نشریه تحلیل بازار سرمایه
سال دوم شماره 4 (پیاپی 7، زمستان 1401)

The purpose of this research is to investigate the challenges and obstacles of financing projects of Iran's tourism industry through the capital market. The research paradigm is constructivism. considering that the purpose of this research; It is pathology, so its strategy is in the form of a case study and its approach is in the field of qualitative research. In this research method, the researcher for preliminary investigation; He has collected and reviewed all documents and scientific studies about the financing of the tourism industry, especially in the capital market, in order to identify its components, effective factors and consequences. Then, in order to confirm them, interviews were conducted with tourism industry, capital market, and university experts to achieve information saturation, and finally, to confirm the obtained information, a secondary focal interview was conducted again in the form of several group meetings.The results have shown that the main obstacles to the financing of this industry include the insufficient knowledge of the capital market and the tourism industry about each other, not having some necessary conditions to enter the capital market, the inherent characteristics of the projects, lack of desire and confidence to enter the capital market, the difference in the rate of return of the financial markets, the existence of multiple beneficiaries, the fact that most of the projects are not private, the existing laws and regulations, and some issues related to the financing system are among the main challenges for financing this industry using capital market capacities.

Capital markets have an important role in the economy, so their proper performance will be a key factor in ensuring economic growth, so if capital markets are efficient, economic development will be realized. On the other hand, since currently the country's capital market has been welcomed by investors, it is undoubtedly very important to examine the behavior patterns of investors. Therefore, in this study, the effect of self-control behavioral bias on financial behavior and financial well-being was investigated through the moderating role of investors' financial literacy. For this purpose, the statistical population included individual investors, traders and brokers of Tehran Stock Exchange who were directly active in the market. Also, the statistical sample was determined using Cochran's formula of 421 people. To analyze the data, the PLS structural equation model was used. The results showed that the self-control variable has a significant positive effect on financial behavior, financial well-being and In the sense that with the increase of self-control of stock market investors, their financial behavior and financial well-being will increase. Also, by introducing the variable of financial literacy as a moderating variable, the intensity of the relationship between self-control and behavior and financial well-being increases. In the sense that the financial literacy of individual stock market investors increases the positive relationship between self-control and their behavior and financial well-being.

The present research is aimed at investigating the relationship among managerial overconfidence, internal information quality, and investment efficiency in companies listed on the Tehran Stock Exchange (TSE). To this end, the financial information of 84 companies listed on the Tehran Stock Exchange (TSE) during the years 2014-2021 was employed. The research results indicate a positive significant relationship among the internal information quality, investment efficiency, and overinvestment; however, the relationship between the quality of internal information and underinvestment is negative and significant. Further, the results revealed that managerial overconfidence improves the relationship between the internal information quality and investment efficiency, while it weakens the relationship among the earning announcement rate, the accuracy of profit forecast by management, and overinvestment. Nevertheless, the opposite applies concerning the absence of updated financial statements due to significant errors. Moreover, the relationship among the earning announcement rate, the accuracy of profit forecast by management, and underinvestment is not affected by managerial overconfidence; but managerial overconfidence strengthens the relationship between the absence of updated financial statements due to significant mistakes and underinvestment.

Decision making is an important and vital part of accounting and auditing systems. Considerable attention has been drawn to the variables affecting people's decisions. These variables are in a spectrum from physiological variables to psychological variables. Therefore, in this research, the effect of information display format and visual illusion, as well as the effect of different emotions on people's decision-making behavior, were investigated. This research is descriptive and semi-experimental. The method of data analysis is analysis of variance and its statistical population is graduate students in the field of accounting. The results of this study show that different formats of information display are effective in people's decision-making behavior, the information presented in the form of a table, leaving aside the presence or absence of location problems that belong to the readers of financial information, leads to They make more accurate decisions. Also, the financial information displayed in the form of 3D graphics without grid lines creates a visual illusion and leads to bias in the decision of financial information readers. Also, the findings of this research show that the decision-making of students who had normal feelings was less opportunistic than students who had unusual feelings (happy/sad).

Today, advances in financial technologies include robotic financial transactions, payments made through Today, advances in financial technologies include robotic financial transactions, payments made through cryptocurrency-free operating systems, fundraising platforms, financial consulting, technical and robotic assistance through cyberspace, and the latest virtual coins that have recently been developed. The value of global investment in current financial technologies has been significant in recent years. Accordingly, in this study, the issue of drawing a coherent horizon in order to develop a strategy with financial technologies in Iranian commercial banks has been addressed. The statistical population of the research includes all the participants from among the experts in the number of 20 experts and academic experts in the fields of accounting, finance, management, banking and economics in the field of commercial banks in Iran who have reached theoretical saturation.. The research method is mixed (quantitative-qualitative) and all the required data and information have been collected. Then, to test the research hypotheses, it has been prepared through theoretical foundations and field investigation (distribution of 384 questionnaires). Descriptive and inferential statistical techniques such as Cronbach's alpha tests, Kolmogorov-Smirnov and structural equation modeling (SEM) have been used to analyze the data. In the qualitative part, the key criteria of the research were identified by fuzzy Delphi method. Then by conducting factor analysis and structural analysis, the results showed that each of the components of financial strategies, financial technology, conditions and features of the banking system environment, intervening factors and ...

AbstractThe purpose of this study was to investigate the effect of the complexity of accounting information on the speed of adjustment of the optimal capital structure in companies listed on the Tehran Stock Exchange. In this study, the complexity of accounting information was selected as an independent variable and two criteria of "consolidated financial statements and a variety of products or services" were used to measure it. Also, the rate of adjustment of the optimal capital structure was selected as a dependent variable and the Partial Adjustment Model by Flannery and Rangan (2006) was used to estimate it. The statistical population of this study was all companies listed on the Tehran Stock Exchange and the statistical sample of the study included 119 companies active in various industries during the years 2012 to 2019. The research method was correlational and to test the hypotheses, the ordinary least squares regression method and panel data and Stata14 software were used. The results indicate that the complexity of accounting information has a negative and significant effect on the speed of adjustment of the optimal capital structure in companies listed on the Tehran Stock Exchange. In interpreting this result, it can be said that increasing the ambiguity and complexity of accounting information in financial statements will reduce the speed of adjusting the movement of companies towards the optimal capital structure.

Companies having political connections can provide valuable resources for the company. On the other hand, it is necessary for companies to invest in the field of social responsibility in order to gain the trust of society. Therefore The purpose of the present study has investigated the effect of chief executive's political connection on dimensions of corporate social responsibility due to the moderating role of chief executive’s efficiency. The dimensions of social responsibility that have been investigated in the present study include corporate responsibility in the areas of environment, social performance, human resources and products and services and for this purpose, data related to 130 corporates listed on the Tehran Stock Market during the years 2015 to 2019 were examined using multivariate regression. Findings from the test of research hypotheses showed that there is a negative and meaningful relationship between chief executive's political connection and environmental responsibility and corporate human resources responsibility, and chief executive’s efficiency moderates the relationship between chief executive's political connection and corporate environmental responsibility, and also there is no meaningful relationship between chief executive's political connection and social performance and corporate products and services responsibility.

his study was conducted with the aim of identifying the leading companies in the stock market and the impact of the currency crisis on the change of these companies, using the spanning tree model. For this purpose, the daily price returns of 50 selected stocks from the Iranian stock market and in two time periods were used to form the stock network. The period from March 24, 2016 to March 20,2018 was determined as the period before the currency crisis, and by identifying the currency event on April 4, 2018, using the ICSS model, the period from April 4, 2018 to July 21,2020 was determined as the period after the exchange rate crisis. According to the findings of the research, in the period before the exchange rate crisis, the symbols of Khepars, Foulad and Kegol have the highest correlation with other stocks. In other words, these stocks have been able to play a leading role. After the jump in the exchange rate, Veghdir and Foulad were identified as the leading stocks. According to the results, export-oriented industries have been able to maintain their leading role after the exchange rate crisis, and import-oriented industries such as automobiles have lost their leading role.