javad shekarkhah

Over the years, it has been observed that shares of closed-end funds (CEFs) are frequently traded at prices that differ significantly from the total market value of the underlying assets held by these funds, resulting in a gap between the share price and the net asset value (NAV). Despite numerous studies, no single explanation or identified component from traditional or behavioral finance has fully accounted for the price gaps in CEF share trading. This issue remains a significant and longstanding debate between traditional and behavioral finance paradigms. The primary objective of this study is to review existing research on closed-end funds to identify key indicators influencing price gaps in the trading of these funds’ units, from both traditional and behavioral finance perspectives. A deeper understanding of CEF behavior encourages further research into these funds, market efficiency, asset pricing, and the paradigms of traditional and behavioral finance.This study is classified as developmental research and adopts a qualitative research methodology, utilizing a meta-synthesis approach. To achieve the research objectives, 389 studies conducted between 1968 and 2024 were reviewed, with 88 articles meeting the inclusion criteria analyzed using the Sandelowski and Barroso meta-synthesis method. The analysis identified four components comprising 35 indicators, categorized into four dimensions: political factors, economic factors, fund-specific factors, and psychological factors. These components were further classified into two overarching dimensions—traditional (rational) finance and behavioral finance—based on the existing literature. The traditional finance dimension, grounded in the theory of rational investor behavior, attributes price gaps to logical, fundamental reasons and fund-specific characteristics, identifying 25 indicators across three components (political factors, economic factors, and fund-specific factors). Conversely, the behavioral finance dimension, rejecting the assumption of rational investor behavior, posits that investors’ behavioral biases play a critical role in the deviation of fund prices from their NAVs, identifying 10 indicators within one component (psychological factors)

Over the last few years, pension funds have encountered sustainability issues. Despite this, no scientific research has been conducted on strategies for overcoming instability. Therefore, the current issue is to identify the key drivers influencing the financial sustainability of pension funds and analyze and understand their interrelationships. Additionally, it is crucial to pinpoint areas for action and develop strategies and plans to overcome financial instability based on potential future scenarios.

In terms of its goal and nature, the current study is applied and uses a mixed-methods approach, respectively. Moreover, the study was conducted using both survey and exploratory approaches. To address the issue, the impact and influence of the key drivers were determined through structural analysis and results obtained from MicMac software. By identifying the significant and uncertain key drivers, future scenarios were extracted according to the Schwartz Theory. Through content analysis of expert interview results and the literature review, the areas of action and policy-making for pension funds were examined, and strategies were formulated by integrating these actions. Using MATLAB software, the fuzzy inference system, and based on six stable planning methods, robust strategies to improve financial sustainability were established.

The research findings reveal that sanctions, economic and military tensions, along with the independence of the funds from the government are the two primary key drivers of the financial sustainability of the funds, exerting the greatest influence on financial sustainability and other key drivers. Morphological analysis of these two key drivers results in nine potential scenarios that pension funds may face in the future. The research findings highlight ten strategic action areas, resulting in the discovery of thirty-two distinct strategies and the creation of ten knowledge bases. Using the fuzzy inference system and knowledge base analysis, the essential data for analyzing the robustness of strategies was gathered. The strategies to overcome financial instability were assessed using the results from six stable planning methods. The chosen strategy includes reforming and enhancing parameters that impact pension funds’ obligations. Additionally, it seeks to implement a multi-pillar system, integrate the pension system with the tax system, and develop insurance schemes. Furthermore, the strategy focuses on providing comprehensive coverage (including migrants) for taking part in pension and insurance plans and delegating the management of the fund’s investments to financial institutions to boost profitability.

Structural analysis of the key drivers highlights the significance of macroeconomic variables and fund governance. In addition to their impact on sustainability, these two dimensions also affect other key drivers. Therefore, the relationships between these key drivers must be taken into account in decision-making. Furthermore, these dimensions are heavily influenced by general national policies and greatly impact the potential future scenarios. Revisiting this matter will positively influence the funds' performance. To overcome financial instability, pension funds must take extensive actions, including drafting new pension schemes, securing sustainable funding sources, and improving investment returns. Pension system laws and regulations need to be reviewed by the relevant authorities, and the independence of the funds must be considered in financial decision-making. Given the intertwined social and economic impacts of pension funds, any reforms or strategies adopted in this sector must be implemented with full stakeholder awareness and a thorough assessment of both visible and hidden effects to ensure the best outcomes.

The study and structuring of effective problem-solving or system improvement drivers are important. Understanding the relationships between stimulating factors in a complex system and identifying internal relationships helps establish order between elements and make better decisions. So far, few scientific research studies on the financial sustainability of pension funds have focused on holistically identifying the effective drivers of pension fund financial sustainability. Additionally, the internal relationships among the influential factors on pension fund financial sustainability and the way and extent of their impact have not been examined. Interpretive structural modeling can significantly assist in prioritizing and analyzing the impact of drivers on each other.

When research is conducted with the intention of practical application and solving a problem, it is considered applied research. Therefore, due to the use of its results to address the financial issues of pension funds, this current research is considered applied research from an objective perspective. In terms of execution, it is field-based. The research is of a mixed method, comprising qualitative and quantitative components. Data collection is conducted in a real and unaltered manner, and it falls under the category of descriptive (non-experimental) research, specifically survey and exploratory research. This research identified key drivers through interviews with experts and using the best-worst method. Then, by employing interpretive structural modeling, the relationships between drivers were identified, and the drivers' degree of influence and dependence were determined using structural analysis.

The research findings indicate that the identified key drivers are classified into four levels. Economic sanctions and tensions are the most influential drivers, directly affecting two drivers: population growth rate and growth rate of employed individuals at the third level. Responsiveness and reporting quality to program members and stakeholders, automation and substitution of robots for workers, independence of funds from the government, the presence of appropriate reporting standards, diversity of retirement plans, and commitment to transparency and accountability are drivers at the second level. Timely debt repayment by the government, the possibility of fund investments in foreign markets and vice versa, gross domestic product growth, balance in employer-employee relationships, innovative management approaches, prescription of fund resource investments in specific and low-yield securities, and the efficiency of the banking system are the remaining seven influential drivers at the first level.

in a system with this level of complexity, any decision-making and planning should be done comprehensively and holistically. What is evident is that the ability to change the trends of these drivers is generally beyond the capacity of pension funds. Funds should be prepared to face any potential threats when formulating strategies to achieve sustainability, which may disrupt their performance. Changes in each driver will have different effects depending on the socio-economic structure. The most important factors, such as macroeconomic variables and international sanctions, should always be considered. The findings indicate that economic sanctions have had a significant and negative impact on the unemployment rate and the informal sector's contribution to the Iranian economy, as well as a significant and positive impact on the inflation rate, the agricultural sector's contribution, and taxation. The volatility of the macroeconomic environment has shown an influence on women's fertility rates, where income growth has a positive effect on fertility. Furthermore, economic growth has provided a basis for reducing managerial discretion in corporate profit reporting and improving the quality of reporting. On the other hand, sanctions, along with increasing political instability, can create ambiguity in the future political system and consequently have adverse effects on the country's trade and financial relations, domestic and foreign direct investment, and lead to economic instability, thereby affecting the labor market of that country. The consequences of sanctions result in increased transaction costs and a less productive use of available resources. This particularly holds true in the labor market, as workers may shift from the formal to the informal sector based on their expected job prospects. Studies indicate that trade shocks are associated with changes in informal employment. Contraction in both imports and exports can negatively impact the sanctioned economy's labour market, leading not only to a reduction in employment in import and export industries but also to a reallocation of the workforce across various sectors. From a governance perspective, ensuring the sustainable financial management of pension funds requires policymakers to consider the effects of drivers in their short-term and long-term planning and legislative processes in various social, economic, and political domains. Changes in each driver will have different effects depending on the socio-economic structure. Economic instability, high risk, and uncertainty regarding economic policies impact the performance of funds and, in addition, create tensions that reduce the level of investment and sustainable growth. Another important aspect that should be considered by governing bodies is demographic changes. The decline in birth rates in the coming years can lead to a decrease in the working-age population (reducing the support ratio as a key indicator of sustainability) in the coming decades. On the other hand, the current workforce is reaching retirement age while life expectancy has increased in recent years. This poses significant commitments to pension funds. Government policies heavily influence the governance structure, accountability, and reporting of pension funds, and they should be reviewed and modernized, similar to other countries, as one of the key factors.

Financial competence is an indicator that shows how a company uses its resources in the best possible way to earn profit and fulfill future obligations. The financial competence of an insurance company means the skill and ability to fulfill short-term and long-term financial obligations, as well as the continuation of profitability in compliance with the requirements. It is a supervisory body. Due to the lack of a specific model for determining the financial competence of insurance companies, it is necessary to determine a systematic model for measuring the financial competence of insurance companies in Iran.In terms of its purpose, the current research is one of the developmental researches, and a mixed research method (qualitative and quantitative) has been used to conduct the research. In order to extract the dimensions, components and indicators of financial competence, a qualitative research method with a meta-composite approach was used, in order to screen the indicators, a fuzzy Delphi method was used, and finally, confirmatory factor analysis and structural equations were used.Using the metacombination method, 58 indicators were first extracted, which were divided into 5 dimensions and 15 components. The reliability and validity of the indicators was done by interviewing 12 research experts and 52 indicators were confirmed by implementing the fuzzy Delphi method. The finalized indicators were presented to the experts through the formulation of a questionnaire and 198 questionnaires were collected and analyzed through confirmatory factor analysis and structural equations. The final model includes 5 technical dimensions of insurance, marketing dimension and market dominance, financial dimension, corporate and managerial governance structure dimension, and macro economic factors and operational environment dimension of the insurance industry.

Income tax accounting standard, one of the complex the most approved accounting standards are mandatory in Iran since 2019. The purpose of this research is to identify the challenge implementation of this standard.

To write this review article Texts Related to income tax accounting, including articles, books and projects researches of standard setting institutions have been used. In order to identify the challenge in the implementation of the income tax accounting standard, the qualitative method of theme analysis has been used.

found indicates that the most important challenge related to the implementation of income tax accounting standards in Iran, including costs implementation, impracticality, inconsistency with accounting theoretical concepts, inconsistency with the accounting system, income manipulation and unwanted consequences of the implementation of this standard.

This article is a review of the literature Income tax accounting standard presents and discusses different perspectives over time. Also identify to Challenge the implementation of income tax accounting standards in Iran and finally, Suggestions Practical Presentation may to do.

Contribution:

 The findings of this research enrich the research literature Income tax accounting standard be and its results can be used Auditing Organization, Taxation Organization and Stock Exchange Organization.

The Company’s ability to earn Income from its business and management resources and fulfill future obligations can be defined as financial competence, in other words, financial competence means the ability of an insurance company to fulfill short-term and long-term financial obligations, if the insurance companies lose their financial competence, in the first stage, they lose the ability to create profitability and obtain appropriate returns in the next stage, they will be exposed to financial insolvency, Considering the lack of a specific framework for determining the financial worthiness of Iranian insurance companies and the main attention of the supervisory body to the ratio of financial prosperity, in the present study, an attempt has been made to present a systematic framework for determining the financial worthiness of insurance companies in Iran. In terms of its purpose, the current research is one of the developmental researches, and to conduct the research, the qualitative research method was used, and among the qualitative research methods, the meta-composite method was used. In order to achieve the goals of the research, 337 articles were reviewed in the period of 30 years (1994 to 2023) and finally 76 articles were analyzed using the metacombination method of Sandelowski and Barroso. The findings of the research presented 58 indicators, 15 components and 5 dimensions to determine the financial competence of insurance companies. In the end, by using Shannon's entropy method, the amount of support of the previous research findings from the current research findings has been determined.

Pension funds in Iran use defined benefit pension plan and their sustainability is important. However, the evaluation of their sustainability has always been criticized. Minimum reporting and simple accountability indicators do not meet the informational needs of stakeholders. Thus, the main issue is to identify the indicators and standards for comprehensive evaluation of financial sustainability. To address this issue, the theoretical foundations of sustainability evaluation of pension funds and the indicators applied by other countries and international organizations were examined. The indicators were presented to experts for receiving their opinions and in order to reach a consensus on key indicators a fuzzy Delphi method was applied. For ranking and developing a combined indicator, the final indicator was obtained using experts' opinions and the SWARA method. 27 indicators in four dimensions were extracted from the theoretical foundations: equity, adequacy, financial, and innovation. According to the results of the fuzzy Delphi method, 15 key indicators were confirmed finally. Among the key indicators, the support ratio obtained the first rank, while the replacement rate and penetration coefficient obtained the second and third ranks, respectively. The results of the SWARA method confirmed the combined indicator consisting of equity dimension (1 sub-indicator), adequacy dimension (3 sub-indicators), and financial dimension (11 sub-indicators). The weight of equity, adequacy and financial in the combined indicator is equal to 6%, 21%, and 73%, respectively. The support ratio, present value of Assets to Liabilities Ratio, and actuary analysis obtained ranks 1 to 3. the financial dimension has the highest importance,

According to the research literature of initial public offerings (IPOs), despite the high Performance of them in the short-term, their long-term performance will probably be lower than the average performance of the relevant market {or industry} and this issue, if confirmed, requires the special attention of capital market activists. By using factor models, the current research has focused on the long-term performance of IPOs and, accordingly, the phenomenon of their underperformance in the long-term. In particular, in order to create a broad and reliable insight into the phenomenon " long-term underperformance of IPOs”, analyzes have been carried out at various levels, including the market and industry levels.

The research was conducted on 235 initial public offerings (IPOs) between February 2015 and December 2020 (57 months in total). The analyzes have been done with the approach of factor models and the use of monthly time series of portfolios consisting of initial public offerings (IPOs). To investigate the phenomenon of low or high Performance of IPOs, the intercept level of the models has been used. Due to the lack of agreement among researchers regarding the length of the long-term period of IPOs, this research has used three periods (12-24 and 36 months).Also, according to the existence of the different models explaining performance of the IPOs and the possible effects of the model on the results, three different and conventional models have been used, including Fama and French (2003 and 2015) and Hou et al.'s model (2015).The stock and over-the-counter markets have been investigated separately, and since the research data only made possible the portfolio of 4 chemical, pharmaceutical, agricultural, and basic metal industries, the analysis of industries was carried out only at the level of these 4 industries.

Validation test of the models supported their validity and the results of fitting them showed that all the investigated models have adequate explanatory power and the minimum adjusted explanatory power (adj R2) is 69% and the maximum is 85%. As the definition of the long-term period becomes longer, their explanatory power decreases. IPOs move almost in line with the market, and the most important factor in predicting their return is market risk and profitability, and other factors have little effect on explaining the long-term return of IPOs. Regarding the investigation of the under-performance phenomenon, it should be said that sufficient evidence was not obtained to support the phenomenon of low or high performance of initial public offerings. And the intercept of the models in all periods and for all models lacked statistical significance. Breaking the data into the market and industries level did not create a special difference in the results. The analysis of the 4 mentioned industries showed the phenomenon is not statestically significant in any of the industries, although in the case of the chemical industry, a borderline significance level with a positive coefficient was obtained in some periods. Whether the IPOs are listed in stock market or over-the-counter (OTC), does not make a difference in their long-term performance.

The evidence of the current research does not support the existence of the phenomenon of “IPOs long-term underperformance” its reverse form (over- performance) in any of the tested cases, and the results for periods of more than one year (12-24 and 36 months) and for both stock and over-the-counter (OTC) markets and for all four industries (, chemical, pharmaceutical, agriculture and basic metals), are consistent and the model used, also has no effect on it so it must be said that the existence of under or over-performance of IPOs in Iran's financial markets is not confirmed. In more technical terms, in periods of more than one year, the market does not recognize the difference between the IPOS and the other companies due to factors other than known fundamental factors. This issue challenges the need to adjust individual decision-making models in the face of initial public offerings, and on the other hand, provides guidelines for use by legislators when legislating processes related to the capital market and especially initial offerings

The more information organizations have about the cyber threats most likely to affect substruction, the better they can reduction cyber risk. The purpose of this research is to review how the COSO (2013) helps risk management and cyber risk controls. It also shows the role of Internal auditing in cyber risk management control for organizations. Based on the library research method, previous researches have been studied and their results have been analyzed and examined. The results of this study indicate that organizations should invest in cyber risk management and prioritize cyber risk control, strategic goals and future plans depending on their positions. As the cyber environment evolves, risk management and internal auditing will need to keep pace. . Indeed, By focusing on the implementation of the 2013 framework, companies will identify their cyber risks and at the best opportunity, they will show their readiness to react appropriately to face the risks caused by the cyber world. Finally, creating a culture based on cyber security, continuous evaluation of all technologies used, continuous evaluation of vulnerable systems, comprehensive analysis of examples of cyber attacks carried out in organizations, continuous cyber risk management activities and cyber security training, These are the most important things that organizations should consider.

This study aims to investigate how a change in the accounting method of calculating bank loan loss provisions affects financial reporting quality of banks. In doing so, the current theoretical literature on the topic of the research has been described and the conflicting arguments in the previous research have been expressed. Subsequently, using the transfer matrix method, loan loss reserves have been calculated for a sample of 17 banks, assuming that the method approved by international accounting standards (expected credit loss model) has been applied. Then, the research variables’ data, spanning from 2017 to 2021, was collected and analyzed under two assumptions: employing the current method and using the expected credit loss model. Then, the research hypothesis was tested using the least squares method. The results of the research show that the relationship between the change in the reporting system and discretionary accruals as an indicator of the financial reporting quality is negative and significant. Therefore, a change in the current accounting methods used for the calculation of loan loss reserves causes reduction in discretionary accruals and improvement of financial reporting quality. On the other hand, the results of this research show that large banks are more interested in using discretionary accruals and applying profit management than small banks, which can be caused by the "political costs theory".

The negative economic consequences resulting from the uncertainty of economic policies have led to the formation of concerns between regulatory bodies, government, and companies. The purpose of this study is to investigate the relationship between economic uncertainty in Iran and the Synchronization of stock returns. To achieve the purpose of the study, the financial information of 135 companies listed on the Tehran Stock Exchange for the period 1390 to 1399 was examined and the hypotheses were tested using a multivariate regression model. in order to measure economic uncertainty (indicators of economic growth rate, exchange rate, inflation rate and interest rate) and the synchronization of stock returns, the Garch model and the market model determination coefficient have been used, respectively. The results of testing the hypotheses show that there is a negative and significant relationship between uncertainty in economic growth rate and interest rate with the Synchronization of stock returns and a positive and significant relationship between uncertainty in exchange rates and Synchronization of stock returns

Undeniable effects of banking crisis on economy and need for anticipating the crisis before occurrence, remind necessity of existence of a model for anticipating the banking crisis. The aim of this study is to provide a complete model that includes all of the effective variables on the banking crisis, so we can help better anticipation of banking crisis. For doing this research, the literature was studied and variables that cause banking crisis was identified. Next, research data for 21 banks from 2013 to 2022 was gathered and analyized. The research model was developed by structural equations modeling method. Finally for measuring the models precision, artificial neural networks was employed. The result of the research shows that financial variables, Internal non-financial variables, banking sector variables and macroeconomic variables cause bank distress and most important factors in bank distress anticipation are: human resource, corporate governance, liquidity and capital adequacy. Also, this model could distinguish between distressed bank and healthy one in both train and test groups with precision of 100 percent. With introducing the important factors causing the banking distress, this model can provide a buffer for bank managers and central bank for doing the preventive and corrective actions.

The purpose of this study was to investigate the possibility of using principal component analysis method as a tool for data reduction of the proxies of stock liquidity in Tehran Stock Exchange (TSE). First, the initial set of proxies of stock liquidity (8 variables) was identified and after the initial validation tests, the method was implemented at 2 levels: 1) all companies and 2) companies with much data. According to the obtained results, applicability of using this method to reduce the initial set of variables was concluded. The results showed that in both levels of analysis, the method could be used successfully for data reduction of liquidity proxies. Depending on the purpose of different researches, the initial set of liquidity proxies could be appropriately reduced by extracting 2 or 3 main components, while explaining the acceptable part of the total data variance.

One of the research topics in the world that domestic researchers have considered in recent years is to study the readability of explanatory accounting disclosures. The reason for the entrance of this kind of research to financial and accounting literature is related to the “management obfuscation hypothesis”. Based on this hypothesis, when there is bad news and negative performance, managers tend to complicate the readability of the company's reports so that investors gradually recognize the bad news and negative performance, and as a result, its impact is gradually visible on the company's shares.Much research has been done to measure the readability of explanatory accounting disclosures and to examine the interrelationships between readability and financial reporting. These studies have used common readability assessment models used in foreign research to measure the readability of the text. Using these models in domestic research has two main limitations of non-compliance with Persian and financial languages. Accordingly, this study aims to achieve a readability measurement model with components and indicators most consistent with the Persian language and financial reports. 

In the first stage, an in-depth review of the related literature was conducted to identify the indicators and influential components of the readability of explanatory accounting disclosures. Then, from semi-structured interviews with experts, the identified components and indicators were modified from a local perspective and with the view of domestic experts. In order to validate and reach a consensus on important components and indicators, fuzzy Delphi analysis has been used. Finally, using a correlational research method, and confirmatory factor analysis method, the coefficient of the importance of each of the components and indicators of the model were extracted. 

The results of this study can be divided into two parts; The results of the first part were obtained from the literature review and interview with the experts, which include extracting and identifying components and indicators that can be used to measure the readability of a text. In this stage, 17 interviews took place with experts in accounting and linguistics. The interviews were recorded and then transcribed into written form. Then, the written forms of interviews were coded and analyzed by thematic analysis. In the second part, important indicators were identified after collecting the components and indicators affecting the readability of the text using the Delphi fuzzy method. Delphi fuzzy method is a more advanced version of the Delphi Method. It utilizes triangulation statistics to determine the distance between the levels of consensus within the expert panel. This research uses triangular fuzzy numbers of the five-Likert scale to analyze the experts' opinions. Delphi fuzzy method was conducted on a questionnaire with 35 questions and 83 experts answered. According to the results of Delphi fuzzy, all readability indicators found in the previous part were confirmed. Next, the confirmatory factor analysis method was employed to weigh the readability indicators. In this stage, two indicators of “passive verbs” and “number of pages” were omitted from the model and five indicators of “sentence length”, “tables”, “charts”, “number of letters”, and “number of syllables” were remained in the model.Based on the results of previous research and studies, four components and fifteen indicators were identified. After consulting with experts and performing fuzzy Delphi, seven indicators remained in the model. Finally, after completing the confirmatory factor analysis, the coefficients of each index were determined and three components, along with five related indicators, formed the final research model.

The results show that the three components of “text length”, “graphic signs” and “complex words”, alongside the five indicators of “sentences length”, “table”, “chart” “number of letters” and “number of syllables”, have the greatest impact on the readability of explanatory accounting disclosures. The results of this study can be used as a basis for determining the transparency rank of companies listed on the Tehran Stock Exchange. Besides, based on the results, researchers suggest using the proposed model of this research in financial and accounting research instead of using past readability assessment models, which are compatible with the local environment and valid. The model of this research can be used by a wide range of actors in the capital market. Measuring the level of readability of financial reports to determine the transparency rating of companies on the Tehran Stock Exchange is an example of the application of the current research model. Another achievement of this research is boosting the readability literature in accounting and finance.

A significant amount of accounting information is provided to users in the form of explanatory and written disclosures. Financial reporting are an integral part of an organization's financial reporting. These disclosures help users of financial information to get management's picture of the company. The literature has pointed out that managers, as the authors of company reporting, have the greatest impact on the writing (qualitative) part of reporting and their readability. By using a new model to measure the complexity of the readability of financial reporting and through the analysis of data related to Management Discussion and Analysis Report and financial statements of 78 companies present in the Tehran Stock Exchange, using correlation and regression analysis methods, to investigate the functional characteristics and the structure of the company deals with the readability of published reporting. The results show a positive and significant relationship between the amount of return on assets and the readability of financial reporting. The results show a positive and significant relationship between the amount of return on assets and the readability of financial reporting. On the other hand, the positive and significant effect of operating cash flows on the readability of financial reporting is supported only at the 90% confidence level. Also, there is a negative and significant correlation between company age and financial leverage with the readability of financial reporting, but there is no significant correlation between company size and the readability of financial reporting.

A system of effective internal controls is a foundation for the safe and sound operation of banks and helps management to safeguard bank's resources and interests. Since improving performance of internal control system requires recognizing its current status, in this study, an attempt has been made to evaluate the current status of establishment of internal control system in Iranian banks. For this purpose, through the designed questionnaire, experts have been asked to evaluate the current status of effective indicators in establishing internal control system of banks, taking into account the importance of these indicators. Received answers were analyzed using fuzzy delphi method, fuzzy gap analysis, importance-performance analysis and paired sample test. According to experts, the current status of all effective indicators in the establishment of the internal control system of banks was assessed as unfavorable. Findings from fuzzy gap analysis also indicate that except for 3 indicators, there is a significant gap between the current status (what is) and the desired status (what should be) of indicators. Also, according to the findings of importance-performance analysis, out of 119 indicators studied, 113 indicators do not have acceptable performance despite their high importance. In addition, based on the results of the paired sample test, it can be concluded that there is a significant gap between current status and desired status of effective indicators in establishing the five dimensions of the internal control system of banks: control environment, risk assessment, control activities, information and communication and monitoring activities.

The present study seeks to develop the principle of the board of directors and its effectiveness for the corporate governance guidelines of the Stock Exchange and Securities Organization of Iran. After reviewing the theoretical literature, the composition and characteristics of the board of directors in the principles of corporate governance of New York Stock Exchange, London Stock Exchange and Malaysian Stock Exchange and considering the social, economic, political and cultural conditions of Iran, the dimensions and components of effective composition and characteristics of the board These include: Board Roles, Responsibility Separation, Chairman of the Board, Non-Executive Board Members, Board Composition, Board Commitment, Board Development and Improvement, Board Information and Communication, Board Evaluation, Re-Selection of Board Members and board compensation were selected. Then, 30 experts were consulted and the results were analyzed using the triangular fuzzy delphi method, and finally the dimensions and components of the composition and the characteristics of the effective board were extracted. The results show that the principle of the board of directors and CEO of the corporate governance guidelines developed by the Iranian Stock Exchange and Securities Organization has some bugs, including definition of major shareholder, definition of the characteristics of an independent board member. Also Components such as appointing an independent senior member, disclosure of the number of meetings of the board of directors and committees, determining the training needs of board members, evaluating the performance of board members, etc. are not foreseen and require the use of consensus results in the present study.

Expected Shortfall (ES) is the average return on a risky asset conditional on the return being below some quantile of its distribution, namely its Value-at-Risk (VaR). The Basel III Accord, which will be implemented in the years leading up to 2023, places new attention on ES, but unlike VaR, there is little existing work on modeling ES. This research seeks to introduce the most accurate and reliable models to estimate Expected shortfall among both conventional and advanced models including Historical simulation model, ARMA-GARCH model, Filtered historical simulation model, Conditional extreme value theory model and a new hybrid semiparametric model called "Wavelet based Filtered historical simulation" in the Tehran Stock Exchange. Based on the results of research, using the 11-year daily main index of Tehran Stock Exchange return from 2010/4/7 to 2020/4/1 (more than 2400 daily of index return data) and applying various backtesting method, the proposed new wavelet based Filtered historical simulation hybrid model has outperforms other competing models in all time horizons and confidence levels.

The system of internal controls is the main foundation of banks' governance system and is established to guide and supervise banking activities in order to achieve their goals and transparency and accountability. Despite the importance and necessity of the effective functioning of the internal control system in banks, no research has been conducted to identify its weaknesses in Iran. Accordingly, considering the consequences that the weaknesses of the internal control system can have for the banking system, this study, aims to identify the weaknesses of the internal control system of Iranian banks. In order to achieve the objectives of the study, first, the operational audit reports of banks were reviewed. Experts were then interviewed to identify other weaknesses in the banks' internal control system. Finally, the experts' opinions about the weaknesses were collected through a questionnaire and their consensus on each of the weaknesses was examined using the fuzzy Delphi method. Confirmatory factor analysis was used to evaluate the accuracy of clustering in this study. Based on the results of reviewing banks' operational audit reports and interviewing experts, a total of 64 weaknesses were identified. The findings indicate that 60 of the identified weaknesses gained a general consensus in favor of the Delphi group, and by factor analysis, the accuracy of the clustering of items was confirmed. The findings of this study can help to identify the current situation and plan to address the weaknesses of the internal control system of Iranian banks.

Value at risk is applied as a downside risk measure to quantify risk and as a basis for calculating the regulatory purpose capital of financial institutions. The present study seeks to select the most accurate models for estimating value at risk, both simple and advanced, and to present a new wavelet based model on Tehran Stock Exchange. Filtered historical simulation(FHS), Conditional extreme value theory model(CPOT) and a new hybrid semiparametric model called "Wavelet based Filtered historical simulation" in various forms using different volatility models and distribution assumptions were estimated and on the Tehran Stock Exchange. The backtest finding of research conducted in a period of about 11 years of the total index of Tehran Stock Exchange(TSE) from 2010/4/7 to 2020/4/1 (more than 2400 daily of index return data) indicate the higher accuracy of the filtered historical wavelet-based simulation (WFHS) VaR model in comparison to other models at all-time horizons and different confidence levels.

One of the possible reasons for the weakness of the internal control system of banks can be considered as the lack of a pattern for the establishment of this system. The purpose of this study is to identify the effective indicators in establishing the internal control system of banks and to introduce the effective indicators according to the contextual characteristics of Iranian banks.

In order to achieve the objectives of the research, first, by reviewing the literature, effective indicators in establishing the system of internal controls in banks were identified. In the next stage, semi-structured interviews were conducted with experts in order to consider other factors affecting the research subject according to their experiences and unique context of the Iranian banks. Then, using a questionnaire and fuzzy delphi method, these factors were screened by experts’ opinions. Finally, confirmatory factor analysis test was used to determine the factor loading of the indicators.

The research findings indicate that out of 119 indicators identified as effective indicators in establishing the internal control system of Iranian banks, 113 indicators has obtained the general consensus of the delphi group and by conducting factor analysis, it was determined that all these 113 indicators were of sufficient importance.

Banks will be able to assess the current status of the internal control system by the indicators introduced in this study and ensure the effective functioning of the internal control system.

 Findings of this study can help to identify the indicators affecting the establishment of the internal control system of Iranian banks according to the contextual characteristics of the country and identify the necessary steps to improve the effectiveness of the internal control system in banks.

As part of its consulting activities, internal audit provides management with advice on risk identification, assessment, and monitoring. Risk identification and continuous monitoring (CM) are vital aspects of risk management, being less studied in Iran. This study identifies five dimensions of risk (financial, strategic, operating, reporting, legal & compliance) including 25 risk components, through a comprehensive approach. Then, it assesses the significance and the CM capability of them. For this purpose, the opinions of 22 financial and non-financial experts in the pharmaceutical industry, including C-suits, board members, and Ministry of Health officials are applied using the Fuzzy Delphi method. The results indicate that among identified risks, 15 risks including funding & cash flow, product portfolio, legal changes, sales, procurement, macroeconomic, technology shift, production, governance, competitors, credit, human resources, reputation, resource allocation & budget, and inventory management are significant; 9 risks including inventory management, funding & cash flow, sales, product portfolio, credit, resource allocation & budgeting, purchase, asset protection, and production can be continuously monitored; and 8 risks including funding & cash flow, product portfolio, sales, procurement, production, credit, resource allocation & budgeting, and inventory management are significant and can be continuously monitored.

This research aims to investigate the role of independent auditors and audit committees (AC) in mitigating the fraud risks. Prior studies have showed that all auditors or audit committees are not equally adept at identifying and reducing fraud risks by using non-financial measures (NFMs). On this basis, the present research evaluates the effects of independent auditors and AC chairs on likelihood of fraud occurrence on financial statements. In this regard, some hypotheses are formulated to test relationships of auditor efforts, auditor tenure, AC chairs, auditor expertise and AC chair expertise with the likelihood of fraud risk reduction. This study’s research population covers the corporates listed on Tehran Security Exchange in 2014-2018. Hypotheses were tested using logistic regressions. Findings indicate some significantly negative relationships between auditor efforts, auditor tenure, AC chairs, auditor and AC chair expertise with fraud risks. Also, no significant relationship was found between expertise of AC chairs and fraud risk likelihood. The results indicate that audit processes can mitigate fraud risks, however, not all types of AC expertise can be helpful.

This research provides a model for the principles of corporate governance for the Iran capital market. After reviewing the theoretical literature on the principles of corporate governance in the world and the principles of corporate governance on the New York Stock Exchange, the London Stock Exchange and the Malaysian Stock Exchange and considering the social, economic, political and cultural conditions of Iran, a conceptual model and the research questionnaire were developed. Accordingly, the board of directors and its effectiveness, accountability, board committees and the presentation of a comprehensive company report and communication with stakeholders were selected as the principles of corporate governance. The research questionnaire was surveyed by 30 experts and its results were analyzed using triangular fuzzy delphi method and the final principles were extracted. The results of the research show that the corporate governance guidelines developed by the Iranian Stock Exchange and Securities Organization are not able to fully meet the needs of users and the components agreed upon in the present study should be used.

Corporate reporting in the general sense refers to all communication routes between companies and stakeholders. In recent years, there has been growing concern about the inadequacy of traditional corporate reporting. This makes it necessary to examine the factors influencing the future of corporate reporting. Therefore, the purpose of this study is to identify the drivers affecting the future of corporate reporting in Iran. For the first time in Iran, this study has identified the drivers affecting the future of corporate reporting and has identified a list of factors affecting this area in 6 categories. For this purpose, in the first stage, in order to identify the list of drivers, the qualitative research method and semi-constructed interviews with experts in the field of corporate reporting were used. In the second stage, fuzzy Delphi analysis is used to investigate the existence or non-existence of consensus on important drivers. As a result of the first phase of the study, a total of 52 drivers were identified. In the second stage, after performing two phased Delphi stages, the experts reached a consensus on 37 drivers. Drivers such as increasing small shareholders, capital market development, privatization of property, increasing competition, increasing the role of regulators, demanding transparency and pressure from public opinion, entering the global economy and adopting international financial reporting standards were the most consensus among experts.