نشریه اقتصاد مالی
پیاپی 58 (بهار 1401)

In times of uncertainty, the planning, decision-making and policy-making process in all sectors of the economy is disrupted due to the impossibility of predicting the future. The present study seeks to investigate the uncertainty effects of macroeconomics on investment decisions of Iranian banks over a 15-year period (2004-2018) using the seasonal data of 15 domestic banks experimentally. For this purpose, first the generalized conditional variance of inflation, exchange rate, economic growth rate and oil price indicators is estimated and then the effect of their average weight as an uncertainty indicator of macroeconomics on banks' investment decisions is identified by panel data method. Our empirical results show a significant relationship between banks' credit portfolio variation and macroeconomic uncertainty. In other words, as the macroeconomic uncertainty and banks' inability to predict their rate of returns on different assets increase, they allocate less resources to risky assets and more resources to safe assets. Also, there is a significant relationship between bank's specific risk and its investment decision. In other words, as the variance of bank's specific indices increase, the dispersion of risky assets in bank's portfolio increases.

The quality of life is a multi-dimensional concept. The economic dimension of quality of life is influenced by several factors, the purpose of this study is to explain these factors.The research method is Grounded Theory and the sample was selected based on the snowball approach in four specialized areas. The results of the paradigm model of the research show that the indicators of lack of planning for economic conditions, lack of infrastructure and facilities for use and rapid economic change and affecting life as a causal conditions, physical health, gender, lifestyle, occupation and work environment as intervening factors, cultural characteristics of society, materialism, religion and lifestyle, stability in society and no change in the work policies of active organizations in society as a context, the lack of transparency and future security and the lack of a sense of social justice as consequences and characteristics and abilities and individual feelings, environmental conditions and the structure of community resource distribution as Action Strategies, are affected the economic dimension of quality of life.

The purpose of writing the current research is to represent a model to measure competitive strength in Tejarat bank. Data gathering ‎tools are interview and questionnaire. Statistical society includes two different parts of Tejarat Bank experts (10 ones) and experts ‎along with 1750 managers in different levels of the bank from which 316 ones were selected by Cochran sampling formula. First of ‎all, preliminary mdel was extracted interviewing experts. Continuously applying structural equation model in LISREL software ‎environment the extracted model was tested and finally final definitive model of sompetitive strength in includes internal resource ‎‎(contains financial. Technological, managerial and marketing), market intelligence (contains intelligence making and responsibility) ‎and onlie relationship marketing (online exchange quality, online content quality and e-service quality) was gained. ‎

The purpose of this research is to provide a marketing model in recession conditions. The results of this study indicate the extraction of 6 main dimensions and 21 pivotal components which are in the form of a paradigm model including marketing proportional to recession conditions as a pivotal category and causal conditions (payments and bonuses during recession, economic and competitive situation during recession, rapid environmental changes during recession period and internal and external environmental conditions), underlying factors (the company's position in the market during recession, customer recognition and needs). They were in recession, creativity in marketing during the recession and marketing mix during the recession), interventionist conditions (increasing market share during the recession period, financial and human factors during the recession period, distribution channels and marketing network during the recession), strategies (differentiation strategy, cost strategy, contraction strategy and development strategy) and outcomes (continuation of customer relationship during recession, development of skills and creativity of enterprises and proper use of resources in the period stagnation) has been achieved.

Economic justice and equitable distribution of income, along with important issues such as economic growth and development, the reduction of inflation and unemployment, have always been of concern to economists. Fair distribution of income and reduction of income inequality in society, and the identification of factors affecting income inequality to make the right policy are necessary and obvious. The purpose of this paper is to examine the impact of financial policy (total  income tax) on income distribution (GINI CO) in OECD countries. In this regard, panel data approach has been used to investigate the impact of total income tax on gini CO for 6 selected OECD countries from 2000 to 2015. The results show that an increase in inflation index and unemployment index leads to a increase in income inequality and that an increase in income tax revenues leads to a reduction in income inequality. 

Promoting productivity leads to progress and development, and most developed and developing countries have made large investments to spread attitudes toward productivity and to generalize the use of techniques and methods to improve it. The present research is applied in terms of purpose and library and non-interactive in terms of data collection. The statistical population studied in this study includes all private insurance companies in Zanjan province during the years 2015- 2017, which is a number of 23 companies and according to the nature of the research, sampling is not done and is a census method. The indicators used in this research are quantitative and the technique used is Malmquist productivity index and data envelopment analysis method. Based on the results of productivity measurement using a data envelopment analysis model based on MalmQuist index, in calculating the average efficiency of total technological changes in 2017 compared to 2015, it shows a growth of 3% in technological changes and total productivity. It has a growth rate of 51%. Also in the study of the effectiveness of technology changes in 2017 compared to 2015 has grown by 119 percent that the majority of units have positive technology changes, which increases the productivity of all factors in private insurance companies in Zanjan province.

Technological analysis is one of the methods of market analysis in which stock prices and stock volumes are used to predict future price movements. Oversight is a function of the price and volume of transactions that often fluctuate between two values, and in The case of buying and selling an asset is issued by signals. Time-based oscillators model the behavior of the price using the concept of wave and periodicity. The present study aims to evaluate the profitability of two oscillators based on time rotation, including simple harmonic oscillator and wave frequency oscillator in Tehran Stock Exchange between 2009 and 2018. The result of the study shows that the two trading strategies are nearly equal in terms of the Sharp ratio, and both are nearly four times as efficient as the Sharp market. Also, the wave-wave oscillator-based strategy has higher efficiency and variance than the simple harmonic oscillator-based strategy and therefore has a more risky situation.

For many of today’s financial institutions, focusing on advantage-creating elements is undoubtedly a lever to extend Customer engagement value. In this complicated environment, the customer is seen as an external asset for the organization and considering the value-creating mechanisms for the customer can have positive ramifications for companies and institutions working in the field of financial businesses. Accordingly, the purpose of this paper is to answer this question: How can we develop customer engagement in creating value for the banking industry by creating value for the customer. For this purpose, Customers of Kowsar Financial and Credit Institute in Tehran province were selected as the statistical population and 976 customers participated in the research by completing the questionnaire. Sampling method was used to select statistical sample. The research hypotheses were tested using structural equation modeling technique and AMOS 23 software. The results of the research showed that Perceived functional and social value have a direct effect on all three dimensions of customer engagement value (Customer Lifetime, Customer Influence Value, Customer Knowledge Value), but the effect of perceived emotional value on any aspect of the value of customer engagement was not approved. The results of this study confirm the impact of perceived value (Perceived functional and social value) on customer engagement value.

Institutional investors with a significant shareholding in corporate stocks have a lot of influence in investable companies and can influence the practices of managers. The internal functioning of social responsibility and institutional ownership can lead to improved corporate position, increased efficiency, profitability, value and long-term survival of companies. By disclosing social responsibility, companies can obtain the material and non-material support of institutional investors. The purpose of this study is to investigate the effect of institutional ownership horizon on social responsibility and stock value of companies listed on the Tehran Stock Exchange during the period 2009-2010. Findings show that the long-term institutional ownership horizon has a positive and significant effect on corporate social responsibility and stock value. The results also show that the horizon of short-term institutional ownership has a negative and significant effect on social responsibility and stock value of companies. Therefore, it is important to pay attention to the type of institutional owners in better investment with less risk.

Economic complexity is a concept that shows the ability of countries to produce complex goods and use knowledge in the production process by improving the productive structure. The economic complexity of the knowledge channel leads to the saving of resources and the improvement of the quality of productive institutions and the formation of productive production structures that diversify goods and save on production costs and earn more income and affect income distribution and welfare. Brings with it social. Given the importance of income distribution in the economy, this study uses the approach of economic complexity and dynamic Generalized Method of Moments, method to investigate the effect of economic complexity on income inequality in a selection of developing countries during the period 1995-2020. According to the results, with increasing economic complexity in developing countries, income distribution has become more unfair. The imbalance of income distribution in these countries is due to the concentration of assets, capital and production activities in the hands of a particular group, as well as the existence of cultural, social, gender, etc. inequalities and rents created as a result of this inequality.

Environmental protection and sustainable environmental development are important concerns of human societies and the main unquestionable. Banks, considering the environmental risks in financing companies, play an essential role in protecting the environment and moving towards a green economy. As one of the dimensions of green banking, green financing is an innovative financial instrument that tries to improve the environmental balance with the industries' development and economic growth. The present research aimed to design and analyze the financing model of companies through the Iranian banking industry in establishing a sustainable environment, which has a three-step approach. First, by interviewing 16 experts and encode, 77 components in the form of 21 categories were identified based on Grounded data theory, and the model related to design and hypotheses were identified. And next, the structural equation modeling method was used to evaluate the model-fitting and hypotheses test, which showed the significant results of the measuring and structural models, the optimal model fitting, and hypotheses confirmation. Then, by using the interpretive structural modeling method, the components of green financing were prioritized, in this stage, 20 components with the highest frequency of code were entered, and finally, the priority of the components was recognized in 6 levels.

The purpose of this paper is to estimate the impact of the dynamics of foreign exchange reserves management and the structure of central bank interventions on the stabilization of the foreign exchange market using Gerton and Roper theory. For this purpose, first the central bank intervention index was calculated with the foreign exchange market pressure approach and then the intervention function of the intervention policy with the threshold approach (STAR) was estimated based on the annual data of 1365-1398. The results of estimating the linear part of the model show that the variables of foreign exchange market pressure index and budget deficit have a negative effect on the real exchange rate in Iran. Meanwhile, the results of estimating the nonlinear part of the model indicate the positive effect of the growth rate of foreign exchange earnings from oil sales, net exports, consumer price index and fiscal policy index on the real exchange rate in Iran. This indicates that as the growth rate of foreign exchange earnings from oil sales increases, the amount of foreign exchange resources of the country (nominal exchange rate) increases. With the increase of the country's foreign exchange resources, the real value of the domestic currency increases and this is a factor in reducing the real exchange rate and worsening the country's export situation. In fact, in Iran, due to high inflation, governments have always tried to keep the exchange rate low to prevent price increases. The result of this type of intervention has been the inflexibility of the nominal exchange rate in response to economic changes and developments, which can be a factor in reducing the real exchange rate in recent decades in Iran.

By promoting a sustainable environment and investing in social responsibility,the banking industry can provide sustainable development and benefit from it. The purpose of this study is to provide a green banking model based on innovation management to gain sustainable competitive advantage in this industry.In this research, based on the effective components of  the Green Banking Model (Hajjaran et al.,1397),a green banking model was presented and six standard questionnaires were used to assess the fit of the model and confirm the five-dimensional hypothesis of the research.Using an Adaptive Neuro-Fuzzy Inference System. The analyzes were performed on the data obtained from 310 questionnaires by a random sample from senior managers, middle managers and employees of the innovation,information technology sector of the selected banking industry. After implementing the model, the results show that increasing the component of innovation management will increase the amount of sustainable competitive advantage. Increasing the variable of innovation management as well as increasing green banking has increased the competitive advantage of sustainability. Also, increasing the green bank rules and regulations by increasing the green bank variable has increased the competitive advantage of the bank. Increasing the amount of Green Bank component and mediating senior management's environmental concerns maximizes sustainable competitive advantage and increasing innovation management and increasing environmental concerns of senior management will increase the sustainable competitive advantage.

One of the macroeconomic goals of countries is to create the necessary conditions to promote social welfare. One of the factors affecting the welfare of economic freedom. In this way, the freedom of the economy through the use of a set of solutions seeks to achieve some goals that increase the level of welfare through these goals. The aim of this study was to investigate the relationship between economic freedom and social welfare in Iran using the ARDL model. This study was based on seasonal data during 2002-2019. The results showed that by increasing economic freedom by one percent, the social welfare index increased by 0.105 percent. and increasing per capita income increases the social welfare index by 0.142 percent. The effect of an increase in the unemployment rate by one percent reduces the social welfare index by -0.122 percent. The effect of a 1% increase in college education was followed by an increase in the social welfare index of 0.283. Also, as the population over 65 years of age, the social welfare index declines by -0.673 percent. The effect of increasing government size also reduces the social welfare index by -0.427 percent. Finally, the effect of increasing tax revenues by one percent, social welfare index by 0.361 percent. According to the results, it can be said that economic freedom can increase social welfare and equity by removing the constraints and limitations of economic pursuits.

Startup is a novice company that offers a new solution to a problem; while there is no guarantee for the company's success through the solution provided, identifying the factors affecting the success of these emerging companies can be a guarantee of their success. The factors influencing the success of startups can be referred to as think-tanks and timing. Naturally, having the right idea and recognizing the time of entry and exit can play a decisive role in the success of the startup. So, given the role of ideology and timing for the success of startups, the present research seeks to identify the importance of Assessment ideas and timing for the success of startups. This research has been conducted within the framework of a qualitative approach and with the application of the research data method of the Foundation. Data gathering tools are semi-structured interviews. In order to collect information, using a targeted sampling method with 25 experts including university professors, APs (such as investors, coaches and Consultants), accelerators, successful startups, failed startup interviews. Data analysis was carried out in three stages: open coding, axial coding and selective coding, and a qualitative research model was designed. The results of this study indicate that the extraction of 91 codes or the initial concept of interviews, as well as the inventory of 20 concepts and 7 categories, are based on the paradigm model including Assessment ideas and timing as the axial and causative category, ICT as the underlying factors, Investment as intervening conditions, the business model and the primary product as a strategy and value creation as a consequence.