پژوهشنامه اقتصاد و کسب و کار
پیاپی 10 (بهار 1394)

Abstract
Investment is an important component accessory to production in the economy of every country. Hence, investment is one of the fundamental necessity for improving economically in every country. Because in developing country governmental investment is generally numerate as political implement, there is a belief between diplomats and economists of these countries that governmental investment is  an effective stimulant for the investment of private sector and as a result it is a powerful implement for growth political and economic consistence, but it should be considered that governmental investment reduces from private sector’s resources for investment, moreover ,it also leads to decreasing of private sector’s investment in case that it is used for production of goods that compete with private sector’s production. In the other word crowding in happens. This article has been done in order to survey the relation between governmental investment and private investment and the VECM method in econometrics has been used.

In this research bank performance was measured, using variables of: economic value added (EVA), average return on assets (ROAA),  and average return on equity (ROAE).This study was causal comparative research (using past data) and the aim is classified on the basis of the nature of the correlation method on the combined data. The population of the study consisted of all member banks at Tehran Stock Exchange for the period of 1387- 1392. Research findings indicates that 95% variable stock market development and competitiveness of banking, with the dependent variable EVA significant relationship is between the Mean monthly returns of stocks and the development of the banking sector with the dependent variable EVA direct link is established. With95% of all variables except for "the development of the banking sector" have a significant relationship with the dependent variable ROAA. Also there is a positive relationship between monthly returns stocks and market development relationship with the dependent variable ROAA. There is also a significant correlation between all variables except "banking competition" with the dependent variable ROEA. There is a negative correlation between stock market development and the dependent variable ROEA. There is a positive and significant relationship between Mean of monthly returns stocks and the development of the banking with the dependent variable ROEA.

Risk taking is one of the most important factors in investment and analyzing the companies. Therefore investors concern about the factors which lead to greater investment risks. Information asymmetry is one of those important factors and has a deep connection with agency theory and investment management. It is believed that the information asymmetry leads to market inefficiency and eventually increases the investment risk. The purpose of this studies to evaluate the impact of information asymmetry on the investment risk in Tehran Stock Exchange companies. Eighty companies has been analyzed in a 4 year period. To measure information asymmetry, a gap between buy and sell orders has been measured. Panel data and generalized least squares (GLS) has been applied to assess the fit of the regression model. Results indicate that the information asymmetry has a significant and positive effect on the investment risk. Therefore, by increasing information asymmetry, investment risk increases; thus, investors should be aware of companies’ level of information asymmetry to decrease their investment risk

This research paper aims to determine credit ratings of Tehran stock exchange companies listed between 1388 and 1392 using a scoring system named EMS approach. The EMS approach is an enhanced version of Altman Z-Score model (Altman, 1968). Unlike the original Z-Score model, the EMS approach can be applied to manufacturing, non manufacturing, privately held and publicly owned firms in developed or emerging markets. This approach incorporates particular credit characteristics of emerging markets’ companies, and is a suitable tool for determining their credit ratings. The EMS approach combines fundamental credit analysis and rigorous benchmarks to reach a modified rating, which can then be compared to agency ratings and market levels. According to surveys and with regard to financial information of companies subject to article 141 of Iran’s commerce law, we found that during research time period, the EMS approach could classify failed companies (subject to article 141) with more than 96 percent accuracy. Results indicated that some of sample companies listed on Tehran stock exchange were financially distressed or in grey zone, and this could be considered by investors and lenders.

According to Gorden model perspective and applying multiple criteria decision making, this research is based on the factors that influence the rate and growth rate of dividend to review it. The aim of study is to establish an investment decision model and provide a suitable model for stock options is to get the most benefit. This study aims to assess the relationship between variables of the decision model (ANP) and the analytic network process used, and enhancing Chharsnt among the best in the industry for years 90 and 91 will be investigated. Continue to rank in the population studied, including automotive, chemical, financial institutions and Telecom TOPSIS technique was used. Reduced rates affect the market beta and dividend growth rate is affected. According to the literature, the rate of decline has an impact on their relationship. Among the eight criteria and analytical criteria, rate risk and market beta is the most important factor influencing investment decisions. Analysis of stock showed investment on the chemical industry enterprises is better investment than any other industry.

The present research aims to investigate the theoretical fundamentals required to execute environmental accounting in those companies having been accepted in Tehran security exchange and factors influencing it. Research method applied in this study has been an evaluative and field approach regarding its nature and it has been an applied according to its objective. Subjects of the study included the senior and financial managers of companies which had been accepted in aforementioned companies during 2013. Five hypotheses were tested and 215 companies were investigated. Student t-test was used in order to examine the assumption for equality of mean population and Friedman test was employed to prioritize the hypotheses.
Findings imply that effect of all variables on environmental accounting. Also, the variable considered for the obstacles existing in the current accounting for measuring companies' activities in the environment was given the first priority and due to the environment threats, risk creating variable was placed in the last priority.
With Testing hypotheses these results were obtained that all the discussed variables are effective in environmental accounting. In addition, the variable related to the existing obstacles in the current accounting to measure companies' activities in the environment was positioned in the first priority and the variable of risk creation cause by the environmental threats was placed in the last priority.

Recently venture capital has been introduced in scientific and research circles of the country that is initial development (Start-ups) investment in start-ups and financing of newly established companies need to expand their business deals. This study empirically examines the knowledge based companies that have used venture capital, compared with state-owned enterprises that have benefited from government. Their innovative activities has been compared with other organizational characteristics and the role of venture capital in innovative strategies has been analyzed.
Findings show that the knowledge based companies attracted more intercompany potential fund for their portfolio and take care to the results of research and development. However, it has been also found that public financing of state-owned enterprises experience less financial constraints. But these companies have less capacity and innovative strategies. Results also show the specific role of venture capital in the form of innovative strategies.