نشریه پژوهش های راهبردی بودجه و مالیه
پیاپی 2 (تابستان 1399)

< p >Pension funds play an essential role in financial and capital markets. Hence, it is very important to consider issues such as investment strategies in line with the volume and sources of assets and risk management. This research is involved in the modification of the at risk value model of the banking sector consistent with the features of the pension funds. Essential adjustments and practical steps of this adaptation are proposed in line with this goal. Finally, the proposed optimal investment model was developed regarding at risk component. The results ended in a risk measurement model for assets of portfolio in the Pension Fund''s. As the funds'' claims on the government are often paid back in the form of shares, they make up the bulk of the assets of the pension funds in the form of stocks of listed and non-listed companies. As a result, application of the present model can be of great help in managing the risk of pension fund portfolios and development of patterns for applying at risk values.

The housing sector is the driving force of economy, where more than 120 industries are directly and indirectly involved. Hence, lack of proper policymaking in the financing of the housing sector, and lack of balance in supporting this sector can lead to a financial crisis, and consequently, to an economic and social crisis. For this reason, financing of the housing sector has always been a main concern of the country's political and administrative institutions and housing companies, especially in the current economic conditions and internal and international credit crunch. Due to the underdevelopment of the capital market in Iran, and the inconvenient interaction between different economic institutions, financial support of housing markets are still traditional and very feeble, generally financed and equipped by state-owned banks, especially by Bank Maskan. Using library analytical-descriptive methods, this study is intended to explain that, in terms of jurisprudence, economics, finance and risks, it is possible to design and publish Vekalat bonds as a new Islamic financial instrument in the Iranian capital market. The results demonstrated that, according to the most important criteria of microeconomics, Vekalat bonds include acquiescence with customer objectives and motives, relevance to the attitudes and tastes of investors, liquidity and efficiency. Furthermore, in terms of the most important macroeconomic criteria, including impact on economic growth and development, distributive justice and the ability to make monetary and financial policies, it can be used as an appropriate financial instrument in the country's capital market to finance the housing sector.

Internal control systems, in collaboration with the organizations’ managers, provide information from within the organization for the senior managers and stakeholders, and help perform tasks relating to risk management, monitoring the organization's processes, and compliance with laws and regulations. Employing Delphi method, this research aims at identifying and ranking the factors which influence the success of the internal control system in the administrative institutes. In this regard, some of the components and indicators which lead to the success of internal control systems in government institutions were extracted by library studies. Using purposeful sampling strategy, the researchers selected some financial experts and conducted interviews with them to validate the components and indicators extracted during library studies. These components and indicators were classified into three categories including individual factors, organizational factors and environmental factors, and were placed in a three-dimension model. Afterwards, the factors influencing the success of the internal control in the public sector were prioritized by the information received from the questionnaires, and the comments of the experts. The results indicated that three categories of individual, organizational and environmental factors influence the success of internal control systems in the public sector. They included organizational, individual and environmental dimensions, which mostly influenced the process the success of internal control systems respectively.

Budgets are approved for paving the way for new research projects in R&D centers. The basis for allocation of the budget needs to be analyzed regarding of organizations’ criteria. One of these criteria can be the performance of research groups and research centers in past projects. It is also necessary that those which fit well the goals and strategies of the organization projects be supported. In this paper, a robust mathematical model is presented on the basis of the Bertsimas and Sim method for the allocation of the budget to the research groups with higher priorities. The results of solving and simulation of the model indicate that along with the increase in uncertainty of model parameters such as estimated project costs, and increasing the level of protection, the degree of deviation from the ideal have been correctly measured. This is an indication of the capabilities of the designed model, and decision-makers can make use of it for better decisions by considering the level of risks and the degree of deviation from the ideal situation. For testing the validity of the model, the budget approved by a defensive research center was examined by it. The results certified the effectiveness of the model from the viewpoint of the managers of the research groups and the research center.

This study is intended to investigate the effect of knowledge-based strategies on value creation and sustainability through a comparative approach between traditional and non-traditional industries. The previous researches have demonstrated that, right now, the source of economic value is not limited to the production of superior products; rather, possessing intellectual capital is regarded as an advantage. Intellectual capital can be introduced as knowledge, experience, organizational technology, customer relations and professional skills, which create a competitive advantage of the company in the capital market and can affect the values of the company. The required data of this study were collected by employing a statistical sample of 78 companies from those which were listed on Tehran Stock Exchange in 1391 to 1395. For the testing of research hypotheses, the comparison test of the average of the two communities and the multivariate regression model with fixed effects were employed. The results indicated that there was a significant difference between the value added ratio of intellectual capital in traditional and non-traditional industries. The results also showed that there was a significant difference between traditional and non-traditional industries in terms of sustainability strategy. Other results of testing hypotheses demonstrated that the effect of each of the investment variables on human resource, operating profit and manpower productivity, there was a significant difference between traditional and non-traditional industries in terms of value creation efficiency.

Compared to previous decades, the information contents of financial statements have increased significantly over the past decade. The main component of this rise is the disclosure of strategic management in the capital market. Accordingly, this research is aimed at investigating the role of strategic management in the capital market regarding markets' reaction to income statement. Business management strategies were studied from two dimensions: pricing leadership strategy and differentiation strategy and market reaction to income statement using two criteria of accumulated stock return to income statement and reaction of cumulative trading volume to income statement. The statistical population of the study includes all companies listed on Tehran Stock Exchange. The time slot of conducting this research was from 2009 to 2016, and the purposive sampling method included 149 companies. The research was based on multivariate regression using ordinary minimum squares model and combined data. The results indicated that management cannot change the reaction of stock accumulated returns to income statement by resorting to price leadership and differentiation strategy. However, management is able to change the company's trading volume by adopting business strategies. Moreover, management increases the volume of transactions by adopting a price leadership strategy, and reduces the volume of transactions by adopting a differentiation strategy. As a result, it is recommended that companies use a pricing leadership strategy to increase trading volume because adopting a price leadership strategy draws the attention of the capital market towards the company. This study helps companies to raise the level of market knowledge and strategic management theory. The results also showed that the reaction of the capital market to the income statement will be predictable through the adoption of pricing and differentiation leadership strategies. Accordingly, the researcher suggest that transparency and increasing financial and economic intelligence of companies by the Securities Exchange Organization be enhanced for the fulfillment of recommendations for the country's financial and economic system, especially the capital market, which plays an important role in macroeconomics and to disclose detailed information of the business strategies of the companies in the Codal website and other indexes, for attracting present and potential investors and shareholders.