macroeconomic variables

The advancement of technology has accelerated the economy, and increasing competition from companies has limited profitability and increased the likelihood of bankruptcy. The purpose of this study is to develop a model for predicting bankruptcy of state-owned companies in which non-factors Use macroeconomic, managerial, and political finance.

This research is of applied type. The statistical sample of the study includes 75 bankrupt and non-bankrupt government companies in the period 2019-2010.By exploratory factor analysis, 44 variables that had impact on bankruptcy were selected and by confirmatory factor analysis, a questionnaire was sent to the experts.

By reviewing the questionnaires and regression analysis of the variables, the best output with 8 variables was selected as the research model.

 Conclusion, originality and its Contribution to the knowledge:

 The research model, which relies on financial, economic, managerial and political variables, identified 92.4% of bankrupt state-owned companies and 86% of non-bankrupt state-owned companies.

One of the criteria for economic development is the existence of capital markets that can attract investors' confidence through providing high quality financial reports. The purpose of this research is to investigate the simultaneous effect of macroeconomic variables and product market competitiveness on earnings quality. The period under study is from 2006 to 2015 and the sample is 70 companies. For analyzing the data, the algorithm of equations with partial least squares (PLS) and Smart-PLS2 software was used. The results show that the product market competition directly and indirectly (through the mediator of financial performance) has a significant positive effect on the earnings quality, but negatively influences it through the intermediary variable of the capital structure. Also, direct impact is stronger than indirect effect. Other findings suggest that macroeconomic variables from the intermediary path of financial performance have a positive effect, but the mediation of capital structure has a negative impact on the earnings quality. Also, macroeconomic variables have a direct negative relationship with the quality of profit, but this relationship is not significant.

The need for and attention to the future and their relevance has been repeatedly discussed in our markets and the subject of forecasting is a unique factor that estimates future unknown values. Given the importance of forecasting in financial research, stock return predictions have so far been tested through various models and variables. Most of these variables, were external variables based on macroeconomic variables in addition to internal variables. In the light of the above, the present article reviews and empirically investigates some of the most important macroeconomic variables that were previously used in a variety of stock return forecasting models. The results of the paper show that macroeconomic variables effective on the stock market (stock return or market index) are suitable for modeling to predict stock returns. In the stock market of our country, the results of the impact of these variables on stock returns have been similar in some respects and contradictory in other respects, and the reasons can be attributed to the type of forecasting models, the time period of the research and different economic structure of the country.