فهرست مطالب حسن قالیباف اصل

This paper aims to introduce a new model for stock valuation called the ZZ growth model, as well to measure its power compared to the Gordon model in estimating the intrinsic value of stocks. To test the power of the ZZ growth model in determining the fair value of the stocks of companies in the Iranian stock market, after calculating the average growth rate and the required payback period of the companies in the sample and according to their EPSs in the fiscal years 2020-2022, the values of the selected stocks in the mentioned years have been estimated and determined using this model. In the next stage, the Gordon model has been used to determine the values of companies' stocks. Finally, the values estimated using these two models and the deviation of each of them from the average adjusted stock market prices through the Independent Samples T-test, have been compared. The research findings indicate that in each of investigated industries, the ZZ growth model compared to the Gordon model, has been able to estimate the value of stocks with much higher accuracy.

The unfortunate consequences of recent financial crises on the world economy necessitated the implementation of policies to protect financial systems from external shocks. Considering the negative effects caused by the bankruptcy of banks, especially large banks, a mechanism called the bank resolution system was defined to restore the bank to health before it is considered bankrupt. In this regard, the deposit guarantee system, as one of the pillars of the financial safety network, can provide an opportunity to create laws and executive activities in order to quickly resolve them, while preventing bank raids in the conditions of banks' incapacity and crisis. Therefore, the purpose of this study is to investigate and analyze the role and position of the deposit guarantee system in the process of resolving the banking system. After the theoretical review and analysis, in order to understand the role of the deposit guarantee system in the resolution process of the banking system at the world level, statistical and experimental facts were discussed using world statistics. This research provides a better understanding of the importance of the banking resolution system and the role of the deposit guarantee system at the world level and, accordingly, its application in the country's banking system.

The purpose of the research is to examine special financial institutions; In the financing of tourism industry projects in Iran, it is based on the capital market. Based on the philosophical premise, this research is interpretive. Also, its paradigm is pragmatism and its approach in the field of mixed research. Here, there is a tendency towards the applicability of "what works" and solutions to problems. Therefore, the important dimensions of the research and its questions are emphasized, so no hypotheses are examined and its purpose is to answer the research questions. In this method, the researcher has compared and summarized the qualitative and quantitative results with the triangulation approach by reviewing the documents and asking the experts' opinions through preliminary semi-structured interviews and questionnaires using the Delphi method. The results have shown that real estate investment funds, project joint stock company, risk investment fund, tourism infrastructure investment fund, bond guarantee syndicate by the tourism development fund with banks, playing the role of reinsurer by the fund The development of tourism, the formation of a joint insurance association for the compensation of tourism projects has been agreed upon.

The purpose of this study is to investigate the effect of market power and income diversification strategy on liquidity creation. Thus, the data of 20 banks in Iran during the period 2016-2021 were collected from the financial statements and attached notes. For this purpose, the Panel Vector Auto Regression method has been used. In order to measure the liquidity creation index, Berger and Boehman's (2009) method has been used. Also, the market power in the bank system is measured by the Lerner index, for this, the translog random frontier function is used, and then the market power is calculated. To measure the income diversity index, the adjusted Herschmann Herfindahl index of income has been used. The results indicate that competition or market power has a significant negative effect on liquidity creation. The effect of non-interest income diversification strategy on liquidity creation was also confirmed. The results of the analysis of variance decomposition test show that in the long run, market power has more explanatory power on liquidity creation, so that market power has a greater share in explaining liquidity creation than the non-interest income diversification strategy.

The aim is to examine the appropriate means of financing Iran's tourism industry, focusing on capital market capacities. This research is an interpretation and paradigm of pragmatism and its mixed approach. For the initial investigation, the qualitative study, which includes documentary methods and interviews with experts, continued until the saturation of information was reached, then the structured Delphi questionnaire was used three times to confirm the initial patterns, and secondary focus interviews were conducted again in the form of seven group sessions. At the end, using the triangulation method; Quantitative and qualitative results have been compared and concluded. Based on this; Issuance of Manfa’ah Sukuk based on the major assignment of the right to use tourism services in the future with the option to sell (BTL and BOT contract formats during the period of operation), Manfa’ah Sukuk based on the interests of durable tourism assets along with purchase and put options (BTL and BOT contract formats) ,BOT during operation Intifah suck based on the future benefits of certain non-existent assets (BTL and BOT contract formats during operation and O&M), debt purchasing Sukuk (BTL contract format during operation, originator: contract party), special Mudraraba Sukuk (handicraft export) and some changes in laws and regulations were presented.

The purpose of this research is to investigate the challenges and obstacles of financing projects of Iran's tourism industry through the capital market. The research paradigm is constructivism. considering that the purpose of this research; It is pathology, so its strategy is in the form of a case study and its approach is in the field of qualitative research. In this research method, the researcher for preliminary investigation; He has collected and reviewed all documents and scientific studies about the financing of the tourism industry, especially in the capital market, in order to identify its components, effective factors and consequences. Then, in order to confirm them, interviews were conducted with tourism industry, capital market, and university experts to achieve information saturation, and finally, to confirm the obtained information, a secondary focal interview was conducted again in the form of several group meetings.The results have shown that the main obstacles to the financing of this industry include the insufficient knowledge of the capital market and the tourism industry about each other, not having some necessary conditions to enter the capital market, the inherent characteristics of the projects, lack of desire and confidence to enter the capital market, the difference in the rate of return of the financial markets, the existence of multiple beneficiaries, the fact that most of the projects are not private, the existing laws and regulations, and some issues related to the financing system are among the main challenges for financing this industry using capital market capacities.

Fluctuations in commodity prices in global markets have always influenced the behavior and decisions of investors in financial markets. In this research, using the Copula family models, financial contagion or volatility spillover on global price of petrochemical products and base metals on the on the stock price index of eight selected industries of Tehran Stock Exchange listed companies during a period of 10 years (2008-2018) has been reviewed. The research method is descriptive-analytical in nature and applied in terms of purpose. The research hypotheses were tested using an econometric approach based on Copula models and programming in MATLAB software. The results show that the effects of overflow of these variables on the index of selected industries are significant but different.Examination of different models of Copula method showed that T-Student model is most suitable for transmitting spillover effects, which indicates the symmetrical effects of price variables in global markets of petrochemical products and base metals on the index performance of selected industries. And then Clayton and Gumble models are in the next rank.

Financial distress, which is defined as the uncertainty about the company's ability to meet its obligations and repay its debts, has been estimated by different models divided into three groups of fundamental models (based on accounting or financial data), structural models (based on the company's capital structure or market information) and hybrid models.  Accurately predicting financial distress is still a major point of challenge for financial researchers. Scholars acknowledge that financial distress will be experienced when it happens. Therefore, the best thing to do is to initially estimate the probability of a company's financial distress. In this regard, in the current study, first, a hybrid model was presented to investigate the ability of financial distress prediction models. Next, in order to compare the hybrid model with accounting-based models, the second version of Altman's Z model known as the Z˝ model was used. To compare the hybrid model with market-based models, Merton's model was used in three groups including healthy, distressing, and distressed companies.

In this research, by reviewing past studies, 47 variables affecting financial distress, such as accounting variables, market variables, and macroeconomic indicators were identified. Afterward, considering the frequency and successful performance of these variables in past studies, 19 variables were selected. In the next step, using the Stepwise regression test, among the 19 variables, 10 variables with probability values ​​smaller than 0.05 were chosen. Also, to determine the dependent variable, the European option pricing model (Merton's model) was used. Finally, by the use of the Multinomial logit model and identifying the relationship between the dependent and independent variables, the hybrid model for predicting financial distress was designed. In order to compare the produced hybrid model with accounting-based fundamental models, the second version of Altman's Z model known as the Z˝ model was used. To compare the hybrid model with market-based structural models, Merton's model was used. Moreover, in order to test the ability of financial distress prediction models, a sample including 100 companies listed on the Tehran Stock Exchange (TSE) or Iran FaraBourse (IFB) was selected. Then, considering the defined criteria, these companies were divided into three groups consisting of healthy, distressing, and distressed companies. Finally, the ability of the above-mentioned models in predicting financial distress was investigated.

Research findings indicated that in the hybrid model, the ratios of Net Working Capital to Total Assets (WCTA), Operating Cash Flow to Total Assets (OCTA), Sales to Total Assets (STA), Net Income to Total Assets (NITA), Short-term and Long-term Debts to Equity (TLTE), Price to Earnings Per Share (P/E) and Price to Sales (P/S), and the variable of Interest Rate (INT) had significant relations with company's financial distress probability. Also, a comparison of the hybrid model and conventional models revealed that in the group of financially distressed companies, respectively, the Z˝ model with 100% accuracy, Merton's model with 85% accuracy, and the hybrid model with 90% accuracy had correctly predicted the financial situation of the companies. While, in the group of financially distressing companies, the accuracy of the Z˝ model, Merton's model, and the hybrid model in predicting the financial situation of the companies, stood at 50%, 85%, and 85%, respectively. In addition, in the group of healthy companies, these models were able to correctly predict 95%, 85%, and 90% of the companies' financial situation, respectively.

According to achieved results, the Z˝ model has higher predictive power on healthy and distressed companies, compared to the hybrid and Merton models. While, the hybrid and Merton models are better at predicting the financial situation of distressing companies than the Z˝ model. Therefore, considering that the performance of the market-based model of Merton in predicting the financial situation of the companies is weaker than those of the Z˝ and that the hybrid models which are mainly formed by financial or accounting ratios, and also in regard to the findings of past studies which proved the inefficiency of the stock market in Iran, it can be concluded that it is better to use accounting variables in future research in the field of predicting financial distress.

Ownership structure and legal frameworks are one of the main and determining factors of corporate governance system. Useful information is information that has qualitative characteristics, and one of these qualitative characteristics of information is relevance. The degree of relevance of specific information varies among users and depends on the extent to which they need to be specific. Relevant information is information that can be used in forecasting models. The main purpose of this study is to investigate the role of ownership structure in the relevance of the value of accounting information with emphasis on the characteristics of the company. This is a descriptive, correlation and post-event study. For this purpose, the data of 155 companies listed in Tehran stock exchange during 2006-2018 were studied. In this research, with regard to the type of data and the common method of analysis with such data, the pooled data method has been used. The relationship between variables was investigated using multivariate regression. The results indicate that the ownership structure plays a mediating role in the Relevance of the Value of Accounting Information.

Corporate financial distress is the most unpleasant event that will result in catastrophic issues for its stakeholders. In addition to the huge losses for the business itself, this event can potentially affect the country's economy. Therefore, quick and timely detection of financial distress is essential to support various financial and social investments. In this regard, the present study aimed at providing a combined model of corporate default prediction and classifying firms into three groups: healthy, stressed and distressed. In this study, first, using a library research method, 47 variables or ratios were identified, selected and classified into three groups: fundamental or financial variables, market variables and macroeconomic variables. Then, considering the frequency and successful performance of these ratios in previous studies and by performing statistical tests, potential variables affecting financial distress were identified. In this study, multinomial logistic regression was used to provide a combined model of corporate default prediction. Also, in order to measure corporate default, the Black-Scholes-Merton (BSM) model was used. Findings indicated that 8 variables, including 5 financial variables, 2 market variables and 1 macroeconomic variable were statistically significant in the final model, and in fiscal year 1398, the accuracy of this model was 90% in the group of distressed firms, 85% in the group of stressed firms and 90% in the group of healthy firms.

The news contains information about the fundamentals of the company and can change the behavior of the stock market. However, most research in stock market prediction has relied on technical analysis, i.e., time series analysis, based on past stock data, and the impact of fundamental data – especially Persian news – on the stock prices has been neglected. Consequently, this study aimed to fill this gap. To this aim, the stock index values were collected from the Tehran Stock Exchange along with the news published during this period. Then, the semantic load of news sentences was determined using text mining and sentiments analysis techniques, and the news was classified into positive and negative categories using machine-learning algorithms. Finally, the relationship between news and stock index was evaluated using logistic regression. According to the results, published news has a positive or negative semantic burden, and is effective on the index value.

IPOs acknowledged as an important and continuous event in stock markets. A lot of research investigated why do company go public? How to price a new company? And the abnormal return of IPOs in the short and long term. In another aspect, we can consider IPOs as an economic event or even critical news and examine its effects on the existing companies' return. In this paper, we attempted to investigate investors' behavior around an IPO and the competitive effect of IPO's in the Tehran Security Exchange using event study methodology. For this purpose, we classified 235 IPO for 14 years based on their size, industry, P/E, and B/M. The results indicate that investors consider the big size and low P/E IPOs as a negative event on the existing portfolio. We also find that the initial filing of an IPO has a negative price impact on existing firms in the same industry.

The present research examines the Financial Contagion or Volatility Spillover by financial assets such as exchange rates, gold and global variables on the stock market index. The correlation and Contagion between variables of global prices of gold, oil, and the dollar exchange rate on the index of 8 selected Tehran stock exchange industries over a period of 10 years (2008-2018) was examined. Method of the research is applied in terms of purpose and analytical-descriptive in terms of the nature. To test the research hypotheses using econometric approach based on Copula models, programming was performed in MATLAB software. The results of the show that the effects of volatility spillover of these variables on the index of selected industries are significant but different. The different models of the Copula method show that the Clayton and Gumbel models are most suitable for transmitting spillover effects in the upper and lower distribution of the range. The t-student model is in the next rank. In other words, the overflow effects of macro variables mostly affect one of the high (positive return) and low (negative return) domains, which indicates the existence of asymmetric effects on the return behavior of the selected industries of the stock exchange.

Coroprate Financial health is an issue that is related to the continuity of activity, bankruptcy, financial helplessness and the stability of accounting information. Therefore, following the research of Poutang(2011) & Balugani(2020) the aim of this study is to provide a model for corporate financial health by predicting causal relationships between sustainable accounting structures (Awareness of accounting ethics, Voluntary Accounting Proactiveness, Transparency Accounting Mindset, Human Capital Disclosure, Social Responsibility Reporting) and corporate financial health. Is. The statistical population of this study was managers and financial experts of the surveyed companies and standard questionnaire was used to collect data. After performing the reliability and validity tests of the sample data, the relevant analyzes were performed based on the structural equation modeling approach. The results showed that the financial health of companies is affected by sustainability structures (voluntary accounting activities, transparency of accounting thinking and social responsibility reporting). Companies must have sustainable accounting features in order to avoid financial hardship and financial health. Therefore, if investors and stakeholders cannot rely on this sustainable information, the company's financial health is likely to decline.

The emergence of financial crises and their long-term consequences on the real sectors of economies has further highlighted the importance of examining financial stability in financial markets. So today, governments are seeking to design tools and indicators to assess the financial market stability situation in financial markets such as the money, capital and currency markets to ensure that there are no signs of a financial crisis. Therefore, the design of appropriate indicators for checking the stability of financial markets is one of the main concerns of financial researchers. Therefore, in this research, it has been attempted to present the appropriate indicators to examine the stability of financial markets in Iran. In this regard, to achieve this goal, six variables from the financial system and four variables from macroeconomics have been collected monthly from 2010 to 2017. Then, to generate financial stability indicators, various econometric techniques such as GARCH model, weighted method with equal variance, weighted average and Vector Vector Autoregression (VAR) were used. Finally, the ability to predict financial sustainability indicators was examined using the ARDL Autoregressive Model. The results of the research showed that financial markets of Iran were unstable in different periods of time.The matching of empirical evidence and the results of the research show that the financial stress index for the stock market and the foreign exchange market reflects well the financial tensions, but in the banking market this index has weak performance and the selected variables do not cover the main components of the market.

One of the financial institutions of the countries in the world is the Stock Exchange, which is used as indicators of economic health. As for a large volume of capital is managed through the stock market and is placed in the production and industry, the recession in this market can have important effects. In this paper, we seek to extract the cycles of prosperity and recession in the Tehran Stock Exchange using the TEPIX and the Pagan and Sossounov method. Then, using the PSO algorithm, the most important predictor variables are determined and in the next step We predict market financial cycles using ANFIS, MLP, RBF and PNN networks. The results show that according to the mean square error, the root mean square error, the accuracy of the model and the Kappa coefficient, the MLP model provides better results in predicting future market conditions.

The purpose of this paper is to evaluate weak-form market efficiency using static (fixed-coefficient models) & dynamic (time-varying models) models. Studying efficient market hypothesis (EMH) in emerging markets is an important subject among many researchers, due to many reasons mostly market efficiency in these markets is on doubts, it looks that methodological & statistical deficiencies provoked these problems. In previous studies mostly total market efficiency was considered as a whole market, regardless of lots of differences existed in individual companies. However, market efficiency tests should be examined among individual companies in order to compare each stock characteristic.

In this paper, we evaluate weak-form market efficiency; applying static & dynamic ARMA-GARCH models through a sample of 58 T.S.E. listed companies’ daily returns from 2006 to 2018.

Testing the significance of auto-regressive coefficients in static models shows that 15 cases have been confirmed & 43 cases have been rejected. To test more scrutinously, dynamic models have been fitted for those 43 rejected cases. The results show that 12 companies were both efficient & zero-convergent & the informational efficiencies of 31 companies were rejected (among which 9 ones were zero-convergent, too). Thus, we couldn't confirm any of the two hypotheses, included weak-form market efficiency & the movement toward weak-form market efficiency.

The difference in the dynamic & static models’ results shows the impact of the type of method selected on the results of weak-form market efficiencies’ test. Also, the time-line charts of 21 companies could explain some improvement in the degree of market efficiency & positive change since 2006. Finally, using dynamic models in the robustness test demonstrate that the more a company is liquid, the more is the probability of the weak-form market efficiency to be confirmed.

Due to the importance of human capital, special attention should be paid to human resource risks . In this regard ,the current study was conducted with the aim of designing the model of human resource risks in one of the higher education centers in the country 

This research is an exploratory-practical study in terms of purpose and was performed using the qualitative data research method of Grounded Theory.The required data were collected using non-probabilistic and snowball sampling through semi-structured interviews with 15 From superior Staff and Executive Managers (Human Resources Experts) and Maxqda software version 12 was used to analyze the data.

Based on the research findings, three categories of human resource risks were identified as objectives, process and human capital risks. Individual, organizational and environmental factors were identified as causal conditions affecting these risks, functional and structural factors as background factors and values governing society, organizational characteristics and job characteristics as intervening factors. Finally, while presenting strategies for dealing with each of the three risks, the consequences of applying these strategies were also obtained in the form of social, research and educational consequences.

Based on the results of the research, the need to pay serious attention to the underlying factors, causal, intervening and by adopting appropriate strategies, can be seen to improve the performance of the organization.

The purpose of this paper is to evaluate semi-strong market efficiency through studying the relationship between increase or decrease of stock return and financial statement information. Using sixty six rolling panel-logit models & accounting variables, we estimated increase or decrease of each firms’stock return as a Pr summary amount & hedged portfolios have made via zero investment strategy. The firms with Pr values equal or higher than 0.6 considered as buy positions & the ones with Pr values equal or less than 0.4 considered as short-sell positions. The hedged portfolios’ returns that are the judjment basis about market efficiency could be computed as the difference of these groups’ returns. Significant abnormal returns resulted through rolling-logit models considering three return measurement method, among a sample of 58 firms listed in TSE during 2006 to 2018, show several documents not confirming the semi-strong market efficiency even after size & market risk adjustments. Also among all 17 accounting ratios used in order to predict changes in return, the change in total assets ratio, the financial expenses to sales ratio, the change in EPS, the change in sale to total assets ratio, the gross income to sale ratio, and the earnings before tax to sale ratio have oftenly been documented statistically-significant in the models.

In this paper, we consider the role of the stock market as a tax exemption policy and we also examine the impact of tax evasion and Tax corruption on growth factors.

The research method is theoretical and fundamental, and offering a continuous timestochastic growth model to study the effects of tax evasion and tax corruption on the level and volatility of private investment and public spending that are both factors of growth. In our model tax evasion and tax corruption are equivalent to diverting public resources that are productive. Stock market carry out here have the same role as a policy of tax exemption.

We argue that if the share of private investment in the percentage of GDP is growing and, on the other hand, the low-level government expenditure efficiency, if the offenders have the opportunity to invest in the proceeds of their illegal activities in the stock market, Tax evasion and Tax corruption can help develop private sector investment and tax corruption may contribute to the development of private capital if people find an opportunity to invest the proceeds of their illegal activities in equity markets

We initial emphasize the role of equity markets, showing that the evasion outcome for the private sector is not as a consequence viewed as a burden.

The aim of this study is to investigate the behavior of individual and institutional investors in Tehran Stock Exchange. For this purpose, we examined the portfolio statement of individual and institutional investors during a five-year period from 2012 to 2016. The result show that Investors’ behavior reflects some behavioral biases. Specifically, both individual and institutional investors tend to sell stocks that have appreciated in price, but not those that have depreciated in price (consistent with a disposition effect), although this tendency is more for individual investors. They also appear to believe that past returns are indicative of future returns (a representativeness bias), and their trading behavior shows that they are overconfidence. In the following, to investigate the effect of characteristics of investors on the cognitive errors, behavioral biases and trading error are investigated based on characteristics of investors.

one of the most important institutions in the financial market is insurance. It helps people to reduce the risk of life-threatening conditions. Insurance companies, on the other hand, face different risks depending on the issue to insurers. Therefore, these companies are looking for ways to transfer their risk. Disaster reliance insurance is an important tool for insurance companies to protect against very large risks and capital management. Today, catastrophic reinsurance insurance bonds have been considered as an alternative source of financing for reinsurance property and accident insurance.

The first purpose of insurance securities is financing. Today, life insurers are looking for changing some of their insurance policies into securities and increase their stock returns through capital efficiency. The second purpose of converting insurance securities is the main function of the insurance industry, such as risk transfer. Non-life insurance securities are generally issued for this purpose, especially insurance and reinsurance. Therefore, reinsurance prices are one of the key factors in the possibility of issuing these bonds. Studies such as the present study could help policy makers to develop effective policies to use catastrophic accident bonds in order to increase the acceptance capacity of reinsurance.

The research strategy used is the Foundation's Data Theory. The most important methods of data collection in this research are: Gathering information from library resources including: articles, books and the World Wide Web to compile theoretical foundations and background research. The data and information collection of the qualitative statistical population was collected by interviewing insurance industry experts in order to develop a theoretical model.

 The primary purpose of this research is to design a model to increase the acceptance capacity of reliance on insurance securities. In this study, based on the available interviews, finally six general categories (main category), twelve concepts and thirty-two codes extracted in the form of open coding and central coding were obtained in the process of data theory. By conducting interviews and analyzing the data, the researcher gained a deeper insight into the experience of the interviewees. Then, between the identified categories and features in the initial stage of open coding, reciprocating or zigzag movement was performed. The new concepts identified in the new studies were added to the previously identified categories. In necessary cases, some categories were renamed and the connection between different categories and concepts was formed.

The results demonstrated that the causal economic and non-economic conditions as the policy casual conditions cause to grow the capacity of reinsurance acceptance through Catastrophic accidents bonds in the insurance industry and the policy dimensions of increasing the capacity of accepting reinsurance by using Catastrophic accidents bonds have included insurance and exchange dimension. The underlying conditions are included macro and micro, and also the intervening conditions are long-term and short-term. This model of strategy is included a structural and institutional action. Finally, the consequences of the phenomenon of growing the capacity of accepting reinsurance through catastrophic accidents bonds are indirect and direct outcomes. Finally, we provide some suggestions to each of the various stakeholders involved in policy making of growing the capacity of accepting reinsurance through catastrophic accidents bonds.

Banks, as the most important endpoints of our financial crisis, have also become increasingly aggressive. The mission of banks is mainly based on the principle of collecting wandering funds in the form of deposits and on the other hand trying to allocate resources optimally in different economic sectors so that they can meet government goals. Purposefully use resources collected to achieve sustainable development.To achieve this goal, hybrid regression models have been used as statistical sample for the period of 2012-2018 with the selection of all private banks accepted in the Tehran Stock Exchange. The results of the testing of research hypotheses show that the management of resources and expenses has a significant effect on the operational efficiency of banks. There was also a significant impact of corporate governance on the interaction between cost management and operational efficiency of banks.There was also a significant impact of corporate governance on the interaction between cost management and operational efficiency of banks.

Companies face everlasting challenges to survive. Successful introduction to a market and competition is always with a high level of uncertainty and is limited in many ways. Thus, a huge number of companies especially the ones founded recently leave the capital market very soon. Theoretically embedded in Putang (2011)’s  model, this study is to develop a model for the survival of companies using the causative relationships between sustainability of accounting and survival of companies with an emphasis on moderating role of desirable market value, motivational commitment of employees and acceptance of prominent stakeholders.  The population in this study included a set of selected companies. The data were also collected using a standard questionnaire. Firstly, the reliability and validity tests were administered on sample data. Then, based on the model of Lineal Structural Relations, the data were analyzed. Findings revealed that that survival of companies is affected by acceptance of prominent stakeholders. In other words, recognition of the overt role of stockholders, responsibility toward welfare in society and ethical responsibilities increase the survival rate for companies. Furthermore, sustainability of accounting (awareness of accounting ethics, voluntary accounting activities, transparency of accounting ideology, divulging human capital and reporting social responsibility) significantly affect desirable market value, motivational commitment of employees and acceptance of prominent stakeholders.