rasoul asgarpour

The ultimate goal of corporate governance is to achieve the promotion of fairness, transparency, accountability, and compliance with the rights of shareholders in companies and economic enterprises. However, there are doubts about its success rate in achieving the aforementioned goals. The disclosure of more and periodic information will reduce the cost of capital and the cost of transactions, reduce the error in profit forecasts, or demand more than usual for a company's bonds. Managers can pursue the goal of maximizing shareholders' wealth by managing variables (such as transparency) in the financial structure. The purpose of this study is to investigate the effect of corporate governance on the financial performance of companies using the mediating variable of transparency. In this study, using a meta-analysis approach, the impact of transparency on corporate governance and its effect on financial performance is investigated. A hypothesis about the effect of corporate governance on the mediating variable of transparency and a hypothesis about the effect of the mentioned variable on financial performance were proposed and 20 articles including a total of 81 effect sizes (of type r) whose publication dates were between 2003 and 2018 were studied. If the effect size was divergent, the random effects method was used, and for convergent cases, the fixed effects method was used to calculate the effect size. In addition to testing each hypothesis, after determining the size of the cumulative effect, a robustness test was performed and analyzed for each hypothesis. The results indicated that corporate governance has no effect on transparency, but the robustness test showed that the mechanisms of corporate governance, including the independence of the board of directors, and the dual role of the CEO and the audit committee, have a significant effect on transparency. In addition, the results show the significant impact of transparency on financial performance.

In recent years, the discussion of corporate governance has become one of the topics of professional and scientific research. In previous studies, the direct impact of corporate governance on the company's financial performance has been measured (Che Haat et al., 2008; Mardnly et al., 2018; Saidat et al., 2019). Corporate governance is expected to improve financial performance not only directly but also through the mediating effect of transparency. Corporate governance may affect the level of corporate disclosure, especially when the board of directors manages the information disclosed in annual reports (Gibbins et al., 1990). Centralized decision-making power (such as the same role of the CEO and the chairman of the board of directors) hinders the possibility of monitoring various aspects, including disclosure policies, due to the threat to the independence of the board of directors (Carver, 1990; Fama & Jensen, 1983). A good corporate governance system requires periodic, transparent, and comparable information reporting, especially information related to financial, managerial, and ownership issues of the company. Transparency, in terms of its role in reducing information asymmetry, is the preferred area for shareholders to control managers because it reduces risk and consequently improves performance. Therefore, the first hypothesis was formulated as follows:Hypothesis 1: Corporate governance affects the transparency of firms.
Reducing information asymmetry from the perspective of agency theory reduces the tendency to selfishness, and from the perspective of investment, it reduces risk and expected return. Both of these aspects make analysts expect that information disclosure can improve the firm's financial performance. Therefore, a high level of transparency has a positive effect on the company's performance. Accordingly, information disclosure such as periodical reports can reduce capital costs and information asymmetry (Lang & Lundholm, 1999). Therefore, the second hypothesis was formulated as follows:Hypothesis 2: Transparency has an effect on the financial performance of economic enterprises.

After reviewing various scientific sources, seven steps were selected for the meta-analysis (Glass et al., 1981; Hunter & Schmidt, 2004; Kohli & Devaraj, 2003; Rosenthal, 2001). The first step is to determine the thematic framework. The second step is to specify the keywords, determine the databases and search for studies, the third step is to screen the searched articles according to one of the research hypotheses, to report the effect size and the type of correlational study. The fourth step is to collect the data from the searched articles. The fifth step was to calculate the effect size for each member of the sample (each test). The sixth step was to calculate the common effect size for each hypothesis. Finally, in the seventh step, the homogeneity of the effect size was calculated for each hypothesis (each group of effect sizes).
If the within-group effect sizes are convergent (zero variance hypothesis is not rejected), it means that there is a common effect size that all sample tests have measured; and the fixed effects method is used to calculate the cumulative effect size. If the effect sizes within the group are divergent (zero variance hypothesis is rejected), it means that there are different effect sizes, one of which has been calculated in each sample of the tests; and the random effects method was used to calculate the cumulative effect size.

In this section, the robustness tests performed to test the hypotheses and comment on the confirmation or disconfirmation of each of the hypotheses. In both hypotheses, the common effect size is divergent, that is, it is related to a group of different effect sizes with high deviation, and the random effects method is the basis for calculating the common effect size. The results indicated the rejection of the null hypothesis related to the second hypothesis. In other words, the effect of transparency on financial performance is confirmed, but the effect of corporate governance on transparency is rejected. The robustness test in the first hypothesis shows the lack of influence of corporate governance on transparency in developed and developing countries. There is no significant relationship between corporate governance and transparency in different time periods, except for the years 2005-2009. The results show that there is a significant relationship between the independent variable of the board of directors and transparency. The CEO duality variable has a negative and significant effect, board size has a positive and significant effect at the 5% level, and the audit committee has a positive and significant effect on transparency. The indicators of concentration of ownership, the number of board meetings, and gender diversity in the board of directors have not been tested because the sample number is less than 5.
In the validation of the second hypothesis, the results show no significant effect between transparency and financial performance in developed countries. In the time interval of 2015-2019, there is a significant and positive effect between transparency and financial performance, and the results of other periods have not been tested because the number of samples is less than 5. In the financial performance section, a significant and positive effect was observed between transparency and ROA and ROE. No significant effect was found between transparency and Tobin's Q. The results of other indicators were not tested because the number of samples was less than 5.

The main purpose of this study is to meta-analyze the indirect effect of corporate governance on the financial performance of companies using the mediating variable of transparency. In the first hypothesis, the relationship between transparency and corporate governance was tested. The results of the current study did not show a significant effect between corporate governance and transparency due to the overlap of various corporate governance indicators. The study of various indicators of corporate governance shows a significant and positive relationship between the independence of the board of directors and transparency, the audit committee and transparency, and a significant and negative relationship between the duality of the CEO and transparency. In the second hypothesis, the relationship between transparency and financial performance has been tested. The results show a significant and positive impact on the company's financial performance. The robustness test shows that this effect is quite evident in the studies studied in recent years. The high level of information disclosure helps the stakeholders in improving the quality of their decision-making.
The above results, like any other research, may be criticized due to the researchers’ limited access to all published empirical studies, the time limit of studying past articles and looking at them retrospectively, the meta-analytic nature of this study, and the dependence on meta-analysis results on past experimental studies. However, due to the wide range of companies that support the results, the validity of the empirical studies collected and the robustness check performed are robust enough to be the basis for decision-making and policy-making for managers, policymakers, and investors. Therefore, it is suggested to the shareholders to emphasize the independence of the board of directors and the audit committee to improve the financial performance, through the index of the audit committee, control the level of transparency, and provide the basis for the improvement of the financial performance, through the indicators of the independence of the board of directors and the duality of the CEO to create the context of increasing the transparency of the company and thus improving the financial performance, pay enough attention to the concentration of ownership, the duality of the CEO, the size of the board of directors, and the number of board meetings in the development of the corporate governance system because it is a good basis for optimizing transparency and improving financial performance.

The purpose of this research is to investigate the effect of using the poster advertising model in the field of public health. In terms of purpose, this research is descriptive-survey in the category of applied research and based on the method of data collection. The statistical population of this research includes all managers of health centers in Isfahan province who were employed in 1401 and their number was 249 people, of which 150 people were selected as the research sample by stratified random sampling method. A researcher-made questionnaire was used whose validity and reliability were confirmed. To analyze the collected data, Kolmogorov-Smirnov tests were used for the normality of the data, as well as confirmatory factor analysis and structural equation method using the software (AMOS24).The findings showed that among the studied components, respectively: solutions with path coefficient (0.80), effectiveness (0.84), ruling platforms (0.92), obstacles with path coefficient (0.94) and effective components (0.97) are most effective in the poster advertising model in the field of public health. The model obtained from this research can open the way for practitioners and planners of the health and treatment sector to plan for the effectiveness of poster advertising campaigns in the field of public health and to improve the level of public health and health, as well as to create innovative opportunities to increase productivity in this field.

Attracting the customer is not possible when the goal is to sell a product to the final buyer. Instead, sellers try to attract customers by creating various stores, advertising, designing and building various showcases to offer the product. Therefore, this study aimed to investigate the effect of augmented reality on customer buying behavior with respect to the mediating role of perceived pleasure and customer satisfaction in the tourism industry. This research is of applied type, and the research method in this research is descriptive-survey type. The statistical population of the study includes the customers of Elie Gesht Company and the sample size (384 people) has been calculated using the Cochran's formula. The required information was collected using standard questionnaires. In this study, in order to determine the reliability of the questionnaire, Cronbach's alpha test was used and the data were analyzed using Smart PLS software. The method of data analysis is also partial least squares. The results show that augmented reality has a positive and significant effect on perceived pleasure and customer satisfaction in the tourism industry. Perceived pleasure also has a positive and significant effect on customer behavior. But customer satisfaction does not have a positive and significant effect on customer behavior and perceived satisfaction on customer satisfaction.

In the event of an epidemic crisis, such as the outbreak of the Covid 19 virus, the widespread consequences of the virus rapid spread in the fields of political, social, economical, health and medical will require governments, organizations and managers to make various strategic decisions. These crises cause many problems.Therefore, in the present study, a new method of strategic decision making called "strategic loss" has been introduced and also its applications have been explained. The present research method is analytical description of the estimation type and also is a qualitative study that examining the literature of the subject with the method of thematic analysis. In addition, the different applications of this decision-making method are expressed. In addition, the strategies used to achieve the strategic loss have been investigated. The results show that the strategic loss decision-making method is used to take advantage of opportunities and pass with minimal damage from crises accompanied by multiple uncertainties. Finally, "heroic flexibility" is introduced as one of the examples of this decision-making method.