provided opinions and suggestions remotely. By applying the seven stages of metacomposition, a conceptual model was obtained in six conceptual layers, categories and codes. Concepts and topics were included in each of the layers, and finally 28 categories were identified. In order to validate the quality of the obtained model, based on the opinions of experts, it was obtained in the form of focus groups, and the conceptual model was approved by the research experts. According to the findings from the implementation of the hybrid process in identifying the dimensions and categories of financial resilience, which can be a basis for future researches in the direction of how to implement financial empowerment policies and maintain financial resilience in Manuscript profile
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        29 - The gap between actual and optimal leverage financial leverage due to risk of bankruptcy
        zahra Fallah Mahdidoust Azita Jahanshad
        one the main routes of financing may affect the value company debt, tax advantage Increase the value company that created and the of bankruptcy costs debt the financial crisis on the other non-fulfillment of obligations that debt, The benefits under the covers. This stu More
        one the main routes of financing may affect the value company debt, tax advantage Increase the value company that created and the of bankruptcy costs debt the financial crisis on the other non-fulfillment of obligations that debt, The benefits under the covers. This study was to determine the gap between actual and optimal leverage bankruptcy of risk (with the partial adjustment model). Study using multiple regression and time series data for the period 1386-1391 and active participation in the Tehran Stock Exchange. the determine gap between actual and optimal financial leverage and impact of default risk and leverage levels, the deviation used of the partial adjustment model. The results indicate that research first hypothesis that there is a gap between actual and Optimal financial leverage, the surveyed companies, on average, ٥٤% the three gap between actual and optimal financial leverage. The results of testing indicate that the high financial health of companies, On average, 38% of the gap between actual and optimal financial leverage, on average, companies with the financial crisis there 68% In other, Companies with financial crises are longer path to reach their optimum leverage Than firms that are better than the economic and financial situation. Manuscript profile
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        30 - The Evaluate ability of Altman adjusted Model to Prediction Stages of Financial Distress Newton and Bankruptcy
        Gholamreza Kordestani Rashid Tatli Hamid Kosari Far
        The recent bankruptcies in national and international level, makes necessary models to increase accuracy of firms 'financial ability prediction. One of the simplest and the most famous financial distress prediction models is the Altman model. This model is designed in o More
        The recent bankruptcies in national and international level, makes necessary models to increase accuracy of firms 'financial ability prediction. One of the simplest and the most famous financial distress prediction models is the Altman model. This model is designed in other economic environment and using unadjusted form in the Iran capital market could be Create error. Therefore, this study investigates initially Altman models accuracy without adjustment coefficients, and then adjusts the coefficients of the model proportional financial and economic environment of Iran and design simple model, to facilitate decision making for users of financial information. For this purpose, Information 112 firms listed on the Tehran Stock Exchange, including 56 distressed and 56 healthy firms, for a period of 17 years (1374-1390) were studied. Finding show that Altman unadjusted model identify, more than 50% of distressed firms in the years before the bankruptcy, and 18 percent of healthy firms introduced bankrupt. While that the Altman adjusted model, identify bankruptcy firms by accuracy 95%, and the total stages of financial distress in one, two and three years before bankruptcy, respectively, with an accuracy of 63%, 91% and 96% prediction. Manuscript profile
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        31 - Analysis of bankruptcy of companies listed in Stock Exchange by using of two methods of Discriminant Analysis and DEA–Additive analysis
        Asghar Moshabbaki Hossein Mombeyni Alireza Bakhshizadeh
        Bankruptcy is a challenge that, many companies are faced with. Therefore the analysis of bankruptcy is too important, especially for investors. Accordingly, the present study aims to use of two techniques of DEA–Additive analysis and Discriminant analysis in order More
        Bankruptcy is a challenge that, many companies are faced with. Therefore the analysis of bankruptcy is too important, especially for investors. Accordingly, the present study aims to use of two techniques of DEA–Additive analysis and Discriminant analysis in order to analysis and assessment of bankruptcy of the companies which are listed on Tehran Stock Exchange. The study is descriptive- application and to assess the models of bankruptcy analysis, 110 companies listed on the stock exchange have been considered as statistical population and the DEA-Additive model and Discriminant Analysis model are used to bankruptcy analysis. The study showed that the Discriminant Analysis model was 50% accurate in predicting the bankrupt companies and 72% accurate in predicting the successful companies while the DEA-Additive model was 64% accurate in predicting the bankrupt companies and 87% accurate in predicting the successful companies, so in total the DEA-Additive model is more accurate than the Discriminant Analysis model in the bankruptcy analysis, and therefore it is preferred. Manuscript profile
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        32 - The Role of Bankruptcy Risk in Theoretical Development and Performance Improvement of the Abnormal Earnings Valuation Models
        Mohammadreza Emami Naeini Forough Rahimi Moogouie
        Based on the literature Review about the influence of bankruptcy risk on three principle factors of the abnormal earning valuation models (the going concern assumption, the accounting conservatism and the accounting earnings) in this research, ohlson (1995) and feltham- More
        Based on the literature Review about the influence of bankruptcy risk on three principle factors of the abnormal earning valuation models (the going concern assumption, the accounting conservatism and the accounting earnings) in this research, ohlson (1995) and feltham-ohlson (1995) abnormal earning valuation models are adjusted considering the bankruptcy risk and primary models are compared with adjusted models during the 5-years period (from 2003 to 2008) and 10-years period (from 2003 to 2013) using panel data for 110 companies listed on Tehran Stock Exchange. The research results indicate that considering the bankruptcy risk improves the prediction and valuation power of the abnormal earning valuation models during both 5 and 10 years estimated periods. However, due to the uncontrolled growth of prices in the last years of the 10-years period (especially 2012 and 2013) the estimated values by both primary and adjusted models during 10-years estimated period are significantly lower than the actual market values. Manuscript profile
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        33 - Predicting bankruptcy of companies listed on the Stock Exchange using the artificial neural network
        Mohsen Vaez-Ghasemi Saeid Ramezanpour Chardeh
        Being informed of capital market’s companies financial situation is one of the shareholders and economic analysts’ perturbation. Thus, financial market analysts and researchers were looking for methods to predict capital market’s company’s future More
        Being informed of capital market’s companies financial situation is one of the shareholders and economic analysts’ perturbation. Thus, financial market analysts and researchers were looking for methods to predict capital market’s company’s future conditions. This research is finding a model to predict bankruptcy of stock exchanges market’s companies with using the artificial neural network. In this research we used Zemijewski financial ratios with one macro – economic variable to predict companies’ bankruptcy. Population of study was selected from the accepted companies in Iran’s stock and exchanges organization. Financial ratios have been extracted from companies’ financial statement in a five years’ period between 2010 and 2014, finally we choose 84 companies that divided to salubrious and bankrupt equal number in each. We used multi-layer perceptron (MLP) with back propagation algorithm to create predictor model and data analysis. The network has been trained once with financial ratios and again with additional macro – economic variable to confirm that the accuracy of network model will increase by additional macro – economic variable. Ultimately the designed model in total mode has 92.95 percent of accuracy and 85 percent correct prediction of bankrupted companies for one year earlier of bankruptcy.   Manuscript profile
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        34 - Setting Deadlines in Contract Options: The Extent of Exercise of the Right of Annulment and the Authority of Decision Judgment in a Lawsuit
        Abolfazl Amani mehtarlo Esmat al-Sadat Tabatabaei Lotfi Nasrin Karimi
        Contract option refers to the right of annulment, in which setting deadlines plays a vital role concerning the rights of parties involved in contract. In some options that form the basis of contract (such as conditional option), unawareness about contract deadline, or f More
        Contract option refers to the right of annulment, in which setting deadlines plays a vital role concerning the rights of parties involved in contract. In some options that form the basis of contract (such as conditional option), unawareness about contract deadline, or failure to set it, may invalidate contract. In other types of options, the contract remains valid if the option is not practiced in its due time. Although jurisprudence and law have discussed the time span for options, there are always challenges in determining whether the options have been applied within the deadline. In the present study, all types of options have been independently described and analyzed in three categories: urgent, unidentified urgent and non-urgent. At the appointed time, the deadline may be determined based on agreement or a prescription of law. The authority in litigations is expert judgment, especially for urgent and common non-urgent cases, and doubtful situations. Manuscript profile
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        35 - Presenting a New Bankruptcy Prediction Model Based on Adjusted Financial Ratios According to the General Price Index
        Naimeh Jebelli Iman Dadashi Mohammad Javad Zare Bahnamiri
        10.22034/amfa.2020.1884838.1339
        Manuscript profile
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        36 - Analyzing the performance of DEA models for bankruptcy prediction in the energy sector: with emphasis on Dynamic DEA approach
        Mohammad Ali Khorami Seyed Babak Ebrahimi Majid Mirzaee Ghazani
        10.22034/amfa.2023.1967064.1794
        Manuscript profile
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        37 - A mathematical model to predict corporate bankruptcy using financial, managerial and economic variables And compare it with other models
        Jafar Zarin Babak Jamshidinavid Mehrdad Ghanbari Afshin Baghfalaki
        10.22034/amfa.2021.1916300.1526
        Manuscript profile
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        38 - Designing a Model for Predicting Corporate Bankruptcy Using Ensemble Learning Techniques
        Hossein Eghbali Alimohamad Ahmadvand
        The bankruptcy of corporations causes huge losses for investors, managers, creditors, employees, suppliers, and customers. If someone understands the reason for the corporate's bankruptcy, then he can save the corporate from certain death with the necessary planning. Th More
        The bankruptcy of corporations causes huge losses for investors, managers, creditors, employees, suppliers, and customers. If someone understands the reason for the corporate's bankruptcy, then he can save the corporate from certain death with the necessary planning. Therefore, bankruptcy forecasting is the most important prerequisite for bankruptcy prevention. Due to this issue, the main aim of this article is the prediction of the economic bankrupt-cy of corporations in the Tehran Stock Exchange using group machine learn-ing algorithms. Financial ratios have been used as independent variables and healthy and bankrupt corporations as research dependent variables. The statistical population of the study is the information of financial statements of corporations on the Tehran Stock Exchange from the years 2004 to 2021. In this study, sampling is not used and corporations include two groups healthy and bankrupt. The bankrupt and non-bankrupt groups are selected based on the threshold of the Springate model. The research findings indicate that the accuracy of predicting the bankruptcy of corporations in the group learning model by stacking method is higher than other used models where the AUC and Accuracy Ratio were 0.9276 and 0.8247, respectively. Manuscript profile
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        39 - Application of Genetic Algorithm in Development of Bankruptcy Predication Theory Case Study: Companies Listed on Tehran Stock Exchange
        Mohsen Hajiamiri Mohammad Reza Shahraki Seyyed Masoud Barakati
        Manuscript profile
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        40 - Presentation a model for crediblistic multi-period portfolio optimization model whit bankruptcy control
        snoor modaresi farshid kheirollah mehrdad ghanbari babak jamshidinavid
        In 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 More
        In 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
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        41 - Financial crisis and profit smoothing technique
        Behrooz Ghorbani mehrdad ghanbari babak jamshidinavid Alireza Moradi
        The financial crisis is a long-term process which affects many financial and operational aspects of companiesand the financial reporting system has played a major role in this process by employing different accounting methods.The purpose of this study is to analyze the More
        The financial crisis is a long-term process which affects many financial and operational aspects of companiesand the financial reporting system has played a major role in this process by employing different accounting methods.The purpose of this study is to analyze the financial crisis by applying the method of smoothing the profit and considering the effects of the variables of the positive accounting theory.This research is a semi-experimental analytical researchWhich is applied in terms of purpose and is classified as descriptive research. Data were analyzed using a sample of 144 listed companies in Tehran Stock Exchange,during the period of 10 years (2007 to 2016), the data were combined and the multivariate regression model was analyzed.The results of the first to third hypotheses indicate thatthere is no significant relationship between the lack of liquidity, the inability to fulfill obligations and the failure of the operation with the profit smoothingand the reason for this is that the companies did not pay much attention to the use of smoothing in the context of the financial crisis.There is also a significant and inverse relationship between bankruptcy and profit smoothingwhich shows that companies facing bankruptcy by smoothing the profits seek to improve the conditions of bankruptcy. Manuscript profile
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        42 - A Learning Automaton Based Algorithm for Bankruptcy Prediction of Acceptable Firms within Power and Energy Exchange
        Seyed Mahdi Mazhari Hassan Monsef Hooman Mirzaei
        In today's world, insurance of productive capital investment and reducing economic risk causes more fundraising and therefore the greatest economic boom cycle. One way to arrive capital investment security is to predict bankruptcy of a business unit. As the Iranian powe More
        In today's world, insurance of productive capital investment and reducing economic risk causes more fundraising and therefore the greatest economic boom cycle. One way to arrive capital investment security is to predict bankruptcy of a business unit. As the Iranian power and energy stock is going to start working by 2012, providing suitable bits of advice to investors would be a priority. This paper proposes a new solution approach for bankruptcy prediction of the Iranian power and energy industries. To do so, an evolutionary algorithm premised on Learning Automata is employed and adapted to the problem. Two sets of firms related to power and energy industries that are listed on the Tehran Stock Exchange (TSE) are selected as the training and test data, respectively. The developed algorithm is conducted on both train and test data, and the efficiency of the proposed method is evaluated via several scenarios. It was practically seen in simulations that the learning automata-based algorithm could achieve an accuracy of 91% and 88% over the train and test data, respectively. Besides these, the same data sets are also conducted by other methods such as MDA and Logit, and the obtained results are compared with reality. The yielded results prove the accuracy as well as the efficiency of the proposed solution technique   Manuscript profile
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        43 - Using cause and Effect Diagram to Survey the Cause of Bankruptcy and Slump Domestic Industries by QFD & FMEA Approach
        Mohammad Amin HesamiNezhad Mahnaz Zarei Mohammad Bagher Moayedi
        In paying attention to the recent years, domestic industries encounter severe slump and some of them has become insolvent, some are also at the beginning of bankruptcy. The existence of a research that would be able to applicability and simply show the causes of domesti More
        In paying attention to the recent years, domestic industries encounter severe slump and some of them has become insolvent, some are also at the beginning of bankruptcy. The existence of a research that would be able to applicability and simply show the causes of domestic industries bankruptcy, and make it flexible to the government`s honorable attendants, congress representatives, judicature, and other governmental and private organizations, has been less seen. Therefore, the writers of this article have tried at the first step to extract the main causes of bankruptcy and slump domestic industries from the writing and speeches of country`s attendants and experts and specialists. At the second step, the causes are presented to specialists and advisers of Ministry of Industry and Mining. Then by using Quality Function Deployment (QFD) and Failure Mode and Effect Analysis (FMEA) more than 90 problems are extracted, classified and prioritized, and then the obtained results are used as input to draw cause and effect diagram (fishbone diagram). In this article to draw cause and effect diagram, the bankruptcy causes and slump domestic industries are categorized into 8 parts: 1. government, 2. domestic industries, 3. goods smuggling, 4. bank, 5. judicature, 6. Congress, 7. environment, and 8. people. On the one hand, this diagram can simply show the domestic industries problems based on their importance and on the other hand specify the related organizations to solve the problems. This current research from the viewpoint of purpose is an active research and from the aspect of approach and nature is a descriptive-applicable research in which the library approach is used to gather information, and also experts judgment are used for validity and reliability. Manuscript profile
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        44 - The Relationship Between Financial Capabilities on bankruptcy risk companies Listed in Tehran Stock Exchange
        Asgar Pakmaram Diba Raeisi
        The aim of this study is to assess the ability of the financial capabilities relationship on bankruptcy risk of companies listed in the Tehran Stock Exchange. In this study, to assess the financial capabilities, the rate of return on assets, return on equity and the com More
        The aim of this study is to assess the ability of the financial capabilities relationship on bankruptcy risk of companies listed in the Tehran Stock Exchange. In this study, to assess the financial capabilities, the rate of return on assets, return on equity and the company's liquidity standards used .The study also used Zmijewski bankruptcy risk measuring model. In terms of purpose is applicative and in terms of Methodology is correlation from causal after occurrence. Study population are Listed companies in Tehran stock exchange, which using removes systematic sampling, 181companies during 8 years (total1448year-CO) were located in the samples of this study. The period of research included 2006 to 2013. To test formulated hypotheses binary legit regression used. The results show return on assets, return on equity and current ratio and statistically significant negative relation on the risk of bankruptcy. The results also show that the company's size and financial leverage was positive and significant relation on the risk of bankruptcy. Manuscript profile
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        45 - The Comparison of Bankruptcy Predicting Power Models by Zaougin, Zmijewski and Shirata in Tehran Stock Exchange
        Farzin Rezaei Mehdi Goldooz
        Bankruptcy anticipation is a phenomenon which has been increasingly favored by investors, banks and financial and credit institutes. Since the potential signs of bankruptcy would be understood a few months before the real appearance of it, so the timely and accurate ant More
        Bankruptcy anticipation is a phenomenon which has been increasingly favored by investors, banks and financial and credit institutes. Since the potential signs of bankruptcy would be understood a few months before the real appearance of it, so the timely and accurate anticipation of this crisis will give the opportunity to managers and creditors in order to adopt preventable activities. The aim of this study was to explore the applicability of the Zaougin, Zmijewski and Shirata’s models. Initially, the independent variables of the two samples were investigated, using F test to review the accuracy of segregation of two bankrupted and un-bankrupted  samples and then to examine the difference in importance of independent variables models, the magnitude of cooperation in group between variables. Sample selection and suitability of variables with less error criteria and meaningful cooperation test was carried out. Data were run using two statistical difference analysis and logistic regression (in three methods, inter, forward and backward). The results indicate the accuracy of Shirata’s model at 98.6%, Zaougin’s model at 87% and Zmijewski model at 89.6% in accordance with Iran environmental conditions Manuscript profile
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        46 - The effect of insolvency and bankruptcy on termnationi of revocable contracts
        ali dadmehr Reza Sokuti Nasimi Akbar Bashiri
        قانون مدنی ایران، در تقسیم بندی عقود در ماده 184 به عقد جایز اشاره کرده و به عنوان یک قاعده کلی، برخی از اسباب انفساخ عقود جایز را در ماده 954 ق.م چنین آورده است: «کلیه عقود جایزه به موت احد طرفین منفسخ می شود و هم چنین به سفه در مواردی که رشد معتبر است» و ب More
        قانون مدنی ایران، در تقسیم بندی عقود در ماده 184 به عقد جایز اشاره کرده و به عنوان یک قاعده کلی، برخی از اسباب انفساخ عقود جایز را در ماده 954 ق.م چنین آورده است: «کلیه عقود جایزه به موت احد طرفین منفسخ می شود و هم چنین به سفه در مواردی که رشد معتبر است» و بند 2 ماده 551 ق.م، در باب عقد مضاربه، فقط مفلس شدن مالک را یکی از اسباب انفساخ عقد مضاربه دانسته است که در حال حاضر در قوانین ایران، نهاد جایگزین افلاس، اعسار و ورشکستگی است.قانون مدنی مصر، برخلاف قانون مدنی ایران، صراحتاً اشاره ای به تقسیم بندی عقود از جمله عقود جایز و اسباب انفساخ آن تحت عنوان یک قاعده کلی ننموده است ولی در بند 1 ماده 528 در باب شرکت، اعسار و افلاس یکی از شرکاء را جزء اسباب انفساخ عقد شرکت آورده است.نگارندگان با بررسی قوانین موضوعه ایران و مصر به این نتیجه رسیده اند که در حقوق ایران، ورشکستگی و در حقوق مصر، اعسار و افلاس پس از عقد و در دوران اجرای آن از اسباب خاص انفساخ عقود جایز مالی است. Manuscript profile
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        47 - A Survey on the Bases and Conditions of Insolvency Option
        Mostafa Elsan
        In the bilateral contracts there is a reasonable balance between considerations of both parties. Non-fulfillment by one party or frustration of contract by one of the parties is creating an option to the other party of those contracts including option of delayed payment More
        In the bilateral contracts there is a reasonable balance between considerations of both parties. Non-fulfillment by one party or frustration of contract by one of the parties is creating an option to the other party of those contracts including option of delayed payment of price and option of unfulfilled sale in part. Insolvency option is one of these rights which enacted for protection of the party who has to fulfill his promise or is willing to fulfill his contractual obligation. This legal option to terminate of contract is based on Islamic jurisprudence and predicted in the article 380 of Iranian civil code. In addition, there are articles in Iranian commercial code which relating to the right to retention or retaking of goods which loan or sold to bankrupted merchant. This paper has analyzed the subject in Islamic jurisprudence and Iranian related Acts. Manuscript profile
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        48 - Jurisprudential foundations of bankruptcy organization
        Maryam Saeid Sayyd Mohsen Jalali SHahri AHMAD TAJI
        10.22034/ijrj.2023.700473
        Bankruptcy reorganization and liquidation is, in fact, an attempt to revitalize trade activities of a businessman. This act of reorganization is carried out in order to support a businessman who has gone out of business due to insolvency. In jurisprudence, the term &ldq More
        Bankruptcy reorganization and liquidation is, in fact, an attempt to revitalize trade activities of a businessman. This act of reorganization is carried out in order to support a businessman who has gone out of business due to insolvency. In jurisprudence, the term “bankrupt” is synonymous with Mofles (insolvent), but the exact meaning of Mofles and when it can be applied has been subject of controversy. Reorganization of bankruptcy is actually based on Procrastination in repaying debts according to the jurisprudential principles. It goes without saying that every individual is tasked according to their potential, and entrusting insolvents with non-bearable obligations flatly contradicts this. The process of bankruptcy reorganization As an innovation of this work can be carried out under specific conditions within the context of gratuitous contracts such as gift, conclusion of peace, endowment, charity, relief from obligation, loan agreement and the payment of zakat, which are all recognized as obligatory-moral rules. In fact, in jurisprudential channels, the beth din (house of judgment) can gratuitously show lenience towards the bankrupt person before the issuance of the bankruptcy verdict in order to help them reorganize their business and extinguish their liability towards debts arising from their bankruptcy. This extinguishment is dependent on jurisprudential rules. Manuscript profile
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        49 - Support strategies of jurisprudence and law in criminal bankruptcy of legal entities
        Mahoud Salehi Mohammad Rouhani Moghadam Sayyd Ebrahi GHodsi
        10.22034/ijrj.2023.708079
        The topic of bankruptcy in Islamic jurisprudence is reflected in jurisprudence sources, which are in line with the most advanced human solutions and the latest developments in bankruptcy law, and the rules and solutions that human societies have achieved in a long proce More
        The topic of bankruptcy in Islamic jurisprudence is reflected in jurisprudence sources, which are in line with the most advanced human solutions and the latest developments in bankruptcy law, and the rules and solutions that human societies have achieved in a long process by trial and error.  It has been presented and practiced in Islamic law for a long time. Bankruptcy has been examined in jurisprudential texts in the case of Interdiction. Provisions have been established in the relevant laws, which are sometimes in accordance with jurisprudential orders and in some cases derived from French law.  However, in the criminal regulations of the country, despite the provision of criminal liability of legal entities by the legislator, the failure of the courts to issue criminal bankruptcy judgments in relation to legal entities has created many problems, which has become a new way to avoid large debtors.  The purpose of this article is to examine the legal and jurisprudential support strategies in the criminal bankruptcy of legal entities. The findings of this research show that profit-seeking people cling to legal  loopholes and manifest bankruptcy in order to benefit from existing exemptions for illegitimate purposes, including running away from debt they achieve. Manuscript profile
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        50 - The Role of Corporate Governance in Preventing Bankruptcy: a Case of Tehran Stock Exchange
        Nader Khedri
        Manuscript profile
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        51 - Bankruptcy Prediction Modeling Using the Variables of Earnings Management
        moslem ghatebi vali khodadadi alireza jorjorzadeh aHMAD KAAB OMEIR
        10.30495/eco.2020.1893925.2322
        The purpose of this research is to modeling and predicts bankruptcy using real and accrual earnings management variables. Based on this, using logistic regression, the accuracy of bankruptcy models before and after adding Earning management variables were estimated and More
        The purpose of this research is to modeling and predicts bankruptcy using real and accrual earnings management variables. Based on this, using logistic regression, the accuracy of bankruptcy models before and after adding Earning management variables were estimated and compared. So, a sample consisting of 1287 years - company during the period 2006 to 2018 has been selected from the companies of Tehran Stock Exchange. The results showed that the predictability power of Altman, Springgate and Zimsky bankruptcy models has increased significantly after adding accrual earnings management variables compared to the initial models. The results also show that the parameters of real earning management weaken the predictability of Altman, Springgate and Zimsky models. Based on the results, accountants, managers, and economic planners are advised to pay special attention to the phenomenon of corporate Earning management in order to make their decisions better. Manuscript profile
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        52 - Presenting financial bankruptcy risk prediction model of stock and transborder companies using machine learning algorithms
        Mohsen Aali Seyed Alireza Mirarab Baygi Nima Farajian
        Bankruptcy or business failure can have a negative impact on both the company itself and the global economy. In this research, the financial bankruptcy risk prediction of stock and transborder companies has been done using machine learning algorithms, Where the ultimate More
        Bankruptcy or business failure can have a negative impact on both the company itself and the global economy. In this research, the financial bankruptcy risk prediction of stock and transborder companies has been done using machine learning algorithms, Where the ultimate goal is to predict the financial bankruptcy risk of stock exchange and transborder companies. Collective learning is a field of machine learning in which instead of using a model to solve a problem, Use multiple models in combination to increase the output estimation power of the model. Each model is retrained using optimal features. As a result, the accuracy of predicting machine learning model by Stacking method, which is one of the strongest techniques of collective learning, To predict financial bankruptcy risk is higher than similar methods. Investors always want to prevent the deterioration of their capital by anticipating the possibility of a company's bankruptcy. Therefore, they are looking for ways to predict the bankruptcy of companies. Manuscript profile
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        53 - Earnings management, business strategy and bankruptcy risk
        Mahdi Filsaraei Mohammadreza shoorvarzi Mahdi Zanganeh
        Competitiveness in the financial markets puts many companies at risk of bankruptcy and out of competition. This can cause concern for investors. Bankruptcy risk is mentioned as an important fact in the life cycle of modern business units that can lead to heavy economic More
        Competitiveness in the financial markets puts many companies at risk of bankruptcy and out of competition. This can cause concern for investors. Bankruptcy risk is mentioned as an important fact in the life cycle of modern business units that can lead to heavy economic and social costs to shareholders, creditors, managers, employees and the economy as a whole. The key here is to identify the factors that can be used to predict the risk of bankruptcy in the near future. This research will be conducted with the question of whether accrued earnings management and the type of business strategy of the company can help shareholders and managers in predicting the risk of bankruptcy of the company? The main purpose of this study is to investigate the effect of business strategy on earnings management and bankruptcy risk in companies listed on the Tehran Stock Exchange. The statistical population of the present study, after applying some of the limitations in this study, consists of 140 companies listed on the Tehran Stock Exchange during the years 2914 to 2020. Multiple linear regression model has been used to test the research hypotheses. The results of the study indicate that earnings management has a positive and significant effect on bankruptcy risk. The results also showed that cost leadership strategy has a significant negative effect on bankruptcy risk. In addition, the results showed that the product differentiation strategy has a significant negative effect on bankruptcy risk. Manuscript profile
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        54 - Designing a model for predicting the financial bankruptcy of companies listed in the Tehran Stock Exchange using artificial neural networks and comparing it with the logit regression model
        farhad sanchooli
        Considering the concerns that investors have about the return of principal and capital gains and the consequences and costs that bankruptcy can cause for companies and the country's economy and other individuals and institutions, the design of a reliable model In order More
        Considering the concerns that investors have about the return of principal and capital gains and the consequences and costs that bankruptcy can cause for companies and the country's economy and other individuals and institutions, the design of a reliable model In order to predict the probability of bankruptcy of companies, it seems necessary to guide decision makers such as investment companies, banks and the government.In this research, the artificial neural network method and the logit regression method were used to predict the bankruptcy of a number of companies admitted to the Tehran Stock Exchange during the years 2015 to 2019, and the results were compared with the logit regression method. The overall prediction accuracy of the artificial neural network method for each of the years t, t-1, t-2 and t-3 is equal to 96.55%, 96.55%, 92.24% and 24/2 respectively. 92% and for the logit regression method for the same years, it is 94%, 94.82%, 90.51% and 87.06% respectively, which showed that the artificial neural network method has a higher accuracy than the logit regression method. is. Therefore, it can be concluded that the artificial neural network method provides a more appropriate tool for predicting the bankruptcy of companies. Manuscript profile
      • Open Access Article

        55 - Investigating the effect of excessive self-esteem management on empirical manipulation of bankruptcy and bankruptcy model in companies admitted to( Tehran Stock Exchange.
        مریم نادری akbar rahimipoor فاطمه افشار
        The present study attempts to investigate the effect of excessive self-esteem management on profit manipulation and bankruptcy in companies admitted to Tehran Stock Exchange during the years 2012-2016. In this research, excessive management trust is measured based on tw More
        The present study attempts to investigate the effect of excessive self-esteem management on profit manipulation and bankruptcy in companies admitted to Tehran Stock Exchange during the years 2012-2016. In this research, excessive management trust is measured based on two predicted profit indicators and capital expenditures. The results of the statistical tests indicate that the management's insecurity on bankruptcy of companies is not effective, but it influences profit manipulation. In fact, the results show that bankruptcy of companies is independent of the level of self-confidence over management, based on the projected profit criterion and capital expenditures.But, given the positive and meaningful effects of excessive self-confidence on the basis of the predicted profit index and capital expenditure on manipulating corporate profits, this research hypothesis is confirmed.But, given the positive and meaningful effects of excessive self-confidence on the basis of the predicted profit index and capital expenditure on manipulating corporate profits, this research hypothesis is confirmed. Manuscript profile
      • Open Access Article

        56 - Bankruptcy Forecasting Using of Workforce Agile in the Organization
        Vahid Bekhradi Nasab
        Agility is an unknown phenomenon that is less empirically investigated in previous researches. Agility means the reduction in the workforce by management, which can be considered as a cost leadership strategy. Human resource changes in the company, lower staff costs and More
        Agility is an unknown phenomenon that is less empirically investigated in previous researches. Agility means the reduction in the workforce by management, which can be considered as a cost leadership strategy. Human resource changes in the company, lower staff costs and personnel salary are the results of agility which in times of crisis is a competitive advantage for the company. According to the game theory, adopting a strategy of cost leadership by managers reduces the risk of bankruptcy. The purpose of this study is to investigate the effect of agility on the probability of bankruptcy. The population of this research is all companies listed on Tehran Stock Exchange from 2011 to 2016, and the sample size based on the systematic elimination method is 175 companies. The multiple regression analysis is used to test the research hypothesis. The results of the study show that managers, by adopting cost leadership strategies and agility policies, significantly reduce the likelihood of bankruptcy. Manuscript profile
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        57 - Credit Rating of Companies Listed on Tehran Stock Exchange Using the EMS Approach
        Seyedeh Mahboobeh Jafari Maysam Ahmadvand
        This research paper aims to determine credit ratings of Tehran stock exchange companies listed between 1388 and 1392 using a scoring system named EMS approach. The EMS approach is an enhanced version of Altman Z-Score model (Altman, 1968). Unlike the original Z-Score mo More
        This research paper aims to determine credit ratings of Tehran stock exchange companies listed between 1388 and 1392 using a scoring system named EMS approach. The EMS approach is an enhanced version of Altman Z-Score model (Altman, 1968). Unlike the original Z-Score model, the EMS approach can be applied to manufacturing, non manufacturing, privately held and publicly owned firms in developed or emerging markets. This approach incorporates particular credit characteristics of emerging markets’ companies, and is a suitable tool for determining their credit ratings. The EMS approach combines fundamental credit analysis and rigorous benchmarks to reach a modified rating, which can then be compared to agency ratings and market levels. According to surveys and with regard to financial information of companies subject to article 141 of Iran’s commerce law, we found that during research time period, the EMS approach could classify failed companies (subject to article 141) with more than 96 percent accuracy. Results indicated that some of sample companies listed on Tehran stock exchange were financially distressed or in grey zone, and this could be considered by investors and lenders.   Manuscript profile
      • Open Access Article

        58 - Crisis Factories in Iranian Law with a Look at the Laws of the United States and France
        Shahrokh Sayadian Mohammad Saghari Farid Mohseni
        10.30495/alr.2021.684586
        Field and Aims: With the enactment of the Commercial Code in 1996, the custom of commercial usury during the constitutional period was abolished, and with the dissolution of the Commercial Court, only this bankruptcy became dominant only due to non-payment of debt at ma More
        Field and Aims: With the enactment of the Commercial Code in 1996, the custom of commercial usury during the constitutional period was abolished, and with the dissolution of the Commercial Court, only this bankruptcy became dominant only due to non-payment of debt at maturity. On the other hand, the late conclusion of the composition need, due to the lack of a preventive aspect to the bankruptcy order, practically failed to prevent the liquidation of the merchant's property. The rule of law of liquidation and attention to the interests of creditors also led to the neglect of other components such as factory maintenance and employment of workers and property rights of the debtor.Methodology: The research method is comparative-analytical and the data collection method is documentary research. The data analysis method is a descriptive-analytical approach.Findings and Conclusion: In the bankruptcy regulations, efforts have been made to preserve the factory and to express the difference between stoppage and bankruptcy, but due to insufficiency and inconsistency with the provisions of the Commercial Code, it has not achieved much success in reviving crisis-prone factories. Examining the process governing the above-mentioned regulations and comparing it with the reconstruction institution confirms the necessity of changing the philosophy of bankruptcy law. Manuscript profile
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        59 - A Comparative Study of Processes and Challenges of Reorganization of Business Companies in Iranian Laws and Other Countries
        mohsen nazemizadeh mohammad reza pasban ali radan jebely
        10.30495/alr.2022.1951845.2280
        Maintaining the continuity of companies as one of the most important players in the economy is of great importance for governments and society; thus, one of the mechanisms in the legal system of many countries to prevent the liquidation of companies is the institution o More
        Maintaining the continuity of companies as one of the most important players in the economy is of great importance for governments and society; thus, one of the mechanisms in the legal system of many countries to prevent the liquidation of companies is the institution of "reorganization". Although Iran's economic system has experienced the bankruptcy of many commercial companies in recent decades, so far the laws and regulations have not independently addressed the process and challenges of reorganization of bankrupt companies. The findings of this study indicate that the reorganization of a company has several processes that in most countries are mainly: demand for reorganization; Creditors' agreement; Court certification; Act under the supervision of the court and, finally, the issuance of the final verdict. In addition, although reorganization has a long history in most developed countries, in practice in these countries with challenges and obstacles such as: delays in announcing the cessation; Creditors' opposition; the inability of a commercial company is associated. Considering the necessity of this institution in Iran and the legal gaps in the Iranian legislative system, the present article examines the processes and challenges of reorganization of commercial companies in several countries with a comparative approach and using a descriptive-analytical method. Manuscript profile
      • Open Access Article

        60 - Investigating the effects of types of cash flow and controlling shareholders on the relationship between profit management and financial performance to predict financial bankruptcy (firefly algorithm)
        Gurban Heki Behrouz Sadeghi Amroabadi Seyyed Mohammad Reza Davodi
        10.30495/fed.2023.705596
        Abstract Companies need sufficient resources to continue operating, including sufficient cash to pay lenders. If the company does not have enough ability to acquire resources to meet its needs, it will suffer financial helplessness. When faced with financial helplessne More
        Abstract Companies need sufficient resources to continue operating, including sufficient cash to pay lenders. If the company does not have enough ability to acquire resources to meet its needs, it will suffer financial helplessness. When faced with financial helplessness, companies manipulate accounting profit as one of the performance evaluation items. In this situation, the management manages the profit by manipulating the accounts, the purpose of which is to give good information and news to the capital market, in order to prevent the decrease of the company's value. If the accounts are manipulated, the existence philosophy of the financial statements will be damaged and their reliability will be lost. Therefore, in the present research, the effects of cash flow types and controlling shareholders on the relationship between profit management and financial performance have been analyzed in order to predict financial bankruptcy in Tehran stock exchange companies. For this purpose, the data of 128 selected companies during the period of 1390 to 1398 have been used. Data analysis was done in two parts; In the first part, using the panel data regression method, the effect of cash flow types and controlling shareholders on the relationship between profit management and financial performance of companies has been estimated. The results of this part showed that the profit management variable had positive effects and the performance variables, controlling shareholders, capital cash flows, equity cash flows and free operating cash flows had a negative effect on the bankruptcy criteria of companies; In addition, it was observed that the types of cash flows examined in this research had a moderating effect on the relationship between profit management and corporate bankruptcy. Next, in the second part of the analysis, based on the coefficients obtained in the previous part and using the firefly algorithm, it is discussed. The results of this part also showed that the percentage of success of the firefly algorithm in predicting the bankruptcy of companies was equal to 98.12%. Based on this, it is suggested that policies based on control and preservation of various cash flows and the use of controlling shareholders be used to reduce the possibility of bankruptcy of companies. Manuscript profile
      • Open Access Article

        61 - The Comparison of Financial Crisis Prediction Strength of Different Artificial Intelligence Techniques
        Zahra Pourzamani Hassan kalantari
        Rapid technological advances and vast environmental changes, leading to increasing competition and limit access to benefits and likely to suffer financial crisis has increased. Purpose of this study is investigating financial crisis prediction strength of different arti More
        Rapid technological advances and vast environmental changes, leading to increasing competition and limit access to benefits and likely to suffer financial crisis has increased. Purpose of this study is investigating financial crisis prediction strength of different artificial intelligence techniques(linear and nonlinear genetic algorithm and neural network). Based on available information and statistics, of all companies listed in Tehran Stock Exchange, 72 companies have been subject to Article 141 trade law and 72 companies have not been subject to this Article was elected. Results of Mc-Nemar test for genetic algorithms techniques and neural network showed that there are not significant differences between linear and nonlinear genetic algorithms with neural network. Although the predictive accuracy of nonlinear genetic algorithm(90%) and linear genetic algorithms(80%) is more than of the neural network(70%) but this difference is not statistically significant. Manuscript profile
      • Open Access Article

        62 - Evaluating the Effect of Content of Inflation Accounting Information in Comparison with Historical Information in Designing Bankruptcy Prediction Models Based on Traditional and Meta-Innovative Approaches
        Naeemeh Jebelli Iman dadashi
        10.30495/faar.2023.705557
        AbstractBankruptcy Prediction is one of the branches of finance that has received more attention in in recent research as bankruptcy patterns have been developed. In most of the researches in the field of Prediction the financial performance of companies and in particul More
        AbstractBankruptcy Prediction is one of the branches of finance that has received more attention in in recent research as bankruptcy patterns have been developed. In most of the researches in the field of Prediction the financial performance of companies and in particular, bankruptcy, only Predicting or comparing the predictive power of models using historical information of financial statements has been done. Since historical accounting information has been used more in Iran, the main purpose of this study is to consider the effects of inflation on input variables in designing a bankruptcy prediction model. Therefore, the variables in design of two different models were classified into two groups of financial ratios, adjusted and historical. Then, the ratios were identified using the LARS algorithm that had the highest ability to differentiate between bankrupt and non-bankrupt companies. Finally, the final bankruptcy prediction model was designed using the logit regression test and SVM and Naive Bayesian algorithms. For this purpose, the data of 50 companies listed on the Tehran Stock Exchange were used, which had experienced bankruptcy according to Article 141 of the Commercial Code. The results of this study indicate that the financial ratios adjusted based on the price index are more suitable predictor for corporate bankruptcy. Also, the bankruptcy prediction model designed by SVM algorithm can be a very good predictor for corporate bankruptcy with 99.4% accuracy. Manuscript profile
      • Open Access Article

        63 - Financial Bankruptcy prediction using artificial neural network and firefly algorithms in companies listed in Tehran Stock Exchange
        Mahdi Heidary Shokrollah Ziari seyed ahmad shayan nia Alireza Rashidi Kemijan
        By anticipating financial turmoil, it is possible to take the necessary precautions before financial distress occurs by managers and investors. This study compares two algorithms for prediction of bankruptcy using Artificial Neural Network (ANN) and Neural network optim More
        By anticipating financial turmoil, it is possible to take the necessary precautions before financial distress occurs by managers and investors. This study compares two algorithms for prediction of bankruptcy using Artificial Neural Network (ANN) and Neural network optimized metaheuristic Firefly Algorithm (FA). To run test, first initial values are set for the network weights and biases and then during the optimization process, a population of different weights and biases is generated by FA algorithm. The conversion function used in the output layer is linear and for the middle layer a non-linear sigmoid function is selected. To conduct this research, the data of 79 companies listed on TSE during 2012 to 2015 were collected and analyzed statistically by backpropagation neural network and FA algorithms. The results show that FA, compared to ANN predicted the companies’ bankruptcy much better. Also, FA Algorithm maintains a good correlation between bankrupt and non-bankrupt companies, just like real data. Manuscript profile
      • Open Access Article

        64 - Imaged financial Ratios and Bankruptcy Prediction using Convolutional Neural Networks
        abbasali haghparast alireza momeni Aziz Gord fardin mansoori
        Convolutional neural networks are being applied to identification problems in a variety of fields, and in some areas are showing higher discrimination accuracies than conventional methods. Hence, in this research, an attempt is made to apply a convolutional neural network More
        Convolutional neural networks are being applied to identification problems in a variety of fields, and in some areas are showing higher discrimination accuracies than conventional methods. Hence, in this research, an attempt is made to apply a convolutional neural network to the prediction of corporate bankruptcy. The financial statements ratios has been choice 66 companies that have been delisted from the Iran Stock Market due to de facto bankruptcy as well as the financial statements of 66 listed companies over 2000 to 2019 financial periods. In this method, a set of financial ratios are derived from the financial statements and represented as a grayscale image. The image generated by this process is utilized for training and testing a convolutional neural network. The images for the bankrupt and continuing enterprises classes are used for training the convolutional neural network based on GoogLeNet. The findings shows, in prediction of going concern of firms, Convolutional neural network has predicted with 50 percent of precision. This means that 50 percent of continues firms and 50 percent of bankrupt firms has been predicted precisely. Manuscript profile
      • Open Access Article

        65 - Comparison of the Predictive Accuracy of Artificial Neural Network Systems Based on Multilayer Perceptron Approach and Falmer Binary-Logistics Model in Order to Predict Bankruptcy
        Somieh Saroei Hamid Reza Vkili Fard, Ghodratolah Taleb Nia
        Financial analysts and other users need relevant and reliable information to predict corporate bankruptcy, which should be distributed symmetrically to all users. Accordingly, the purpose of this study is to compare the prediction accuracy of Artificial Neural Network ( More
        Financial analysts and other users need relevant and reliable information to predict corporate bankruptcy, which should be distributed symmetrically to all users. Accordingly, the purpose of this study is to compare the prediction accuracy of Artificial Neural Network (ANN) systems based on the Multilayer Perceptron Approach and Falmer Binary-Logistics Model in order to predict bankruptcy. To test the hypotheses, the combined data of 172 companies listed on the Tehran Stock Exchange in the period 2007-2016 were used. The results of the analysis of the research data show that the ANN system can identify of the factors affecting on bankruptcy of Iranian companies in the year before bankruptcy by Precision equal 98%. Findings from the binary-logistic model showed that the forecasting model designed based on the Falmer regression method is able to predict with 82% accuracy the bankruptcy of the sample companies. Therefore, the use of artificial neural networks can more powerfully and accurately predict bankruptcy than regression models. Manuscript profile
      • Open Access Article

        66 - Solving Imbalanced Data Distribution Problem in Bankruptcy Prediction by Cost-Sensitive Learning Method
        seyed behrooz razavi ebrahim abbasi
        This study aimed to add cost-sensitive learning technique to imbalanced data-based bankruptcy prediction models in order to reduce type I error and increase the geometric mean criterion of overall accuracy to reduce the misclassification costs of bankrupt companies for More
        This study aimed to add cost-sensitive learning technique to imbalanced data-based bankruptcy prediction models in order to reduce type I error and increase the geometric mean criterion of overall accuracy to reduce the misclassification costs of bankrupt companies for stakeholders. For this purpose, type I error, type II error, and the geometric mean of overall accuracy of bankruptcy models based on cost-sensitive learning were compared with bankruptcy prediction models with highly imbalanced datasets. The statistical sample included 1200 year-companies since 2001- 2020, consisting of 90% healthy companies and 10% bankrupt companies. Hypotheses test results showed that adding a cost-sensitive learning technique to the bankruptcy prediction models led to a significant decrease in the type I error, a significant increase in the type II error, and a significant increase in geometric mean of accuracy of imbalanced data-based models at 95% confidence level. Also, with the increase in the misclassification cost of bankrupt companies, type I error had a downward trend and the II type error had an upward trend, and the geometric mean of accuracy had an upward trend. Manuscript profile
      • Open Access Article

        67 - Corporates Manner and Comparing its Prediction Accuracy with Decision Tree and Bayes Models
        zohre arefmanesh vahid zare mehrjardi Alireza Mohammadi nodooshan
        The main objective of this study is to design corporate financial distress prediction models for the following three industries basic metals, non-metallic minerals and machinery and equipment, using the bagging model. Moreover, the prediction accuracies of the designed More
        The main objective of this study is to design corporate financial distress prediction models for the following three industries basic metals, non-metallic minerals and machinery and equipment, using the bagging model. Moreover, the prediction accuracies of the designed models are compared to the bayes and decision tree models. Aimed Statistical population of this research includes all the corporations of each of the industries. The financial distress criterion employed in this research is the criteria of article 141 in commercial code and the timeline of the research is from 2001 to 2016. The results shows that, comparing to the base models (i.e. decision tree and bayes), the bagging model has a better prediction accuracy average. Moreover, based on the obtained results, it can be concluded that the bagging, decision tree and bayes models are qualified models for the corporate bankruptcy prediction Manuscript profile
      • Open Access Article

        68 - Mathematical model design for predicting bankruptcy of companies accepted in the Tehran Stock Exchange
        Reza Pirayesh Hassan Dadashi Arani Mohammadreza Barzegar
        In this research, five major bankruptcy predictions model to study and among the components of the five models, redesigned bankruptcy prediction is provided that consists of eight variables. The main issue in this research is that by examining the financial statements o More
        In this research, five major bankruptcy predictions model to study and among the components of the five models, redesigned bankruptcy prediction is provided that consists of eight variables. The main issue in this research is that by examining the financial statements of listed companies in Tehran Stock Exchange we can offer a model to predict corporate bankruptcy. In order to design data from two groups of companies accepted in the Tehran Stock Exchange use the first group consists companies surveyed non-bankrupt company and second group included bankrupt company. The study period financial statements of exchange data during the years have been 2005 to 2014. The study results in relation to the ability to predict model reflects the fact that the model could be two years before the bankruptcy of companies provide accurate predictions about the crisis and bankruptcy. The results show that the predictive power of the model for one year before bankruptcy 91% and two years before the bankruptcy 83%. Manuscript profile
      • Open Access Article

        69 - Comparing Different Feature Selection Methods in Financial Distress Prediction of the Firms Listed in Tehran Stock Exchange
        Mohammad Namazi Mostafa Kazemnezhad M. Mahdi Nematollahi
        Research in financial distress and bankruptcy emphasize the design of more sophisticated classifiers, and less feature (variables) selection and their appropriate methods. In this regard, the purpose of this study is to compare performance of different feature selection More
        Research in financial distress and bankruptcy emphasize the design of more sophisticated classifiers, and less feature (variables) selection and their appropriate methods. In this regard, the purpose of this study is to compare performance of different feature selection methods in financial distress prediction of the companies listed on Tehran Stock Exchange (TSE). In this regard, we investigated and compared five feature selection methods, including t-test, stepwise regression, factor analysis, relief, wrapper subset selection and RFE-SVM feature selection. To obtain comparable experimental results (reliable comparison), three different classifiers (including neural networks, support vector machine and AdaBoost) were used in this study. In overall, the experimental results confirmed the usefulness of variable selection methods and significant difference among level (amount) of different methods performance. In other words, the application of the feature selection methods increases the mean of accuracy, and reduces the occurrence of type I and type II errors. Furthermore, the results indicated that wrapper subset selection method outperforms the other feature selection methods. Manuscript profile
      • Open Access Article

        70 - The Impact of Accounting Information Quality and Monetary Policy on Bankruptcy Prediction
        Mohammad Hossein Setyesh milad rahimi
        10.30495/jdaa.2023.699866
        AbstractThis study has investigated the effect of the accounting information quality and monetary policy on bankruptcy prediction. For this purpose, a sample of 135 companies was selected from the admitted companies in the stock exchange. In order to collect the needed More
        AbstractThis study has investigated the effect of the accounting information quality and monetary policy on bankruptcy prediction. For this purpose, a sample of 135 companies was selected from the admitted companies in the stock exchange. In order to collect the needed data to calculate variables in the research, Rahvardnovin database, Tehran Stock Exchange Organization database and Central Bank database were used. Eviews software and fixed effects panel data regression model have been used to analyze the collected data. This study is useful for financial analysts, managers, accountants and policy makers in order to evaluate the financial position and predict financial bankruptcy of companies. The results of the hypothesis test show that all three hypotheses are not rejected and indicate that the accounting information quality in interaction with monetary policy has a positive and significant effect on bankruptcy prediction. The estimated coefficient of the accounting information quality in the interaction with monetary policy on predicting premature bankruptcy is lower than the coefficients of the variables accounting information quality and monetary policy on predicting premature bankruptcy, and this shows that the interaction of the accounting information quality and monetary policy has a moderating role on It has predicted premature bankruptcy. Manuscript profile
      • Open Access Article

        71 - The relationship among the cash components of profit, the stability of profit and the probability of bankruptcy of companies listed in Tehran Stock Exchange
        Amin Ghamari Moghaddam Mahmoud Lari Dasht Bayaz Habibollah Nakhaei
        10.30495/afi.2022.1956776.1127
        Purpose: The purpose of this study is to the relationship Among the stability of profit components and cash components of interest and their relationship with bankruptcy in the Tehran Stock Exchange.Methodology: In order to achieve the purpose of the research, a sample More
        Purpose: The purpose of this study is to the relationship Among the stability of profit components and cash components of interest and their relationship with bankruptcy in the Tehran Stock Exchange.Methodology: In order to achieve the purpose of the research, a sample of 130 companies from among the companies of Tehran Stock Exchange and companies that are subject to Article 141 of the Commercial Law (bankrupt) and have left the Exchange and Securities Organization, for a period of 5 years between 2016-2020. Is. Data collection has been done using modern mortgage software and stock exchange organization websites. In this research, E-views 8 econometric software has been used for final analysis.Findings: The cash component of profit has a stronger relationship with the future profit of the company than the accrual component of profit and therefore has more stability than the accrual component of profit. Also, the result of the second hypothesis showed that the stability of the cash component of profit the stability of the cash component paid to shareholders is greater than the stability of other cash components. Finally, in the third hypothesis, the stability of the cash component of profit with the financial health of the company is greater than the stability of the accrual component of profit.Originality / Value: The present study provides evidence for the relationship between the cash components of profit, profit stability and the probability (prediction) of bankruptcy of accepted companies. Manuscript profile
      • Open Access Article

        72 - Systematic review of bankruptcy prediction models
        Jaber Zahmatkesh Akram Taftiyan Mahmoud Moeinadin Amin Nezarat
        10.30495/afi.2023.1971181.1164
        Objective: The current research aims to systematically examine bankruptcy prediction models with the goal of developing a model that serves as a guide for selecting the most suitable tools. These tools should ideally align with the existing data and quality criteria of More
        Objective: The current research aims to systematically examine bankruptcy prediction models with the goal of developing a model that serves as a guide for selecting the most suitable tools. These tools should ideally align with the existing data and quality criteria of bankruptcy prediction models.Research Methodology: To conduct this research, a systematic search was performed on the Web of Science database using keywords such as Bankruptcy, Default, Distress, Failure, Forecasting, Predicting, Prediction, and Insolvency, spanning the years 2015 to 2023. Based on defined inclusion and exclusion criteria, this search yielded 1000 articles, out of which 49 were ultimately selected and analyzed. The findings from these articles were then summarized in tables. Subsequently, major bankruptcy prediction models were compared based on nine key criteria, and final conclusions were drawn.Findings: Artificial neural networks and support vector machines were found to have the highest accuracy, while multiple personality analysis showed the lowest accuracy. Additionally, artificial neural networks, multiple personality analysis, decision trees, and logistic regression require a large training sample to logically identify and precisely classify patterns. However, case-based reasoning, rough sets, and support vector machines can work with smaller sample sizes.Originality/ Value: The outcomes of this research contribute to a comprehensive understanding of the characteristics of tools used in developing bankruptcy prediction models and the shortcomings associated with them. Manuscript profile
      • Open Access Article

        73 - Explanation of the comprehensive pattern of bankruptcy
        Somayyeh Imani Mohammad Javad Tasaddi Kari
        10.30495/afi.2023.1987185.1227
        Purpose: Since the economic cycle of any country depends on the continuity and survival of the reporting units of that country, this research aims to provide a comprehensive model to predict the bankruptcy of the reporting units with the aim of timely warning to prevent More
        Purpose: Since the economic cycle of any country depends on the continuity and survival of the reporting units of that country, this research aims to provide a comprehensive model to predict the bankruptcy of the reporting units with the aim of timely warning to prevent its occurrence.Methodology: The current research is qualitative. The data was analyzed and weighted by analyzing the content of the results of previous researches obtained through the Delphi-Fuzzy method. The statistical population of the present study also includes 17 university professors and financial managers of the reporting units, who were selected by the purposeful and theoretical sampling method and by the snowball technique.Results: The results show that among the four identified factors, the characteristics of the reporting units are the best criteria in determining the bankruptcy of the reporting units. Also, from the sub-factors of financial ratios, the ratio of net profit to sales; Among the characteristic sub-factors of the reporting units, the management system; Among the sub-factors of the environmental factor, the way of financing, and among the sub-factors of individual characteristics, the expertise of managers are considered as the best factors in determining the bankruptcy of the reporting units.Originality / Value: Considering the lack of convergence of the results of previous researches, in the current research, an attempt has been made to look for the convergence of the existing factors based on the cases identified in the field of bankruptcy, in order to identify the factors that have more weight in determining bankruptcy, with more comprehensiveness and the least amount of error in the results. Obtained more reliable. The results of this research can provide the basis for managers and investors to pay attention to the key factors affecting the occurrence of bankruptcy. Manuscript profile
      • Open Access Article

        74 - A hybrid bankruptcy prediction model based on GMDH-type neural network and genetic algorithm for Tehran Stock Exchange companies
        hosain vazifehdost tayebeh zangeneh
        This paper proposes a  Soft Computing model for effective bankruptcy prediction, based on the integration of Group Method of Data Handling (GMDH) neural network and genetic algorithm which is called here as GA-GMDH. Genetic algorithm (GA) designs the whole architec More
        This paper proposes a  Soft Computing model for effective bankruptcy prediction, based on the integration of Group Method of Data Handling (GMDH) neural network and genetic algorithm which is called here as GA-GMDH. Genetic algorithm (GA) designs the whole architecture of the GMDH network and optimizes its topology. In order to demonstrate the effectiveness of our proposed GA-GMDH model, its performance was compared with performance of the commonly used statistical techniques of logistic regression (LR) and a relatively new artificial intelligent technique of Adaptive Neuro-Fuzzy Inference System (ANFIS). Performance of the designed prediction models depends on the utilized variable selection technique. Therefore, we constructed 12 prediction models through combining the four filtering feature selection methods and the three prediction models. The four feature selection methods of independent samples T-test, correlation matrix (CM), stepwise multiple discriminant analysis (SDA) and principal component analysis (PCA)are combined with prediction models to generate four optimal feature subsets. Empirical data were collected one year prior to failure from Tehran Stock Exchange (TSE) during 1997-2008.  For robust assessing of prediction models’ performance, we applied Type-I and Type-II errors, and area under the receiver operative characteristics curve (AUC) measures. Experimental results indicate that our proposed GA-GMDH model has high ability in bankruptcy prediction problem and significantly outperforms ANFIS and LR models in all combinations with four feature selection methods. Meanwhile, the CM method has the best ability in selecting predictive variables in comparison with other feature selection methods. Therefore, CM-GA-GMDH model is determined as the best constructed model for bankruptcy prediction using our particular dataset from TSE.   Manuscript profile
      • Open Access Article

        75 - Investigating the effect of managers 'distrust and double investment on companies' financial distress
        Houshang Alipour Reza Tehrani Aboutorab Alirezaei Ghanbar Abbaspour Esfadan
        The purpose of this study was to investigate the relationship between managers' Overconfidence and Overinvestment on bankruptcy of listed companies in Tehran Stock Exchange. In this Study, to measure the managers' more trust, the profit margin criteria of each share wer More
        The purpose of this study was to investigate the relationship between managers' Overconfidence and Overinvestment on bankruptcy of listed companies in Tehran Stock Exchange. In this Study, to measure the managers' more trust, the profit margin criteria of each share were used with real profits, average capital expenditures and surplus investment in assets, and the number of 122 companies in the period of 1396-1390 as a statistical sample has been selected. The findings of the research show that there is a positive and significant relationship between managers' Overconfidence and Bankruptcy. In general, the results from the hypotheses suggest that managers more than trust the ability to assess their abilities, meaning that the more people have more information about or have some knowledge of, they will increase their optimism. If these people are involved in or contributing to the project, the results are less optimistic and the risk of the project less realistic and the projects on which they invest heavily, the units of investment with the net negative value projects that ultimately bring the company's capital to They waste. Consequently, companies may have fewer cash flows to deal with sudden accidents leading to bankruptcy. The effect of Overinvestment has also been positively assessed on the bankruptcy of companies. Manuscript profile

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