نشریه پیشرفت های مالی و سرمایه گذاری
پیاپی 10 (بهار 1402)

Reporting to the outside world provides an overview of a company's financial position, performance, and flexibility. The purpose was to use a three-branch model to conduct a pathology of the framework of mandatory information disclosure in the capital market.

The present research was a qualitative study that employed themes analysis. The study concentrated on auditors, financial managers, and shareholders, who are the primary and most important users of financial statements. First, the initial disclosure framework was extracted using the Securities and Exchange Organization's control checklists. The data was then analyzed using themes analysis after interviews were conducted with 14 auditors and experts from the Securities and Exchange Organization.

Based on the research findings, regarding the disclosure of information in the capital market, structural, behavioral and environmental damages were identified. The instructions are sometimes formal and not applicable, or are presented in general and lack executive details.

Originality / Value: 

The results of this research can be effective in reviewing and modifying the guidelines and framework of information disclosure, as well as improve the quality of disclosure and make information more reliable, and finally be able to attract the attention of stakeholders and users of information.

The corporate sustainability performance discourse has created an increasing motivation for companies to improve their competitive advantage. The present study seeks to investigate and test the relationship between board of directors' expertise and characteristics with sustainable performance in companies listed on the Tehran Stock Exchange.

Among the characteristics of the board of directors, the characteristics of the dual role of the CEO, managerial ownership and independence of the board of directors were investigated. The statistical population of the research includes 63 companies admitted to the Tehran Stock Exchange during the period from 2012 to 2019. To test the hypotheses of the research, the data was analyzed using the multiple linear regression method and using Eviewse10 and Excel software.

The results of the research show that there is a positive and significant relationship between managerial ownership, the dual role of the CEO, and the independence of the board of directors with sustainability performance. In fact, the level of sustainable performance is higher in companies with managerial ownership and CEO duality, independent board of directors.

Originality / Value:

 Based on the findings of the current research, financial market activists should pay more attention to sustainability activities and their full disclosure in financial statements, and investors should also pay more attention to the analysis of They should consider the characteristics of the board of directors and audit committee for investment.

Economists have attributed a major part of the slow economic growth process in the financial markets of developing countries to the underdevelopment and inefficiency of information technology and digital innovations used in this field, and systematic reforms of this sector are necessary to achieve extensive economic growth. They recommend more. However, there are challenges in how to innovate to digitize financial markets. Besides, so far, no research in Iran has specifically explained the role of digital innovations in financial markets. Therefore, the purpose of this research is to explain digital innovations in financial markets and provide a structural model regarding the factors affecting the impact of digital innovations in the financial market of individuals from the perspective of experts through a phenomenological approach.

This research is based on qualitative research, which investigated the views of 12 Iranian financial experts with the help of the phenomenological approach and using the snowball technique.

The results of the research showed that the proposed model of the impact of digital innovation in the financial market includes 4 main themes of managing the complexity of shareholders, building a proposed smart service, developing a technical solution and guaranteeing economic life, as well as 19 categories and 41 factors for digital innovations in the financial markets. They are influential.

Originality / Value: 

Therefore, the key to the development, growth and survival of today's financial markets is digital innovation, which plays an essential role in the transformation of financial markets and the economy of countries.

The purpose of this research is to investigate the influential factors for improving the credit rating of companies based on financial reporting and social responsibilities.

This study is a fundamental research that formulates a model to improve the credit rating of companies based on financial reporting and social responsibilities. It provides insights for other studies and addresses some credit-related issues. Additionally, a quantitative approach has been employed in this research. The sample size was estimated to be 384 individuals using the Morgan table. The determinants of companies' credit rating based on financial reporting and social responsibilities were analyzed through Grounded Theory.

The result of this process led to the development of a paradigmatic pattern consisting of six main categories: causal conditions, central phenomenon, intervening conditions, background conditions, strategies, and consequences. Twenty interviews were conducted, which resulted in the identification of 16 fundamental categories: organizational factor, environmental factor, specialized factor, organizational commitment factor, organizational goals factor, strategic (management) factor, structural factor, human factor, knowledge factor, requirement factor, professional environment factor, progress factor, supportive factor, foundational factor, and efficiency factor. These dimensions comprise the pattern for improving the credit rating of companies based on financial reporting and social responsibilities.

Originality / Value: 

The results obtained from the structural equations demonstrate a significant relationship between causal factors and central phenomenon, between central phenomenon and strategic factors, between background factors and strategic factors, between intervening factors and strategic factors, and between strategic factors and consequences.

In traditional financial theory, the efficient market hypothesis states that market efficiency prevails in every stock exchange. However, evidence of market anomalies such as momentum effect and reversal effect exists. The aim of this study is to examine the performance of the reverse trading strategy under risk measures. To achieve this objective, four hypotheses were proposed.

This research employs a descriptive correlational method. The population of the study consists of all listed companies in the Tehran Stock Exchange during the period from 2013 to 2020. A systematic sampling technique was used to select a sample of 118 companies. Reverse profit is considered as the dependent variable, while systematic risk, liquidity risk, credit risk, and financial leverage are considered as explanatory variables.

The findings indicate that systematic risk has a positive effect on reverse profit in all holding and formation periods. Liquidity risk does not have a significant impact on reverse profit. Credit risk and financial leverage have a positive effect on reverse profit. Furthermore, the results show that the influence of systematic risk, credit risk, and financial leverage on reverse profit is greater in the 24-month period compared to the 12-month and 36-month periods.

Originality / Value: 

The results of this study provide valuable insights for portfolio investors and managers to consider company risks when investing through the reverse trading strategy. Additionally, market participants should focus on high levels of systematic risk, credit risk, and financial leverage when utilizing the reverse trading strategy, as these risk dimensions present opportunities for them to achieve extraordinary returns.

This paper assessed the impact of financial information risk derived from earnings misstatement on cost of equity capital, as well as the role of stakeholder’s rights protection criterion.

The cost of equity capital is measured based on stockholders’ expected rate of return which extracted from capital asset pricing model. Also, stakeholder’s protection is assessed through various criteria such as separation of chairman’s duty, board independence, existence of internal auditor, shareholder with vote right, ownership concentration, audit adjustment, timeliness & reliability of information, disclosure of audit fee and managerial compensation. Accrual earnings management is considered as a proxy of financial information risk which is measured based on the standard deviation of residuals absolute values extracted from accrual model. Research population includes 183 firms listed in Tehran Securities & Exchange over the period 2012 to 2021. Research hypotheses analyzed through multivariate regression models using panel data by controlling industry-year effects.

Findings documented that high level of financial information risk caused to increase the cost of equity capital. Also, high level of stakeholder’s protection index led to decrease the cost of equity capital; In addition, stakeholder’s protection indices weaken the impact of financial information risk on cost of equity capital.

Originality/Value: 

The evidences showed that the implementation of governance procedures in protecting stakeholders’ rights and reducing financial information risk caused by earnings misstatement, play an important role in reducing the cost of equity capital; so, understanding this issue can be a significant point in adjusting stakeholders' expectations.

 The aim of this research was to examine the scholarly and content trends of articles published in the journal "Advances in Finance and Investment," as one of the scientific publications in the field of finance and investment in Iran, from its inception until the end of 1401. Through identifying the characteristics of the information recorded in the articles, this study assists journal managers in identifying the strengths and weaknesses of the journal.

 This study employed a quantitative content analysis method and falls under the domain of scientometrics. The statistical population of the research included all articles published in the journal "Advances in Finance and Investment," and they were all selected as the sample. The data were collected using bibliographic citation analysis and were statistically analyzed using Microsoft Excel.

 The results of the research indicated that during the 3-year period under investigation, there were 60 published article titles with the participation of 170 authors. Among these authors, 66% held specialized doctoral degrees, and 18% were doctoral students, placing them at the top of the list of authors in this journal. Furthermore, the Islamic Azad University, Science and Research Branch, held the foremost position with 9 published articles, while the Islamic Azad Universities of Tehran South, Damavand, and Masjed Soleiman each held the second position with 8 published articles. In terms of the thematic focus of the articles, 28% of the works were related to investment and markets, followed by financial markets and institutions with 27%. Additionally, out of a total of 2,308 cited sources in the articles, 73% were in English, and 27% were in Persian.

Originality/Value: 

This research possesses both originality and scientific value, as it provided reliable results about the articles in the journal "Advances in Finance and Investment" using a quantitative content analysis approach. The information obtained from this study helps journal managers improve the scholarly and content trends of the journal and identify its strengths and weaknesses. Moreover, through the examination of author participation in terms of specialization and the ranking of universities and educational institutions, this research has substantiated its scientific and practical value.