سید فخرالدین فخرحسینی

The household, as a fundamental institution in any society and within the cycle of the national economy, serves on one hand as a supplier of labor to firms in the factor markets, and on the other hand as a consumer of final goods and services in these markets. This study aims to estimate the economic value of household activities performed by women living in informal settlements in Sanandaj County. The Heckman two-step approach was used in this research. The statistical sample includes 193 women from informal settlements in Sanandaj County. Based on the results of this study, with each unit increase in women's education level, their wages increase by 0.09%. Additionally, a one-unit increase in market wage rates results in a 0.0003% increase in individual earnings. Moreover, the findings indicate that the estimated potential monthly wage for women in this county is 2,752,000 Tomans. The study also estimates that the value added from household work by women living in informal settlements in Sanandaj County constitutes approximately 4.77% (13,986 billion Rials) of Kurdistan Province's Gross Domestic Product (GDP). The research results showed that training programs had a positive effect on household income, and participants in these programs were willing to pay for them to empower themselves. Therefore, it can be concluded that the training programs were successful from the perspective of the women as well. Based on these findings, policy-making focused on education for the empowerment of women and other residents of informal settlements is recommended.

Pricing of goods and services is one of the important topics of Islamic economics, which has long been the focus of the thinkers of the Islamic Society. The lack of government oversight of prices is a clear violation of social rights that has detrimental consequences. Therefore, in some cases, pricing should be considered. Pricing strategies differ for each stage of the product life cycle. Although each stage of product life has its own peculiarities and challenges, the most difficult and challenging stage is setting prices for new products .

This paper is prioritized new product pricing strategies and offered appropriate solutions using multidisciplinary decision-making. In this research, to evaluate and select appropriate solutions is used a hybrid MCDM approach based on FANP-DEMATEL-FCOPRAS approaches due to a multiplicity of quantitative evaluation criteria and fuzzy nature of qualitative criteria. The statistical sample consists of 15experts and specialists of Shokouh Cellulose Materials and Paperback firm. Findings,

According to studies, the main criteria in this research are innovation, marketing, organization, customer, product, and technology, each of which in turn includes sub-criteria. The results show that the free product as if zero price in priority, combining multiple products into a single package and selling them for one price in the second priority have been.

An exchange-traded fund (ETF) is a major innovation in all global financial markets since the first of these funds was launched in 1989 in the Canadian stock market. It was then introduced to the US market in 1993. In our country, too, we are at the turning point of launching investment funds from 1992 onwards. The purpose of this study is to evaluate the pricing efficiency of government funds with the approach of positivist-deductive research philosophy in which data are collected, analyzed, and interpreted to examine the answers to questions. Ordinary least squares (OLS) regression has been used to analyze pricing efficiency and sustainability. The results show that government ETFs are not well designed for investors due to diversity and are probably not marketable well due to low trading volume and market price delays in reflecting net asset value (NAV). On the other hand, these funds are traded at a lower value than their NAVs on average, and the deviation of ETF prices from NAV (permium or discount) for the financial intermediation fund until the third day and for the refining fund until the second day from It does not disappear. The results also showed that between the volume of government ETF transactions and deviations; there was a positive and significant relationship between ETF returns and simultaneous deviations and finally a negative and significant relationship between returns and deviations with interruption. These findings can be interpreted as evidence of the weak-form efficiency of government ETFs.

Gold tradable funds on the Tehran Capital Market are a new tool that allows investors to invest in gold without physically buying it, which creates a safe investment option with returns close to gold.

This study analyzed seven gold funds from the point of view of tracking error and the double-beta model under two bullish and bearish market regimes. Fund data for the period 2015- 2023 were extracted with daily frequency and analyzed with univariate and multivariate regression models.

The results obtained from the regression analysis show that tracking efficiency is different in the two market regimes, while it is less in the bullish market regime. This situation shows that the pricing of gold ETFs is more dynamic in a bull market regime. The results also show that the alpha coefficients of ETFs in some funds in the down market are negative and not significant, which indicates the low performance of this fund under the down market conditions, while the alpha in the funds in the up market regime indicates that the proper performance of this fund in the market is bullish. The beta coefficients of gold ETFs are significantly different from the beta coefficient of the model index in the down market for only two funds, Zarafam and Mesghal, and in the up market for all funds, indicating that the yield of the funds is not affected by the model index. In addition, by examining the two regimes of the rising and falling markets, the results obtained from the regression model show that the tracking efficiency in the two market regimes is different in terms of influence on most funds, as the tracking error in gold funds is influenced by factors such as the volume of transactions. (liquidity), daily fluctuations (noise), and absolute value of price deviation (arbitrage).

Originality/Value:

 Unlike mutual funds, which are evaluated based on risk and return criteria, an investor should choose and select investments by considering how far the fund can follow its model index.

Exchange-traded funds (ETFs) are an important innovation in the global financial markets, where there is still the possibility of incorrect pricing and creating arbitrage opportunities in these funds. Since the investment units in ETFs are traded in the same way as stocks, the transactions of these funds at a price other than their intrinsic value may be considered as their disadvantages. Considering the short history of these funds in Iran and the importance of their pricing efficiency, this research has taken a step to investigate this issue in the capital market of Tehran. In order to achieve the above goal, six funds (equity, index and fixed income) were selected. Daily data of a 6-year period (2016 to 2021) has been used for analysis. The results show that the performance of the selected funds was better than the performance of the whole market index. Also, the results showed that the factors affecting the Tracking Error and Premium (discount) in different funds provide different results and price inefficiency is also evident in these funds.

The success of any organization in achieving its goals depends significantly on the decisions of managers. The success of strategic management accounting also depends on being able to improve managers' decision-making by providing useful information; But the main issue in strategic management accounting is paying attention to the stakeholders and effective management on them through the use of social responsibility components, which recently became one of the requirements of the accounting and financial field among businesses. , companies and organizations have been mentioned. For this purpose, in this article, using the method of thematic analysis, a conceptual model has been presented in line with the presentation of the accounting model of strategic management based on the role of social responsibilities through interviews with experts. It was targeted and accessible to 14 people until reaching theoretical saturation. The research results in the form of the presented model have four dimensions including binding factors, structural factors, foundational factors and facilitating factors, each of which has corresponding components and indicators.

Whatever cannot be measured cannot be controlled, and whatever cannot be controlled cannot be managed. Therefore, the main issue in all organizational analyses is performance, and its improvement requires measurement. Therefore, an organization without a performance evaluation system is unthinkable. One of the problems organizations face when measuring performance is determining performance evaluation indicators. This research has been carried out to prioritize employee performance evaluation indicators in the strategic process of human resources management of the Alborz province fire department.

This research is exploratory and conducted using the Delphi method. The statistical sample of the study is the number of 15 experts and specialists selected from among the employees. The main research criteria, including preparation, implementation, and evaluation, were identified using the library method. Data analysis used the network process analysis approach, DEMATEL, and COPRAS.

Based on the results of the research, the implementation criterion with a normalized weight of 0.436 is the priority among the criteria, the sub-criteria of ethical compliance with a final weight of 0.1276 is the first among the sub-criteria and the implementation of the evaluation system to increase performance. Employees are the priority among the strategies.

Originality/Value:

 In this study, an attempt has been made to analyze all indicators related to the evaluation of employee performance indicators in the strategic process of human resources, but since there are very few field studies in academic societies, especially domestic ones, in the field of indicators the performance of employees has been done in the strategic process of human resources, so future researchers can improve the designed scale by increasing the range of their studies by identifying and adjusting items and factors.

The main objective of this paper is to examine the influence of monetary policy and total factor productivity on the industrial sector of Iran. By assuming the Iranian economy and the division of the economy into two sectors (namely, the industrial and other economic sectors), and drawing on the seasonal data between the years 2000-2022 and the Central Bank's Input-output table for 2016, the paper adopts a suitable dynamic stochastic general equilibrium model based on the regional New Keynesian framework. After assigning values to some parameters obtained in previous studies and deriving an estimation regarding some of them, the variables were simulated and compared with real data to validate the model. The results of the model simulation indicate that the total factor productivity shock of the industry sector's (as well as the total factor productivity shock of other sectors) has increasing effects on total production, production of the industry sector, production of other sectors, consumption and has had a reducing effect on inflation in the economy. Also, the shock of liquidity growth will cause the growth of total production, industrial sector production and other sectors production and will increase consumption, employment and inflation.

This study has aimed to examine the dynamic correlation between oil price, financial transparency and stock crash risk and PVAR model for oil and petrochemical companies in 2014 to 2022. Based on the estimation results of the PVAR model, an impulse from the oil price and the exchange rate on the risk of falling stock prices up to the first two periods; It goes down and then up. In terms of whether they are oil importers or exporters, countries have different effects on oil price changes. Oil producing countries are forced to secure their foreign exchange income due to their economic structure, and when prices fall, they try to increase production to increase their income. In oil exporting countries, any increase in oil prices is expected to lead to an increase in income in these countries. The increase in the government's income and wealth causes future cash flows to increase, as a result, it has a positive effect on the capital market and, accordingly, the stock index, and the risk of falling stock prices is reduced. Since the stock market returns are one of the most accurate tools shown in the economy and has a high sensitivity to economic conditions and can have a direct effect on the interest rate and people's trust, policy makers always adopt policies for financial transparency and the quality of information disclosure to provide the basis for the development of this market as much as possible.

The purpose of this research is to introduce the function of duration criterion in the management of assets and liabilities and to analyze its impact on the performance of banks, and it refers to a process in which total assets and liabilities are simultaneously and integrated. They can be under control and management.

It is an applied research method that is carried out using the results of basic research in order to improve and perfect the behaviors, methods, tools, devices, products, structures and patterns used by human societies, and its purpose is to develop practical knowledge in a specific field. Therefore, this research, while analyzing the overall balance sheet management, asset and debt management, which includes strategic planning and implementation and control processes has led to the development of knowledge through the impact of volume, composition, maturity, interest rate sensitivity, quality and liquidity on bank assets and liabilities.

The findings show that a proper assessment of a bank's ALM situation requires a correct understanding of the nature of assets and liabilities, customers, the economy and the competitive environment that governs that bank, and its duration criterion can be of great help. To asset and debt management as well as interest rate risk management in the banking system of our country it is also possible to realize its role in the performance of banks due to the importance of managing this sector.

Originality/scientific added value:

 In line with this topic, the current research deals with the analytical approach to the management of assets and liabilities through the duration criterion and its effect on the performance of banks.

The main objective of this study is to rank methods of improving debt-asset management at branches of Bank Sepah in Tehran.

Questionnaires were the tool to collect data, and statistical sample is 146 managers and experts of Bank Sepah in Tehran that have been selected by the simple random sampling method. In this study, by using Multiple Criteria Decision-Making (MCDM) techniques of fuzzy TOPSIS, we have ranked the goals of debt asset management in Bank Sepah.

Based on the results, among the main criteria for Asset and Liability Management (ALM) goals, “the risk management of interest rate” with a weight of 3. 83 is at the first priority, then the “maintenance of adequate capital” with a weight of 3. 67 is in the second place and then “liquidity risk management” with a weight of 3. 41 is in the third priority. Also, according to Friedman test results؛ there are differences between the achievements for each of the major debt-asset management in Bank Sepah in Tehran.

Originality/Value: 

This study is a mixed method (Delphi (qualitative) and survey (quantitative)) in terms of performance and in terms of data collection. By using MCDM techniques, we have ranked the major objectives of asset-debt management in Bank Sepah. In addition, the results could be used in the planning process of banks and financial institutions.

Recent research shows that the greater the financial inclusion (financial inclusiveness), the more it leads to economic growth and financial development. For this reason, in the current era, one of the goals and objectives of policymakers, especially monetary policymakers, is the development of financial inclusion in banks, which has been discussed and emphasized a lot. However, this research also aims to examine the relationship between financial inclusion (FI) disclosure and banks' performance, emphasizing the moderating role of market competition and ownership structure. Applied research method and its data were extracted by library method. To investigate the main goal of the research, three hypotheses were formulated. The spatial scope of the research is all accepted banks in the capital market of Tehran and the temporal scope is from 1391 to 1399. The number of the research sample was 15 banks, which was determined through screening or systematic exclusion. In order to analyze the data, Eviuse software was used through multiple linear regression. The results show that disclosure of financial inclusion has a positive and significant effect on the performance of banks and market competition can play a moderating role in the relationship between these two variables. Also, the results showed that government ownership has no significant effect on the relationship between financial inclusion disclosure and bank performance.

The neoclassic development model is known as a macro-economic tool and public finance. This study, considering the general policies of resistance economy, aimed to design a neoclassic development model based on different tax shocks to analyze the relationship between tax rates and some macro-variables. The study simulates the immediate reactions of some economic variables to tax shocks (income tax of companies, income tax, and consumption tax). All the data are extracted from the fixed prices in 2011 and the annual ones from 1971 to 2020. After the logarithm taken from the variables through Headrick-Prescot, all the variables were processed. The linear random equation, were analyzed through Ohlig (1999) approach in Matlab program. Finally, the parameters were pinpointed from the literature, and the simulated variables were compared with the real data to test out the validity of the model. The findings showed that the decrease in tax income rates and the company income taxes would result in the price reduction of shares and the increase of consumption, production, and labor demand. Also, the increase in the consumption tax rate would result in the increase in share prices and reduction of consumption, production, and labor demand.

This study goes beyond the the prevailing use of averaged data to investigate the hidden evidence of asymmetry due to the effect of monthly exchange rate fluctuations on Iran's quarterly GDP during the period 1380:1-1397-4. For this purpose, the regression model of Mixed Data with different asymmetric frequency (MIDAS model) is use, which allows time series variables with different frequencies (eg daily, weekly and monthly) to be put together in a regression.The results showed that the Mixed Data with different frequency Approach compared to the same frequency model of these changes is statistically stronger and provides a better fit, and also the Exchange rate fluctuations have asymmetric effects on Iran's GDP, And depending on the number of optimal lags and the sources of changes, production gives different responses to different positive and negative shocks, So that Iran's gdp In response to the negative fluctuations of the exchange rate showing a stronger immediate reaction and more lasting effects. ue to the existence of asymmetric effects of currency shocks on production, it is suggested that policy makers should not consider the absolute value of the effects of positive and negative currency policies to be the same in regulating currency policies in order to advance macroeconomic goals.

Nowadays, one of the multifaceted topics in monetary and banking studies is using finance of banks and credit institutions. The correct use of finance tools can have significant effects on financial markets development and economic growth. Considering that, the aim of this article is to prioritize available Islamic finance ways, policies and strategies in Ayandeh bank.

In this study, it has been used to prioritize 12 Islamic banks finance ways by focusing on three criteria of attractiveness and efficiency of the financing method (demand side acceptance commitments), executive capacities (Supply-side institutional compatibility commitments) and macro-environment (Bank macro environment). In addition, there have been collected 30 experts in the field of investment and finance of Ayandeh Bank. Also, it has been used AHP approach.

The results shows that the foreign currency and Rial deposits have the highest priority, also, buying and selling debts, securities, guarantees and agency have the lowest priority. At the end, a competitive strategy model with the SWOT methodology is proposed for the Islamic finance of Ayandeh Bank to synchronize Ayandeh Bank policies with Iran’s business cycles.

Originality/Value: 

Due to the prioritizing Islamic financing methods in Ayandeh bank, these results help bank’s managers for making more appropriate decisions to achieve the bank's goals. Furthermore, the proposed competitive strategy model for Islamic financing provides a suitable model for their future plans regarding synchronizing the bank's future policies with Iran's business cycles.

One of the important topics related to the stock exchange organization is predicting the future profitability of listed companies. Forecasting profitability is a very important issue that has focused the minds of financial analysts. Therefore, it is thought that the Dupont ratio, which includes the activity ratio and the profitability ratio, has a lot to do with predicting the future profitability of companies. Therefore, the purpose of this research is to predict operational profitability using Dupont analysis in insurance companies admitted to the Tehran stock market using regression models. The number of companies in the insurance industry in this research is fourteen companies for the period of 1394 -1399. The results of this research show that the future profitability of an insurance company is affected by changes in profit margins and performance management.

The present study intends to use the Mixed Data Sampling model (MIDAS) to investigate the effect of exchange rate changes on the variable of real production in Iran during the period 1397:1  to1380:4  that Provides implement a flexibility model whit  high descriptive power, including variables of varying frequency (eg daily, weekly and monthly) together in a regression.The results of this study show that the MIDAS model is statistically strong in identifying the asymmetric dynamic effects of the independent variable with higher freuency (exchange rate changes) on the dependent variable with lower frequency (GDP) compared to the same frequency model of these variables and shows asymmetry better.Also, based on the obtained results, the intensity of the impact of the momentum and the persistence of each momentum are different, so that the negative momentum of the exchange rate has more intense and lasting effects on Iran's GDP.

Choosing the right stocks for investment and forming a portfolio with the aim of obtaining higher returns is the most important issue for investors in the stock market. For this important matter, different methods using financial and fundamental variables of the company are used to determine shares with high potential as well as their ranking. In this research, with Dimtel, the most influential financial variables were determined based on the opinion of experts and then extracted from the financial statements. These ratios included current ratios, equity to assets, inventory turnover, return on capital and equity growth. Also, in this research, by using Analytical Network Process (ANP) techniques, it was determined that liquidity and profitability ratios were the most important, and among the five ratios determined based on the DEMATEL method, according to the results of the ANP technique, ratios Current and return on capital were extracted from the financial statements of 2018 and 2019, and companies were ranked for investment purposes using the COPRAS method.

Determining the factors influencing tax aggressiveness level has been a major concernin the accounting field since 2000. There is no generally accepted definition of taxaggressiveness. The literature has defined tax aggressiveness as a deliberate reductionin taxable income through tax-planning activities.The purpose of this study was to investigate the impact of corporate governance and CEO compensation on the tax aggressiveness of companies listed on Tehran stock exchange. This research has been performed on 107 companies listed on the Tehran Stock Exchange during the period 1399-1393.In this study, we used panel data to test the effect of corporate governance structure,CEO compensations and characteristics on the level of tax aggressiveness.The results showed that the amount of CEO salary and corporate governance structure have a significant impact on tax aggressiveness of companies. Board size, CEO duality, and board independence have no significant effect on corporate tax aggressiveness policies.

In neoclassical economic analysis, markets transparency and no transaction costs is one of the main assumptions. In other words, the real world is drawn in these frame that are in the markets sellers and buyers do their economic trade easily and without incurring any costs And the transactions are done smoothly and without friction. The aim of this paper is to investigate the factors affecting on transaction cost indicators of facilities in the form of Islamic contracts for Bank Melli Iran in three provinces, Tehran, Isfahan and Kurdistan. In 1399, we selected 483 customers of Bank Melli by classified sampling method. The results show that there is a positive relationship between individuals' income, how long opening a bank account opening and to get loan with the transaction cost, and a negative relationship between the interest rate as price of facilities, privileged branches with the transaction cost.Key: Transaction Cost Economics, Islamic Contracts, Bank Melli.

One of the goals of financial reporting is to provide useful information to facilitate decision making. Accounting information system is one of the sources of information provision for users to decide. The use of the Dupont analysis as a tool for measuring performance dates back to the 1920s and its ability to use it to predict profitability is one of the interesting issues of financial management and investment. The present article seeks to answer the question of whether the components of the Dupont ratio, with emphasis on profit and performance management, can be used to predict operating profitability in the insurance industry. So, in order to investigate this, 14 insurance industry companies were selected as systematic sampling method. The data collected during a period of 6 years and between 2015 and 2020 are taken into account that the results of regression analysis show that the marginal changes in earnings at 99% confidence level have a significant effect on future profitability as well as performance management It can affect the profit margin through the margin of profit, and profit management (upward and downward) does not affect the profit margin on future profitability

In this paper, the effect of population aging on economic growth in a closed economy in which the element of human capital is endogenously formed is simulated. For this purpose the computable generalized Diamond overlapping generation’s model are used for a period of 50 years. First, the dynamic effect of aging on macroeconomic variables, especially economic growth, are simulated in the baseline scenario (current state of the Iranian economy).Then the dynamic effects of public policies under different scenarios of human capital and pensions ratios  on economic growth for a period of 50 years are simulated. The results of the model showed that the government's general policies to increase human capital increase the share of skilled labor (effective labor) and therefore have a growth effect. At values ​​of public policy tools above the baseline scenario​​(industrial status), the effect of productivity on aging prevails and long-term growth increases.In addition, the results showed that increasing the ratio of pensions to the level of developed countries encourages demand-based economic growth, but has a level effect and does not change long-term growth. The results show that increasing aging, if combined with government policies to promote human capital, can potentially offset the negative impact of aging on growth.

This study was conducted to examine the transaction costs of obtaining credit in selected Islamic contracts from Melli Bank, and to determine the factors that affect the transaction costs on this credits. Transaction costs are high in developing countries, especially in credit sector, and the high cost reduces banking system efficiency and its performance. The data collected by a survey in a two-stage sampling technique in 1399, that this sample is 483 customers of Melli Bank. After estimating transaction costs of borrowing and lending, the econometric models used to determine the factors that affect the transaction costs of access to credits. The sample was. The results show that the average of transaction cost rate is 4.8% which equals 43% of average of interest rate on lending facilities. Also, this rate in micro and subsidy facilities like interest-free, transaction cost rate is estimated to be 6%, equivalent to 150% of the commission.

Recognition of the direct relationship between CSR and firm performance has garnered much interest among authors recently. The findings are rather inconclusive and misleading. This is because, while a positive association between CSR and firm performance has been a dominant theme in many articles, universally, others suggested a negative or no correlation. Finally, it can be concluded that the relationship between CSR and firm performance is more complicated than the results of many previous studies indicate.The present article aims to determine the relationship between social responsibility, credibility and competitive advantage over business performance. In this study,has been studied a sample of 109 companies from 19 industries . The period studied was 1394 to 1399, which used multiple regression test. The results show that corporate social responsibility and credibility have a negative impact and competitive advantage has a positive impact on equity returns. Competitive advantage has also had a positive effect on return on assets of companies listed on the stock exchange.

In the current global economy, intellectual capital is progressively being acknowledged as a vital constituent of organizational value. The impetus for this awareness is a sequence of challenges in knowledge-based corporate settings that motivate firms to invest in intellectual capital, given that it has become a key driverof productivity.The present article aims to determine the relationship between intellectual capital and productivity in business of banks. In this study has been studied, a sample of 12 banks . The dependent variable is productivity and to measure this variable has been used by data envelopment analysis method. The period under study is from 2016 to 2016, which has been analyzed using the multiple regression test, the relationship between the components of intellectual capital and productivity. The results show that the intellectual capital and productivity have a significant relationship. The results of the regression analysis validate the relevance of intellectual capital in improving productivity in the banking industry.