نشریه تحلیل بازار سرمایه
سال دوم شماره 2 (پیاپی 5، تابستان 1401)

The present research aims to conduct meta-analysis of the effect of information disclosure on market reaction. In order to integrate the results of different researches and identify the determinants of relations between information disclosure and market reaction, we used meta-analysis methodology as a quantitative statistical method. In order to implement the meta-analysis method, from the website of foreign journals (published articles related to research variables from 1990 to 2020 and the website of domestic scientific research journals (published articles related to research variables from 1370 to 1399) to They were identified and collected as a statistical population of the research and finally 86 studies have been analyzed by systematic elimination method; The results of studies conducted in the mentioned period and around this relationship, using I2 and Q tests indicate that most of these studies are heterogeneous. In order to identify the cause of this heterogeneity, by dividing the research based on different criteria for measuring information disclosure and market reaction and calculating statistics within the group, we found that these different measurement criteria used in research is one of the contradictory factors in research results. In the following study, observation of mandatory disclosure of financial and non-financial information as well as voluntary disclosure of financial information has a significant and positive relationship with market reaction. Information that voluntary disclosure of non-financial information has no effect on the capital market.

One of the most important goals of companies is to create value and increase wealth for shareholders. Working capital management includes policies and processes that, if well designed and implemented, can lead to a positive impact on the value of the firm and reduce in stock returns volatility. Accordingly, the purpose of this study is to determine the effect of working capital management indicators on firm value and stock return volatility. The sample of this study consists of 102 listed companies in Tehran Stock Exchange during 2011 to 2019. In order to test the hypotheses, linear regression model and the panel data method have been used. The results of testing hypotheses indicated that there is a negative and significant relationship between the value of the firm and net working capital and the cash conversion cycle. Therefore, with an optimal working capital management and a reduction in the cash conversion cycle, the value of the firm can be increased. Results also showed that net working capital has no effect on stock return volatility.

It is important that financial flexibility is very important in the development of company financial decisions in the market. Financial by researchers is considered as one of the important components of the company's decisions, as well as the company's viewpoints to risk the company's decisions. Therefore, this study was aimed at studying the relationship between risk, financial flexibility and the role of product market competition in Tehran Stock Exchange companies. Research method of this study based on the purpose of implementation, of the type of applied research, which is done in a correlation method. Information required for testing and analyzing hypotheses from financial statements and their accompanying commentary notes from 130 companies listed in Tehran Stock Exchange as a statistical sample of 2014 to 2019 and has been edited. Systematic removal method (screening) was also used to determine the sample size and size. Linear regression data and linear regression model are used to test the research hypotheses. The findings from the test hypotheses test showed that the risk and competitiveness of the product market are positively related to financial flexibility and that product market competition has no effect on the relationship between risk and financial flexibility.

Bankruptcy or business failure can have a negative impact on both the company itself and the global economy. In this research, the financial bankruptcy risk prediction of stock and transborder companies has been done using machine learning algorithms, Where the ultimate goal is to predict the financial bankruptcy risk of stock exchange and transborder companies. Collective learning is a field of machine learning in which instead of using a model to solve a problem, Use multiple models in combination to increase the output estimation power of the model. Each model is retrained using optimal features. As a result, the accuracy of predicting machine learning model by Stacking method, which is one of the strongest techniques of collective learning, To predict financial bankruptcy risk is higher than similar methods. Investors always want to prevent the deterioration of their capital by anticipating the possibility of a company's bankruptcy. Therefore, they are looking for ways to predict the bankruptcy of companies.

According to agency theory, CEO can inefficiently use the firms assets to promote their personal interests at the expense of shareholders, leading to agency costs such as weak internal controls, which the CEOs Recruitment can serve as a strategy for the board to improve controls. Internal and reduce firm representation problems. Therefore, the purpose of this study is to investigate the relationship between the weakness of internal controls and the employment of CEOs in companies listed on the Tehran Stock Exchange with respect to agency theory. To test the research hypothesis, the financial information of firms listed on the Tehran Stock Exchange in the period between 2016 and 2020 has been used, so that after applying the restrictions in this study, the final sample consisting of 163 companies was selected. After measuring the research variables, multivariate linear logistic regression analysis was used to test the research hypothesis. Hypothesis testing was also performed using Eviews econometric software and statistical techniques of integrated data. The results of the statistical test of the research show that there is a positive and significant relationship between the internal controls weakness and the CEO Recruitment.

The purpose of this study is to investigate the impact of investment decisions and tax management on stock liquidity and also to investigate the moderating role of company liquidity (current ratio) in the impact of investment decisions and tax management on stock liquidity. In this regard, 140 companies (1400 year-company views) during the period 2010 to 2019 have been studied. In order to test the research hypotheses, a multiple linear regression model has been used using panel data with a random effects pattern. The results of this study show that at the same time, investment decisions based on the growth of current and fixed assets and tax management have a significant positive effect on stock liquidity. The results also showed that investment decisions based on the growth of current and fixed assets and tax management separately have a significant positive effect on stock liquidity. In addition, the results indicate that the company's liquidity has a positive and significant effect on the impact of investment decisions based on the growth of current assets and tax management (simultaneously and separately) on the liquidity of the company's shares. However, in this study, no evidence of significant impact of corporate liquidity on the simultaneous impact of investment decisions based on fixed asset growth and tax management on stock liquidity was found and also based on the evidence presented in this study, it was claimed that corporate liquidity can not influence growth decisions based on growth. Adjusts fixed assets on stock liquidity.

Today, private companies in the competitive market and to achieve financial success must comply with the necessary environmental standards in the field of their production. The current research was conducted with the aim of investigating the role of green financing on the financial success of private companies with the intermediary role of green investment. This study has been conducted in terms of applied purpose, descriptive type and survey method. The statistical population in this study is 198 employees of private companies in Shiraz, who were selected by convenience sampling. In order to analyze the data, partial least squares method and Smart PLS-2 software were used. Convergent validity was used to measure validity, and Cronbach's alpha was used to measure reliability, and its coefficient is greater than 0.7 for all research constructs. The obtained results indicate that green financing has a positive and significant effect on the financial success of private companies. Also, the positive and significant effect of green financing on green investment was confirmed. Finally, the results of this research showed that green investment plays a mediating role between green financing and financial success of private companies.

In today's competitive environment of commercial companies, business in the traditional way no longer meets the needs and e-commerce has been proposed as one of the marketing strategies of organizations. On the other hand, customer relationship management is one of the strategic necessities in all organizations, the effective implementation of which can increase customer satisfaction, loyalty, attract them and thus increase sales and repeat purchases. The purpose of this study is to investigate the effect of e-commerce on customer relationship management in Pasargad Bank in the west of Tehran. For this purpose, this research has been done by hypothesis design and descriptive-survey method. The statistical population of the present study includes all customers of Pasargad Bank in the western part of Tehran. In this research, the obtained data have been analyzed using PLS software. In the analysis, first the model was reviewed and all model fit indices were reported to the desired level, then according to the path coefficients, the research hypotheses were examined and based on the results, all research hypotheses were confirmed. The research findings showed that it is very important for banks to be equipped with electronic banking in order to implement customer relationship management properly and Pasargad Bank managers are advised to properly implement customer relationship management programs and also attract customers. Increase most of your e-banking services as much as possible.