فصلنامه دانش سرمایه گذاری
پیاپی 45 (بهار 1402)

In this research , the decision - making of stakeholders on the Iranian financial system to improve the performance of financial markets and increase investor acceptance and public trust in the Islamic securities of the government by implementing mobile messaging networks to develop debt markets during 1396 to 1398 .

The statistical population of this research consists of companies listed on the Tehran Stock Exchange and Iran Over-The-Counter market (OTC), Debt management and public financial assets center in The Ministry of Economic Affairs and Finance. Research hypotheses have been tested through factor analysis and structural equation modeling using SPSS , MicMac and Smartpls softwares. This research is descriptive - survey and data collection method was questionnaire that was used to confirm suggestions , Delphi method or survey of experts using questionnaires and interviews .

effective indicators for debt market development and relationships between effective indicators in debt market development were identified by evaluating the use of mobile messenger networks and tailored to the existing needs of each indicator. Impact on the development of the debt market, which included structural-technical, cultural, legal and investment factors, was presented, which was finally implemented in the form of mobile messenger networks. Using the results of this study, it increased the public confidence of debt market investors in the acceptance of Islamic securities.

This study with aim to designing a model for fiscal discipline of companies listed in the Tehran stock exchange using logistic regression was conducted. In this regard, in this study, 15 independent variables were considered as dependent variables to explain fiscal discipline. For this purpose we examined of data related on 129 firms that were accepted in Tehran stock exchange during 21/3/2015 to 20/03/2019 and were analyzed using Eviews9 software. The result showed that accordingly with significance level, there is a positive and significant relationship between the previous year's fiscal discipline and audit firm size separately with dependent variable. Also, there is an inverse and significant relationship between exchange rate fluctuations, earnings management, audit firm rotation and credit risk with fiscal discipline. However, for other explanatory variables, no significant relationship was observed with the dependent variable.

Social capital as a socio-behavioral factor can keep the problem of excessive costs of the company at a desirable level. Therefore, when a company's social capital is at a high level, managers show less opportunistic behaviors and strive for more cooperation and interaction in the company. Therefore, reducing the opportunistic behaviors of managers through social capital can affect the adhesion of dividends and increase the investment efficiency of the company. Social capital is one of the important aspects of social relations and the basis for social cooperation and participation among members of society. Managers of companies with a high level of social capital try to maintain investments with a positive net present value in order to maintain the value of the company. Therefore, based on this argument, the present study investigates the relationship between social capital and investment efficiency. For this purpose, Levy and Lee (2015) questionnaire was used to measure social capital. The hypotheses were tested using the structural equation modeling method based on the information of 83 companies listed on the Tehran Stock Exchange in 2019. The findings of the first hypothesis of the research indicate that social capital increases the investment efficiency of the company.

One of the powerful tools in examining the financial performance of companies is the liquidity of that company and is one of the decision-making indicators of investors. Examining the financial statements of companies is the most important step in investing and in this study, 50 effective variables of financial statements on liquidity management are included in the model. Using Bayesian averaging model approach, 12 non-fragile variables affecting the liquidity management of pharmaceutical companies, which include current liabilities, accumulated profit and loss, P / S, operating profit (loss), gross EPS, net cash inflow (outflow), Total Net Return on Investments, Total Net Flow of Investment Activities, Receiving Financial Facilities, Total Net Flow of Financing Activities, Cash Balance at the Beginning of the Year and Cash Balance at the End of the Year were identified. According to the results of liquidity management of pharmaceutical companies is a multidimensional process; Because the variables related to financial statements, balance sheet and profit and loss and cash flow affect this index. The multidimensionality of the factors influencing this process will require coordination among policy makers active in the industry so that the time inconsistencies created in the decision-making process do not make the situation of companies worse.

Economic globalization has resulted in an increased competition between the countries to improve their economic indexes. Analyses performed by prominent economists indicated that foreign investment is one of the most sustainable and reliable resources for the economic infrastructure development and production potential enhancement, which can alleviate the economic problems caused by shortcoming of domestic investment resources. The significant role of Iran’s real estate market in investment stability and preservation of property value that emerged from the socio - economic and legal texture of the country, as well as the considerable population growth that resulted in a profitable real estate investment, have drawn the attention of the foreign investors to Iran’s real estate market. Recent manuscripts have investigated the legal obstacles for foreign investment by individuals and legal entities in Iran’s real estate based upon Islamic Jurisprudence, national security, and legal references, subsequently, verified practical and realistic solutions to the aforementioned predicament. Research Approach:This manuscript is compiled using library and electronic resources, scientific and research manuscripts, and technical papers; the research approach is analytical-descriptive.

Moving toward globalization is one of the most contemplative and challenging issues of today. One of the best strategies for the growth and development of companies that operate in a changing environment and always be ready to respond is acquisition. The purpose of this study is to investigate the factors affecting the performance of the acquirer companies. The study population is all companies listed in the Tehran Stock Exchange that were in the acquisition process from 2013 to 2016, and 48 of them were identified as acquisition companies and the statistical sample of the present study. The results indicated that the acquisition variable, intangible assets, and size of companies were positively correlated with ROA. In addition, the acquisition and size variables have a positive relationship with corporate performance with respect to ROE.

The purpose of this study is to predict short-term stock returns in initial public offerings using random bat and forest algorithms. In this study, companies that were listed on the OTC market of Iran for the first time during the period 1394 to 1399 were selected as a statistical sample. MATLAB software was used to analyze the data. Two scenarios were proposed to test the hypotheses. The first scenario was considered as annual and the second scenario as 6 years. Financial data with 11 factors: short-term market return, short-term return on new stock, market trends, company age, company size, annual sales, return on assets, return on equity, initial public offering price, operating profit, Cash flow from operations as influential factors and excess return of the offered share relative to the influential operating market entered the algorithms as input assumptions to predict the optimal amount. The results obtained from the bat algorithm indicate that the bat algorithm was able to provide better performance in predicting short-term stock returns in initial public offering in both scenarios and is not much different. While the results of accuracy in predicting the random forest algorithm in the second scenario compared to the first scenario has increased by about 12%. It can be concluded that the use of emerging bat and jungle algorithms in predicting short-term returns can help investors in predicting maximum returns and selecting the best stocks based on a precise and accurate pattern.

In the present study, the effect of the spread of financial distress in Iranian banks with a dynamic conditional turbulence approach for the use of economic decision makers and financial managers has been investigated.The statistical population of the study includes Mellat, Tejarat, Saderat and Parsian banks, which have been analyzed in the period of 2016-2016. The present study, using the KMV method and the concept of distance to default, and using the VAR model and the DCC-GARCH method, has investigated the possibility of spreading financial distress to other banks.The results show that there is a significant relationship between the risk of financial helplessness of banks with each other; Bank Mellat has the highest risk of transmission of helplessness and Parsian Bank shows the least effectiveness. According to the results of the model, increasing the operational risks of banks, including credit risk and market risk, has a significant effect on increasing the risk of financial distress and this risk can spread to other banks in the banks' communication network and then the entire economy.

For-profit units invest in non-cash resources that, in addition to earning extra cash, also seek return on investment. In today's competitive markets, there are successful firms that have a plan for their future. Financial planning is one of the most important planning approaches that is very important. The purpose of this study is to analyze the relationship between performance criteria and investment cash flow with emphasis on the role of political communication of companies listed on the Tehran Stock Exchange. For this purpose, the variables of return on assets and return on equity as performance criteria and the criterion of cash flow ratio of investment activity as a dependent variable were used. The results of this study, which was obtained from the financial data of 166 companies during the years 1390 to 1397 and multivariate regression method showed that although the performance profitability criteria have no significant relationship with cash flow from investment activity, but the company's political relationship causes change Investments in liquidity policies are made by the company.

In this study, the behavioral biases and decisions of real and legal investors under conditions of uncertainty in the Tehran Stock Exchange were investigated. For this purpose, two market conditions including uncertainty due to uptrend without resistance and uncertainty due to downtrend without support are studied as conditions of uncertainty in investment decisions and the effect of 15 behavioral biases of investors in two groups of investors. Real and legal were tested on financial decisions based on buying, selling or not taking action for the transaction. The statistical population of the study included real and legal investors in the Tehran Stock Exchange, of which 385 real investors and 100 legal investors were selected by available sampling method and research questionnaires were provided to them. In order to analyze the data obtained from the distribution of the questionnaire, the fitting of polynomial logistic regression models was used and the results showed that the behavioral biases of real and legal investors had different effects on their investment decisions and also the type of influence of each. Behavioral biases on a variety of investment decisions have varied due to market uncertainty. Finally, models were proposed to predict the investment decisions of both groups of real and legal investors using their behavioral biases.

In this study, employing a qualitative approach and phenomenography method and using in-depth interviews, the way of perception of the stock exchange activists in dealing with trade rumors was investigated. In this regard, 20 experts in the field were interviewed under the positions, including managers of regional stock exchanges, executives, analysts, experts, and consultants of the stock brokerage firms using the maximum variation sampling method. The content of interviews, roundtables, notes, and comments published in newspapers and online magazines on the stock market in recent years was used, which were generally similar to the interviewees' views on the subject matter of the research. Data analysis was performed based on Diekelmann method and 8 themes and 22 main themes were extracted. Based on the research findings, it can be concluded that the role of the government in the stock market and the emotional and mass-like behavior of the investors have exacerbated the trade rumors. Furthermore, some interviewees believe that cyberspace, especially telegram, have had recently a major impact on spreading the rumors. On the other hand, although Stock Exchange activists considered the Comprehensive Database of All Listed Companies (CODAL) network information as the most real and authentic information network of the organization because it passes through the audit filter, the recent political events and skepticism about the government have changed their attitude to some extent and made them less trusting to the CODAL network information.

The importance of investing for economic growth and development is enough to make it a strong incentive to reach development; one that investors care about is the information that comes from the coming part of the company.In spite of an efficient construction of the market, it is possible to identify companies and projects. one of the main parts of the capital market is the stock exchange. and efficiency is the main and most important feature of the stock exchange. according to the significant effect of efficiency on the trade and investment level, the main purpose of this study is to compare the dynamic performance of investment according to the garch and kalman filter method.in this research , by using kalman filter , the beta - kalman filter is applied to the firms listed in tehran stock exchange ( tse ) . then beta values for these shares are estimated using garch method and the efficiency of these two methods is compared .tthe results are obtained and based on the mean square error of each method , it can be stated that kalman filter method outperforms the garch method and therefore outperforms the garch model .

The goal of this research is to identify the effects of oil, dollar and gold prices on the capital market; and meanwhile the investors’ Behavioral Biases.

The same research is a qualitative study of phenomenological type. Field data were collected using in-depth interviewing techniques and theoretical saturation criteria among 10 active participants of Tehran Stock Exchange who have at least three years of experience in investing in financial markets. After the implementation of the analysis phase using the Colaizzi method and MAXQDA10 software, the recorded interviews have been conducted.

Based on data analysis, seven main themes including external factors, parallel markets, cognitive biases, emotional biases, abnormal phenomena (in behavioral economics) as well as cultural and personal factors were extracted from the interviews. The results emphasize on the need for taking measures to predict exchange rates and avoid government-mandated pricing.Key words: Currency, Gold, Oil, Behavioral Biases, Capital Market

Health means the ability to profitability and continuity of economic activity. This research is based on the needs of the day around manufacturing companies that lead to the creation of goods and products and have an effective role in the index of productivity and GDP of the country. This research is of experimental type and the methods of data foundation theory (grand theory-emerging and estimative and degree paradigm) have been used. The statistical sample of the present study was selected using the snowball method (selective) and based on five specialized groups in the accounting and judicial profession and the necessary information was collected through interviews and findings including six selected codes] Basic financial reports and auditor transparency - Bankruptcy Diagnosis Laboratory - Criteria for evaluating financial ratios - The most practical financial ratios Special conditions and aggregation of ratios - Specific coefficient of each financial ratio group [and including three stages of theoretical codes] The best and worst manufacturing companies - Classification of triple financial ratios (balance sheet - profit and loss - consolidated) - Emergence of mathematical model (layout The present model has the necessary efficiency for internal and external stakeholders such as banks, creditors, independent auditors, courts, etc., And is a suitable tool for determining the continuity of activities and stations for research. Provides health diagnosis for manufacturing companies.

The purpose of this study is to investigate the pathology of the automobile industry in the country and provide some solutions to overcome it. The most commonly used method of research is fundamental data theory. Data gathering in this study was done through two semi-structured interviews and collecting comments from interviewees considering the necessity of participants' experiences and their view of the state of the automobile industry and its influencing factors and current situation. Used by automotive experts and experts, the work continued until the data needed for the research was saturated with diversity.Data analysis was performed using Strauss and Carbin's data base strategy and systematic approach strategy with three steps of open coding, axial coding and selective coding and presented automotive industry development strategies and implementation requirements. Industry Ownership and Privatization Task Strategies, Facilitating the Access to the Financing of the Automotive Industry and the Segmentation Industry, Revising the Strategic Plan for the Industry Based on the Conditions and Requirements of the Industry, Facilitating the Process of Attraction and Foreign Investment, Considering Scale Savings And integrating industry, amending and revising the laws adopted for the automotive industry with the aim of targeting support and enhancing law enforcement, using a network-based development model by building a network of internal and external consulting engineers, and supporting investment in new technology vehicles, including automobiles. Electricity A hybrid was proposed to exit the country's car industry from the current situation.

The present study aims to study the effect of globalization on foreign direct investment. To do this, the data of 2001-2011 of twenty countries (Ten developing countries and ten developed countries), multi-variate regression and pooled data model are used. The results of study at developed countries showed that improvement of globalization index led into the increase of foreign direct investment in Iran and this increases the increase of growth capacity and development of country. Also, it improves capital market index and increases foreign direct investment in the country and also it collects capital in the country. On the other hand, the results of study in developing countries showed that improvement of capital market index led into the increase of foreign direct investment in the country and this collected capital in the country and improved good governance index and increased foreign direct investment. This also improves the wage of citizens and increases governance accountability. The growth of urban population leads to the reduction of foreign direct investment in the country and development conditions are not improved with the improvement of human resources. Also, improvement of GDP leads to the reduction of foreign direct investment in the country and this doesn’t increase growth and development.

Creating value with customers is the current and future model of the banking industry that combines environmental, social and governance factors in the public interest. It seems that in the context of the country's banking industry, achieving value creation with customers is achievable. The present study aimed to provide a model of value creation with customers in the banking industry (Case study: Bank Mellat). This research is an exploratory research from the perspective of the purpose, which has been mixed with research method and based on deductive-inductive reasoning. The statistical population of this study includes theoretical experts (marketing professors) and experimental experts (banking industry managers). Sampling was done in a non-probabilistic and purposeful manner. Data collection tools are semi-structured interviews and questionnaires. Qualitative phenomenological analysis has been used to analyze specialized interviews. Also, the identified indicators have been validated by fuzzy Delphi method. Finally, the final research model is presented by fuzzy dimtel method. Research data analysis was performed in the qualitative phase with MaxQDA software and in the quantitative phase with Matlab software. Based on the results of this study, based on the designed initial model, it was found that value creation strategy has an effect on organizational knowledge management and human resource management.