فصلنامه دانش سرمایه گذاری
پیاپی 42 (تابستان 1401)

This research investigates the relationship between financial reporting quality and corporate investment decisions in terms of the role of accounting information governance in Tehran Stock Exchange. Although researches has been conducted on the quality of corporate finance reporting and investment, none of them have addressed the role that accounting and financial reporting information plays in strengthening corporate governance. The present research is a descriptive-correlative research aim in terms of development. The statistical population of this research are the listed companies in Tehran Stock Exchange from 2012 to 2016. After systematic screening and deletion, 105 companies were sampled and analyzed using Spearman correlation coefficient. The results showed that high-quality accounting information by playing a role of governance would help investors identify inefficient investments and, by adopting buy-and-sell positions in relation to company stocks, would focus management on the core business of the company. As a result, efficiency in the allocation of capital is enhanced and the capital is absorbed into the core of the business of the company (not interests of the managers).

From the perspective of political economy, the major shareholders and executives associated with the political power centers can influence the performance of their respective companies. Undoubtedly, a large part of the Iranian economy is under the influence of a government controlled by various political groups. And to a certain extent they have different political and economic ideas. This study seeks to investigate the possible relationship between managers' political influence and government's political support as political factors on the investment efficiency of listed companies in Tehran Stock Exchange. The sample consisted of 104 companies listed in Tehran Stock Exchange during the years 2008-2017 that were selected by systematic elimination method. Ives software was used to test the research hypotheses. The results indicate that there is a positive and significant relationship between managers' political influence and performance evaluation, but there is no significant relationship between government political support and investment efficiency.

This study aimed to explain the effect of adjusting information productivity and return on investment on ownership structure and strategy change with stock price volatility in Tehran Stock Exchange.In this study, the hypotheses were tested using multivariate linear regression model and econometric models.The results indicate that optimization of the property structure and the additional returns resulting from the use of acceleration and reversal strategies will have a positive and direct impact on stock price fluctuations. Increasing information efficiency (total return on a daily basis) will reduce variables related to ownership structure and stock price fluctuations, whereas the type of investment will not affect the relationship. Also, despite the unexpected effect that the surplus of strategy change will have on stock price fluctuations, information efficiency and investment returns will not be affected by this relationship.

The purpose of this study is to investigate the mediating role of growth opportunities on the relationship between managers' overconfidence and investment efficiency. Given that investing is the process of making a decision that managers use to identify projects that add value to the company, managers' mental states, including those of managers' overconfidence, play a significant role in selecting investment projects. On the other hand, managers' over-confident influence on investment efficiency can be indirectly influenced by growth opportunities. This research is causal, post-event and applied. To conduct this research, a sample of 156 companies listed in Tehran Stock Exchange during the period 2009-2018 was selected. Based on the combined data method and multivariate linear logistic regression analysis, the research findings showed that managers' overconfidence leads to increase / decrease of over / under investment. Also, according to Baron & Kenny (1986), managers' trust is influenced not only directly but also indirectly by growth opportunities.

In analyzing relative performance, especially at the institutional level, the traditional data envelopment analysis models do not recognize vastly different and important activities as separate functions and therefore cannot identify which function may be the main source of inefficiency. Mutual fund families are a group of mutual funds that are established through one investment company. The aim of this paper is to evaluate the relative performance of 18 mutual fund families in Iran during the years 1396 and 1397, by implementing a two-stage DEA model that decomposes the overall efficiency of each decision making unit into two components of operational management efficiency and portfolio management efficiency. The results show that by decomposing the overall efficiency into two components, one can determine mutual funds with good performance from those of bad or poor performance. Also, the frontier projections of mutual fund families with poor performance is calculated in order to help management in managing the relative performance of each family. According to assessment results of 18 mutual fund families in Iran, they have poor performance in operational management which means that management of costs of the funds is poor.

this research attempts to identify propositional arrays related to investment functions, by Q Analysis Acting on the subjective Scenario Building of Investment Functions in Capital Market. The study was conducted over a 2018–2019 year period with the participation of 13 CEOs of Tehran Stock Exchange companies. In this study, which was done in two parts, In the first part in order to identify the phrase Q Or The related discourse space Types of CEO Investment Functions Was used content analysis Finally, the research discourse or propositional arrays were coded for CEOs' investment functions. In the second part, Qualitative analysis was used to typify the investment functions of CEOs. This analysis is based on the subjective cognition of the target community and helps to develop approaches related to the purpose of the research. The results in this section confirm the existence of three mental models of CEOs regarding the functions of investment in the capital market. These mental patterns are based on the concepts and content of propositional arrays, Under three titles The Function of Investing in Stock Market Indices as the First Mental Pattern; The Function of Investment in Risk Control as a Second Mental Pattern And The function of strategic investment was named as the third mental model.

This research analyzed the impact of economic complexity index & business strategies on firms’ capital expenditure analytically. The importance of this study is consistent to Iran's vision plan goals which in achieving to economic growth & development, using advanced knowledge and ability to use new sciences & technologies require appropriate investment decisions at micro level. Research population includes 166 firms listed in Tehran Securities & Exchange over the period March 2012 till March 2018. Research Hypotheses investigated by using multivariate regression models based on panel data with fixed effect and generalized least squares method. Research findings showed that more economic complexity index lead to managers to invest more because of reaction to economic environment conditions. Also, defensive strategy had meaningful and negative impact, but prospective strategy had meaningful and positive impact on firms’ capital expenditure. However, analytic strategy had on impact on firms’ capital expenditure. Complementary evidences illustrated that interaction between defensive strategy and economic complexity index had meaningful and negative impact, but interaction between prospective strategy and economic complexity index had meaningful and positive impact on firms’ capital expenditure. However, interaction between analytic strategy and economic complexity index had on impact on firms’ capital expenditure.

This study evaluated intra and inter-regional income inequality in Iran using household cost-income data for the time period from 2007 to 2016 based on the Theil Index and Mean Logarithmic Deviation (MLD) index. It also estimated the contribution of education level to creating income inequality. The results of the study indicated that Iran faced the highest level of income inequality in 2008 compared to the whole studied period. Besides, intra-regional inequality has a major share of total inequality. The lowest income inequality index arising from the education level was found in Region 8 (Hormozgan, Sistan and Baluchestan, Kerman, and Yazd provinces) and the highest income inequality index belonged to Region 6 (Tehran, Alborz, and Qom provinces). The findings of the study also suggested that the income from the education level has a higher share in creating income inequality in provinces with a higher density of population and activities. For instance, Tehran Province with a population density of 970 persons per kilometer square and 1886 industrial workshops with 10 workers and higher has the highest share of human capital in creating income inequality. In contrast, Southern Khorasan and Sistan and Baluchestan provinces with a population density of 5 and 15 persons per kilometer square and 87 and 122 industrial workshops with 10 and more workers have the lowest share of education level contributing to income inequality.

Today financial information sources play a big role on trade rewards of stock market. Therefore, when individual Investors face the available information sources that mostly are vitally defective, have different reactions that this can be related to their particular character. The purpose of this study is to inspect influence of relation level between investor’s personality character and stock trading behavior on main information sources used by other investor as the basis for their financial decisions. This study used the framework of main five personality character by Costa & McCrae (1992) and analyzed the data collected from 541 individual investor of stock market. Time of this study is 2018. Hypotheses exam of this study was performed by single variable regression test based on combined data. Results of the study hypotheses show that relation between role of financial counseling and verbal communication with investor personality and his trading behavior is meaningful.

Predicting the financial position of companies based on financial indicators is one of the most important issues of interest to investors, creditors and other stakeholders of the company such as suppliers or retailers. Because, evaluating a company's financial position before making any investment or lending decisions seems necessary to prevent losses. The purpose of this study was to predict the financial indices of companies using the conditional average estimator method (CAE) and genetic algorithm (GA). The research method was DM-CRISP and the financial data of 130 stock companies over 10 years from 2009 to 2018 were analyzed. The results showed that the conditional average estimator method has high accuracy and ability in modeling. Also, the use of genetic algorithm in combination increases the accuracy of prediction. Capital Market Operators Can Use Research Results to Better Predict Corporate Financial and Performance Indicators.

Credit risk is one of the most important risks in the banking industry. This study aimed to identify factors that influence credit risk (such as loan characteristics, individual customer characteristics, and macroeconomic factors). For this purpose, a random sample of 5 customers who borrowed from Refah Bank during the period 19-92-92 was used. This paper investigates the factors affecting customer default risk using conventional survival analysis models including Kaplan-Meier nonparametric model and Cox pseudo-parametric model.The results of the model showed that variables such as loan amount, number of installments, number of children, education, age, type of job and job title influenced the survival and risk function curves. In the short-term (eg, one-year) horizon, the economic conditions of the community play a key role in the failure of these customers.

This research aims at trilogy models and international reassessment and development and providing new civilization services and services using Brazilian civilization using e-marketing advertising (Case Study: Zanjan Province) Method of this research, beautiful, purposeful, mixed brother It is a practical and exploratory survey that has validity as a constructive and final method of questionnaire can be proved by using Cronbach's alpha (0.735).Statistical population in the field of qualitative research and organization of academic experts in the organization of Zanjan University Jihad 16 people and in the distribution department, Jihad Organization of Agriculture 600 people who can be used to you. The Cochrane formula used in Brother's computation is 234 questionnaires and can be summed up. You can interpret and reevaluate these experts by evaluating them through your reputable complexes, so that you can provide your users with reputable journals. Is(Company (product packaging, attractive features, products, brands, aftermarket and product quality)), site (three options, consulting, practice, search and search, page design and response and purchase response) and security (Commitment, law-abiding system and support for substitution (credit card number and credit information)). Finally, practical observations are presented by observing the research.

In firms with conservative risk disclosure more validity is needed to disclose good risk news and a lower standard of validity is needed to disclose bad risk news.The purpose of this study is to present a model for measuring conservatism in risk disclosure(CRD) considering the specific characteristics of firms. The statistical population of the study is the firms listed on the Tehran Stock Exchange and the period is from the beginning of 2009 until the end of 2018. To this end, using a possible asymmetric relationship between downside risk and risk disclosure tone, a model was developed to measure CRD. The model estimates showed that managers were conservative in disclosing risk information. Also in order to provide a model for measuring CRD to a firm over a specific time period, three features of financial leverage, growth opportunities and institutional ownership after the essential test were added to the baseline model and this model was adapted to the specific characteristics of the firms. The model estimates that financial leverage and growth opportunities increase CRD and decreases its institutional ownership.

The present study tried to estimate the intra-organizational and macroeconomic impacts on bank deposits for Sepah Bank in the period 2006-2019. For this purpose, the combined approach of hierarchical analysis and the system of simultaneous equations has been used. The statistical population of this study is the data related to the financial balance sheets of Sepah Shahr Bank of Tehran and the Central Bank consisting of 17 branches and also the expert population including 50 specialized personnel, economists and university professors who have determined the obtained results. Variables such as real per capita income, number of branches and size of banks have a positive effect on bank deposits and inflation has a negative and significant effect on it. Based on results has the greatest impact on the absorption of capital in Sepah Bank by real per capita income, the size and number of bank branches.The least impact among these is related to the population index. In terms of sub-criteria, the benefit of the bank's investment profit has the greatest impact on attracting the bank's capital. Meanwhile, the role of inflation and the creation of hot money in the country should be identified as one of the important factors in the evaluation, which requires evaluating the positive and negative impact on bank profits and assets. For this purpose, a system of simultaneous equations has been used, which has shown that the effect of the independent variable of inflation has a negative effect on the dependent variable of Sepah Bank deposits in.

When buyers and sellers exchange physical or electronic goods and services in physical or virtual space, the economic units involved in the production of goods or services may seek mergers and acquisitions that have legal personality and formed pursuant to the commercial act or similar act. Due to the different ownership of the merger and acquisition, in the merger process, on the one hand, the actions of the commercial companies are such that they create a new and unified legal personality or disappeared in another legal personality, on the other hand in the acquisition - unlike the merger – the actions of companies may lead to the purchase or control of shares, capital, and assets to a natural person or legal entity. In this situation, the effect of mergers and acquisitions on the disappearance or survival of legal personality involved in the mergers and acquisitions process becomes relevant. The present study illustrates that unlike the merger process - as a result of which the legal personality disappears or a new legal personality is formed while the previous legal personality disappears, but the legal personality of the companies does not disappear in acquisition process.

Frequent changes in the balance between trading strategies based on existing conditions are very useful. It is necessary to be sure of the optimal combination of strategies used at regular intervals, Therefore, the purpose of this study is to investigate the quality of financial reporting, investment horizon and trading strategy of institutional investors of companies listed on the Tehran Stock Exchange. This research has been conducted in 135 companies listed on the Tehran Stock Exchange that have been selected based on the systematic elimination method. Also, this research has been done based on the information contained in the financial reports of companies in the period of 2009 to 2018. The method used is regression based on panel data. The results of the study regression model showed that the quality of financial reporting has a significant and positive effect on the relationship between short-term (long-term) institutional investors' horizons and trading strategy. In addition, the research findings indicate that the quality of financial reporting has a greater impact on the relationship between long-term institutional investors and trading strategy than short-term institutional investors. The results showed that when institutional investors have a long-term investment outlook and a low turnover, they have sufficient incentive to encourage managers to improve the quality of financial reporting and disclosure and to monitor managers' behavior. But short-term institutional shareholders are temporary investors who pay more attention to current earnings in determining stock prices,

Investment efficiency is achieved when the company invests only in all projects with a positive net present value. Of course, this scenario works if the market is complete and there are no incomplete market issues such as incorrect selection and agency costs. Do not haveThe purpose of this research is to apply artificial intelligence algorithm in predicting investment efficiency by emphasizing the role of risk management criteria. For this purpose, the financial information of 139 companies between 2010 and 2019 was used using genetic artificial intelligence and neural network methods. The results indicate the effect of risk management criteria on investment efficiency and also the results showed that the neural network artificial intelligence method has higher power than the genetic artificial intelligence method to predict the investment efficiency of companies listed on the Tehran Stock Exchange.

Many studies introduce the liquidity of assets, one of the variables considered by investors, to be influenced by various factors such as investors’ emotions. The investors’ emotions in the market are explained by the financial behavioral approach. This approach is the opposite of the classical financial theories. Hence, this study was mainly aimed at investigating the relationship between investors’ emotional features and the stock liquidity in the Iranian stock market. To this end, the data of 95 active firms from those listed in stock exchange market in a 7-year period from 2013 to 2019 (Solar Years 1392-1398) were investigated using a multivariate regression model based on the panel data method. The results of testing the research hypotheses revealed a significant relationship between the investors’ emotional features and the stock liquidity of large and small firms. Given the significance level of the research model’s modulators, the high and low emotional features in small firms have a significant negative relationship with stock liquidity; however, this significant relationship was not confirmed for large firms. Furthermore, the significance of the whole regression model may be concluded given F statistic. Based on Durbin-Watson statistics, there is no strong autocorrelation between the research variables.

Purpose of this corpus is too optimize and predict required cash for atm devices among KESHAVARZI bank branches with in QAZVIN Province, with artificial intelligence algorithm depending on risk appetite. To achieve this purpose 2 years of daily transaction belonging to KESHAVARZI BANK branches data has been used. Which data were indicating balance, financial daily book, treasury fund and transactions and ATM transactions. The procedure of cleaning, standardization was done before the data sent to linear regression algorithms, the algorithms used in this approach are linear regression, lasso regression and ridge regression. After calculating MSE error, algorithm chose the best model with less MSE error using python programming language Also Jupiter notebook has been used as IDE This research indicates that there are a reverse meaningful relationship between cash balance and risk appetite and opportunity cost. Also a straight meaningful relationship between daily cash flow and debt-credit (which has been provided by the bank and costumers). Features and data that has been used for training an AI model revaluate again with a different values that has been also generated by AI in next step.Results shows that using artificial intelligence can predict daily cash needs with 95% accuracy with an acceptable error.

The Purpose of this research is the investigation of relation between the investors' behavior and defining the effect of emotional quotient on decision making activity at the time of investing.For this objective, investment biases such as mental accounting, risk aversion, spread influence are taken into consideration.From Target and Method view of point, this research can be considered as Applied and Survey -Descriptive research respectively. Data of this research is collected through a questionnaire including 34 questions which distributed between 207 investment fund investors and analysis done via Lissrel software and Structural Equations.By testing the main hypothesis, the results clearly shows that there is a significant relation between emotional quotient, mental accounting and spread influence.

Production sharing agreements are one of the most important upstream contracts in the international oil and gas industry. This deal has always been a good substitute for the country's international oil contracts by critics of the industry. Now, in order to explain the status and suitability of this contract with the upstream documents of the country and to analyze its principles from the perspective of religious principles, this article will analyze the nature and most important legal aspects of this agreement. So achieve this goal, we first analyze the legal nature of the this agreement and then briefly review the most important legal features of the country's upstream oil and gas cooperative contracts, and finally review the laws to assess the applicability of these contracts to the upstream oil and gas sector.

The purpose of this study was to design an efficient human resources evaluation model using qualitative methods in Islamic Azad University units of Hormozgan province.

In this study, qualitative field theory theoretic approach is used in the systematic approach. Also, due to the exploratory nature of the research, the researcher has used the grounded theory method. The statistical population of this research consists of the head and deputy of faculties, experts and staff (including education, research, finance, etc.) of Hormozgan Branch.

The results of the testing of research hypotheses show that Hormozgan University has focused more on functional areas and has gained more from these components. Based on the results, most people have earned an average score, indicating that individuals are one-dimensional and not all individuals have all dimensions.

The findings of the study show that the components of human resources evaluation in Islamic Azad University of Hormozgan are: skills, creativity, innovation, adaptability and teamwork capabilities (in capability index, Participation, information and work conscience (in performance index (age, health, talent and experience (in potential)), achievement, optimism, honesty, kindness and sacrifice) in attitude index) Performance is more important than capability, potential and attitude. Among the dimensions of performance horn, conscientiousness, in the index of ability, skill, attitude index, achievement, and in the index of potentiality, talent are prioritized.

The concept of news marketing in financial markets is a new and innovative concept developed in the field of business and the interaction of media activities with financial markets.News marketing is a desirable model designed to explore the concepts related to the four elements.Communication in the social system on the topic of news and marketing is based on the views of activists and analysts in the financial and media markets.In this study,identifying the factors influencing the desirable and effective model of news production in financial markets has been shown that the news in financial markets is subject to demand like any other market and in order to guide it the mentioned factors should be considered and analyzed. . In addition to gaining a significant share of financial market audiences, the model can also reflect the type of thinking of financial market policy makers.This research aims to identify the optimal model of news marketing in the field of financial markets and emphasize factors such as dimensions and components of news marketing including news organization, news content, news messenger (audience) and all the effects and consequences of the search and sales process.The news comes; it's done.The present study is of practical purpose and in terms of a hybrid approach, thus having a quantitative role in the forum review phase and in the Q factor analysis stage.In order to identify the desired model of news marketing, the necessary data were collected from the participants through interviews and Qualitative methodology was used for analysis

The main function of the capital market is to finance productive production and service activities. To achieve this important goal, the shares of companies listed on the capital market must be attractive enough for investors to invest. One of the most important indicators of the attractiveness of a certain company's stock for investors is the return on investment. The return on investment comes more than anything from changes in a company's stock price, and a company's stock price changes come from its internal information management. In this research, a model for the relationship between market reaction and weak internal controls, manipulation of accruals, business risk and financial risk is presented. This research is a purely experimental research, but, according to the analysis of past information, the statistical population of the research is all companies listed on the Tehran Stock Exchange in the period of 2007 to 2018. Finally, for statistical analysis, the calculated variables have been transferred to the Eviews9 software environment. The research findings show that the weakness of internal controls on the manipulation of real data, business risk and financial risk at the probability level. 5% has a significant effect. Manipulation of real information at the 5% probability level has a significant impact on financial and business risk. Manipulation of real information, financial risk and business risk at the 5% probability level have a significant impact on market reaction.

Sustainable growth and development of capital markets has always been considered as one of the strategies of countries for economic stability. But the existence of behavioral bias in decision making in the capital market has made the market especially less effective in developing countries, and problems such as inefficient investment in the macro level and the presence of financial constraints on the micro level in the competitive market. The Purpose of this research is Improve Investment Efficiency Based on Cognitive Behavioral Biases Managers by Rough Theory Analysis. The methodology of this research was a mix method of which, in the first step, in order to identify the components of investment efficiency, financing constraints and behavioral bias of managers, a further analysis was carried out with the participation of 18 university specialists. Then through the Delphi analysis identified factors were identified from a total of 38 criteria's, 21 criteria's were finalized. In Rough's analysis, the identified components of managerial behavioral bias on investment performance indicators were examined and it was found that recognizing managerial behavioral bias can increase the effectiveness of investment efficiency.

The analysis and examination of the spillover of risks among markets has been emphasized in practice for some decades by the theorists and scholars from different fields. The complex atmosphere of the financial markets and the close relationship between these markets and also the necessity of predicting the future economic changes prompted the financial researchers to take an effective step to attain the goals of the financial and economic system by discovering and analyzing the relationships between those markets. Identifying the financial risks in banking industry and the way they are transferred among different banks is one of the main financial issues that has a significant role in realizing the risk management of the financial institutes and banks. The present research was conducted to examine the spillover of one of the financial risks (liquidity risk) among the banks listed on Tehran Stock Exchange. The liquidity adjusted Value-at-Risk (LaVaR) has been used to evaluate the liquidity risk and the required data has been gathered from 8 banks listed on Tehran Stock Exchange on daily basis from 2011 to Sep. 2020. The method of spillover of the risks to each other has been modeled based on GARCH-DCC model. All obtained coefficients had a significant difference with zero in the estimated model and at 95% confidence level, and the estimated variance equation indicate the existence of spillover of liquidity risk as mutual among the banks

The purpose of this study is to assess the feasibility of entrepreneurship through acquisition by identifying, reviewing, and explaining the factors affecting the Iranian market. The present research is applied in terms of purpose and mixed-method (qualitative-quantitative). In the qualitative stage, a research questionnaire was prepared using library studies and a survey of experts, and in the quantitative stage, data from the target community were collected using a questionnaire.The statistical population of the present study includes all entrepreneurs and investors. A non-random sampling method was used. Descriptive and inferential statistics (one-sample t-test) were used to analyze the data.Given the results of this study, we conclude that the acquisition strategy can be considered as a short and operational path in identifying investment opportunities and developing entrepreneurial businesses.

The purpose of the present study is to investigate the effect of spiritual intelligence on emotional intelligence and its role in controlling auroral errors in order to improve the process of investor decision making. To achieve this goal, a random sample of 300 TSE investors was selected for the sample. Required data were obtained through distribution and collection of questionnaires. Pearson correlation coefficient and structural equation test were used to analyze the data. Data were analyzed by SPSS software and graphs by EXCEL software and Structural equation analysis by AMOS software.According to the factor loadings in the research model, among the variables of spiritual intelligence and emotional intelligence, respectively, in spiritual intelligence, belief in religious capacity in factor decision making with factor of 0.81, heart rate in decision making of 0.67, conversion to failure Opportunity 0.40, spontaneity, courage 0.4 had the most impact and emotional intelligence index, respectively, factor index 0.74, stress and stress factor 0.64, emotion control 0.59, external communication adjustment 0.35 had the most effect on the aural error variable, respectively. Corporate cheating variable with the factor of 0.88, disclosure rating decline of 0.55 had the most impact. The level of 0.25 on emotional intelligence, emotional intelligence on control of perceptual errors is 0.62 and finally its effect on decision making is 0.24.