• List of Articles finance

      • Open Access Article

        1 - The effect of CEO narcissism on debt maturity structure
        Mahmood Hasanzade Kuchou
        Purpose: The results of previous research have shown that the use of short-term debts can ultimately cause unfavorable financial performance of the company in the long term. Behavioral finance theories also state that in the decision-making of managers and investors, in More
        Purpose: The results of previous research have shown that the use of short-term debts can ultimately cause unfavorable financial performance of the company in the long term. Behavioral finance theories also state that in the decision-making of managers and investors, in addition to information, a series of viewpoints and psychological factors also influence their decisions. The purpose of this research is to investigate the effect of CEO narcissism on the maturity structure of debts. Methodology: Using the data of 85 companies listed in the Tehran Stock Exchange, in the period of 2018 to 2022, the hypotheses were tested using multiple regression. Findings After statistical analysis, the results of the research hypotheses indicate that CEO narcissism has a positive and significant effect on the maturity structure of debts. In this research, two indicators of managers' bonus ratio and the size of CEO signatures were used to measure CEO narcissism. Originality: The results of research hypotheses indicate that CEO narcissism has a positive and significant effect on debt maturity structure. This means that with the increase of narcissism of managers, the use of short-term debt increases. Narcissistic managers try to match the asset structure and the debt maturity structure in order to pay the debts. Hence, in the period under their management, the maturity period of the debt structure is reduced when the company can increase its profits. Manuscript profile
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        2 - Sociological analysis comparing consumption patterns among job classes in the headquarters of the Ministry of Economic Affairs and Finance and the Tax Affairs Organization of the country
        رضا قاسمی Bahram  Ghadimi Hadi Shirzad Zohreh Nikfarjam Fariba Shayegan
        Today, consumption has become one of the most important global issues. So that the position of consumption is so much that some people define the lifestyle based on it. At the end of the 20th century, consumption has become a multi-dimensional reality that, in addition More
        Today, consumption has become one of the most important global issues. So that the position of consumption is so much that some people define the lifestyle based on it. At the end of the 20th century, consumption has become a multi-dimensional reality that, in addition to the dimensions of economic requirements, has many cultural meanings and social requirements. Consumption patterns are stable social behaviors that exist in society in relation to the consumption of all kinds of goods, food, clothing and other cultural items. Therefore, consumption and consumption patterns have become an important issue in people's daily lives and play an important role in their lived experience and direction of their actions in various fields. Therefore, according to the importance of the subject, this research deals with the sociological analysis of the comparison of consumption patterns among occupational classes in the headquarters of the Ministry of Economic Affairs and Finance and the Tax Affairs Organization of the country. The type of research was based on the applied nature and based on the analytical-survey method. A questionnaire was used to collect information. The results showed that the snack meal is observed more among diploma and sub-diploma people (occupational class 1). Less than half of the respondents pay attention to nutrients in food consumption, this issue is more evident among men and those who have sufficient income. The results showed that rice has the highest presence in the daily food basket of employees. On the other hand, the consumption of fish meat is less than other items. The consumption of soft drinks among the first occupational class and the consumption of red meat among the sixth occupational class (PhD) are more pronounced. People of the sixth class, who are part of the upper economic classes, consume less grains than othefrom othesociety. Manuscript profile
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        3 - The Relationship Between Corporate Governance and Finance and Profitability in Tehran Stock Exchange listed Firmes
        F. Rahnamaye Roudposhti A. Aslani
        Quality of controling and directing of firms and their patterns of finance are important discussions incorporate governance in recent years in the world .Ownership is a key element in corporate control andgovernance. Quality of ownership concentration of top stock holde More
        Quality of controling and directing of firms and their patterns of finance are important discussions incorporate governance in recent years in the world .Ownership is a key element in corporate control andgovernance. Quality of ownership concentration of top stock holders affect directly patterns of finance.Implementation of specific financing pattern in southeast Asia led to financial crisis. This thesis surveycontrol structure and patterns of financing of listed firms in Tehran stock exchange .Financial datas areissued by Tehran stock exchange in period 2000-2004 in the formes of balance sheet and income statementand other information are used in this thesis .Ownership concentration is measured by the proportion ofshares owned by top one shareholders. The iranian corporate sector’s owenership concentration iscategorized into three groups based on percentage of ownership (i) 0%-33% (ii) 33%-66% (iii) 66%-100%.By firm size, the corporate sector is divided into large, medium, and small companies, depending on capitals.The relationship bettween ownership concentration and firms size are tested, then their relations withpatterns of financing (retained earning, debting, issuing equities) are tested. The effect of each abovevariables on sale and profitability are tested, too. The conclusions indicated, the most important source offinancing in Iranian firms is debting, with average ratio 0.6, and also stock issue with average ratio 0.3 is thesecond, and retained earning with average ratio 0.1 is the thired patterns of financing in compare with othercountries. Ownership and control of corporations in Iran are highly concentrated, ownership concentration oftop one stockholder in Iranian firms held, on average 50/1 percent of shares, is the highest in compare withother countries. Based on a Regression analysis,there is statistically significant relationship between capitaland profitability, increasing in capital led to high profitability and also reduction in depending on financingin debt and a little increase in issuing equities, in Iranian firms .On the other hand, results show a significantpositive relationship between ownership concentration and financial leverage, as measured by total debt – to-total assets ratios.These are consistent with the hypothesis that companies with more concentratedownership tend to engage in higher debt financing because their controling owners do not want to dilute theircontrol by bringing in new equity holders Manuscript profile
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        4 - On the Behavioral Difference Between Institutinos and Individuals Investors after the Weekend
        M. Khaliliaraghi F. Rahnamaye roud poshti A. Joudaki
        This paper compares the trading patterns of individuals and institutions investors during the datefollowing the weekend. The comparison is based on transactions of a large sample of investors who dosell and purchase stocks for 166 weeks in a major brokerage hall in Tehr More
        This paper compares the trading patterns of individuals and institutions investors during the datefollowing the weekend. The comparison is based on transactions of a large sample of investors who dosell and purchase stocks for 166 weeks in a major brokerage hall in Tehran from 2004 Mar. 27th to2007 Feb. 5th.This paper is based on applied goal and on the basis of data collecting is casual comparretive, due tocomparison survey of investor’s behavior before and after weekend.We find that weekends influence both individuals and institutions investors, however they affect themin opposite directions.Individuals increase both their buy and sell accctivities after weekend.On the other hand institutions tend to perform fewer buy as well as sell trades after the weekend, butunlike individuals, the drops in their activity are almost the same for buy and sell trades.We find out collectively volume of transaction institutions investors is more than individuals becauselots of exchanges are dedicated to them. Manuscript profile
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        5 - Designing a Model for Establishing a Mentoring System in the Ministry of Economic Affairs and Finance (Foundation data Theorizing Method)
        sadegh noormohammadi kiomars Ahmadi Adel Salavati
        Background: The need for proper use of human resources of organizations is the need to develop and apply appropriate training models.Objective: This study was conducted with the aim of designing a model for establishing a mentoring system.Method: This research is an exp More
        Background: The need for proper use of human resources of organizations is the need to develop and apply appropriate training models.Objective: This study was conducted with the aim of designing a model for establishing a mentoring system.Method: This research is an exploratory mix. The statistical population of the qualitative section of experts and expert accountants of the Ministry of Economic Affairs and in the quantitative section includes 322 deputies of financial supervision. The tool for collecting interviews and questionnaires is researcher-made.Results: The results showed that the components (causal conditions (causes of the main phenomenon), strategies (actions or interactions performed to control, manage, deal with and respond to the main phenomenon), context (specific bedrock conditions affecting strategies), conditions Intervenors (effective bedrock conditions in strategies) and consequences (implementation of strategies) are among the factors influencing the design of a comprehensive model for establishing a mentoring system in the Ministry of Economic Affairs and Finance.Conclusion: The model obtained in this study is a suitable model for establishing a mentoring system in the Ministry of Economic Affairs and Finance. Manuscript profile
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        6 - Housing Finance: The Role of the Private Sector in Public-Private Partnership in Housing Delivery for the Low-Income in Nigeria
        Abraham Taiwo Albert Adeboye Peter Adewuyi Aderonmu
        Manuscript profile
      • Open Access Article

        7 - Analyzing the quality of the sub-optimal solutions of multi-period portfolio optimization with transaction costs and no short selling
        S. Ebrahimi Emamgheisi S. Mohammad Reza Davoodi
        The present study is an applied and descriptive-analytic research, while investigating a multi-period portfolio, below the optimal calculated responses to the analytical form of Skaf and Boyd (2009) for models with limited transaction costs and the impossibility The sal More
        The present study is an applied and descriptive-analytic research, while investigating a multi-period portfolio, below the optimal calculated responses to the analytical form of Skaf and Boyd (2009) for models with limited transaction costs and the impossibility The sale of borrowings in the Tehran Stock Exchange is reviewed. In this research, the first 30 active companies in the Tehran Stock Exchange, which have the highest ratings in the period between 2011 and 2016, were first selected, and then, using data envelopment analysis, 8 efficient companies were selected among the 30 companies. The research result Show that the optimal answer is of good quality.envelopment analysis, 8 efficient companies were selected among the 30 companies. The research result Show that the optimal answer is of good quality. Manuscript profile
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        8 - The impact of Sentimental Decision Investors and fundamental variables techniques on stock returns in Tehran Stock Exchange
        کبری سرلک زهرا علیپور درویش حمید رضا وکیلی فرد
        Field of behavioral finance because of the focus on cognitive factors in decision making,judgment and information processing have been important. So by using the describedbehavior in financial decision making and basic techniques, more precise criteria forbuying and sel More
        Field of behavioral finance because of the focus on cognitive factors in decision making,judgment and information processing have been important. So by using the describedbehavior in financial decision making and basic techniques, more precise criteria forbuying and selling shares to investors are developed. This study examines the impact ofemotional investment decisions (ARMS) and the variables fundamental techniques onstock returns from 1384 to 1389. There is a significant relationship between threevariables of the variables studied, ARMS, the rate of return on assets and current assets tocurrent liabilities percentage change with stock returns. Based on the expectedrelationship between the three variables mentioned above (ARMS, rate of return on assetsand the percentage changes in current assets to current liabilities) at the Tehran StockExchange with stock returns, agrees with the relationship documented in financialliterature. Manuscript profile
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        9 - E-Garch and Modeling of Market Volatility Based on Noise Trading
        Abdolmajid Abdolbaghi Siavash Sbour Maryam Bagheri Rafi
        The presence of noise traders with fanatical attitude in financial markets is considered as a reason for the divergence of price and risk from predicted levels, but on the other hand the absence of noise traders might cause dwindling of market volatility. Generally, tho More
        The presence of noise traders with fanatical attitude in financial markets is considered as a reason for the divergence of price and risk from predicted levels, but on the other hand the absence of noise traders might cause dwindling of market volatility. Generally, those who execute their trades based on market noise have poor understanding of the validity of receiving information, nevertheless a major part of traders falls into this category. The following study evaluated fluctuation of noise trading, using EGARCH (exponential general autoregressive conditional heteroscedastic) model for the price index of the Tehran stock exchange market from 2012 to 2016. There was a meaningful relation between the noise and market return, so that an increase in noise trading resulted in market return growth and a decline in noise trading altered fluctuation to a smoother trend. Furthermore, the growth of trade value, turnover and number of trades was related to the rise in noise trading. Manuscript profile
      • Open Access Article

        10 - Examination of the Relation between Managerial Overconfidence and Financing Policies in Tehran Stock Exchange
        Kazem Chavoshi Mohammad Rastegar Mohsen Mirzaee
        One of the most important decisions faced the firm's managers, is financing decision. Making this kind of decisions has important effects on stockholders’ risk and wealth. However recognizing the factors that affect these decisions has more importance. Many factor More
        One of the most important decisions faced the firm's managers, is financing decision. Making this kind of decisions has important effects on stockholders’ risk and wealth. However recognizing the factors that affect these decisions has more importance. Many factors influence the financing decisions in the firms that can be classified into two groups: the factors related to firm structure such as agency problems, firm size, insolvency and factors which are related to the management behavioral characteristics such as conservatism, overconfidence. This paper is going to study the effect of one of the psychological factors (overconfidence) on firm's financing decisions. For this purpose we use a panel data of 157 firms from listed companies in Tehran Stock Exchange over the period 2006-2012 The results – based on fixed effect panel data method – show that there is no relation between managerial overconfidence and financing decisions. In addition, it has shown that there are significant relations between growth opportunity, firm size and insolvency risk with financing decisions. Manuscript profile
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        11 - The effect of financial intelligence on the behavior of customers using credit cards in the branches of Bank Mellat in Tehran
        Akbar Eftekhari Aliabadi
        Today, understanding the concepts and skills associated with financial literacy and intelligence is essential, because it is capable of maintaining the consumer in order to survive in modern society and resist the diversity and complexity of existing financial products More
        Today, understanding the concepts and skills associated with financial literacy and intelligence is essential, because it is capable of maintaining the consumer in order to survive in modern society and resist the diversity and complexity of existing financial products and services.This article aims to explore the impact of financial intelligence on the behavior of customers that using credit cards in branches of Bank Mellat in Tehran. In other word, this paper aim to realizing customer's behavior and planning for appropriate action for the optimal use of credit cards by them. For this purpose, out of the 3,600 customers of the Mellat Bank, 347 persons has been selected by Cochran's sample size formula at the level of %5.A standard questionnaire has been used in order to collect data. With Cronbach's alpha 0.962, the reliability of it has been confirmed. In other side to questionnaire content validation and verify the factor structure of a set of observed variables used from Confirmatory factor analysis (CFA) Method. Also, to analyze the results of the questionnaire using structural equation method via Lisrel software. The results show that the financial intelligence on the behavior of customers using credit cards in branches of Bank Mellat in Tehran is effective. Also the financial behavior and financial education are directly and indirectly effective on the behavior of using credit cards among customers of Mellat Bank Branches in Tehran, but financial literacy has no effect on the behavior of using a credit card. Manuscript profile
      • Open Access Article

        12 - Scientometrics Study of the Islamic Finance sphere treatises in Iran
        Younes Nobakht
        The purpose of this article is to scientometrics study of treatises in the Islamic finance sphere in Iran with using the content analysis technique. The statistical population of the study consists of 153 thesis published in universities and educational centers of the c More
        The purpose of this article is to scientometrics study of treatises in the Islamic finance sphere in Iran with using the content analysis technique. The statistical population of the study consists of 153 thesis published in universities and educational centers of the country. Research data were collected by using a check list tool and analyzed by Excel software. The findings of the research show that Imam Sadegh University and Qom Seminary each with 35 and Allameh Tabataba'i University with 14 thesis titles produced the highest number of treatise in this field. Of all the treatises; 58 titles (38%) were in the subject of Islamic jurisprudence, Islamic financial law with 29 (19%) and Islamic banking with 19 (12%) titles of theses are in the next rank.  The most research method used in the writing of treatises is a descriptive-analytic research method that has been used with a jurisprudential approach. Also, educational disciplines of Islamic sciences with 36 titles, Jurisprudence and principles of Islamic law with 26 titles and Private law and economics each with 23 titles, have published the highest number of dissertations in this field.   Manuscript profile
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        13 - Service Marketing Mix and Its Effects on Stakeholders' Behaviors
        Akbar Eftekhari Aliabadi mohmad Hemmati Rozbahani
        In this study, relying on theoretical principles of behavioral finance and marketing mix, the effects of marketing mix and its factors has been examined on Tehran stock exchange stakeholders' behaviors. In this paper, based on 5 years periods from the begging of 1389 to More
        In this study, relying on theoretical principles of behavioral finance and marketing mix, the effects of marketing mix and its factors has been examined on Tehran stock exchange stakeholders' behaviors. In this paper, based on 5 years periods from the begging of 1389 to the end of fiscal year 1393, the assumption as effects of the service marketing mix and its variables on stakeholders' behaviors among services firms which accepted in the Tehran stock exchange has been tested.This study, as an applied research uses correlation methods specifically the structural equation modeling (SEM) to investigate the relation between service marketing mix variables' namely product, price, place, promotion, people, process, physical evidence as independent variables and stakeholders' behaviors as dependent variable.According to the descriptive data analysis and structural equation modeling results, we've found that the Tehran stock exchange stakeholders' behaviors has significant relation with service marketing mix concept and its variables. Manuscript profile
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        14 - Angel Investors: Examining Behavioral Finance Factors Influencing Investment Selection
        Yahya Hassas yeganeh M. H. Ebrahimi Sarv Olia S. Soroush Ghazi nouri Adel Afkhami
        Angel financing is a critical stage in companies' growth, which a lot of companies fail because of inability in raising money. Absorbing capital from these people is affected by various behavioral finance factors. So, this paper aims to determine and examine behavioral More
        Angel financing is a critical stage in companies' growth, which a lot of companies fail because of inability in raising money. Absorbing capital from these people is affected by various behavioral finance factors. So, this paper aims to determine and examine behavioral finance factors which affect investment selecting. In this process, after studying background and history of related research, 23 variables were collectively were given to a pilot group which we reached the consensus by removing some factors. The research questionnaire was then designed according to these remained factors. In the next step, using a sample with 183 members of angel investors, behavioral finance factors were asked. Our data were analyzed then by exploratory factor analysis. Seven latent variables include: Hope, Retrospective, Simplistic, Confidence, Risk Taking, Mental-Accounting, Self -Attribution were realized as effecting behavioral finance factors. These factors then were analyzed by confirmatory factor analysis in terms of a hypothesis to confine the number of factors to seven factors, which finally this hypothesis was accepted. Manuscript profile
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        15 - بررسی تأثیر عامل حساسیت سهامداران، ویژگی های سهام شرکت ها و اثر مومنتوم بر بازده سهام و عملکرد مالی شرکت های پذیرفته شده در بورس اوراق بهادار تهران
        Davood Hamzeh Maryam Khalili Araghi Kambiz Peikarjoo
        Investors invest in stock market to gain benefit, so always trying to make a reasonable relationship between the stock price, return and the financial performance; therefore, it is important to identify the effective factors. In this study, effect of investor’s se More
        Investors invest in stock market to gain benefit, so always trying to make a reasonable relationship between the stock price, return and the financial performance; therefore, it is important to identify the effective factors. In this study, effect of investor’s sensitivity, stocks properties and the momentum effect on stocks return and financial performance were reviewed and analyzed over the period of 1386 to 1392. The statistical population of this research study is the companies listed on the Tehran Exchange Stock, and the linear regression was used for assumption testing.Methodology- This research is practical, and has examined effect of investor’s sensitivity, stocks properties and the momentum effect on stocks return and financial performance. For the shareholder’s sensitivity evaluation, the EMSI indicator has been used.Results- The shareholder’s sensitivity indicator depicted that investors had risk aversion great deal of 37.48%, during the period of investigation. Hypothesis test results presented that the sensitivity of the shareholders indicator, the ratio of book value of company to the market value, firm’s size and stocks volatility had a significant effect on stock returns. With studying effect of mentioned factors on the performance indexes, following result indicated:Shareholder’s sensitivity, firm size and the ratio of book value of company to the market value have a significant effect on company’s asset return.Firm’s size, stocks volatility and the ratio of book value of company to the market value have a significant effect on stockholder’s equity return.Firm’s size and the ratio of book value of company to the market value have a significant effecton Tobin’s Q ratio.Shareholder’s sensitivity, firm size and the ratio of book value of company to the market value have a significant effect on the ratio of stock prices to corporate profits. Manuscript profile
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        16 - Inflation Risk Management in Project Finance Investments
        Zahra Amirhosseini Bahman Gholipor
        Project finance investments are a key backbone for a wide range of sustainable and bankable new infrastructures; being long term investments, they are highly exposed to inflation risk, which in Public Private Partners hips is mostly borne by the private counterpart and More
        Project finance investments are a key backbone for a wide range of sustainable and bankable new infrastructures; being long term investments, they are highly exposed to inflation risk, which in Public Private Partners hips is mostly borne by the private counterpart and its backing lenders. Prompt monitoring and resilient contractual designed as inflation risk detection, man Project finance investments are a key backbone for a wide range of sustainable and bankable new infrastructures; being long term investments, they are highly exposed to inflation risk, which in Public Private Partners hips is mostly borne by the private counterpart and its backing lenders Prompt monitoring and resilient contractual designed as inflation risk detection, management and mitigation, together with proper and flexible financial modelling, alleviating its potentially is erupting impact, especially if unpredictable or chronically enduring. Inflation risk periodically emerges as an extreme-albeit hardly perceived-event, to which infrastructural investments especially in developing countries are particularly vulnerable, creating disrupting agency costs among different take holders. An increasingly wide target audience of both practitioners and academics is interested in the precocious detection, assessment and management of this relevant interdisciplinary problem, so as to find resilient solutions able to mitigate its potentially devastating systemic repercussion segment and mitigation, together with proper and flexible financial modelling, alleviating its potentially disrupting impact, especially if unpredictable or chronically enduring. Inflation risk periodically emerges as an extreme hardly perceived-event, to which infrastructural investments especially in developing countries are particularly vulnerable, creating disrupting agency costs among different take holders. An increasingly wide target audience of both practitioners and academics is interested in the precocious detection, assessment and management of this relevant interdisciplinary problem, so as to find resilient solutions able to mitigate its potentially devastating systemic repercussions Manuscript profile
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        17 - Investors' Overreaction in IRAN Stock Market to Global Financial Crisis News
        فرشاد هیبتی وحید زندیه
        Over the past three decades, the Efficient Market Hypothesis (EMH) has been the foundation for financial asset pricing, and the leading hypothesis in the finance literature to explain and predict the behavior of investors. There are, however, two extensions to the EMH i More
        Over the past three decades, the Efficient Market Hypothesis (EMH) has been the foundation for financial asset pricing, and the leading hypothesis in the finance literature to explain and predict the behavior of investors. There are, however, two extensions to the EMH in the behavioral finance literature that investigate investor reaction when security prices do not adjust instantaneously, the Overreaction Hypothesis (OH) of DeBondt and Thaler (1985) and the Uncertain Information Hypothesis (UIH) of Brown, Harlow and Tinic (1988, 1993). In the other side, we know that Iran international trade volume is not expanded and direct taking impression of Iran security market to global financial recessions and expansions is in doubt. Therefore, observed investors' sentiment in Iran stock market to recent global financial crisis news has resulted in doubt on efficiency of this market, regardless of long or short term return for sensitive industries to this crisis. Thus, we felt need to recognize investors' sentiment to achieve behavioral finance patterns that would be consistent to Iran stock exchange and can be utilized to behavioral modeling of securities. We determined to evaluate and express behavior of investors in Iran stock market for the period 27 April 2008 to 25 April 2010, based on two hypotheses OH and UIH. Our findings show that shareholders' return is consistent with aforesaid two hypotheses and thereupon increase in market uncertainty in some securities, as well as investors' overreaction in some industries while issuance news of arrival and/or recovery global financial crisis. Manuscript profile
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        18 - Studying the relationship between default risk and momentum effect: based on evidence from firms listed on Tehran stock exchange
        Mir Feiz Fallah Sham Maysam Ahmadvand Hadi Khajezadeh Dezfuli
        This paper analyzes the role of default risk in the momentum effect focusing on data from Tehran stock exchange during 19/04/2009-21/07/2015. Default risk was calculated by a measure based on the Black-Scholes-Merton (BSM) option pricing model, where a firm’s defa More
        This paper analyzes the role of default risk in the momentum effect focusing on data from Tehran stock exchange during 19/04/2009-21/07/2015. Default risk was calculated by a measure based on the Black-Scholes-Merton (BSM) option pricing model, where a firm’s default risk is derived from the market prices of its shares. This method overcomes some of the problems associated with the default risk measures used in prior studies. To describe momentum effect, by determining the formation period to be 6 months, and the holding period to be 3, 6, or 12 months, we firstly examined the profitability of short term (3/6), midterm (6/6), and long term (12/6) momentum strategies and found that during abovementioned time period, only midterm momentum strategy is profitable. Then, we showed there is no relationship between default risk and momentum effect. While the loser portfolio is characterized by high default risk, small size, high book-to-market ratio and illiquidity, characterization of the winner portfolio is somewhat more complex. This makes momentum profits difficult to forecast. Manuscript profile
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        19 - Exploring the effect of investors' personality on their investment performance with mediating role of heuristic biases
        A. Ebrahimi Lifshagard Kamran Pakizeh Kamiyar Raisifar
        In this research, personality traits, heuristic biases and their effect on the investment performance will be assessed . The research is such an applied survey research and has been carried out over 2016 fall and 2017 winter.In order to reach this goal, the matter was i More
        In this research, personality traits, heuristic biases and their effect on the investment performance will be assessed . The research is such an applied survey research and has been carried out over 2016 fall and 2017 winter.In order to reach this goal, the matter was investigated between 154 individual investors in financial institution in Tehran capital market by using questionnaire tool, random sampling and PLS method .After data processing in the research analytical model framework, the result showed that there is a positive relationship between personality traits and investment. There is also a significant and positive relationship between heuristic biases variables and investment performance. There is positive relationship between personality traits and heuristic. about indirect effect of independent variables on dependent variables it can be concluded that personality traits by mediating rule of the heuristic biases affect positively investment performance with low coefficient path and significant. Manuscript profile
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        20 - Reducing poverty and Microfinance (The study on the keshavarzy bank)
        Narges khaki
        One of the most important goals of the 9th government is removingpoverty and creates suitable life condition for all in the society.This is emphasized in 43th principle of constitution and waver 100 ofgeneral law and also in the document of Iran expansion view in the ne More
        One of the most important goals of the 9th government is removingpoverty and creates suitable life condition for all in the society.This is emphasized in 43th principle of constitution and waver 100 ofgeneral law and also in the document of Iran expansion view in the next20 year in order to determine the poverty line, indication of suitableprogram for making powerful and organizing social service aids system.Following this goal, different tools and implements were employed by9th government such as distribution justice stock, decrease of banksinterest, changing the structure of country budget, secure micro finance,although all the mentioned methods aim to create justice among allindividuals of the society. But because of structural problems in Iran`seconomy, some of the mentioned methods results to depreciation ofeconomy situation in some parts of economy sections.This article attempted to survey the present status of Iran on the basisof welfare, poverty and methods of its prevention in brief.One of these solutions is micro finance and keshavarzi Bank will bestudied as an example in this field Manuscript profile
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        21 - Financial Literacy Level of Tehran Households and its Determinant Factors
        Zahra Dianati Dilami Mohamma Hanifezadeh
        Nowadays financial instruments play an important role in human lifestyle. Bysurveying the evidence on financial literacy levels around the world, results show thatimproving financial literacy level of individuals will effect on the financial deals as wellas social welfa More
        Nowadays financial instruments play an important role in human lifestyle. Bysurveying the evidence on financial literacy levels around the world, results show thatimproving financial literacy level of individuals will effect on the financial deals as wellas social welfare. In order to introduce, measure and represente new methods ofimproving financial literacy, comprehensive national initiatives and programs funded bythe World Bank and other donors have sprung up around the world. In this survey wemeasured financial literacy level of Tehran households and its determinant factors by theuse of questioner. 410 households were randomly selected to participate in the survey.The results indicate that financial literacy of selected individuals is not desirable althoughinterested on using financial advice and having family financial advisor. Other factors(such as age, generation, education level, revenue level, wealth accumulation level,education field and location), surveyed as a separate assumption to the financial literacyof Tehran households. Their relation with financial literacy were confirmed and learningprograms and introducing by mass Medias are our offers for the first step. Manuscript profile
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        22 - Comparison of antecedents and consequences of financial behavior of momentum and random investors (mixed approach)
        Fatemeh Jafari Reza Aghajan Nashtaei Mohammad Hassan Gholizadeh
        10.30495/jfksa.2023.22615
        The main goal of this research is to present the behavioral model of momentum and random investors in the Iranian stock market and to estimate the factors affecting it. In this way, the antecedents and consequences of the financial behavior of momentum and random invest More
        The main goal of this research is to present the behavioral model of momentum and random investors in the Iranian stock market and to estimate the factors affecting it. In this way, the antecedents and consequences of the financial behavior of momentum and random investors can be compared. Applied research has been done in a mixed method. Qualitative part of foundation data theory and quantitative part of structural equation technique. The data collected through semi-structured interviews and questionnaires, theoretical sampling continued until the categories were saturated, and interviews conducted with 24 Momentum and Random investors. Then, based on the theoretical systematic approach of Strauss and Corbin in the three main steps of open coding, central coding and selective coding, the behavioral model of both types of investors presented in terms of components, antecedents and consequences. In the following, research hypotheses formulated and tested in the quantitative part of the hypotheses. The results indicate that among the causal conditions of momentum investors' behavior, individual factors, psychological factors of the market, investor's feelings during the transaction and news and information have a significant effect. In addition, among the causal conditions of random investors' behavior, demographic factors, mental and emotional states and conditions, shareholders' expectations and news and information have a significant impact. Manuscript profile
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        23 - The Seasons Effect on the Total Stock Prices for 50 Active Companies in Tehran Stoch Exchange
        Zohre Hajiha
        This research is on a new field of investment management titledbehavioral finance. The research is about one of the anomalies of theinvestment market named “Visceral inferences “, that proposes there aresome differences and anomalies in the basic variables i More
        This research is on a new field of investment management titledbehavioral finance. The research is about one of the anomalies of theinvestment market named “Visceral inferences “, that proposes there aresome differences and anomalies in the basic variables in the market likeshare prices ,in different seasons .therefore, investors can obtainabnormal return in certain seasons. In this study total share prices for 50active companies produced by TSE are examined for the period of 1382to 1386 to compare the reasons if there are any differences betweenprices in any season.The results show significant differences between prices of 50 activecompanies in Tehran Stock Exchange for spring and atom and in theatom average of prices are higher than other seasons . Manuscript profile
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        24 - Modeling the Effect of Loss Averse Bias on Return Rate and Stock Price Dynamics (Application of Agent-Based Modeling in Behavioral Finance)
        Moloud Raki Mohsen Mehrara Hosein Abasinejad Ali Souri
        Standard asset pricing models based on rational expectations and homogeneity have problems explaining the complex and volatile nature of financial markets. The heterogeneity in expectations can lead to market instability and complicate dynamics of prices, which are driv More
        Standard asset pricing models based on rational expectations and homogeneity have problems explaining the complex and volatile nature of financial markets. The heterogeneity in expectations can lead to market instability and complicate dynamics of prices, which are driven by endogenous market forces. Our aim is to point out that the investors’ irrationality explains various numbers of financial anomalies, especially the phenomena that traditional financials models have never been able to explain. using a behavioral finance approach and an agent-based model we examine the dynamics of stock price fluctuations and their rates of return in an artificial market composed of fundamentalists and non-fundamentalists with loss-adverse bias. our goal is to point out a posibility that loss-adverse feature of investors explains vast number of financial stylized fact and plays an important role in price formation of financial markets.The results of intensive analysis indicate that the existence of agents having heterogeneous beliefs and preferences has provided a better understanding of price dynamics in the financial market. Manuscript profile
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        25 - Role of Micro Finance in Women’s Empowerment (A Study on Rural Area of Patna India)
        Hemant Kumar
        Manuscript profile
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        26 - Investigating the Effect of Auditors' Behavior Biases on Decision Making and Errors within Capital Market, with Emphasis on Auditor's Personal and General Characteristics
        bakhtyar ashrafi zohre hajiha reza tehrani
        Manuscript profile
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        27 - The Role of Microfinance in Poverty Reduction in the Bauchi State of Nigeria
        Emmanuel Kaka
        Manuscript profile
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        28 - An Analysis of Public-Private Partnership Models in Hospital Management: A Scoping Review
        Hossein Minaei Mohammad Peikanpour Ali Zakerinejad Noushin Shirzad Farzad Peiravian
        Introduction Growth of health expenditures, financial limitations, low efficiency and quality of service provision in public hospitals and ever-increasing expectations have obligated healthcare systems to utilize private sector’s capabilities. According to other c More
        Introduction Growth of health expenditures, financial limitations, low efficiency and quality of service provision in public hospitals and ever-increasing expectations have obligated healthcare systems to utilize private sector’s capabilities. According to other countries’ experiences, public-private partnership (PPP) is a solution that not only reduces defects of every sectors, but also integrates both sectors’ advantages. This study was aimed to review PPP models in hospital management and propose suggestions for best model selecting in different situations. Methods: In this study, after organizing questions as well as determining search strategies, opted articles were assessed deeply; definitions as well as different PPP models’ pros and cons in hospitals management were analyzed; and finally, these models were compared according to quality-effectiveness, access, financial efficiency, and risk sharing indicators. Results: By reviewing 32 peer-reviewed articles, PPP models were categorized in service providing, financing as well as developing infrastructures, and compound levels. Based on the results, “clinical outsourcing” and “management contract” have attained high level in access and quality-effectiveness indicators and “BOO”, “DBFO”, and “clinical outsourcing” models have achieved high level in financial efficiency. Furthermore, “operating contract” and “privatization” are placed in two ends of risk sharing spectrum. Finally, “outsourcing”, “management”, and “lease” contracts are advised to improve productivity of public hospitals; and “BOO”, “BOT”, as well as “DBFO” models are advised to develop infrastructures and increase the number of hospitals beds. Conclusion: Considering hospital management challenges and health economics specifications, utilizing public-private partnership models is a vital issue to fulfill the aims of healthcare system. Manuscript profile
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        29 - Essays on Loan Disbursed to Microfinance Institutions by Financial Institutions: Insights from India.
        Ashraf Rehman
        Manuscript profile
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        30 - Assessing the customer's satisfaction with the Service quality of Microfinance Institutions in Iran (Case Study: Shahed Microfinance Institution)
        Eslam Karimi Mojtaba Abbasi Ghadi
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        31 - Financing Microenterprises: Creating a Potential Value-Based Hybrid Model for Islamic Microfinance
        Fuzia Jan Sofi
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        32 - Profitability of Momentum and Contrarian Strategies Based on Trading Volume in Tehran Stock Exchange: A Comparison of Emerging Market
        Mahmood Yahyazadehfar Shahabeddin shams Saeideh Lorestani
        Manuscript profile
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        33 - Small and Medium Enterprises Financing in Bangladesh: The Missing Middle
        M. Badrul Haider T. Akhter
        Manuscript profile
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        34 - “Iran Export Engineering &Technical Services” (Identifying Barriers & Offering Suggestions)
        H. Nezakati Alizadeh, F. Farzm
        According to the performed research in the field of engineering & technical services export in Iran .And with consideration of existing problems in this section, 4 effective categories has been identified in main activities with their relevant sub-cat More
        According to the performed research in the field of engineering & technical services export in Iran .And with consideration of existing problems in this section, 4 effective categories has been identified in main activities with their relevant sub-categories including: Bank activities; Financing methods; Presenting exchange facilities; Exchange bank guarantee issuing conditions; Establishing international bank relationships; Insurance coverage, Companies capabilities, Machineries & equipments conditions, specialized humans resources abilities; attendance of Iranian consultant companies in target countries; Marketing techniques & approaches used by Iranian exporters; Economic environment (exchange); Exchange rate fluctuation, Internal inflation rate, Government activities; political supports by Government; Cooperation & expediting the administrative affairs by relevant organizations; Governmental rules & regulation stability; Export promotions & awards. And each subcategory has been specified on the basis of testing according to priority. Manuscript profile
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        35 - The Role of Mental Accounting in Capital Budgeting Decisions
        Mona Parsaei Mahnaz Mollanazari
        Current paper examines the effect of retrospective source of finance on the capital budgeting decisions and investigates the possibility of costly decision errors in the case of using mental accounting by managers. This experimental study has utilized a 2*2 between subj More
        Current paper examines the effect of retrospective source of finance on the capital budgeting decisions and investigates the possibility of costly decision errors in the case of using mental accounting by managers. This experimental study has utilized a 2*2 between subjects factorial design. Independent variables that are manipulated in this paper are retrospective source of finance and prospective source of finance. The sample consists of 160 participants including executive experts and academic persons assigned to one of the four groups through random assignment. Results show that managers are less likely to part with a debt financed asset in comparison with an identical equity financed asset. The reason behind above reluctance is related to the managers’ perceptions about the asset’s past benefits. This study shows that a psychological factor may cause managers to forego investments that they should invest according to the capital budgeting techniques. In this way, the results can contribute to the accounting literature through providing valuable information for capital budgeting studies. Manuscript profile
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        36 - The Evaluation Overreaction of Investors Toward Going Concern (GC) & Going Concern Withdrawal (GCW) Audit Reports
        محمدرضا رستمی نازنین حکیمی فر
        It has been assumed that investors react to new information in the efficient market.This reaction has been demonstrated in two terms of over reacting & under reacting.The evidence shows that investors overreact or under react to new information.Investors decision ma More
        It has been assumed that investors react to new information in the efficient market.This reaction has been demonstrated in two terms of over reacting & under reacting.The evidence shows that investors overreact or under react to new information.Investors decision making could be affected by behavioral or psychological factors,they tend to overvalue or undervalue new information. The objective of this study is"investigating market over & under reaction toward going concern (GC) audit reportson Tehran Stock Exchange (TSE)". Study population of this paper includes allcompanies which are accepted by TSE. The required information has been collectedfrom daily, weekly & monthly reports of TSE. Analyses are performed throughLevene's test in order to test the equality of variances, and then we performed Tstudenttest and Prop-test to achieve proper conclusions. In order to predictsignificance of differences between the pure revenues, we fitted the logistic regressionmodel on the difference of the mean revenues and the type of companies.Consequently, with respect to the good behavior of confidence interval's to specifysignificant differences, we proposed the best model in this situation using qualitycontrol tool's, X-bar charts to determine whether the hypothesis is correct or weshould reject the previous result. Statistical tests demonstrate the existence ofoverreaction of mart with respect to presence or absence of activity condition. Manuscript profile
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        37 - Thematic analysis of scientific publications - Research Journal of Finance and Accounting Finance in Iran and comparison with panel data model
        fraydoon Rahnamay roodposhti Bahareh Banitalebi Dehkordi maryam kaviyan
        The thematic analysis of publications in scientific research - research in the field of accounting and finance, and Finance magazine America and compare them with each other using panel data models deals. This research aimed to assess the effectiveness of this approach More
        The thematic analysis of publications in scientific research - research in the field of accounting and finance, and Finance magazine America and compare them with each other using panel data models deals. This research aimed to assess the effectiveness of this approach content articles on the subject of accounting and financial publications. The population of eleven in scientific journal - Research on Accounting and six in scientific journal - Research funding during the period 1388- 1391 and compare them with 480 articles published in the magazine finance, During the years 2008-2011 is Using quantitative content analysis in research methods and statistical analysis and econometric methods are. The results indicate that significant but weak relationship between the number of journal articles published by Iranian accounting and accounting issues there. Iranian financial publications are also significant positive relationship between the number of articles published with financial issues there. In addition, a significant positive relationship between finance America's Approach publication in the magazine's finances there. Manuscript profile
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        38 - Scientific products in the fields of accounting and finance in Iran at the Web of Science (2003-2013)
        Fatemeh Geramirad Mahdi Mohammadi Narges Sarlak
        This paper studies the status the scientific products in the fields of accounting and finance in Iran at the Web of Science (2003-2013) by data that recorded in the ISI database. According to findings during years studied, about 227 titles of format, 217 titles (95%) of More
        This paper studies the status the scientific products in the fields of accounting and finance in Iran at the Web of Science (2003-2013) by data that recorded in the ISI database. According to findings during years studied, about 227 titles of format, 217 titles (95%) of articles, 7 titles (3%) of review articles, 3 titles(1%) of conference articles and 3 titles (1%) of books are indexed from Iranian Authors and researchers at the Web of Science database. The subject of "operations research management science" with 66 articles placed at the first level. The language of all papers is English. The maximum of the scientific productions are recorded for 2013 and the minimum are recorded for 2005. Tehran University with 63 publications was introduced as the most productive university and Reza Raei, Gholam Reza Jafari and Meysam Beglou were identified as the most active authors. Iranian authors have the higher cooperation with American authors (9 articles) .Canada, England, Malaysia, Turkey, Germany are placed in the next level. . EXPERT SYSTEMS WITH APPLICATIONS is a publication that published most of the Iranian articles. Manuscript profile
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        39 - Managers' Risk-Taking and Optimism: Analysis of Neuro finance Model Based on Hormone Measurement
        Maryam Nouraei ataallah mohammadiolgharni m iraj noravesh Kaveh Bahman Pour
        The aim of the current study was to investigate the role of hormones in financial behaviors. Risk-taking and optimism are two behavioral characteristics of managers and investors; for this purpose, these two behavioral factors and the level of hormones affecting them we More
        The aim of the current study was to investigate the role of hormones in financial behaviors. Risk-taking and optimism are two behavioral characteristics of managers and investors; for this purpose, these two behavioral factors and the level of hormones affecting them were studied. The research hormones included testosterone, free testosterone, T3, T4, TSH, and cortisol, which were measured by a blood test in a medical laboratory. Age and gender were also the other two variables of the study. The statistical population included financial managers working in government institutions and banks and a standard questionnaire was used to collect qualitative data. Data analysis was performed using RSM, SPSS, and LISREL software. This experimental research is cross-sectional in terms of time, quantitative in terms of data, and fundamental-applied in terms of purpose. The results indicated that hormone levels, gender, and age have significant effects on risk and optimism. These findings are in line with the results of neurofinance research. Manuscript profile
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        40 - Investigation of the relationship between the organizational narcissism of managers with financial crises within the framework of the narcissism approach
        mojtaba maleki choobari sina kherdyar keyhan azadi bahman akbari goovabari
        Human resources are considered as a competitive advantage in each and every organization in the present era. The decisions, thoughts, and performance of managers can be effective in advancing organizational goals. Nowadays, more than any other time, opinions and perspec More
        Human resources are considered as a competitive advantage in each and every organization in the present era. The decisions, thoughts, and performance of managers can be effective in advancing organizational goals. Nowadays, more than any other time, opinions and perspectives of managers have been considered in the organization-related theories. Therefore, identifying the personality traits of managers, including the narcissism of managers that affects their decisions, is important in different levels of the management and leadership of any organization. Managers of an organization, as much as they can be a competitive advantage for an organization, may become a serious impediment to achieving the goals of the organization and might create financial crises for an organization. This study aims at investigating the relationship between corporate narcissism and financial crises of the listed companies in Tehran Stock Exchange through using a statistical sample including 294 observations (year - firm) between the years 2017 and 2018. After statistical analysis of the data using mixed data regression analysis, the results of research hypotheses show that there is a statistically direct and significant relationship between the organizational narcissism of managers (authority, bragging, superiority, autocracy, exploitation, and narcissism) and financial crises. In other words, the higher the level of narcissism in organizations’ managers might be, the possibility of financial crises resulting from managers ' decisions and practices will be more likely to occur in that organization. Manuscript profile
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        41 - Behavioral factors affecting on investors behavior in Iran different cultures
        shahla ghorbani bejandi shadi shahverdiani
        Sentiment and cognitive errors affect in decisions of investors when buying and selling stock.Cognitive Errors are kind of cognitive vulnerability in information processing.Factors such as culture cause bias in the decision‌-making process.The aim of this study is surve More
        Sentiment and cognitive errors affect in decisions of investors when buying and selling stock.Cognitive Errors are kind of cognitive vulnerability in information processing.Factors such as culture cause bias in the decision‌-making process.The aim of this study is survey investors' behavioral biases including Over Confidence, Regret Aversion and Conservatism with an emphasis on culture factor.Questionnaires were collecting data from random investors of Tehran, Ahvaz, Tabriz, Isfahan, and Mashhad cities. Data were analyzed by SPSS software. Validity and Cronbach's Alpha also showed the credibility of the questionnaire. Our study showed, there is a significant correlation between culture and Over Confidence bias and relationship does not exit between Regret Aversion bias, Conservatism and culture. Manuscript profile
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        42 - Extracting the Customer's Behavioral Finance Model in Iran’s Development Banking using multi-group modeling technique (Case Study: Bank of Industry and Mine)
        Mohammad Hossein Lotfolah Hamadani Mohsen Dastgir seyed ali heidari
        Behavioral finance theory, which is generally interpreted as the application of psychology in financial science, has challenged the fundamental principle of neoclassical economics and tries to identify the human psychological phenomena in the whole market and at the per More
        Behavioral finance theory, which is generally interpreted as the application of psychology in financial science, has challenged the fundamental principle of neoclassical economics and tries to identify the human psychological phenomena in the whole market and at the personal level. The aim of the current research is to extract behavioral finance model of customers in development banks of Iran using multi-group modeling technique in Bank of Industry and Mine. To this purpose, the current research was conducted in two stages. In the first stage, or qualitative part, a total of 20 persons of experts were selected to identify research variables. In the second stage, or qualitative part, the statistical data in two periods of time: 2012-2014 and 2015-2017 were collected and assessed using multi-group modeling technique. The obtained results showed that bank factors and customer factors in different periods may not have significant effect on financial behaviors of customers, but intervening variable (environmental factors), highly affect the financial behavior of customers, indicating that the financial behavior of customers in Iran is more under the influence of macroeconomics and its policies. Based on the results of this study, customers pay more attention to the key factors such as economic growth rate, per capita income and interest rate in order to interact more with the development bank which is receiving and paying the facilities and credits. Thus, this banks should look for some methods to increase the attraction of resources and decrease the credit risk under the conditions of economic fluctuations. Manuscript profile
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        43 - Investigating the behavior of individual investors after the release of financial statements
        Davoud gorjizadehbaee Mohammad hamed khan mohammadi
        AbstractOne of the main sources of information for investors to make investment decisions is the information contained in the financial statements published by companies. Public disclosure of financial statements in the form of different information channels, generates More
        AbstractOne of the main sources of information for investors to make investment decisions is the information contained in the financial statements published by companies. Public disclosure of financial statements in the form of different information channels, generates thoughtful reactions among investors. Audited financial statements convey the auditor's view of the feasibility and reliability of financial statements to users of financial statements, which is a useful tool in the decision making process.The purpose of this study was to investigate the behavioral response of individual investors after the publication of annual audited financial statements. The research method was applied in terms of purpose, field survey method and descriptive survey method. Data were analyzed using a standard questionnaire. The statistical population of this research is all real investors of Tehran Stock Exchange, of whom 403 were selected by simple random sampling. Data were analyzed by spss22 and Lisrel 8.50 software using structural equation method.The results of the data analysis show that the release of financial statements (good or bad news) has a significant effect on the behavior of individual investors. Manuscript profile
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        44 - Identifying And Investigating Key Factors Affecting Financial Management Capability of R&D In High-Tech Aerospace Industries
        Mohammadhosein Asari Abbas khamseh Nosratollah Shadnoosh
        For this purpose companies seeking to invest more in innovative activities such as R&D projects and to pave the way for future business and competition. Due to R&D management features, achieving the methods that ensure its success is particularly important. The More
        For this purpose companies seeking to invest more in innovative activities such as R&D projects and to pave the way for future business and competition. Due to R&D management features, achieving the methods that ensure its success is particularly important. The capability of financial management in R&D management of the aerospace industry, considering its cost and time, is one of the important pillars for the success of innovative organizational activities.The present study investigates the factors affecting the capability of financial resources management in R&D management. The research is an applied and descriptive survey method. In this regard, influencing factors on financial management capability based on literature review and opinion of aerospace industry experts were extracted in three general categories and verified questionnaires were distributed to the expert community and the results were evaluated by confirmatory factor analysis and structural equations and Smart-PLS software. The results show that the process, budgeting and financing dimensions as well as the commercialization dimensions have a significant and positive impact on the financial management capability in R&D management. Based on the coefficient of determination and level of impact of factor analysis, legal systems and structures related to investment in R&D projects in the process dimension, international interactions infrastructure, and foreign investment attraction in R&D in funding and financing of R&D projects output and, The successors of imported products in the commercialization dimension have the greatest impact. Manuscript profile
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        45 - A heterogeneous agent pricing model and simulation investor’s behavior on big decline on Tehran stock exchange
        Mehdi Khoshnood Fraydoon Rahnamay Roodposhti
        Today much behavioral finance researches focuses on heterogeneous agent model (HAM) and agent based modeling (ABM). The purposes of this article presentation of heterogeneous agent pricing model at big decline on Tehran stock exchange and simulation investor’s beh More
        Today much behavioral finance researches focuses on heterogeneous agent model (HAM) and agent based modeling (ABM). The purposes of this article presentation of heterogeneous agent pricing model at big decline on Tehran stock exchange and simulation investor’s behavior on agent based modeling framework with emphasis herd behavior and market sentiment. at first three big decline specified with several criterion : average of the share price indices , average value of the stock market turnover , average value of the stock market capitalization .according this three big decline are : 2005 ,2008 and 2013. Samples are the shares of companies that 40 days before and 40 days after was traded .then with MATLAB software code was writhed and simulation done. Finding show that HAM model can estimate investor’s behavior at big decline on Tehran stock exchange. Manuscript profile
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        46 - Investigating factors affecting auditors' behavioral bias with a combined method
        bakhtyar ashrafi Zohreh Hajiha REZA TEHRANI
        10.30495/jik.2024.23245
        The purpose of this research is to provide a model for the auditor's behavioral bias with a combined approach (foundation data and structural rates). The first stage of this research was conducted in the framework of a qualitative approach and by applying the foundation More
        The purpose of this research is to provide a model for the auditor's behavioral bias with a combined approach (foundation data and structural rates). The first stage of this research was conducted in the framework of a qualitative approach and by applying the foundation data research method, and also in the second stage, the relationship between independent variables and dependent variables was measured with structural equations to check the effectiveness. The data collection tool was semi-structured interviews, and in order to collect information, interviews were conducted with 20 audit experts using the targeted sampling method. And information was collected through in-depth interviews. The time domain of this research is for the years 1399-1400. Data analysis was done in three stages of open, central and selective coding. The qualitative model of the research was designed and the structural equations confirmed the existence of relationships. Manuscript profile
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        47 - Bank opacity and efficiency of stock prices
        Heyedeh Erfani Ali Rahmani Alireza Heidarzadeh Hanzaee
        This research investigates the effect of opacity on the delay of the stock price (Tehran stock exchange and Iran Farabourse) reactions in the banks and other companies in Iran Capital Market. The proxy of opacity has been considered the spread (bid – ask gap). Hou More
        This research investigates the effect of opacity on the delay of the stock price (Tehran stock exchange and Iran Farabourse) reactions in the banks and other companies in Iran Capital Market. The proxy of opacity has been considered the spread (bid – ask gap). Hou and Moskowitz's (2005) model was used to calculate the price delay reaction. Moreover, considering the importance of economic conditions, the impact of periods of boom and stagnation (GDP) on this relationship was also investigated. The research sample consisted of banks listed in Iran Capital Market as well as companies whose market capitalization is equal to 25% of the average market value of banks. The time period was from the beginning of 2009 to the end of September 2016. The hypotheses were tested using panel data. The results indicated a significant relationship between reaction price delay and spread, which confirmed the effect of opacity on the delay price reactions. The results also showed that there is no significant difference between the stock price delay reaction of banks and other companies while there is a significant relationship between economic conditions and delay price reactions. Manuscript profile
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        48 - The effect of financial development on corporate finance using club convergence approach in Tehran stock exchange
        Hasti Chitsazan Sayyed Mojtaba Mirlohi albert boghosian Neda Sadat Nejadolhosseini
        The purpose of this study is to investigate the effect of financial development on corporate finance as the convergence determinant. To do so, first we examine convergence between corporate capital structure of firms listed in TSE using the Philips and Sul methodology ( More
        The purpose of this study is to investigate the effect of financial development on corporate finance as the convergence determinant. To do so, first we examine convergence between corporate capital structure of firms listed in TSE using the Philips and Sul methodology (2007). The finding shows there are four converging clubs, with a big club consisting of 67% of the firms in sample. Then, we investigate industry-specific and country-specific factors to find the reason of big club convergence. The results indicate that the industry-specific factor is not the cause of convergence. So using unbalanced panel data and the EGLS method, we test the impact of financial development on capital structure in two models. The results show that corporate capital structure is influenced by financial development and this effect does not differ in the two models. Credit market development has a negative significant relationship and stock market development has a positive significant relationship with debt ratio. Manuscript profile
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        49 - Spreading Commercial Rumors in Cyberspace: Evidence From the Tehran Stock Exchange (Phenomenological Method)
        javid hatam maryam Bokharaeian Khorasani Arash naderian Jamadori Gorganli Doji
        In this study, employing a qualitative approach and phenomenography method and using in-depth interviews, the way of perception of the stock exchange activists in dealing with trade rumors was investigated. In this regard, 20 experts in the field were interviewed under More
        In this study, employing a qualitative approach and phenomenography method and using in-depth interviews, the way of perception of the stock exchange activists in dealing with trade rumors was investigated. In this regard, 20 experts in the field were interviewed under the positions, including managers of regional stock exchanges, executives, analysts, experts, and consultants of the stock brokerage firms using the maximum variation sampling method. The content of interviews, roundtables, notes, and comments published in newspapers and online magazines on the stock market in recent years was used, which were generally similar to the interviewees' views on the subject matter of the research. Data analysis was performed based on Diekelmann method and 8 themes and 22 main themes were extracted. Based on the research findings, it can be concluded that the role of the government in the stock market and the emotional and mass-like behavior of the investors have exacerbated the trade rumors. Furthermore, some interviewees believe that cyberspace, especially telegram, have had recently a major impact on spreading the rumors. On the other hand, although Stock Exchange activists considered the Comprehensive Database of All Listed Companies (CODAL) network information as the most real and authentic information network of the organization because it passes through the audit filter, the recent political events and skepticism about the government have changed their attitude to some extent and made them less trusting to the CODAL network information. Manuscript profile
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        50 - Predicting Network linkages of banking system distress based on operational risks and behavioral finance components
        ahmad bidi Fraydoon Rahnamay Roodposhti Gholam Reza Gholami Jamkarani HAMIDREZA KORDLOUIE Mortaza Baky Hasuee
        The present research is aimed at prediction of network linkages of banking system distress based on operational risks and behavioral finance approach. Methodology of the present research is of survey descriptive, practical from the purpose standpoint. Notably, in order More
        The present research is aimed at prediction of network linkages of banking system distress based on operational risks and behavioral finance approach. Methodology of the present research is of survey descriptive, practical from the purpose standpoint. Notably, in order to reach this purpose, firstly, based on study and review of theoretical basics, research variables were introduced. Then, by making use of Krejcie and Morgan Table, 384 participants were selected, and upon distribution of questionnaire among the aforesaid, research data were collected. Furthermore, in order for analysis of data and estimation of research empirical models, the researcher used structural equation modeling (SEM) and Smart PLS software. Of note, findings of this research indicate that behavioral financial standpoints and operational risk have significant effects on prediction of banking network disorder. Furthermore, based on estimated beta coefficients, among behavioral financial elements, economic behavior, cognitive standpoint, judgment biases, heuristic behaviors, decision making biases and value and return of stocks have respectively the highest effect on banking disorder, and among operational risk elements, human resources risk, systemic risk, transaction risk, technology risk and fraudulent and deception risk have respectively the highest effect on banking disorder. Manuscript profile
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        51 - The study of behavioral factors in the selection of optimal portfolio in
        Maryam Saberi Roya darabi
        The aim of this study was to "study behavioral factors in the selection of optimal portfolio Iran capital market" is. In order to achieve this goal, the dominant factors for mental accounting and loss aversion behavior and investment in stock and optimal portfolio selec More
        The aim of this study was to "study behavioral factors in the selection of optimal portfolio Iran capital market" is. In order to achieve this goal, the dominant factors for mental accounting and loss aversion behavior and investment in stock and optimal portfolio selection with high efficiency compared to standard finance Using data from 106 firms listed in the Tehran Stock Exchange during the period of 5 years from 2011 to 2014 And regression analysis, variance analysis, was measured.The results showed that the expected return on portfolio behavioral model with an emphasis on mental accounting and loss aversion (as an indicator of behavioral factors) is greater than the expected return of the Standard Model and The hypothesis was accepted. Manuscript profile
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        52 - Ranking of Behavioral Biases of Investors in the Face of political News and Rumors, emphasis on the era of Nuclear Talks
        Hamed Tajmir Riyahi Mohammad Mehdi Dejdar
        Tversky and Kahneman in the70 s in a series of articles achieved to the development of applications of psychological knowledge in finance and economy and  these research gradually became known as behavioral finance in the 90s as a field of financial matters. This s More
        Tversky and Kahneman in the70 s in a series of articles achieved to the development of applications of psychological knowledge in finance and economy and  these research gradually became known as behavioral finance in the 90s as a field of financial matters. This school of thought with find inability to existing models, which are based on full rationality and lack of arbitrage turned to psychology and the science of decision making and by using a combination of  these science and finance gain a better understanding of investment activity in the financial markets. The development of this approach has led the scientists noticed a behavior in investors that are inconsistent with the classic financial theories. These characteristics known as behavioral biases that explaining the systematic errors in people judgment. In recent years the nuclear talks and the progress or lack of progress always caused reactions by players in capital market of Iran. The discussion has became more serious in the second half of 1392, ie since the beginning of negotiations in New York and all market indicators, including indices, volume and value of transactions was increasingly affected by this event. In this study, it was determined that what is the reaction of active players in the capital market according to the news and rumors about nuclear talks and which of behavioral biases exist in their transactions. Therefore, after making a list of behavioral biases in a questionnaire, the experts commented about those and results and were analyzed and ranked using TOPSIS. Manuscript profile
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        53 - The day of the week effect on the stock market return in the stock exchange of Tehran
        Farshad Heybati Mahboobeh Behfar
        This thesis investigates the day of the week effect in TSE. The day of the week effect is calendar anomaly that has been widely studied and documented in finance literature. This anomaly indicates the repetitive trends or patterns in the time series behavior of stock ma More
        This thesis investigates the day of the week effect in TSE. The day of the week effect is calendar anomaly that has been widely studied and documented in finance literature. This anomaly indicates the repetitive trends or patterns in the time series behavior of stock market. In this study various indexes of TSE for the period of 1385 - 1388 are examined to specify the probable pattern in trading days of TSE in term of return. Furthermore in this study the daily correlation between main variable of this study are examined. Various descriptive statistics for the sample are calculated and classified in this research and show obvious differences in the days of the week. The results of testing in term of compare the day of the week effect in TSE for return are accepted. This study finds that the highest return is occurred in Wednesday. The implicit results of this research are the negative risk premium for major indexes of TSE. Manuscript profile
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        54 - Neuro finance, Perspective of Behavioral Finance
        Shokrollah Khajavi Hassan Fattahi Nafchi
        Using various sciences in solving problems have been developed significantly in recent years. In 1979 Kahneman and Tversky proposed a new school premises known as behavioural finance. In behavioural finance, by using the combination of psychology and finance, a perspect More
        Using various sciences in solving problems have been developed significantly in recent years. In 1979 Kahneman and Tversky proposed a new school premises known as behavioural finance. In behavioural finance, by using the combination of psychology and finance, a perspective is presented which is able to explain financial decisions. The purpose of this research is the study of neurofinance literature by using the psychological science. neurofinance is a very young discipline that attempts to relate the brain processes to behavior. In this study by providing the answers for 5 questions in 7 sections, the process of emergence of neurofinance, brain function in decision making, design, methodology and approach, the difference between behavioral and neuro finance, their applications, Criticisms in this area and the results of this study are investigated . The findings showed that human’s brain is similar to a black box. When an event occurs, the brain records every moment and therefore we can prevent mistakes by processing recorded features. By knowing this, decision makers can make optimum decisions. Manuscript profile
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        55 - Financial Institutes for Financing Infrastructure Transport Projects through Capital Market of Iran
        Mohammad Hashem Botshekan Fereshteh Rahimi Almasi
        The objective of this research is to study the necessary financial institutions for financing the infrastructure transport projects in Iran through the capital market. This study uses a mixed method. To prepare a primary framework, a systematic review was done and sever More
        The objective of this research is to study the necessary financial institutions for financing the infrastructure transport projects in Iran through the capital market. This study uses a mixed method. To prepare a primary framework, a systematic review was done and several half-structured interviews were undertaken with experts. To approve the primary framework, a survey of expert was done in a way that in the fields of roads, capital market and university, 42 questionnaires were filled, 28 interviews were carried out and 9 group meetings were held. Subsequently, the qualitative and quantitative results were compared and concluded according to the triangulation method. According to the experts consensus: undertaking some of securities charges, provision of emergency loans, guarantee syndication with banks, act as a reinsurer, support the formation of protection and indemnity association for the transportation industry, and issuance of insurance securities were proposed to be done by the Transport Development Fund. Furthermore doing the asset management of the Transport Development Fund by an expert institution and the development of Project infrastructure funds were emphasized.     Manuscript profile
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        56 - A comparative survey on behavioral factors on financial assets investment
        Hamidreza Kordlouie Nader Dashti Razieh Seifollahi
        Since 1980s by appearing behavioral finance literature, logically investment hypothesis and also efficient market ruined. The mentioned literature states that some biases cause on decision making while trading shares. This study investigates the effect of some behaviora More
        Since 1980s by appearing behavioral finance literature, logically investment hypothesis and also efficient market ruined. The mentioned literature states that some biases cause on decision making while trading shares. This study investigates the effect of some behavioral elements on security investment. The aforesaid elements are Regret aversion, Disposition effect, Mental accounting, over confidence, Representativeness, Herding behavior, Conservatism and Endowment effect. In order to do the study, a sample of 385 investors in stock market was chosen and data was gathered through a questionnaire. Statistical tests examined the research hypotheses. Results show that all factors have a significant effect on investors'' decision-making exclude over-confidence. Due to different affection, the elements were rated. Rating indicates that the sequence of them is as follow:  1-Mental accounting, 2-Disposition effect, 3- Conservatism, 4- Herding behavior, 5- Representativeness, 6-Endowment effect, 7- Regret aversion. Manuscript profile
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        57 - Factor Effect on Financial Analysts trust to Manager
        Shadi Shahverdiani Mahtab Radfar
        Corporate managers present financial reports in order to reveal their performance and financial status of corporation and then financial analysts use financial statements as a basis of making investment suggestions. Obviously investors don’t have any role in manag More
        Corporate managers present financial reports in order to reveal their performance and financial status of corporation and then financial analysts use financial statements as a basis of making investment suggestions. Obviously investors don’t have any role in managing companies directly and therefore they have to make their decisions trusting financial statements. In financial markets, financial analysts have to trust managers, even considering the fact that statements can be incorrect. Consequently, exploring influential factors in financial analysts’ trust to corporate managers seems necessary. As financial behavioral is a kind of newborn field of finance, it’s essential that future researches should be directed towards it and implementation of it should be checked in developing markets like Iran’s. Financial behavioral is presented against classical economic theory which is based on some simplifying hypothesizes. Main findings of this research are: 1. Qualification, honesty, competence, cultural factors and social factors are very influential in financial analysts’ trust to managers. 2. Integrity, benevolence and personal factors, have average influence in financial analysts’ trust to managers. 3. Being faithful to Islam has little influence in financial analysts’ trust to managers. On the basis of findings, it can be said that an organization which has a qualified, honest, competent, well-behaved (cultured) and sociable manager, will be trustable; that it can lead to a good atmosphere and can provide a necessary condition of efficient market. Manuscript profile
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        58 - Asset Securitization in leasing industry
        Fraydoon Rahnamay Roodposhti Mahdiyar Sarshar S. Mohammadjavad Mirtaher
        Leasing companies play an important role in meeting the needs of firms and households. These companies can resolve liquidity problem of their customers by providing their various products. But despite these advantages, leasing industry is relatively young and less devel More
        Leasing companies play an important role in meeting the needs of firms and households. These companies can resolve liquidity problem of their customers by providing their various products. But despite these advantages, leasing industry is relatively young and less developed in Iran. One of the major problems in the path of growth and development of leasing companies is Failure in providing reliable and stable financial resources at different periods of time. From the past, difficulties in financing leasing companies are a key issue in the industry that occupied the minds of managers. The performance of leasing industry in Iran shows that leasing industry at different periods of boom and recession has failed to show the same performance and stability. One of the key causes in the process of stable financing is existing shortcomings. Hence, it is vital to using modern methods, diversified and stable financing in leasing companies in Iran within the interest-free banking system. One of the most effective methods to finance leasing companies in Iran is securitization of assets. It can be said that balance sheet assets of leasing companies which have the ability to transform into securities include assets resulting from installment sale and lease-purchase .This study tries to design and offer asset securitization process in Iran and leasing companies within the interest-free banking and finds proper response to the problems raised in the area of financing leasing companies. Manuscript profile
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        59 - Analysis of the role of five factor model of personality on the The effect of financial information acquisition on behavior of investors in the Tehran Stock Exchange
        Fateme Hijroudi Mohammad Doustar Mahmoud Moradi
        The topic of behavior of investors in financial literature has a special position, because investors in the Stock Exchange may exhibit different behaviors, which these behaviors are influenced by several factors such as financial information. In this context, the aim of More
        The topic of behavior of investors in financial literature has a special position, because investors in the Stock Exchange may exhibit different behaviors, which these behaviors are influenced by several factors such as financial information. In this context, the aim of this research is to analyze the role of financial information on the behavior of investors in the Tehran Stock Exchange. Since investors personality has an important role in behavior of investors, the role of moderator of investors personality characteristics are also examined in this study. The current research method is practical in terms of purpose that it has collected by using questionnaire and necessary survey data procedure. The statistical population of this research are all investors who have invested In the Tehran Stock Exchange in 2016. To collect the data, number of 384 questionnaires were distributed randomly among investors. In order to analyze the data used software smart pls2. The Results show that financial information acquisition have a significant positive important on behavior of investors in Tehran exchange. And among of personality characteristics (openness to experience, extraversion, conscientiousness, neuroticism and compatibility) the extraversion and compatibility variables have the role of moderator in this relationship. The openness to experience, conscientiousness and neuroticism variables have not significant moderator impact in this relationship.     Manuscript profile
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        60 - The effect of prior performance of investors on stock price based on Prospect theory
        Mohammad Kaffash Panjeshahi Farrokh Barzideh
        In this article utility of investors contains utility from consumption and utility from fluctuations in their investments. To prove the effect of prior performance of investors on stock price first the utility function was defined based on Prospect theory and variables More
        In this article utility of investors contains utility from consumption and utility from fluctuations in their investments. To prove the effect of prior performance of investors on stock price first the utility function was defined based on Prospect theory and variables relating to prior outcomes and loss aversion were factored into utility function and then price equations were defined. In the other form, variables relating to prior performance in utility function were removed and price equations were defined. Next, the P/D ratio and logarithmic growth of stock prices were simulated in both forms and compared against real market data. By utilizing ANOVA and K-Means in the 1381-1393 period, it became clear that the mean and standard deviation in the first form are closer to real market data than those of the second form, meaning that removing variables relating to investors' prior returns from the utility function resulted in weaker estimates, the effect of prior investment performance of investors was confirmed Manuscript profile
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        61 - Students’ knowledge and understanding of personal financial security Analysis of students’ attitude towards knowledge of personal financial security
        Mahsa Kiyanoosh Mohammad Jalili Mousa Ahmadi Davoud Hosseynabadi Sadeh
        The aim of this research is to study and analyze students’ attitude and their level of understanding towards knowledge of personal financial security. In order to succeed in life it is essential to have financial security knowledge, which is why 120 Business Mana More
        The aim of this research is to study and analyze students’ attitude and their level of understanding towards knowledge of personal financial security. In order to succeed in life it is essential to have financial security knowledge, which is why 120 Business Management students of MA degree majoring in Financial Management and Marketing fields of study in Islamic Azad University of Abhar, admitted in 2010, were selected and studied based on aggregate data analysis. The adapted models of research are the two criteria; life satisfaction and the competency of past researches. The data collection tool of the present research has been questionnaires, which after quality and quantity analysis of the gathered data through variance analysis (ANOVA), have shown the attitude and knowledge of business management students of Azad University of Abhar toward personal financial security, do not differ considering their major (marketing and financial management) and gender Manuscript profile
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        62 - Investor sentiment under representativeness heuristic: The case of Tehran Stock Exchange
        Mehdi Rezayati Kazem Chavoshi Mohsen Sohrabi araghi
        Too many researches, in spite of standard finance show that investors are not completely rational and investor sentiment plays a key role in prediction of their behavior. Behavioral finance claims that agents, under the psychological phenomena's, deviate from rational b More
        Too many researches, in spite of standard finance show that investors are not completely rational and investor sentiment plays a key role in prediction of their behavior. Behavioral finance claims that agents, under the psychological phenomena's, deviate from rational behavior. In this research we have investigated the effects of unexpected earnings on investor sentiment, under the representativeness heuristics phenomena. Investor sentiment is measured by ARMS index and the research methodology is based on Granger causality test and also event study. Data's are market and accounting data of Tehran stock exchange listed companies, between the years 2001 to 2013. Results indicate that investor sentiment is predictable by past unexpected earning's. Manuscript profile
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        63 - The Impact of Investor’s Perception of Risk on Portfolio Management (Case Study: Active Investor’s Mashhad Stock brokers)
        Ahmad Nategh Golestan Elahe Damghani Ahmad Sabahi
        Investor’s decision making is a subject of considerable debates in behavioral finance. Behavioral finance refers to how people make decisions under uncertainty conditions. This paper is devoted to The impact of investor’s Perception of Risk on Portfolio Mana More
        Investor’s decision making is a subject of considerable debates in behavioral finance. Behavioral finance refers to how people make decisions under uncertainty conditions. This paper is devoted to The impact of investor’s Perception of Risk on Portfolio Management. It is an applied study of descriptive-surveying type used to gather the required data through questionnaires. A simple sampling was used and the final sample included 104 investors. Investors were questioned about 24 possibly influencing factors of investor’s reception of risk and 21 influencing factors Portfolio Management in the form of a Likert Scale. The data from questionnaires with SPSS and Smart PLS software using structural equation modeling (path analysis) were analyzed. Results of the study indicated that risk perceived risk factors directly and affecting the perceived risk indirectly is effective on the portfolio management.     Manuscript profile
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        64 - Role of Behavioral Finance In Understanding Individual Investor's Behavior (A Review of Empirical Evidences from Tehran Stock Exchange)
        Keyvan Dadras Abbas Toloie Reza Radfar
        In paradigm of behavioral finance, the prevalent Assumption of viewing human being as rational entity who is always satisfied in optimizing his/her benefits is questionable. The advocates of Behavioral finance knowledge strongly believe that awareness of psycho-cognitiv More
        In paradigm of behavioral finance, the prevalent Assumption of viewing human being as rational entity who is always satisfied in optimizing his/her benefits is questionable. The advocates of Behavioral finance knowledge strongly believe that awareness of psycho-cognitive" tendencies in investment realm is absolutely essential and it requires serious improvement in terms of expanding the scope of studies. However academicians and professionals who are advocates of classic financial school do not believe in examining behavioral aspects of human and its impact on financial decisions as an independent field of studies, yet both quantitative and qualitative advancement of experimental studies within this field indicates the importance of research on behaviors in financial markets. The aim of this study is to identify influential factors on individual investor's decision making and also identifying behavioral biases,through a comprehensive review of conducted studies in Iran and comparing it with the result of studies from other countries. The finding of this study shows that domestic and foreign studies have identified similar effective factors such as financial ratios, recommendations,behavioral biases and etc. Also the effect of demographic factors on investors' behavior has been not studied in Tehran stock exchange so far.   Manuscript profile
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        65 - Calendar Effects in the Tehran Stock Exchange Approach to Stochastic Dominance Criteria
        Ali Shayegan Mehr Sima Shayegan Mehr
        The aim of this study is to investigate and identify the effects of calendar weekdays and months of the year on the Tehran Stock Exchange. To attain this goal use the Tehran Stock Exchange index daily returns in the period beginning in 1386 until the end of 1392 and we More
        The aim of this study is to investigate and identify the effects of calendar weekdays and months of the year on the Tehran Stock Exchange. To attain this goal use the Tehran Stock Exchange index daily returns in the period beginning in 1386 until the end of 1392 and we have stochastic dominance criteria for the analysis that due to the non-parametric orientation has certain charm. The results indicated the existence of calendar effects in the Tehran Stock Exchange. On weekdays effects in the Tehran Stock Exchange, in terms of return Saturday dominance on other days and Sunday dominated by other days. The effects of months of the year, in terms of return April dominance on other months and November dominated by other months. Also due to calendar effects identified in the Tehran Stock Exchange, the efficient market hypothesis is rejected in the stock even at low levels. Manuscript profile
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        66 - Assessment of the behavioral determinants of individual investors in Tehran Stock Exchange based on structural equation modeling
        mohammad hasan Ebrahimi Sarve Olia Jafar Babajani Payam Hanafizadeh Bahram Ebadpour
        Investigation and behavioral finance analysis of investors and market participants nascent field of financial management is one of the topics. Integration can be considered classical economics and sciences of psychology and decision-making. While taking note of the rece More
        Investigation and behavioral finance analysis of investors and market participants nascent field of financial management is one of the topics. Integration can be considered classical economics and sciences of psychology and decision-making. While taking note of the recent developments on the stock exchange, have all the internal and external factors considered in the nuances and micro-sighted, because this process of thought, conscience and mentally very wide variety of people (investors) that has this is a subjective understanding is important for transparency and a better understanding of the market. The importance of this issue more clear that time based on the participants ' stock, half of the stock market trading volume by investors is done and the number of fault component of this field over ninety percent of the active population of the stock market. In fact, this research has scientific literature in the country try to examine the factors influencing the behavior of investors to expand component and thereby a transparent decision making in preparation for the Tehran stock exchange offer. This study is a comprehensive and in-depth study after scientific literature, the primary conceptual framework to the essence of its experts to the Delphi technique is deposited after the third stage of theoretical saturation in Delphi, consensus and convergence is collected pursuant to and answers become the final framework of the study. This study proceeded to survey the essence of method of the Tehran Stock Exchange component of investors about the factors influencing the behavior of the righteous, and structural equation modeling method to finally proceed to the determination and ranking factors and the relationship between determinants of behavior factors on the Tehran Stock Exchange component of the investors. Manuscript profile
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        67 - Informational uncertainty a criterion to explain stock returns (Behavioral Approach)
        Fraydoon Rahnamay Roodposhti Hashem Nikoomaram Mohammad Hesam Jahanmiri
        The aim of this study is to investigate the informational uncertainty as a criterion to explain stock returns by a behavioral approach to the companies listed on the Tehran Stock Exchange. The informational uncertainty criteria include the book value to market value ( More
        The aim of this study is to investigate the informational uncertainty as a criterion to explain stock returns by a behavioral approach to the companies listed on the Tehran Stock Exchange. The informational uncertainty criteria include the book value to market value (BV / MV), company age (Age), the size of the entity (MV), lowest price to the highest price of the stock ratio (LHR), the standard deviation of stock returns (STD) and the standard deviation of operating cash flow (CFVOLA). To investigate this issue a main hypothesis and four sub-hypotheses developed for this purpose and data of 99 companies of Tehran Stock Exchange was analyzed for the period 2007 to 2014. Results show that for all the variables except for STD (standard deviation of stock returns), by increasing the degree of informational uncertainty, stock returns trend increases for winning portfolios.   Manuscript profile
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        68 - The Application of Ecology Theories in Finance
        Mohammad Salehifar Fraydoon Rahnamay Roodposhti Hassan Chaharmahali
        In this paper we examine ecological theories in which could be applied explaining behaviors in financial markets. However animal behavior has been used to describe financial markets so far (Bull and Bear markets and herding behavior), we argue that many theories in ecol More
        In this paper we examine ecological theories in which could be applied explaining behaviors in financial markets. However animal behavior has been used to describe financial markets so far (Bull and Bear markets and herding behavior), we argue that many theories in ecology has not been studied yet and are overlooked. In this study we show there is a considerable potential to relate ecological principles such as optimal foraging theory, marginal value theorem, prey size threshold, predation and foraging, bet hedging hypothesis, natural selection, weather and animal behavior, and propagule pressure to financial markets theories.     Manuscript profile
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        69 - Agent-based modeling in financial markets
        Hamidreza Vakili fard Mehdi Khoshnood Heidar Foroughnejad Mohamad Osoolian
        After stabilization the two main paradigms of classical and behavioral finance in the second half of the twentieth century some problems s arose about the validity of researches such as Complexity of the behavior of investors , Retrospective data and limiting rules on t More
        After stabilization the two main paradigms of classical and behavioral finance in the second half of the twentieth century some problems s arose about the validity of researches such as Complexity of the behavior of investors , Retrospective data and limiting rules on the confidentiality of personal accounts and financial information to investors. This problem creates a new approach in the field of Financial Studies that is Agent – based modeling approach which is based on the concepts of artificial intelligence, simulation, and creating artificial financial market.  In This paper will discuss the agent-based approach and its application in financial markets, most software for the creation of artificial financial markets and the use of agent-based models in the classical and behavioral finance. Based on the results of this research agent-based modeling approach beside of classical and behavioral finance paradigm can increase the accuracy and efficiency of the financial markets researches. Manuscript profile
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        70 - Estimating Stock Prices in the Stock Market Using the Behavioral Financial Modeling Method and Comparing Results by Earning Per Share and Markov Chains
        Davoud Ahmadian
        In this project, we study stock prices using behavioral financial methods to check stock prices of 50 companies from the Stock Exchange Organization during the years 2002-2013. We also want to compare the results of this method with the results of the methods of the sto More
        In this project, we study stock prices using behavioral financial methods to check stock prices of 50 companies from the Stock Exchange Organization during the years 2002-2013. We also want to compare the results of this method with the results of the methods of the stock price ratio to the Markov chain. Behavioral financial-based research suggests that there are many exceptions to financial markets, and the results indicate that psychological phenomena play an important role in determining behavior in financial markets. It has been confirmed in studies that behavioral responses of investors can be considered as an important component in the market pricing process. A robust research that presents both reactive and non-reactive modes in the form of a model is Barbierz et al. In this model, investors estimate the possibility of returning to the average and the trend of prices using historical trend index and return to average, and based on that basis, they contribute to pricing, which is different from that of rational model.Markov chain is also used for stock price analysis. In this regard, the stock dividend model is used to determine the inherent value of the stock in the Markov chain. The stock price review process converts to a linear system. In addition, in the analytical method, the share price to profit (earning) ratio (P / E), is considered by analysts as a common practice in valuing stocks. The results showed that the P / E ratio was more stable with the help of different companies’ data. This ratio is used in the framework of the profit model from basic analysis.     Manuscript profile
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        71 - Research in Effect of Lunar Calendar Events on Stock Returns and Daily Trading Volume in Tehran Stock Exchange
        Shadi Shahverdiani Ahmad Goudarzi Soheyla Vahdat Zirak
        The analysis of the effects of calendar month as a branch of behavioral finance considers the efficiency and the amounts of transactions in some special times of the year, and seeks to know whether there is a notable difference between the efficiency and number of trans More
        The analysis of the effects of calendar month as a branch of behavioral finance considers the efficiency and the amounts of transactions in some special times of the year, and seeks to know whether there is a notable difference between the efficiency and number of transactions before these specified days with the out-put and the amounts of dealings on other days. (according to what have been observed at world markets) This research considers the effects of the calendar year Hegira on the out-put of stocks and the number of transactions at the stock market of Tehran during the years 1383-1390. The method of performing this research contains the analysis  through-out the method of panel data. The conclusion of this research proves that the effect of the Hegira months: Ramadan and Moharram on the stock market of Tehran is approved. Such an approvement that the efficiency is elevated during these two mentioned months. But no significant difference has been noticed due to the amounts of transactions during the mentioned months. Manuscript profile
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        72 - Relation between “individual investors’ mental evaluations from product and brand” and “their preference to investing in stock”
        Mostafa Ghazizadeh Mahmoud Esfandiari Mohammad Ebrahim Raei Ezabadi Hossein Reisi Ghorbanabadi
        The aim of this research is to investigate the relationship between “individual investors’ mental evaluations from product and brand” and “their preference to investing in stock”. The population of this research is individual investors that More
        The aim of this research is to investigate the relationship between “individual investors’ mental evaluations from product and brand” and “their preference to investing in stock”. The population of this research is individual investors that acted in Tehran Security Exchange from 1389/3/31 to 1391/3/31.  The sample is 384 individual investors. For collecting data, we use questionnaire and for analyzing data, we use SPSS and PLS software. The results show that there is a significant relation between “individual investors’ mental evaluations from product and brand” and “their preference to investing in stock”. Manuscript profile
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        73 - Analysis of Behavioral Reactions in Tehran Stock Exchange
        Hamidreza Vakilifard Ali Saeedi Akbar Eftekhari Aliabadi
        Through Behavioral finance, researchers faced with many exceptions in financial markets and concluded that psychological phenomena play an important role to determine financial markets behavior. In this research, different types of investors’ behavior have been re More
        Through Behavioral finance, researchers faced with many exceptions in financial markets and concluded that psychological phenomena play an important role to determine financial markets behavior. In this research, different types of investors’ behavior have been recognized in different time scales. A general model for Tehran Stock Exchange has been designed by using the time series data, from 2006 to 2010. Wavelet analysis has been used as a statistical and analytical tool to explain trait and multi resolution. Research results show that investors have different reaction after good or bad news,their reaction in long term scale is more distinct than short term. Return of investment derived by price is different in various periods after good or bad news; it has the same trade as the direction of EPS adjustment in short term. But this trend isn’t recognized in long term. Manuscript profile
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        74 - The effect of financial literacy on Machiavellian personality of Tehran exchange market investors
        Karim Ghalmegh Ahmad Yaghoobnezhad Mirfeiz Fallah Shams
        Financial literacy and behavioral biases (Machiavellian personality) are critical factors affecting the financial decisions and behaviors of investors. We survey 285 individual stock investors to measure their financial literacy, to examine their behavioral biases and t More
        Financial literacy and behavioral biases (Machiavellian personality) are critical factors affecting the financial decisions and behaviors of investors. We survey 285 individual stock investors to measure their financial literacy, to examine their behavioral biases and to investigate the relationship between financial literacy and behavioral biases. This study was conducted in 20015 and 2016 years in Tehran stock exchange market, brokers and investment companies in Iran. Standard international questionnaire (after localization) was distributed among the investors and the answers were gathered, then variables were measured using multivariate regression in SPSS. In spite of research literature in the local context which offers a model for measuring financial literacy, this study specifically tends to find out the relationship between financial literacy and the behavioral biases among the Investors Results suggest that there is negative significant relationship between the financial literacy and the Machiavellian personality in Tehran Stock exchange market Investors. Manuscript profile
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        75 - Psychological entropy theory in behavioral finance
        Mohammad Namazi Sholeh Mansoory
        Despite the new finance theory and efficient market assumption in capital markets, some empirical documents and market anomiles causes a new theory called behavioral finance. This theory describes the psychological process effects in financial decision makings and the w More
        Despite the new finance theory and efficient market assumption in capital markets, some empirical documents and market anomiles causes a new theory called behavioral finance. This theory describes the psychological process effects in financial decision makings and the way in which one would determine the financial market behavior. This approach which is the result of the Psychology and finance combination have led to more accurate and contemporary aspects of human behavior in financial markets. This research is empirical and descriptive in this paper after the introduction of the development of the behavioral finance, the entropy theory and physiological patterns of human decisions are illustrated. It is concluded that entropy theory can be implemented to understand and predetermine the investors behavior in financial markets. There are several important personal entropy factors that affect the behavioral finance: these are: Conservation principle, plan or agency, collective behavior, over confidence loss- aversion and risks taking. Hence, the financial advisors can suggest portfolios which are proportionate to investors objectives and attitudes. It is expected that behavioral models development and observed phenomena explanation would lead to market and the optional use of the information in the markets. Manuscript profile
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        76 - Comparing the Behavioral Model of Stock Images with Traditional Models in estimating Stock values of Companies Listed on Tehran Stock Exchange
        Gholamreza Askarzadeh Maryam Khaliliaraghi Hashem Nikoomaram F. RahnamayeRoodposhti
        Investors' objective of investing in stocks is gaining profit and reasonable return .Using behavioral model of stock image and traditional models (free cash flow of equity, discounted dividends and residual income), this research tries to present a framework for estimat More
        Investors' objective of investing in stocks is gaining profit and reasonable return .Using behavioral model of stock image and traditional models (free cash flow of equity, discounted dividends and residual income), this research tries to present a framework for estimating stock values of companies and assess the performance of each of them in stock valuation of companies. In this regard, 95 manufacturing and industrial companies listed on the Tehran Stock Exchange were selected. The study period was from 2009 to 2013.  The models performance was compared based on explanatory power and accuracy using panel data technique and prediction errors respectively. The results of research show that the behavioral model of stock image is higher explanatory power and accuracy compared to traditional models in estimating of stock values. The behavioral model can explain the role of behavioral factors in stock pricing and helpful for stockholders in the active portfolio management.   Manuscript profile
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        77 - Clarification of the Factors Affecting Finance through Assets Securitization to the Agricultural Bank
        Davood Ghoreshi Fraydoon Rahnamay Roodposhti
        A rapid grow and development has recently been witnessed in the Islamic Financial System in the world. Nowadays, not only the use of Islamic Finance Instruments is emphasized by the Islamic countries but such a trend is also adopted in other countries of the world. The More
        A rapid grow and development has recently been witnessed in the Islamic Financial System in the world. Nowadays, not only the use of Islamic Finance Instruments is emphasized by the Islamic countries but such a trend is also adopted in other countries of the world. The present research has been conducted aimed at clarifying the factors affecting financing activities through assets securitization to the Agricultural Bank. The research method is descriptive from survey and correlation type and the research type is functional. The sample population of the research consists of Bank Keshavarzi's headquarters staff, 249 of whom have been selected by random sampling.The research data have been collected using researcher-made questionnaires.   The validity of the measuring tools has been studied according to Content Validity Ratio (CVR) and the results of the measuring model and the questionnaires reliability has been understood based on composite reliability. Structural Equation Modeling, supported by Smart PLS3, has been used for data analysis. The results of the research demonstrate that financial and banking health indices, securitization processes and the bank's financial structure can affect financing. Based on the index value, the general fitness of the model, calculated as 0.518, confirms the general model.     Manuscript profile
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        78 - Influence of Behavioral finance factors on the decisions of individual investors
        Davoud Gorjizadeh M. Hamed Khanmohammadi
        Behavioral finance asserts that the attitude of investors to the capital market is a function of investment psychology, his ideas and his position in relation to risk. Research shows that many micro and macro factors that are measurable and non-measurable, affect the be More
        Behavioral finance asserts that the attitude of investors to the capital market is a function of investment psychology, his ideas and his position in relation to risk. Research shows that many micro and macro factors that are measurable and non-measurable, affect the behavior of investors. According to importance of this issue, this study examines the factors influencing investment that pays investors to invest in the capital market. In line with this study, we examined the characteristics of investors in the Tehran Stock Exchange. Data collected through questionnaires. Using multiple regression analysis is the relationship between the variables is measured. The Research outcomes show that, Current yield, saving, Income & Record attendance at Exchange, Have the highest impact on the volume of people investing in the stock exchange. Manuscript profile
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        79 - Financial Astrology in Stock Market Analysis
        Mohsen Ghasemian Feraydoon Rahnamay Roodposhti
        Financial Astrology as a tool in field of Technical Analysis is used in stock market analysis for many years. Although it's an old science and a known way for market analysts but in Iran it's unknown for traders and academic researchers. A doubt in point of view is nece More
        Financial Astrology as a tool in field of Technical Analysis is used in stock market analysis for many years. Although it's an old science and a known way for market analysts but in Iran it's unknown for traders and academic researchers. A doubt in point of view is necessary for investigators to test the claims but mysterious tools and unknown references would make it slow in science development and use it by market technicians. In this research some references in financial astrology including books, articles and related soft ware would be introduced to know the position of this field in financial markets. Results of this research show the usage of Financial Astrology in Capital Market Analysis and would help us to have a better realization of trading cycles and finally can help in portfolio stock selection. Manuscript profile
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        80 - Behavioral Modeling of Angel Investors’ Investment Decision Makings
        Yahya Hassas Yeganeh Adel Afkhami
        Angel investors are the most important supportive groups for innovations and new ideas in developed countries. Therefore, studding their investment behavior is really important. This research aims to study angel investment behaviors in terms of behavioral finance. Using More
        Angel investors are the most important supportive groups for innovations and new ideas in developed countries. Therefore, studding their investment behavior is really important. This research aims to study angel investment behaviors in terms of behavioral finance. Using pilot and Delphi study, 16 variables as behavioral finance indicators were determined, which then turned to 31 observable variables which they were basis for the research questionnaire. 183 angels’ questionnaires were collected as our sample. Our data were analyzed by factor analysis and then structural equation modeling. Seven latent variables were realized as affecting behavioral finance factors by factor analysis, which their relationship next with one decision making factor were analyzed by structural equation modeling. Finally, it can be stated that factors respectively including: Hope, Retrospective, Overconfidence, simplistic and Risk have a positive relationship and factors including: Mental Accounting and Self Attribution have a negative relationship with angel investors’ decision makings.   Manuscript profile
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        81 - Investigating the effect of culture on the Investor's financial bias according to the role of attitude toward money
        Maryam Ghane Zahra Sadeqi-Arani Esmail Mazroui Nasrabadi
        10.30486/fbra.2023.1976778.1173
        Bias is an important issue in behavioral finance and it reduces market efficiency. Previous studies have been mainly conducted in order to investigate the presence or absence of types of bias among market investors, but the present research has investigated the relation More
        Bias is an important issue in behavioral finance and it reduces market efficiency. Previous studies have been mainly conducted in order to investigate the presence or absence of types of bias among market investors, but the present research has investigated the relationship between the investor's individual culture, monetary attitude and financial biases. The statistical population of the study is the investors of Tehran Stock Exchange and the sample size is 384. A questionnaire was used to collect information and the obtained data were analyzed with regression analysis methods. 6 groups of hypotheses were examined. The results showed that power distance has a significant effect on conservatism and availability. Effort/ability has a (full) mediating role between the long-term orientation and conservatism and between the extremism and conservatism. Power distance with money obsession and gaining power ambiguity aversion with inadequacy, long-term orientation with money retention and effort/ability, patriarchy with money retention and inadequacy, has a direct relationship. Individualism has an inverse relationship with inadequacy and a direct relationship with effort/ability, effort/ability has a direct relationship with conservatism, and power distance has a direct relationship with conservatism and availability. There is a significant difference in regret aversion between women and men, in loss aversion between age groups, in the illusion of control between different employment situations, and in loss aversion between different amounts of monthly allocation to buy stocks. According to the findings, it is suggested to take action in the field of shareholder training and providing financial advice according to personality type. Manuscript profile
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        82 - Investigating the effect of emotional intelligence on financial decision making with the mediating role of investors' mood in the stock market
        abas samadi roholah sohrabi elham rezaei negin maghsod
        10.30486/fbra.2022.1956111.1102
        Investors face problems in making financial decisions. People who have no control over their emotions make irrational decisions. On the other hand, daily moods have a great impact on financial decisions. In this study, the effect of psychological variables of emotional More
        Investors face problems in making financial decisions. People who have no control over their emotions make irrational decisions. On the other hand, daily moods have a great impact on financial decisions. In this study, the effect of psychological variables of emotional intelligence mediated by mood on investors' decision making has been investigated. The research method is applied in terms of purpose and descriptive and survey in terms of nature. The statistical population is investors in the city of Hamedan. The data collection tool in this study is based on a questionnaire. The Baron Emotional Intelligence Questionnaire with 90 scores, the Panas Questionnaire with 20 scores were used to measure the mood variable and the Bruce and Scott Decision Making Scale with 25 scales. In order to confirm the validity of this questionnaire, in addition to confirming the face and content validity, construct validity was used. Data analysis was performed by linear regression tests. It was concluded that there is a relationship between emotional intelligence and financial decision making. One of the minor results is the lack of relationship between emotional intelligence and intuitive decision making and the negative relationship between emotional intelligence and rational decision making but emotional intelligence is directly related to three styles of dependence, instant and avoidance . But the other result is that positive mood such as enthusiastic, active, alert is not related to intuitive decision making and is positively related to rational, instantaneous and avoidant decision-making style and negatively related to dependent decision-making style. Manuscript profile
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        83 - The Impact of Behavioral Financial Characteristics on Investment Decisions by Emphasizing the Mediating Role of Individual and General Characteristics of Investors in Tehran Stock Exchange
        Azadeh Fooladi Sedigheh Tootian Esfahani Hossein Eslami Mofid Abadi
        10.30486/fbra.2022.1950412.1068
        The main purpose of this study was to investigate the effect of financial and behavioral characteristics on investment decisions by considering the mediating role of individual and general characteristics of investors in the Tehran Stock Exchange. The statistical popula More
        The main purpose of this study was to investigate the effect of financial and behavioral characteristics on investment decisions by considering the mediating role of individual and general characteristics of investors in the Tehran Stock Exchange. The statistical population of this study includes active investors in Tehran Stock Exchange. The sample size obtained using the formula is 384 Cochrane. In order to measure the research variables, a questionnaire with 43 items and the dimensions of investors' behavioral biases, the decision to invest in stock equations, individual and general characteristics of investors have been used. The present study was descriptive-survey and applied in terms of purpose.In order to test and test the research hypotheses, descriptive and inferential statistical techniques and structural equation modeling methods have been used.Findings of this research showed that investors' behavioral biases have a significant effect on the decision to invest in stocks by mediating the individual and general characteristics of investors. Judgment biases have a significant effect on the decision of investors in stocks by mediating the individual and general characteristics of investors. Also, preferential bias has a significant effect on the decision to invest in stocks with the mediating role of individual and general characteristics of investors. However, the behavioral biases of investors do not have a significant effect on the decision to invest in stocks. But the individual and general characteristics of investors have a significant effect on the decision to invest in stocks. Manuscript profile
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        84 - Investigating Time Varying Herd Behavior in Tehran Stock Exchange: Generalized Autoregressive Score Approach
        Mohammad Ebrahim Samavi Hashem Nikoomaram Mahdi Madanchi Zaj Ahmad Yaghobnezhad
        10.30486/fbra.2022.1953468.1084
        Herd behavior is one of the most important behavioral biases in financial markets and is one of the determinants of financial crises. Given that herd behavior directly affects price, presenting a model based solely on past prices, with good predictability, indicates the More
        Herd behavior is one of the most important behavioral biases in financial markets and is one of the determinants of financial crises. Given that herd behavior directly affects price, presenting a model based solely on past prices, with good predictability, indicates the existence of market herd behavior. This article aims to investigate the existence of herd behavior in Tehran Stock Exchange and presents a new nonlinear variable time model called Generalized Autoregressive Score (GAS) and has been compared with traditional GARCH and AR nonlinear models. in order to predict the distribution of return of the total index of the stock exchange during the period 2010 to 2020. The results of modeling for the asset by the new GAS model are compared with the results of the GARCH and AR models and their performance is tested for inside and outside the sample. ample in the internal and external tests show that the new GAS model is more accurate than the traditional GARCH and AR models in predicting the daily return distribution of the total index of the Tehran Stock Exchange and also the presence of herd behavior in Iran's capital market has been approved. Manuscript profile
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        85 - Investigating herd behavior in the digital currency market
        gholamreza askarzadeh amin roohi
        10.30486/fbra.2023.1980715.1184
        The purpose of this research is to investigate herd behavior in the digital currency market. Considering the important role of herd behavior in the digital currency market and its effect on the price of cryptocurrencies, this study focuses on mass behavior in digital cu More
        The purpose of this research is to investigate herd behavior in the digital currency market. Considering the important role of herd behavior in the digital currency market and its effect on the price of cryptocurrencies, this study focuses on mass behavior in digital currency markets, because this herd behavior causes the direction of the market to change, so for the trader and investors, it is important for what reasons this herd behavior occurs. Bitcoin has been the largest cryptocurrency invested over the past decade, and mass phenomena in cryptocurrency markets are largely attributed to its price volatility. The data analysis method is linear regression, and the statistical population is currently the top 500 cryptocurrencies based on the project, and in this research, the top 200 cryptocurrencies based on their market value in the digital currency market, which have the greatest impact. on the market and cause herd behavior in the digital currency market has been selected in the period of 2019 to 2022. The method of collecting information has been done using the library method, by checking the Coin Market Cap website and Latin articles. Cross-sectional absolute standard deviation (CSAD) has been used to measure and test hypotheses. The results of the research show that the intensity of herd behavior in the bull market is higher than in the bear market, and there is also herd behavior in the cryptocurrency bull market. Manuscript profile
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        86 - Financial Coaching and Financial Therapy: Differences and Boundaries
        shokrollah khajavi Arezoo Mosallanejad
        10.30486/fbra.2022.1963425.1138
        Introduction: "Financial therapy" and "financial coaching" are relatively new terms in the financial literature. Study and research in these two areas is increasing rapidly and all of these studies emphasize their importance.Aim: The purpose of this conceptual paper is More
        Introduction: "Financial therapy" and "financial coaching" are relatively new terms in the financial literature. Study and research in these two areas is increasing rapidly and all of these studies emphasize their importance.Aim: The purpose of this conceptual paper is to disentangle differences between financial coaching and financial therapy.Method: At first the experiences of financial educators identify with Review studies and finally introduce the types of competencies required (including experience, skills, knowledge and awareness) to perform the tasks assigned to them based on the knowledge gained.Results: While financial coaching and financial therapy share many techniques and approaches, financial therapy is a more inclusive practice. Financial therapy (e.g., financial therapists) has the ability to address dysfunctional money attitudes, as well as money disorders, and covers a wider time spectrum of healing a person’s past trauma and old pains. Another difference between financial coaching and financial therapy that is discussed in the paper is the arrangement of services and compensation.Conclusion: The paper does not suggest that one approach is better or right. Each approach can be appropriate for particular situations Manuscript profile
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        87 - The investigation of loss aversion in investment companies in Tehran stock exchange
        Zahra Madahi Roya Derakhshani
        Manuscript profile
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        88 - Behavioral Finance Models and Behavioral Biases in Stock Price Forecasting
        Nader Rezaei Zahra Elmi
        10.22034/amfa.2019.576127.1118
        Manuscript profile
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        89 - Identifying and explaining the topics in the financial literacy training using fuzzy Delphi approach
        Fatemeh Kazempour Dizaji Mohammadhamed Khanmohammadi Mahmood Moeinuddin
        10.22034/amfa.2021.1915745.1519
        Manuscript profile
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        90 - A Corporate Perspective on Effect of Asymmetric Verifiability on Investors’ Expectation Differences
        Erdal Karapinar Said Mosai Faeqeh Taherinejad
        10.22034/amfa.2019.1869165.1227
        Manuscript profile
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        91 - Study of Financial Distress Spillover Effect among Automobile Supply Chain Companies
        Mirfeiz Fallahshams Bita Delnavaz
        10.22034/amfa.2019.1866320.1210
        Manuscript profile
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        92 - Stock Price Momentum Modeling: A Grounded Theory Approach
        Mehdi Elhaei Sahar Rezvan Hejazi Allah karam Salehi Hossein Moltafet
        10.22034/amfa.2020.1882300.1324
        Manuscript profile
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        93 - Measuring Economic Efficiency of Kidney Bean Production using Non-Discretionary Data Envelopment Analysis
        Alireza Khoshroo Sanjeet Singh
        10.22034/amfa.2020.1906427.1476
        Manuscript profile
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        94 - Past-oriented behavioral bias: A study on S&P & TEPIX index-es
        Mohsen Mehrara Saeid Tajdini Jamal Maghsoudi Majid Lotfi Ghahroud Niloufar Ebrahimiyan Farzad Jafari
        10.22034/amfa.2021.1930165.1591
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        95 - Developing the Stock Pricing Model based on Bounded Rationality Theory
        Mohammad Noroozi Daruosh Foroghi farzad Karimi
        10.22034/amfa.2022.1940035.1632
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        96 - A Model of Investor Sentiment Based on Grounded Theory Approach
        Akram Davoudi Ali Khozein Arash Naderian
        10.22034/amfa.2022.1948257.1668
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        97 - Representing the Pattern of Relationship between Personality Traits and Investment Patterns in the Stock Market
        Somayeh Salmani Danglani Parviz Saeedi Hossein Ali Bahramzadeh Farshid Pourshahabi
        Manuscript profile
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        98 - Investigating developments in Islamic financial literature with an emphasis on sukuk in Iran and the world
        mahdi goldoozha akbar mirzapour babajan
        Having access to financial resources is one of the main goals of the Islamic financial system. One of the innovations in the field of Islamic monetary and financial issues in the last decade is the issuance of various types of Islamic securities known as sukuk.Despite t More
        Having access to financial resources is one of the main goals of the Islamic financial system. One of the innovations in the field of Islamic monetary and financial issues in the last decade is the issuance of various types of Islamic securities known as sukuk.Despite the phenomenal growth of the global sukuk market, academic research on sukuk is still in its infancy, particularly because researchers have not taken this financial innovation seriously. Currently, there is a growing body of Sukuk literature. Initially, the Sukuk literature was largely directed towards qualitative research. As the number of Shariah-compliant instruments increased, studies on sukuk turned to quantitative research and moved towards measuring the impact and performance of sukuk and comparing sukuk to bonds. Most of the sukuk research is mainly focused on sukuk issued in Malaysia, Indonesia and the Persian Gulf Cooperation Council countries, and unfortunately, a very small amount of this research is the contribution of Iran. Accordingly, in this article, research gaps in the field of sukuk in Iran are presented by reviewing the world literature. The conclusion that can be drawn from this study is that the main areas related to the research gaps of sukuk include legal ownership and interest in sukuk, empirical research on sukuk based on participation, fundamental research on sukuk, how to integrate sukuk and examining its effects such as hybrid sukuk, issues related to sustainable development such as green sukuk, etc. Manuscript profile
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        99 - Sociological analysis of comparison of consumption patterns among occupational classes (Case study: Ministry of Economic Affairs and Finance and Tax Affairs Organization of the country)
        akbar qasemi Bahram Ghadimi Hadi Shirzad Zohreh Nikfarjam Fariba Shayegan
        Manuscript profile
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        100 - Conducts stemmed from companions financial conflicts with the prophet(p.b.a.h) & Imam and metods used by the latter facing the issue
        hussein ghazikhani
        Review: Among the instruments of conflict and tension in the relations of companions with the Prophet (PBUH) and Imams, one can mention financial affairs. In order to identify the family of the infallibars in facing these kinds of tensions by searching in library resour More
        Review: Among the instruments of conflict and tension in the relations of companions with the Prophet (PBUH) and Imams, one can mention financial affairs. In order to identify the family of the infallibars in facing these kinds of tensions by searching in library resources and inducing conflicts arising from financial affairs in the relations of companions with the Prophet (PBUH) and the Imams, the ways and means of conflict and the way these religious leaders confront conflicts Attention has been paid. Conflicts that have been shown to be inappropriate financial, conflict, betrayal, sectarianism and plotting on the life of Imam Khomeini, and the infallibles tried to guide them, restore the wrongdoers, refuse to make false claims, supervise and inspect, and ... They will prevent or control. Among the instruments of conflict and tension in the relations of companions with the Prophet (PBUH) and Imams, one can mention financial affairs. In order to identify the family of the infallibars in facing these kinds of tensions by searching in library resources and inducing conflicts arising from financial affairs in the relations of companions with the Prophet (PBUH) and the Imams, the ways and means of conflict and the way these religious leaders confront conflicts Attention has been paid. Conflicts that have been shown to be inappropriate financial, conflict, betrayal, sectarianism and plotting on the life of Imam Khomeini, and the infallibles tried to guide them, restore the wrongdoers, refuse to make false claims, supervise and inspect, and ... Manuscript profile
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        101 - Iran's foreign borrowing in the Nasereldin Shah era
        mosayeb abbasi
        Social issues, economic and cultural principles of civilization that the country is a scientific necessity than Unfortunately, history scholars, under the themes of economic, societal. The economic functions of government programs and the Qajar period before it has a un More
        Social issues, economic and cultural principles of civilization that the country is a scientific necessity than Unfortunately, history scholars, under the themes of economic, societal. The economic functions of government programs and the Qajar period before it has a unique feature.Because competition for land resources of the Russian and British governments of Iran and influence on international relations, economic and political conditions in the country is placed. Economic performance of governments in the Qajar "foreign debt" is critically important. This article focuses on questions of foreign borrowing in the Shah's era. Research findings indicate that the use of field dependence on foreign borrowing and the debt has more and resources to improve people's lives has not taken effect. Manuscript profile
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        102 - Diversifying finance research: From financialization to sustainability
        Jamal Tavousi Abdoali Keshtegar Aminreza Kamalian
        This paper seeks to overcome the apparent contradictions between global demand for sustainability and the structure of conventional financial discourse by putting forth a strategy for diversifying academic finance. It comprises four sections. We first situate academic f More
        This paper seeks to overcome the apparent contradictions between global demand for sustainability and the structure of conventional financial discourse by putting forth a strategy for diversifying academic finance. It comprises four sections. We first situate academic finance within the broader spectrum of social sciences and highlight its ontological, epistemological and methodological assumptions. Second, we show that these assumptions, taken for granted within the field of finance, are the object of much debate within other fields – as is demonstrated by controversy regarding logical positivism, social ontology and performativity –which brings out the limitations of paradigmatic unity in finance. Third, we characterize diversification in finance with reference to the nested epistemological structure of scientific discourse. We argue that diversification is a process by which (i) finance research is extended to other existing paradigms in social sciences; (ii) new research metaphors are developed within the current paradigm; and (iii) puzzle-solving robustness is achieved. Fourth, I develop a research agenda for the diversification of academic finance. This agenda is broken down into themes, paradigmatic hypotheses, and research questions. Manuscript profile
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        103 - Investigating and Testing the Herding Behaviour of Investors in Stock Exchange
        Rahele Yousefi Abolfazl Shahrabadi
        Herding behavior is considered as one of the behavioral approaches between investors and an important element in financial markets. Sometimes, this element causes agitation in circumstances where information is spread. A crucial problem in this regard is distinguishing More
        Herding behavior is considered as one of the behavioral approaches between investors and an important element in financial markets. Sometimes, this element causes agitation in circumstances where information is spread. A crucial problem in this regard is distinguishing between artificial and thoughtful herds, because thoughtful herding may be inefficient and it may eventually result in fluctuation in markets. In this research, we examined and tested the herding behavior between investors in Tehran Security Exchange using Salmon and Huang’s model. In order to calculate the required variables of model, the moving window technique was utilized and the window size was set as 24 months. In other words, by applying the information of the last 24 months, Excel Software calculated monthly market yields as well as monthly yield of each share and the required variables. After substituting the obtained values for the variables in standardized formula HS, we calculated and analyzed the herding amounts for each months of 1382-86 interval .The findings depicted a clear herding pattern for the time interval under study and hence, confirmed the corresponding theory. Manuscript profile
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        104 - Execution of Options in Sukuk Al-Ijara Bonds
        Alireza Hamisi Majid Ghorbanali Dolabi Majid Vaziri Mahmoud Veysi
        10.22034/ijrj.2021.680387
        Financing is one of the most important issues in the resistive economy. There are a variety of financing options available in Iran, including the capital market, but given the risk aversion of investors to enter this market, Islamic financial instruments such as securit More
        Financing is one of the most important issues in the resistive economy. There are a variety of financing options available in Iran, including the capital market, but given the risk aversion of investors to enter this market, Islamic financial instruments such as securities emerged and were highly sought after. Islamic financial instruments known as Sukuk bonds have been widely accepted. Sukuk Al Ijara are the most applicable Sukuk in our country. One of the unprecedented topics in this field is the study of executable options as a means of terminating the securities. In this study, at first the basic legal and jurisprudential foundations of options such as rule of prohibition of detriment, interpretative law, the rule of will power, intention and consent of contract's parties, expediency, protective theory were described. Then, Enforceable options in Sukuk Al Ijara bonds as predictive and offsetting measures of contracts by mentioning examples of each option was examined. The results of this study indicates that it is possible to execute  following options  such as defect, deceit, lesion, conditions, unfulfilled conditions, inspection, sales unfulfilled in part, impossibility of delivery and  insolvency in relations of the contract's parties. Manuscript profile
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        105 - Investigating the Effects of Economic Sanctions on the Performance of Internal Factors in Small and Medium Industries in Lorestan Province during 2001 – 2012
        Mohsen Bagere Soheyla Mahdavi Maryam Sharif nejhad
        Sanctions are coercive contrivances that are applied by a country or a group of countries against another one which transgresses the international laws or contravenes the accepted ethical standards. The aim of sanction is to force the offender to cease its actions or at More
        Sanctions are coercive contrivances that are applied by a country or a group of countries against another one which transgresses the international laws or contravenes the accepted ethical standards. The aim of sanction is to force the offender to cease its actions or at least to force the country to negotiate for ending its unaccepted actions. This study has been carried out to assess the effects of economic sanctions on the function of internal factors of small and medium size industries of Lorestan Province during 2001-2012. The study was performed in terms of five hypotheses. In order to collect data, the researchers used a questionnaire, the validity and reliability of which were confirmed by related tests. The questionnaire was distributed among the statistical population (managers of the small and medium industries of Lorestan Province), and 127 acceptable questionnaires were received. The data were analyzed by spss software and by using regression method. The results assert the existence of both positive and negative effects of economic sanctions on internal factors. While the sanctions have negatively influenced the performance of production, marketing and finance, they have improved the function of other internal factors such as management and research and development in the sample industries.  Manuscript profile
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        106 - ‎Why Linear (and Piecewise Linear) Models Often Successfully Describe Complex Non-Linear Economic‎ ‎and Financial Phenomena‎: ‎A~Fuzzy-Based Explanation
        Hung Nguyen Vladik Kreinovich
        10.30495/tfss.2023.1972564.1054
        Economic and financial phenomena are highly complex and non-linear. However, surprisingly, in many cases, these phenomena are accurately described by linear models – or, sometimes, by piecewise linear ones. In this paper, we show that fuzzy techniques can explain the un More
        Economic and financial phenomena are highly complex and non-linear. However, surprisingly, in many cases, these phenomena are accurately described by linear models – or, sometimes, by piecewise linear ones. In this paper, we show that fuzzy techniques can explain the unexpected efficiency of linear and piecewise linear models: namely, we show that a natural fuzzy-based precisiation of imprecise (“fuzzy”) expert knowledge often leads to linear and piecewise linear models. We show this by applying invariance ideas to analyze which membership functions, which fuzzy “and”-operations (t-norms), and which fuzzy implication operations are most appropriate for applications to economics and finance. We also discuss which expert-motivated nonlinear models should be used to get a more accurate description of economic and financial phenomena: specifically, we show that a natural next step is to add cubic terms to the linear (and piece-wise linear) expressions, and, in general, to consider polynomial (and piece-wise polynomial) dependencies. Manuscript profile
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        107 - The Probability of Default on Payable Facilities of the First Micro Finance Bank in Herat Afghanistan
        Mohammad Sadeq Mohammadi Mostafa KarimZadeh Mehdi Behname
        10.30495/eco.2021.1918882.2468
        The aim of this study is to investigate the factors affecting the probability of banking facilities default by customers and to determine the main variables coefficient related to the probability of default. Finally, using logit regression, a model has been provided to More
        The aim of this study is to investigate the factors affecting the probability of banking facilities default by customers and to determine the main variables coefficient related to the probability of default. Finally, using logit regression, a model has been provided to increase the ability of the bank's managers to solve the problem of non-repayment of credit facilities on time. First, 7 variables that had a significant effect on customers' credit risk were identified and fitted to the significance level of 5% of the final model using LR statistics. The results showed that the variables of the borrower's monthly income, the borrower's relationship with the guarantor, the guarantor's guaranteed capital, the borrower's experience and job stability, the loan repayment period and the years of borrower's relationship with the bank, have adverse effect on credit risk and the variable loan amount has a direct effect on credit risk. Manuscript profile
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        108 - Effect of financial literacy on the relationship between self-control and financial behavior and financial well-beingof individual investors in Tehran Stock Exchange
        manizheh mohammadi arash naderian Majid Ashrafi Jomadoordi Gorganli davaji
        Capital markets have an important role in the economy, so their proper performance will be a key factor in ensuring economic growth, so if capital markets are efficient, economic development will be realized. On the other hand, since currently the country's capital mark More
        Capital markets have an important role in the economy, so their proper performance will be a key factor in ensuring economic growth, so if capital markets are efficient, economic development will be realized. On the other hand, since currently the country's capital market has been welcomed by investors, it is undoubtedly very important to examine the behavior patterns of investors. Therefore, in this study, the effect of self-control behavioral bias on financial behavior and financial well-being was investigated through the moderating role of investors' financial literacy. For this purpose, the statistical population included individual investors, traders and brokers of Tehran Stock Exchange who were directly active in the market. Also, the statistical sample was determined using Cochran's formula of 421 people. To analyze the data, the PLS structural equation model was used. The results showed that the self-control variable has a significant positive effect on financial behavior, financial well-being and In the sense that with the increase of self-control of stock market investors, their financial behavior and financial well-being will increase. Also, by introducing the variable of financial literacy as a moderating variable, the intensity of the relationship between self-control and behavior and financial well-being increases. In the sense that the financial literacy of individual stock market investors increases the positive relationship between self-control and their behavior and financial well-being. Manuscript profile
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        109 - The effect of CEO narcissism on stock returns
        Shahnaz Mashayekh mahmood Hasanzade Kuchou Raheleh Mirzaei Beirami Malihe Habibzade
        One of the basic criteria for making decisions in the stock market is stock returns. Stock returns alone have informational content and are used by most actual and potential investors in financial analysis and forecasting. Currently, investors can predict stock returns More
        One of the basic criteria for making decisions in the stock market is stock returns. Stock returns alone have informational content and are used by most actual and potential investors in financial analysis and forecasting. Currently, investors can predict stock returns to some extent by creating a link between stock returns and other financial and non-financial information. Accordingly, the purpose of this research is to investigate the effect of CEO narcissism on stock returns. For this purpose, the data related to the companies accepted in the Tehran Stock Exchange for the ten-year period between 1391 and 1400 were extracted for 105 companies and the statistical software Eviews 8 was used. The current research is an applied research from the aspect of the result. After the statistical analysis, the results of the research hypotheses indicate that CEO narcissism has a positive and significant effect on stock returns. This shows that the behavior of narcissistic managers leads to providing favorable statements to owners and shareholders in order to increase rewards and also gain more satisfaction. Manuscript profile
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        110 - مدلسازی ریاضی مبتنی بر GAS جهت برآورد ارزش در معرض ریسک فاقد حافظه برای شاخص کل بورس اوراق بهادار تهران
        محمدابراهیم سماوی هاشم نیکومرام مهدی معدنچی زاج احمد یعقوب نژاد
        در ده‌های اخیر، به صورت ویژه از سال 2000 میلادی روش‌های پیشرفته ریاضی جهت مدلسازی مالی کاربرد فراوانی پیدا کرده است به طوری که با استفاده از این روش‌های می‌توان به بسیاری از چالش‌های اساسی علوم مالی فائق آمد. اولین قدم در مدیریت ریسک در حوزه سرمایه گذاری، محاسبه متغیری More
        در ده‌های اخیر، به صورت ویژه از سال 2000 میلادی روش‌های پیشرفته ریاضی جهت مدلسازی مالی کاربرد فراوانی پیدا کرده است به طوری که با استفاده از این روش‌های می‌توان به بسیاری از چالش‌های اساسی علوم مالی فائق آمد. اولین قدم در مدیریت ریسک در حوزه سرمایه گذاری، محاسبه متغیری است که ریسک را به طور دقیق توضیح می دهد. یکی از پرکاربردترین معیارها برای محاسبه ریسک، ارزش در معرض ریسک است که در سه دهه گذشته مورد توجه محققان مالی بوده است. هدف مطالعه حاضر مدلسازی پویا و زمان متغیر با استفاده از تکنیکی به نام امتیاز خودرگرسیون تعمیم یافته (GAS) برای تخمین ارزش در معرض ریسک شاخص کل با استفاده از داده های روزانه از سال 1390 الی 1399 و با فرض توزیع t-student است. نتایج آن با نتایج مدل های AR و GARCH شناخته شده مقایسه شده است. برای TSE تنها دو مدل GAS و GARCH برای تخمین ارزش در معرض ریسک مناسب هستند و مدل GAS ارجحیت دارد. همچنین، مدت زمان ریسک خطای ارزش در معرض ریسک برای هر سه مدل فاقد حافظه بلندمدت است که نشان دهنده اتکای آن در بحران های مالی است. Manuscript profile
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        111 - The Impact of Agricultural Credit and Farmer Trainings on Small Holder Dairy Production in Southern Region in Sri Lanka
        P.H.G.J. De Silva A.L. Sandika
        Manuscript profile
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        112 - Analysis of Municipalitys Revenue Sources, with an Emphasis on Sustaianable Revenues (Case Study: Qom City)
        Mehran Hajilou Mohammad Mirehei Mehdi Pilevar
        Lack of a comprehensive approach to municipalities’ revenue sources in the form of macro-economic system, changes and interventions, self-reliance and self-sufficiency policy enforcements for municipalities have put financial sector of municipalities in unsustaina More
        Lack of a comprehensive approach to municipalities’ revenue sources in the form of macro-economic system, changes and interventions, self-reliance and self-sufficiency policy enforcements for municipalities have put financial sector of municipalities in unsustainable situation. Continuation of this situation will have undesirable consequences and social costs for cities and urban management. Review of metropolitan revenues can be used as a pattern for reform and of municipalities’ financial structure. This applied study has a descriptive- analytical method. Data collection was carried out by documentary and field survey and the data was collected by studying written sources, statistic and incomes and costs of Qom municipality during 2007-2013 as well as interview with Head of Income Studies of Qom municipality. The results show that revenues of Qom municipality during last years have been highly unsustainable and dependent on revenues from sale of properties. These revenue sources that is considered as a part of national sources and citizens’ wealth can be turn sustainable sources for the municipality by tenure or implementation of investment plans. Given the role of religious tourism in Qom, it is recommended that Qom municipality implements commercial and recreational projects in partnership with private sector it is recommended that Qom municipality in partnership with the private sector implement income-generating projects such as commercial and recreational projects. On the other hand, medical tourism despite low cost services delivered to patients, long-term accommodation in city in order to completion their course of treatment can be have significant income for urban economy and the municipality. Manuscript profile
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        113 - Impact of Microfinance on Smallholder Cassava and Rice Farms Productivity in Makurdi Metropolis, Benue State, Nigeria
        Francis Ogebe Ayuba Ali Ishaaqa Olagunju
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        114 - Analysis of Risks in Financing Agriculture a Case of Agricultural Cooperatives in Benue State, Nigeria
        Odey Ogah Felix Ikyereve Francis Ogebe
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        115 - Informal Sources of Financing Climate Change Adaptation amongst Crop Farmers in Nigeria
        Agbugba Ikechi K. Ihemezie Eberechukwu J Adam E. Ahmed
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        116 - مسیرهای مصرف اعتبارات خرد و توانمندسازی اقتصادی زنان وام گیرنده ؛ شواهدی از ایران
        مرضیه فراشی مهدی رحیمیان سعید غلامرضایی
        ارتباط بین توانمند سازی زنان و اعتبارات خرد در بسیاری از کشورها از جمله ایران مورد بررسی قرار گرفته است. اما مطالعات کمی تأثیر مسیر مصرف مالی خرد در توانمندسازی زنان را بررسی کرده اند. بنابراین ، هدف از این مطالعه پاسخ به این سوال مهم است که مسیر مصرف اعتبار خرد چه تاثی More
        ارتباط بین توانمند سازی زنان و اعتبارات خرد در بسیاری از کشورها از جمله ایران مورد بررسی قرار گرفته است. اما مطالعات کمی تأثیر مسیر مصرف مالی خرد در توانمندسازی زنان را بررسی کرده اند. بنابراین ، هدف از این مطالعه پاسخ به این سوال مهم است که مسیر مصرف اعتبار خرد چه تاثیری در توانمندسازی زنان دارد. در این تحقیق 13 مصرف اعتبار توسط زنان مشخص شد. این مسیرها را می توان به سه مسیر کلی تقسیم کرد: (1) راه اندازی یک شغل خرد (2) سرمایه گذاری وام بصورت غیرمستقیم با امکان بازگشت وام (3) مصرف وام بدون امکان بازگشت. جامعه آماری این پژوهش شامل 800 نفر از زنان در شهرستان نهاوند بود که از اعتبارات خرد استفاده کرده‌اند. حجم نمونه بر اساس جدول کرجسی و مورگان 260 نفر تعیین و نمونه‌گیری به صورت طبقه‌ای با انتساب متناسب انجام شد. پایایی و روایی پرسشنامه، به ‏ترتیب با استفاده از ضریب آلفای کرونباخ (بیش‏تر از 7/0) و روش اعتبار محتوایی مورد تأیید قرار گرفت. تجزیه و تحلیل داده‏ها با نرم ‏افزار SPSS20 انجام شد. نتایج نشان داد که زنان در مسیر اول از دو گروه دیگر توانمندی بیشتری دارند. مصرف وام در مسیر سوم، اگرچه زنان را بیشتر از مسیر سوم توانمند خواهد کرد اما نتایج مقایسه میانگین، میانگین توانمندی اقتصادی گروه دوم و سوم تفاوت معناداری با هم ندارند. بنابراین ضروری است که موسسات پرداخت کننده اعتبارات خرد با بررسی اساسی قوانین پرداخت این گونه اعتبارات، کنترل بیشتری بر نحوه استفاده زنان از اعتبار خود اعمال کنند. Manuscript profile
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        117 - Historical explanation of the role of the Ministry of Economy in the Eight-Year War
        nowruz hashemzehi Rasol Yahai somayeh hashemzehi
        The Iraq-Iran war is a milestone in contemporary history.In the defense of Iran during these eight years, various civilian organizations have also played a role.This article analyzes the performance of the Ministry of Economy and Finance in helping and supporting the wa More
        The Iraq-Iran war is a milestone in contemporary history.In the defense of Iran during these eight years, various civilian organizations have also played a role.This article analyzes the performance of the Ministry of Economy and Finance in helping and supporting the war in the historical period from 1980 to 1988. The main approach of the research is qualitative and the data is collected by documenting and filing techniques from first and second hand sources.The results show that the Ministry of Economy and Finance measures include sending staff to war fronts, collecting and donating cash, sending donated machinery and vehicles, providing temporary accommodation to war veterans, and paying pensions to war refugees.Has imposed an imposition that is one of the most important forms of public performance of the Ministry.Price control in times of war, formation of economic mobilization headquarters, building economic trust, maintaining war budgets, creating liquidity, monitoring direct and indirect taxes, monitoring foreign exchange policies, increasing production productivity growth, reducing rent-seeking Cooperation with Iran Insurance has been one of the most important types of specialized performance of this ministry.The paper also discusses the performance of central bank monetary instruments and the economic effects of wartime, including economic sanctions and damages Manuscript profile
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        118 - Islamic financial system, an effective approach to economics in Islamic governance
        Mohammad Reza Radfar Mansoureh Aligholi
        Islamic finance includes all operations, services, as well as transactions that take place in the financial markets and are in accordance with the principles, rules and laws of Islam and the Holy Sharia. In the past, Islamic financing instruments may not have received m More
        Islamic finance includes all operations, services, as well as transactions that take place in the financial markets and are in accordance with the principles, rules and laws of Islam and the Holy Sharia. In the past, Islamic financing instruments may not have received much attention, but in recent years, special attention has been paid to the Islamic financial system, and not only Muslim countries, but also non-Muslim countries have used this efficient system, so that as predicted, The expansion of the Islamic financial market by 2024 will reach more than 3.5 trillion US dollars. The purpose of this study is a meticulous and accurate analysis of the concepts and principles of the Islamic financial system; hence, this research is an applied research of descriptive-analytical type. Therefore, in this study, the Islamic financial system is described as an efficient financial system based on Islam and holy Sharia and a dynamic solution for the economy in today's turbulent world. Manuscript profile
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        119 - Strategies for establishing a mentoring system in the Ministry of Economic Affairs and Finance in order to realize the general policies of the administrative system
        Sadegh Nourmohammadi Kumars Ahmadi .Adel Salavati
        The development of organizational capital requires educational planning and the use of educational models and methods, which is emphasized in paragraphs 2-4-5-16 of the general policies of the administrative system. People under the mentor benefit from job mobility, bet More
        The development of organizational capital requires educational planning and the use of educational models and methods, which is emphasized in paragraphs 2-4-5-16 of the general policies of the administrative system. People under the mentor benefit from job mobility, better rewards, increased adaptability when faced with new positions, improved professional identity, more professional competence, increased job satisfaction, Reduce job stress and role conflict, the aim of this study is to design a comprehensive model for the establishment of mentoring system in the Ministry of Economic Affairs and Finance. The research approach is qualitative and strategic using the data-based method. The statistical population of the study also included 14 in-university experts, experts and accountants with experience of the Ministry of Economic Affairs and Finance. The results showed that the model of establishing a mentoring system in the Ministry of Economic Affairs and Finance includes: causal conditions (primary and secondary objectives), categories (achieving a model of establishing a mentoring system in the organization and interactions and communications in the organization), contexts (Management skills, organizational culture, operational planning, systems and technology, human capital), Stakeholders (structural barriers, content barriers), strategies (individual conditions and characteristics and organizational conditions and characteristics), consequences (Individual and organizational benefits) which, according to experts, can be introduced as a suitable model for establishing a mentoring system in the Ministry of Economic Affairs and Finance. Manuscript profile
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        120 - Investigating the Impact of Audit Quality on the Relationship between Investors’ Emotional Attitudes and Earnings Response Coefficient in Companies Listed in Tehran Stock Exchange
        Roya Darabi Zohrehsadat Mirtaheri
        The purpose of this study was to investigate the effect of audit quality on the relationship between investors' emotional attitudes and earnings response coefficient in firms admitted to the Tehran Stock Exchange. The spatial domain of this research was the companies li More
        The purpose of this study was to investigate the effect of audit quality on the relationship between investors' emotional attitudes and earnings response coefficient in firms admitted to the Tehran Stock Exchange. The spatial domain of this research was the companies listed in the Tehran Stock Exchange and the time zone is the period from 2013 to 2016. In this study, audit quality was considered as a moderating variable and investors’ emotional tendencies as an independent variable and earnings response coefficient as a dependent variable. Based on the screening method, 107 companies listed in Tehran Stock Exchange were selected as the statistical sample. In the present study, the research method is descriptive-causal and since it can be useful in the process of using information, it is therefore a kind of applied research. Data analysis was also performed using Eviews software. The results showed that there is a significant relationship between investors’ emotional tendencies and earnings response coefficient. The quality of auditing affects the relationship between investors’ emotional attitudes and earnings response coefficient. Manuscript profile
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        121 - A comparative study of the effect of financial development on economic growth in developed and developing countries using panel data(8002-5791)
        Ghodratolah Emamverdi5 Mehdi Farahani Fateme Shaghaghi
        In this study, The effect of financial development on economic growth in both developed and developing countries will And will be discussed Whether the financial development indicators have a positive effect on economic growth And it works in both developed and developi More
        In this study, The effect of financial development on economic growth in both developed and developing countries will And will be discussed Whether the financial development indicators have a positive effect on economic growth And it works in both developed and developing countries are different or not? Statistical studies have been conducted on three groups in 120 countries Statistical studies have been conducted on three groups in 120 countries. Calculations for total has offered initially and then 120 countries have been divided into two categories. 53 high-income countries (including America, Germany, France, etc.) and the average high and average low of 67 low-income countries (including Pakistan, India, Iran, etc) for the years 2008-1975 as is taken. Indicators of stock market development as well as indicators of financial development, we took advantage. Contracts to Panel and GMM techniques are used. Model results suggest that Positive relationship between financial sector development and economic growth Two groups of high-income countries and low-income and low-middle and middle to high, there is And the effect of high and middle-income countries is stronger. Manuscript profile
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        122 - Decentralized finance (DeFi) with emphasis on IDOs and its application for SMEs
        Mohammad Yaghoubi Matin Fakhimi Akmal, Mahdi Sadeghi Shahdani,
        Decentralized finance (DeFi) has been raised in recent years and has experienced significant growth in 2021. DeFi seeks to eliminate intermediaries by using blockchain and to provide all the services in a decentralized manner. DeFi has been able to implement many servic More
        Decentralized finance (DeFi) has been raised in recent years and has experienced significant growth in 2021. DeFi seeks to eliminate intermediaries by using blockchain and to provide all the services in a decentralized manner. DeFi has been able to implement many services of the traditional financial system on the blockchain platform . Also, the financing methods of various industries projects on the blockchain platform before 2021 were mainly Initial Coin Offering (ICO) and Initial Exchange Offering (IEO), but Defi used Initial Decentralized exchange Offering (IDO) by using decentralized exchange that it has added to the methods of financing through blockchain. In the present study, we first consider theoretical basis of DeFi,. Then, to answer the question of which DeFi-related projects and projects in other industries that use the IDO method can be financed through blockchain, use Python language and the pycaret library to apply different classification models. We collected 665 projects data in the ten most widely used blockchain industries listed on the CryptoRank site from 2017 to 2021. The results of the model prediction indicate that DeFi industry projects and projects of other industries that use the IDO method have the ability to finance small-scale financing through blockchain. Manuscript profile
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        123 - The Characteristics of Stocks on Herding Behavior in Tehran Stock Exchange Corporations
        Jalil Khodaparast Shirazi Mohammad Sayrani Somayeh Abolfathi
        Policymakers often express concern that behavioral finance such as herding by financial market participants destabilizes markets and increases the fragility of the financial system. This paper provides an empirical research on herding behavior of investors whit employin More
        Policymakers often express concern that behavioral finance such as herding by financial market participants destabilizes markets and increases the fragility of the financial system. This paper provides an empirical research on herding behavior of investors whit employing technique of Lakonishok, Shleifer, and Vishny, 1992, (LSV) herding measure by using a data-set consisting of all their daily transactions of 59 corporations in Tehran stock exchange corporations and during 24 months ( Dec.2007 until Dec.2009), and explores the factors that can explain such behavior. In this study demonstrates that herding is affected by four features specific to the stocks, such as their size, systematic risk, idiosyncratic risk, and P/E. Size, systematic risk and idiosyncratic risk tend to positively affect herding but this effect is significantly higher for size. This context also reveals that P/E influences herding negatively. In general most of the results are consistent with the theory that herding is information based, and also when market conditions are favorable. Manuscript profile
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        124 - Identifying the Dimensions of the Financial Management Model
        مهدی آقامحمد غلامرضا کردستانی حسین کاظمی
        10.30495/faar.2021.687686
        Publicfinancial management includes a set of in accounting systems, procedures and rules, financial reporting, budgeting, auditing and internal control in order to use financial resources efficiently and effectively, promote transparency and accountability in the public More
        Publicfinancial management includes a set of in accounting systems, procedures and rules, financial reporting, budgeting, auditing and internal control in order to use financial resources efficiently and effectively, promote transparency and accountability in the public sector. The purpose of this studyto identify and examine the dimensions of the modern public financial management model.In this study, the qualitative method and contextapproach have been used. The required information collected and analyzed in 1398 throughsemi-structured interviews with 37 experts. The analysis of the interviews, due to the increase in citizens' expectations and legal and international requirements and severe limitations of financial resources in the country, reforms are needed in the general financial management systems, including budgeting, service pricing system, tax system, system urnover and performance management system. It is alsonecessary to separate policy from implementation, improve audit and internal control systems, and manage resource consumption to move toward modern public financial management. Of course, in this regard, the impact of factors such as culture, norms and values, leadership management, political involvement and the existence of capacity and capabilities such as equipment and technology, integrated information systems and organizational structure reform, decentralization and flexibility and system establishment Motivate and amend laws, regulations and procedures. Reforming the public financial management system leads to increased transparency and accountability, increased social welfare, reduced  corruption and poverty؛ increased productivity؛ citizenship and reduced bureaucracy and good governance Manuscript profile
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        125 - Impact of the Investor's Mood State on Expected Return on Investment
        mostafa heidari haratemeh mohsen ameri shahrabi
        Several studies have examined the relationship between investor's mood and economic conditions . This paper examines the effect of investor sentiment on expected return on capital by considering changes in Lucas's model, considering equity and equity market prices in th More
        Several studies have examined the relationship between investor's mood and economic conditions . This paper examines the effect of investor sentiment on expected return on capital by considering changes in Lucas's model, considering equity and equity market prices in the context of pricing models and in the context of minor changes. How the slight changes in the mood factors (time preference and risk aversion affect stock prices) are determined and calculated. The results show that: a) The expected rate of return on stocks is inversely related to the investor's mood state; b) When the investor has a good mood state, the effect of the mood state on the expected return on capital increases; c ) The variables of the mood state of affairs are more influential on the investment markets than on the securities market; d) The investor's mood state is an essential factor in the stock return; e) Integrating the investor's mood state with asset pricing patterns can help interpret existing evidence of growing maladies related to investor behavior. Manuscript profile
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        126 - A model for determining the optimal financing tools for companies using the mechanism of matching the conditions of supply and demand sides
        Seyed Mahdi Nemati Kheirabadi Seyed Abdolhamid Sabet seyed saeed malek sadati Masoud Salehi Rezveh
        Corporate financing has always been one of the main concerns of managers and in this area, choosing the optimal financing tool is vital. This study has determined the optimal financing tools for companies by emphasizing the matching of supply and demand side conditions More
        Corporate financing has always been one of the main concerns of managers and in this area, choosing the optimal financing tool is vital. This study has determined the optimal financing tools for companies by emphasizing the matching of supply and demand side conditions in different stages of the company's life cycle using Delphi and DEMATEL techniques plus ANP and AHP processes. The results show that there are a total of 28 tools for financing companies and 6 indicators for selecting the appropriate financing tools. Also based on matching: "expected return (justifiability)", "risk level" and "time horizon" are given priority, respectively. In addition, among the various financing instruments, in the "start-up" phase, business angels, crowdfunding, and direct government assistance take precedence. In the "early stage" stage, after the tools of the previous stage, venture capital and short-term banking resources take precedence. In the "development" phase, after the tools of the previous stages, short-term banking facilities, asset-based financing, hybrid instruments (excluding mezzanine) and the stock market of start-ups are preferred. Finally, in the "stabilization" stage, after the tools of the previous stages, long-term banking facilities, mezzanine, bond-based methods and initial public offering of shares take precedence. Manuscript profile
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        127 - The Development and Assessment of Stock Pricing Model Based on the Anchoring and Adjustment Theory
        Mohammad Noroozi daruosh foroughi farzad karimi
        The Financial market analysis is an important issue that influences investors' decisions. This paper developed the stock pricing model by comparing the predicted stock price based on the anchoring and adjustment theory and the real stock price through collecting and ana More
        The Financial market analysis is an important issue that influences investors' decisions. This paper developed the stock pricing model by comparing the predicted stock price based on the anchoring and adjustment theory and the real stock price through collecting and analyzing the initial information and data of 122 companies listed on the Tehran Stock Exchange during the period 2011 to 2019. The results of this study show the effectiveness of the anchoring and adjustment theory based on the separation of stock return components and measuring the irrationality coefficient and emotional reactions of investors' decisions in stock prices. Accordingly, the limitations of investors 'ability to process information seem to affect the level of use of reasoning and rationality in decision-making and the effect of bounded rationality through the irrationality and limited attention on stock pricing. Therefore, it is expected that knowledge about the process of bounded rationality based on the rational bounded of investors and the behavioral biases resulting from the irrational part of their thinking, will provide a good explanation for the process of changes in financial markets. This can provide both profit opportunities and costs in investment management so that it can be used in modeling, analysis and investmentstrategies. Manuscript profile
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        128 - Provide a model for identifying the factors affecting the instabilityof the Tehran Stock Exchange based on the Grounded theory
        hossein hashemnezhad Khadijeh Ebrahimi Mehdi Safari Graili
        AbstractInvestigating the instability of financial markets, including the stock exchange, is considered one of the most important topics in the literature of international finance. Therefore, the main goal of this research is to identify the main and sub-components affe More
        AbstractInvestigating the instability of financial markets, including the stock exchange, is considered one of the most important topics in the literature of international finance. Therefore, the main goal of this research is to identify the main and sub-components affecting the volatility of Tehran Stock Exchange and to present the relevant conceptual model based on the foundation's data analysis. The methodology of this research is part of exploratory research in terms of its goal and its implementation method is qualitative. The statistical population of this research includes financial experts, who were selected by using the snowball sampling method in the number of 14 people. Then by conducting interviews, collecting the necessary data and after coding, the research model based on the theoretical framework includes 12 sub-components in the form of 4 main components: 1) Characteristics of Tehran Stock Exchange 2) Economic factors 3) Political factors 4) The influence of the government was designed. And solutions related to the management of the above factors are also provided. Manuscript profile
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        129 - Expanding the Ground Drivers of Financial Physics for the Neurofinance Effectiveness in the Logic of Financial Decision Makers: A Research on DOPS Skill Evaluation
        Vahid Mirzayee Mohammadreza Abdoli Nasrin Salehi hasan valiyan
        The purpose of this research is expanding the ground drivers of financial physics for the neurofinance effectiveness in the logic of financial decision makers. The implementation process of this study was mixed in terms of data collection. So, in the qualitative part, t More
        The purpose of this research is expanding the ground drivers of financial physics for the neurofinance effectiveness in the logic of financial decision makers. The implementation process of this study was mixed in terms of data collection. So, in the qualitative part, through a systematic screening, the background drivers of neurofinance in financial decisions were identified, and then, based on the pre-test and post-test plan, the difference between the approaches of financial analysts was determined through variance analysis. The results of the study showed that the experimental group, which was influenced by the skill evaluation of the identified drivers, has a higher coefficient than the control group in both decision-making scenarios of the analysts. It was also found that the experimental group, which was influenced by the DOPS skill evaluation based on the identified background drivers, has a higher favorability in the fair value fluctuation decision scenario than the conservative decision scenario. While the average of the control group is exactly the opposite of the experimental group. Manuscript profile
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        130 - The effect of the Structure of Sources Financing on Operating Performance with an Emphasis on the Role of Strategic Ownership and Financial Restatements of Corporate Admitted to the Tehran Stock Exchange
        Hossein Eslami Mofid Abadi Soniya Maraghe Marzieh Ebrahimi Shaghaghi
        This research was conducted with the aim of investigating the effect of the structure of financing sources on operational performance with a focus on the role of strategic ownership and re-presentation of financial statements of companies admitted to the Tehran Stock Ex More
        This research was conducted with the aim of investigating the effect of the structure of financing sources on operational performance with a focus on the role of strategic ownership and re-presentation of financial statements of companies admitted to the Tehran Stock Exchange. The research method was descriptive-survey, the time period studied was from 2013 to 2018 and the statistical sample of the research included 171 companies. The data and information of the research has been collected through library sources and referring to the financial statements of the companies admitted to the Tehran Stock Exchange in the form of (field). Multivariate regression and statistical tests (Durbin-Watson (D-W) test, Kolmogorov-Smirnov, Dickey-Fuller (DF), Augmented Dickey-Fuller (ADF), Phillips-Perron (PP), and LM-ARCH) using EViews software version 9. Finally, to determine the significance of the linear regression equation, the Fisher test (F-test) and for the significance of the coefficients, the T-student (T-test) were employed. Therefore, the findings of this research show that due to the role of strategic ownership and re-presentation of financial statements, the structure of financing sources has a significant effect on the operational performance of companies accepted in Tehran Stock Exchange. Manuscript profile
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        131 - The optimization of Investment Beliefs in Tehran Stock Exchange Break Points Based on Heterogeneous Agent Models Framework and Agent Based Modelling with Genetic Algorithm
        mehdi khoshnood Fraydoun Rahnamay Roodposhti Hashem Nikoomaram
        This paper survey beliefs of investor on Tehran stock exchange at three break point date (BPD). at first  three BPD with several criterion : average of the share price indices , average value of the stock market turnover , average value of the stock market capitali More
        This paper survey beliefs of investor on Tehran stock exchange at three break point date (BPD). at first  three BPD with several criterion : average of the share price indices , average value of the stock market turnover , average value of the stock market capitalization .according this three BPD are : the election of Mahmood Ahmadinejad at 2005 , financial crisis at 2008  and the election of Hassan rouhani at 2013 . In addition this paper is base of Brock and Hommes heterogeneous agent model (HAM) framework. Samples are the shares of companies that 40 days before and 40 days after was traded .then with MATLAB software   code was writhed and simulation done. Finding shows that strategy of contrarian trend chaser is the best and we can with genetic algorithm optimize average and standard deviation of coefficient of investment strategy and adaption with real market at break point dates.  Manuscript profile
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        132 - Reference Points, Stock’s Major Historical Highs and Lows and Volume: Evidence from Tehran Stock Exchange
        Gholamhosein Asadi Seyed Amirhosein Emami
        According to prospect theory, investors use reference points for their trading decisions; so that if stock price is below their reference points, they are unwilling to sell their stocks and therefore stock volume declines, but when the stock price exceeds their referenc More
        According to prospect theory, investors use reference points for their trading decisions; so that if stock price is below their reference points, they are unwilling to sell their stocks and therefore stock volume declines, but when the stock price exceeds their reference points, they are more likely to sell their stocks and accordingly stock volume increases. The identified reference points in previous researches are: purchase price, stock price in firm-specific events, IPO price and stock’s 52 weeks highs and lows. In this research, stocks’s major historical highs and lows, without any time limits, are directly identified from price charts and are studied as reference points and to do so, the relation beween volume and these points is examined. The research Methodology is event study and by using panel data technique, the sample includes 52606 firm-week observations. Results of the research represents that when stock price reaches or exceeds major historical highs and lows, stock volume increases and therefore we can conclude that these levels are decision-making reference points for investors in Tehran stock exchange. Manuscript profile
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        133 - When Behavioral Portfolio Theory meets mean-variance frontier
        mohammad sajjad moghaddam Fereydon Ohadi
        Finding the most optimize way to make a portfolio “ feasible “ has been ,and always will be a challenge and concern for those active in investment management industry. For several decades, Markowitz's (1952) Mean Variance Theory (MVT) has been considered as More
        Finding the most optimize way to make a portfolio “ feasible “ has been ,and always will be a challenge and concern for those active in investment management industry. For several decades, Markowitz's (1952) Mean Variance Theory (MVT) has been considered as the cornerstone of modern portfolio theory. The Behavioral Portfolio Theory (BPT) developed by Shefrin and Statman (2000) is often set against Markowitz's (1952) Mean Variance Theory (MVT). In this paper, we compare the asset allocations generated by BPT and MVT without restrictions. Using Tehran Securities Exchange stock prices from the TSE database for the 2012– 2017 period, A sample of 247 companies are listed on the Tehran Stock Exchange data for a period of 5 years was used for statistical analysis . stock prices contained in the TSE database to generate a possible asset allocations via bootstrap simulation.this paper is the study that empirically determines the BPT optimal portfolio.We show that Shefrin and Statman's (2000) optimal portfolio is Mean Variance (MV) efficient inmore than 70% of cases. Manuscript profile
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        134 - Anatomical Analysis of Noise Transactions and Pricing Error
        Marziye Abdolbaghi Ataabadi Abdolmajid Abdolbaghi Ataabadi
        10.30495/jdaa.2023.702086
        AbstractBehavioral finance is one of the main factors of market defects, which focuses on the systematic occurrence of decision-making errors by investors and managers, and studies how investors and managers make systematic and mental errors in their judgments, and expr More
        AbstractBehavioral finance is one of the main factors of market defects, which focuses on the systematic occurrence of decision-making errors by investors and managers, and studies how investors and managers make systematic and mental errors in their judgments, and expresses the lack of rational behavior of investors in the capital market, which leads to The creation of stock price differences is due to its intrinsic value. The purpose of the current research is to analyze the anatomy of noisy transactions and pricing errors caused by the entry of uninformed traders. The statistical population of this research is the companies accepted in the Tehran Stock Exchange and its statistical sample includes the data of 113 companies. The sampling method was systematic elimination. The method used to estimate the model is the multivariate regression method using the combined data method. The research results show that noise trading has a positive and significant effect on the level of stock pricing error. Also, the pricing error is different at different levels of noise trading; That is, the more the noise, the more the pricing error. This is despite the fact that in addition to the fluctuations of noise transactions, the B/M ratio also affects it. In other words, the pricing error is different at different levels of B/M ratio. As a result, according to the results of the research, the entry of uninformed traders in the stock market creates noise and causes the deviation of the stock price. Manuscript profile
      • Open Access Article

        135 - Presenting a model for the implementation of fintech in the banking industry of Iran
        Mohammad Gholami Majid Zanjirdar Peyman Ghafari Ashtiani Gholam Ali Haji
        10.30495/afi.2022.1947749.1090
        Purpose: The popularity of fintechs has created a new competitive environment among banks, as fintechs reduce bureaucratic requirements and make financial institutions like banks more convenient, efficient and faster to provide services. Considering the movement of bank More
        Purpose: The popularity of fintechs has created a new competitive environment among banks, as fintechs reduce bureaucratic requirements and make financial institutions like banks more convenient, efficient and faster to provide services. Considering the movement of banks towards new technologies globally, it is necessary to have a general understanding of the acceptance of new technologies in order to align with global growth and keep pace with the products offered by service providers. The purpose of this research is to identify the components and provide a model for the implementation of fintech in the banking industry of Iran.Methodology: In order to identify the components of this model, a semi-structured interview was used with 15 experts in the field of money and banking, who were selected using a theoretical sampling method. In this research, coding was done in three steps using the Grounded theory method with Strauss and Corbin's approach.Findings: In the open coding stage, 123 categories were extracted and after classification in the axial coding stage, 26 components were extracted, and finally, in the selective coding stage, after identifying the relationships between the components, the research paradigm model was formed.Originality / Value: Causal factors affecting the implementation of the policy model: legislation, legal infrastructure, government facilities, legal incentives, reforming macro-governance policies are analyzed. In addition, factors such as technology infrastructure, creating communication channels play an intervening role, and the factors of intention to use technology, culture of participation, entrepreneurial culture, risk-taking, learning and training, and trust-building play a background role in this regard. Manuscript profile
      • Open Access Article

        136 - Study of the Knowledge and Content Flows of Articles in the Journal of Advances in Finance and Investment
        kazem Dehnad Abtin Boostani Hamid Ghandi
        10.30495/afi.2023.1990805.1238
        Purpose: The aim of this research was to examine the scholarly and content trends of articles published in the journal "Advances in Finance and Investment," as one of the scientific publications in the field of finance and investment in Iran, from its inception until th More
        Purpose: The aim of this research was to examine the scholarly and content trends of articles published in the journal "Advances in Finance and Investment," as one of the scientific publications in the field of finance and investment in Iran, from its inception until the end of 1401. Through identifying the characteristics of the information recorded in the articles, this study assists journal managers in identifying the strengths and weaknesses of the journal.Research Methodology: This study employed a quantitative content analysis method and falls under the domain of scientometrics. The statistical population of the research included all articles published in the journal "Advances in Finance and Investment," and they were all selected as the sample. The data were collected using bibliographic citation analysis and were statistically analyzed using Microsoft Excel.Findings: The results of the research indicated that during the 3-year period under investigation, there were 60 published article titles with the participation of 170 authors. Among these authors, 66% held specialized doctoral degrees, and 18% were doctoral students, placing them at the top of the list of authors in this journal. Furthermore, the Islamic Azad University, Science and Research Branch, held the foremost position with 9 published articles, while the Islamic Azad Universities of Tehran South, Damavand, and Masjed Soleiman each held the second position with 8 published articles. In terms of the thematic focus of the articles, 28% of the works were related to investment and markets, followed by financial markets and institutions with 27%. Additionally, out of a total of 2,308 cited sources in the articles, 73% were in English, and 27% were in Persian.Originality/Value: This research possesses both originality and scientific value, as it provided reliable results about the articles in the journal "Advances in Finance and Investment" using a quantitative content analysis approach. The information obtained from this study helps journal managers improve the scholarly and content trends of the journal and identify its strengths and weaknesses. Moreover, through the examination of author participation in terms of specialization and the ranking of universities and educational institutions, this research has substantiated its scientific and practical value. Manuscript profile
      • Open Access Article

        137 - Designing a Developmental Model for Sports education in Schools of Kermanshah Province
        masomeh mohammadbigi shahab bahrami hossein eydi koroosh vaysi
        The aim of this study was to design a developmental model for sports education in Iranian schools. Current study in terms of purpose is Practical and in terms of Data collection method was Descriptive survey. In the first part (qualitative) for conducting the field inte More
        The aim of this study was to design a developmental model for sports education in Iranian schools. Current study in terms of purpose is Practical and in terms of Data collection method was Descriptive survey. In the first part (qualitative) for conducting the field interview, the statistical population of the study were prominent professors in the field of sports management specializing in school sports, as well as managers of the Ministry of Education's Physical Education Organization. Qualitative interviews were selected on the research topic (17 interviews with 17 individuals and continued until theoretical saturation). In the second part (quantitative), after collecting information from qualitative research, a questionnaire was constructed and this questionnaire (22 items in the form of three educational strategies, individual strategy and organizational strategy) was distributed among sports teachers in Kermanshah province.  Use elongation and skew indices to check the distribution of data (natural or abnormal) and to investigate and answer the research questions and draw and compile a measurement model and a structural model of SPSS software version 24, Smart PLS Version 2.0 and Max QDA Pro software were used. The results showed that 27 conceptual codes and 5 main categories are the most important indicators of the development of sports education in Kermanshah Province. It was also found that the indicators of sports teacher, sports centers, championship, financial and sports facilities are indicators of the development of sports education in Iranian schools, respectively. Therefore, paying attention to selecting qualified teachers can be one of the most important programs and policies of student sports authorities. Manuscript profile
      • Open Access Article

        138 - The effect of personality traits on investment decisions with the mediating role of risk tolerance
        Arezou Pouresgandar Raziabad Alireza Fazlzadeh Vahid Ahmadian Sajad  Naghdi
        Purpose: The aim of this research was to investigate the effect of personality traits on investment decisions with the mediating role of risk tolerance in the Tehran Stock Exchange. Research Methodology: This research was conducted in 2022 and is of an applied nature, More
        Purpose: The aim of this research was to investigate the effect of personality traits on investment decisions with the mediating role of risk tolerance in the Tehran Stock Exchange. Research Methodology: This research was conducted in 2022 and is of an applied nature, employing a descriptive-survey methodology. The statistical population of this research includes all individual investors in the Tehran Stock Exchange. The sample size in this study is 386 individuals. Data collection was carried out using a standard Likert scale questionnaire. The validity of the questionnaire was confirmed through content validity, and its reliability was verified using Cronbach's alpha. Data analysis was performed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) approach, facilitated by SPSS and SMARTPLS software. Findings: The results showed that personality traits significantly affect investment decisions and risk tolerance. Furthermore, risk tolerance significantly impacts investment decisions and mediates the relationship between personality traits and investment decisions. Originality / Value: The scientific contribution of this research lies in using risk tolerance as a mediating variable to examine the effect of personality traits on investment decisions. Additionally, the use of structural modeling with the Partial Least Squares approach, aided by SMARTPLS software, is highlighted. Manuscript profile
      • Open Access Article

        139 - The effect of balanced scorecard as a tool of strategic management system on improving sustainable development: Measuring the mediation of organizational performance
        Hosin Asgari
        This study aims to investigate the effect of balanced scorecard as a tool of strategic management system on improving sustainable development: measuring the mediation of organizational performance. The research method was applied in terms of purpose and descriptive-corr More
        This study aims to investigate the effect of balanced scorecard as a tool of strategic management system on improving sustainable development: measuring the mediation of organizational performance. The research method was applied in terms of purpose and descriptive-correlation in terms of data collection method. The statistical population of the study is all managers and employees of chain stores in Tehran, which was selected as the sample size using Morgan table and random cluster sampling method of 384 people. A researcher-made questionnaire was used to collect data to assess the dimensions of the research. In the present study, the validity of content and structure was used to determine the validity of the questionnaires; also, in order to measure the reliability, Cronbach's alpha coefficient and combined reliability were used, and the findings indicated the reliability and validity of the measuring instrument. The collected data obtained from the distribution of the questionnaire in two descriptive and inferential sections (structural equations) were analyzed using Spss and lisrel software. Findings showed that the dimensions of a balanced scorecard (customer, financial, internal business and growth and learning) have a positive and significant effect on organizational performance and sustainable development. Perceived organizational performance also had a positive and significant effect on sustainable development. Manuscript profile
      • Open Access Article

        140 - Personality types of stock market investors and their impact on managerial decisions: a study using agent-based simulation.
        Seyed Farhad Gooran Heydari Abbas  Toloui eshlaghi Ahmad Ebrahimi Mohammad Reza Motadel
        Given the complexities of the economy and considering the influential role of financial markets on the economy, as well as the importance of the economy for the country and society, methods and tools that can effectively and efficiently assess, predict, control, and gui More
        Given the complexities of the economy and considering the influential role of financial markets on the economy, as well as the importance of the economy for the country and society, methods and tools that can effectively and efficiently assess, predict, control, and guide the market and economy in a manner accessible to policymakers such as the Ministry of Economy and Finance, Securities and Exchange Organization, Central Bank, High Council of Stock Exchange, or Ministry of Industry, will be in a special position. This effectiveness and efficiency are achieved when attention to hidden layers of system relationships such as collective human behavior, which adds to the complexity of the market and economy, is not overlooked. In the present study, by employing the capacities of agent-based simulation in a mixed-method research, human behavior is combined using quantitative and qualitative methods and simulation technology as the third method of scientific research, in addition to comparative and inductive approaches. The research is descriptive and applied, and agent-to-agent simulations of real market players in NetLogo software with modeling the market, validation using Rust and Rand tests, and sensitivity analysis using the Borgonovo approach have been conducted. The results of the study indicate a direct relationship between investors' risk tolerance and stock market returns and the overall stock market index growth. With the prediction made in the designed model, in addition to risk type, the possibility of assessing and monitoring other behavioral characteristics of investors, as well as with consideration of the definition of other factors for other active market players, the study of their behavior's impact on the overall index and other important indicators is also available. Therefore, in this study, for the first time, the influence of the behaviors of macroeconomic variables on the behavior of all players present in the stock market was modeled and simulated using agent-based simulation capacities. Manuscript profile

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