نشریه پیشرفت های مالی و سرمایه گذاری
پیاپی 7 (تابستان 1401)

From a systems perspective, the issue of environmental protection requires an environmental management system that can be implemented in an integrated manner with other management systems. The existence of an independent unit as research and development (R$D) in any organization is very important. Therefore, the present study evaluates the impact of R$D on the relationship between environmental performance and earnings per share this year and next year.

This research is descriptive and correlational. In order to investigate this issue, research hypotheses have been analyzed using structural equation modeling and based on information about 120 companies during the years 2012 to 2018.

The results show that there is no significant relationship between environmental performance and earnings per share this year, but there is a positive and significant relationship between environmental performance and earnings per share next year. Also, R$D have a moderating effect on the relationship between environmental performance and earnings per share this year and earnings per share next year. This effect is negative and significant.

The results of this study, in addition to developing the literature on research and development costs and environmental costs, help all stakeholders and users to assess the extent to which companies pay attention to R&D and environmental issues.

The popularity of fintechs has created a new competitive environment among banks, as fintechs reduce bureaucratic requirements and make financial institutions like banks more convenient, efficient and faster to provide services. Considering the movement of banks towards new technologies globally, it is necessary to have a general understanding of the acceptance of new technologies in order to align with global growth and keep pace with the products offered by service providers. The purpose of this research is to identify the components and provide a model for the implementation of fintech in the banking industry of Iran.

In order to identify the components of this model, a semi-structured interview was used with 15 experts in the field of money and banking, who were selected using a theoretical sampling method. In this research, coding was done in three steps using the Grounded theory method with Strauss and Corbin's approach.

In the open coding stage, 123 categories were extracted and after classification in the axial coding stage, 26 components were extracted, and finally, in the selective coding stage, after identifying the relationships between the components, the research paradigm model was formed.

Causal factors affecting the implementation of the policy model: legislation, legal infrastructure, government facilities, legal incentives, reforming macro-governance policies are analyzed. In addition, factors such as technology infrastructure, creating communication channels play an intervening role, and the factors of intention to use technology, culture of participation, entrepreneurial culture, risk-taking, learning and training, and trust-building play a background role in this regard.

This study explaining the effect of external financing on voluntary discretionary accruals in companies with high and low investment opportunities. In this research, the data of 320 companies during the years 2011-2021 have been analyzed using eviews econometric software.

To test the sub-hypotheses using the middle of 4 methods (MEQLDTA), (MB), (EQGMEQLD) and (Growth PPE), the statistical population was classified into two groups of companies with high and low investment opportunities. Then the hypotheses were tested using unstructured estimation and ordinary least squares (OLS) methods and maximum likelihood logarithm (ARMA).

Results of group  hypotheses: There is a positive significate relationship between the use of voluntary discretionary accruals and external financing in companies with high investment opportunities, that are separated by MEQLDTA method and there is a negative significate relationship with GROWTHPPE method, but there is a no significate relationship in other methods. Results of group  hypotheses: There is a negative significate relationship between the use of voluntary discretionary accruals and external financing in companies with low investment opportunities, that are separated by PPEQGMEQLD method and there is a positive significate relationship with GROWTHPPE method, but there is a no significate relationship in other methods. Based on  and D-W coefficients, optimal models were selected in companies with high and low investment opportunities.

To achieve the optimal investment opportunities, it is recommended to pay attention to the company's financing method in high and low investment opportunities.

In the present study, the role of research and development costs on the relationship between financial constraints and profit sharing on the value of pharmaceutical companies admitted to the Tehran Stock Exchange has been investigated. Valuation of companies is one of the necessities of planning for managers and investors. If the company is successful in creating value, not only the investors and internal people of the companies, but also the society on a wider level will benefit from the creation of value.

In this research, the pharmaceutical companies admitted to the Tehran Stock Exchange between 2011-2018, including 34 companies, were investigated. The information was collected by using the data available in Rahavard Novin software and reviewing reports and financial statements by referring to the official website of the Tehran Stock Exchange; And correlation and regression tests of hypotheses were tested using Eviews10 software.

The result of the first hypothesis test showed that there is an inverse and significant relationship between financial constraints and the value of pharmaceutical companies. The results of the second hypothesis test showed that there is a direct and significant relationship between profit sharing and the value of pharmaceutical companies. Finally, the results of the third hypothesis test showed that research and development costs have a significant effect on the relationship between financial constraints and company value, and the fourth hypothesis also showed that research and development costs have a significant effect on the relationship between profit sharing and company value.

Originality / Value: 

The results of this research, in addition to developing the theoretical foundations of research and development expenses, especially in the country's pharmaceutical industry, will help the managers of this industry and investors to estimate the research and development costs by considering factors such as how costs change with the company's profitability change. and consider the positive effect of research and development costs in optimizing the value of companies and its negative effects when financial constraints over time.

This research has been written with the aim of modeling a new criterion for measuring risk in order to eliminate the shortcomings of traditional models in the field of investment risk management.

In the present study, with a practical purpose, to estimate the value at risk of daily bitcoin price data (2,707 views) in the years 2013 to 2020 and the data of the total stock exchange index (2,753 views) 2011 to 2020 has been used in two groups of education and test (500 views). In order to estimate the value at risk using the nonlinear method and the generalized variable self-fitting time (GAS) method, modeling was performed by learning from the data of the training group and the accuracy of the model was determined by the data of the experimental group.

The results showed that for the total stock index, only two models, GAS and GARCH, are suitable risk estimators. On the other hand, for Bitcoin cryptocurrencies, only two models, GAS and GARCH, are suitable risk estimators, which GARCH model is more preferable.

Originality / Value: 

Findings showed that the new GAS model is a preferential estimator for the total stock market index than other nonlinear models. This is due to the variable time feature as well as the dynamics of the GAS model, which is able to respond to market turbulence conditions unlike traditional models in the short run. These results also help investors and active financial institutions to manage risk in their trading systems.

The current study was conducted with the aim of designing a model of financial agility in the supply chain process of companies through the structural equation modeling approach.

The research method is descriptive-applied and exploratory-qualitative in terms of its purpose. The statistical population of this study included managers, business experts, and university professors. The sample included 384 participants who were selected based on Karjesi and Morgan sampling method. The data collection instrument was a semi-structured questionnaire. To determine the validity of the questionnaire, the content analysis approach and interviews with academic experts were used, and to determine the reliability of the questionnaire, both Cronbach's alpha coefficients and composite reliability were used. To analyze the data and explain the research model, first, the fuzzy Delphi method was used to find the effective items of the present study. Then, using exploratory factor analysis, first-order factor analysis, second-order factor analysis, and structural equation modeling (SEM) were used to determine and explain the final model.

The findings of the first hypothesis of this study showed that there is a significant positive relationship between the causal conditions and the central category. The result of the second hypothesis showed a significant positive relationship between contextual factors and the central category. The result of the third hypothesis indicated that there is a significant positive relationship between the intervening factors and the central category. The result of the fourth hypothesis showed that there is a significant positive relationship between core category and key strategies. Regarding the result of the fifth hypothesis, the findings showed that there is a significant positive relationship between the strategy and the expected outcomes. Originality / Value: According to the results obtained in this study, it can be said that based on each of the intra-organizational, technological and human factors in the supply chain process of commercial companies, the expected outcomes of the financial agility model can be achieved.

 Despite the numerous exploratory, conceptual, and empirical investigations that have been conducted in the fields of economics, finance, business, and management on financial behavior and literacy, no comprehensive science mapping has been presented to date. Therefore, the purpose of this study is to identify trends in the research field through the synthesis of knowledge structures.

 A bibliometric investigation was conducted on a selection of 1,138 documents in the realm of financial literacy and financial behavior, utilizing a scientific search strategy implemented on the Web of Science database during the 1995-2022 period. The study was carried out using Biblioshiny, a web-based application that is part of the Bibliometrix package designed in R-language. The software's automated workflow facilitated the identification of distinguished journals, authors, countries, articles, and themes, and enabled the conduction of citation, co-citation, and social network analyses.

 The findings indicate that financial literacy and behavior have developed as an interdisciplinary domain over time. Initially, researchers concentrated on demographic and socioeconomic factors, but the domain later expanded to encompass themes such as behavioral and psychological constructs that impact financial behavior. This research not only unveils the conceptual framework of the domain but also its intellectual and social structure. The study offers valuable insights into areas that require further research.

Originality / Value: 

In the past, a great deal of theoretical and practical research has been carried out on financial literacy and behavior in various countries, covering diverse fields such as economics, finance, psychology, and consumer behavior. One of the major contributions of this study is that it integrates and unites scattered literature in this area, and identifies important sources, authors, and documents, while examining the link between financial literacy and financial behavior.