نشریه پژوهش های راهبردی بودجه و مالیه
سال سوم شماره 1 (پیاپی 9، بهار 1401)

AbstractThe capital market in every country is one of the most prominent economic sectors of that country. The capital market reflects the economic outcome of the country, and its success and weakness can represent the economic situation in that country. In the meantime, the impact of macroeconomic indicators on the capital market, especially the Tehran Stock Exchange, is one of the issues that illustrates the role of macroeconomic policies in predicting the capital market. Our country has huge oil and gas reserves and is one of the main exporters of these energy sources in the world. One of the most important industries active in this field is the petrochemical industry and the oil refining industry and distribution of oil products, which accounts for a significant portion of transactions. These industries are heavily influenced by large -scale indicators, especially the exchange rate because of their dependence on fuel and oil food; Therefore, this study seeks to investigate the impact of exchange rate fluctuations on the performance of active companies in the field of energy. In this regard, to examine this work of monthly exchange rates, inflation, gold prices, and oil prices from the Central Bank and the Ministry of Economy and Finance, as well as the price index of active energy companies in Tehran Stock Exchange for December 2008 Used until March 1977 and the ARDL method has been used to estimate it. The results show the positive and significant relationship between the exchange rate and the performance index of the petrochemical industry and the product industry; That is, the increase in the exchange rate has led to the increase in the stock price of these companies.

The purpose of this study is to investigate the effect of audit's expertise and audit size on the relationship between industry and audit fees. Competition in the market as a control mechanism can lead to reduced dealership costs and audit fees. On the other hand, expert auditors and large auditors with greater knowledge and experience can affect the relationship between market competition and audit fees. To test the research hypotheses of 152 companies listed in Tehran Stock Exchange and 931 observation were collected during the years 2015 to 1399; Combined regression analysis was also used for statistical tests. The results of the hypotheses test showed that there was a significant and reverse audit between competition in the industry and the audit, and the auditor's expertise in the industry and the size of the audit institute leads to an increasing adjustment of the relationship between competition in industry and audit fees.

Establishing an investment portfolio is one of the main concerns of managers and investors who are always looking for an effort to form the best investment basket so that they can achieve the most returns. So far, there have been many ways to form an investment basket, the most famous of which is Maritz's approach. The average theory of variance has many practical drawbacks due to the difficulty in estimating the expected returns and covariance for different asset classes. The purpose of this study is to maximize risk -adjusted return on the portfolio using PCA method in a data base of stock returns. The data base used for this case study is the daily data modified of 50 top stock and relevant stock index companies for the period 25/4/2016 to 7/2/2021 for 1027 trading days. We use a dimensional reduction algorithm (PCA) to allocate capital to different asset classes to maximize risk -adjusted returns and the results are compared with the equal weight allocation approach (1/N). There is also a post -test framework for evaluating the performance of the investment baskets provided. According to the results, the variance explained by the three main components can be an indicator for identifying the most important business risks.

The social responsibility of companies is one of the most effective components of business ethics that deals with the role of companies in the community. Social responsibility for companies is a set of duties and obligations that the company must fulfill to maintain, care and assist the community in which it operates. This study examines the relationship between corporate social responsibility and tax avoidance, emphasizing the role of corporate governance quality in accepted companies in Tehran Stock Exchange. This research is an applied and descriptive research. The statistical population of the study consists of companies listed in the Tehran Stock Exchange over a period of 2014-2019, which was determined by the systematic removal method, as the statistical sample of 127 companies. To test the research hypotheses, the multifunctional regression method is used using combined data. The results show that there is a negative and significant relationship between the performance of the company's social responsibility and tax avoidance. The quality of corporate governance also plays a mediator in the relationship between the performance of the company's social responsibility and tax avoidance.

Personality traits show the basis of the behavioral system of individuals; Therefore, the difference between personality traits in the individual causes people to have different behaviors in the same position and the personality characteristic explains the behavior of managers. Research in financial markets suggests that investors suffer from some behavioral bias. The present study seeks to determine how much the personality of Type A and B is related to behavioral bias (transcendental, independent, and self -reflection) in the selection of financial managers of companies listed in the Tehran Stock Exchange? The purpose of the purpose is the type of applied research, and in terms of method and nature, a descriptive survey of correlation. The statistical population of the present study is 550 people, and the sample size was calculated based on Cochran formula of 226.To collect information in the field of theoretical principles and literature on the subject of the research, library internal and external resources, articles, books, and specialized sites were used, as well as the data collection in the field of two personality properties A and B 25 questions. Rosenman and researcher were used with three types of bias (meta -trust, independence, self -ology). The relationship between variables was used in the sub -hypothesis of the Pearson test and in the original hypothesis, multiple regression was used by SPSS software. The results showed that individuals with personality character B were more suitable for financial management positions; Because they are less behavioral bias than personality traits A and are more relaxed in sensitive times such as decision -making times, they are more educated and more educated. There is a positive and significant relationship between type A and B personality with behavioral bias (transcendental, independent and self -reflection) in the financial managers of active and accepted companies in the Tehran Stock Exchange.

Making proper financial decisions is one of the serious concerns of households, and the mental accounting system can play a significant role in this process. Accordingly, the present study has attempted to study the role of the mental accounting system in making household financial decisions. The statistical population of this study was the households of Kurdistan province, of which 390 households were selected as examples. In addition to the questionnaire, the vinites (hypothetical scenarios) has also been used to collect the required data. Data analysis is performed using the modeling method of structural equation with minimum squares. According to the findings of the present study, the impact of the current variables in explaining/forming the main research structure (mental accounting) is the importance of the importance: mental budgeting, future income, current income and current asset. The design of the vinites is based on the four principles of profit separation, integration of losses, integration of profits in one day, and the separation of small losses from large profits. These principles play an important role in evaluating the profits and losses of individuals. The effects of eight demographic variables on each vinite have also been studied separately.