فصلنامه دانش سرمایه گذاری
پیاپی 48 (زمستان 1402)

In recent years, the country's economy has faced a major challenge in the index of economic growth and inflation, and several factors have contributed to this challenge. Many theorists believe that banks and their risks have contributed significantly to these economic fluctuations. This study seeks to find an answer to the relationship between economic growth, inflation and risk and competitive banking indicators using the GMM model and quarterly data from the country's banks since 2007.The results show that there is a significant relationship between economic growth and systemic risk indicators and Herfindahl-Hirschman. With the increase in systemic risk of the banking sector and the Herfindahl-Hirschman index, the country's economic growth index has decreased; Therefore, it can be concluded that controlling and reducing the systemic risk of the banking network is very important to increase economic growth. On the other hand, banks' competition in the country's economy is not useful and effective for economic growth and destructive competition dominates the country's banking network. Regarding inflation, the relationship between the competitiveness of the banking industry and inflation is positive and one of the inflationary factors in the country's economy is the competition of banks.

This study the effect of a set of personality and structural characteristics of management (including short-sightedness, optimism, conservatism, independence, gender diversity of the board, stability and ability of management) on competitiveness in The market of products of companies listed on the Tehran Stock Exchange has been discussed. This study uses a sample of 144 companies listed on the Tehran Stock Exchange in the period 2007-2007 and using statistical methods such as data envelopment analysis, regression model based on panel data and Data mining methods (neural network model and decision tree) have been performed. Findings of regression methods showed that among the studied variables, short-sightedness, board independence, stability and management ability had a significant effect on competitiveness in the products market. Comparison of the results of regression methods and data mining models showed that among the characteristics of management, only the variables of short-sightedness, ability and robustness of management had a significant effect on competitiveness in the market of products of companies

Restatement of financial statements is one of the factors that can have a major impact on investors' decisions in financial markets. Re-issuing financial statements can create (emotional and cognitive) stress for investors. Therefore, the main purpose of the present study is to investigate the effect of (psychological, social and spiritual) dimensions of investors on the stresses caused by the Restatement of financial statements. A researcher-made questionnaire in two dimensions of emotional and cognitive stress was used to measure the reversals of financial statements. The statistical population of the present study consisted of 49 investors in the stock market. The data were collected using an online questionnaire designed. The research method is a survey and applied purpose. Smart-PLS software was used to test the research hypotheses. The results showed that psychological dimensions did not affect any of the emotional and cognitive stresses caused by the Restatement of financial statements. On the other hand, investors' spiritual dimensions are affected by the emotional stress caused by the Restatement of financial statements, but it is not affected by the cognitive stress caused by the Restatement of financial statements, indicating that investors are emotionally treated and ultimately dimensions. Social impacts on cognitive stress arising from financial restatement but not emotional affect arising from financial restatement .

Improving the economic and business environment is the most important factor in preventing bankruptcy, therefor, Artificial intelligence uses to predict the bankruptcy of companies in the future. In this study, companies in the Tehran Stock Exchange over a period of 10 years in terms of bankruptcy localized model of Kurdistani-Tatli based on the Altman model were examined and companies were identified as bankrupt and healthy. Research data were collected, categorized and refined using secondary data extracted from financial statements and through the database of the Exchange Organization and the Central Bank.The models used to evaluate the data and predict the bankruptcy of companies are artificial intelligence models . Artificial neural network, combination of neural network and genetic algorithm and the K-nearest neighbor method has been used. They were also compared in terms of prediction accuracy. The output of the models indicates that the addition of corporate governance indicators to the financial ratios indicators has not improved the results. Therefore, financial ratios alone are sufficient for predicting and determining bankruptcy. The proposed model of this research based on accuracy is a combined model of neural network and genetic algorithm that has the highest accuracy. Genetic algorithm improves the optimal results of the neural network and provides a more optimal answer.

In today's business environment, the use of financing instruments in accordance with the law and the use of new communication technologies can provide the basis for economic growth and development and increase the satisfaction of debt market investors. Considering the conditions and criteria of the country's financing systems and the limitations of financing tools in the country, in the present study, the Islamic financing model and the relationship between indicators affecting the development of financial markets and new communication technologies during 2017 to 2019 have been studied. With an in-depth library study of domestic and international resources, the use of scientometric findings due to the emergence of communication technologies, the novelty of the development of government debt market, lack of research resources, high accuracy and speed, and innovation Was done, in the next step with the two-stage Delphi method, agreement on executive solutions was reached. The statistical population consists of economic experts, media experts, managers of the Tehran Stock Exchange, OTC and Debt Management Center, all of whom have been involved in the implementation of the financing model, and according to the purpose of the research, purposeful selection Were. Structural equations were used to model the equations using Spss, MicMac and Smartpls software to test the model and the following indicators tailored to the existing requirements of each of the indicators affecting the development of the debt market,

Value at risk, which is a way of measuring the risk of reducing the price of portfolios or financial portfolios, is one of the most important market risk measures, which is widely used to manage financial risk by the Financial Regulatory Authority and portfolio managers.the effect of monitoring criteria on value at risk is considered as the risk criterion considering the role of intellectual capital and risk management with regard to the importance of value at risk as the main purpose of the research.for this purpose, financial information of 138 companies active between 1390 and 1397 was used as statistical society.to test the hypotheses of the research, using structural equation modeling and statistical analysis tests, the t - statistic was used. the results of the research show the effect of Corporate Governance system on value at risk, as well as the moderating role of risk management on value at risk. in this study, it has been shown that intellectual capital is not related to the impact of the criteria of Corporate Governance and value at risk of the information content.

Behavioral functions in the field of financial market today is considered as one of the important bases in financial decision making and management. Knowing the criteria and processes influencing decision making can be useful to the dynamics and effectiveness of free flow of information to control risk and achieve greater returns. Investors are classified as one of the most important pillars of the capital market, ranging from perceptual decisions to emotional / collective and collective behaviors such as mass decision-making, which can upset capital market equilibrium according to market conditions and changes. The purpose of this research is Stock Price Synchronicity and Herd Behavior of Decision on the Capital Market: Testing Moderating Role of Institutional Shareholders. This study examined 102 stock exchange companies in the period 2014 to 2018. In this study, in order to measure and test the research hypotheses while using regression assumptions and testing hybrid models, multiple regression was used to test the research hypotheses. The results of testing the research hypotheses showed that stock price synchronicity has a negative and significant effect on the mass behaviors of shareholders and despite the institutional shareholders as a moderating variable, this effect is intensified in a negative direction.

According to the principles of sustainable development, one of the important dimensions of rural sustainable development theories is economic development alongside and overlapping with social and ecological development based on investment approaches. In this study, with the aim of developing rural entrepreneurship, an attempt was made to answer the question "how to improve the performance of the ecosystem and the development of entrepreneurship in rural Iran by studying the mediating role of rural empowerment." It should be noted that this research is applied in terms of purpose Which has been done with a quantitative method of structural equation modeling strategy by partial least squares method with PLS approach. The results show that two currents of cognitive empowerment can lead to the development of rural entrepreneurship. Based on the research findings, several practical suggestions, including raising awareness about empowerment components at three levels of individual, group and enterprise, were presented to rural businesses.

The link between financial development and economic growth has always been one of the important goals of governments in developing countries. Accordingly, those banks have been able to influence economic growth by providing the resources needed for real investment in the role of financial intermediaries. One way to look at this performance is to validate the bank's customers' economic growth. The econometric model used in this paper is a system of simultaneous equations, which are four separate models with the variables of validation, inflation rate and unemployment rate, which examine their impact on economic growth. The statistical population of this article is the information received from the branches of Iranian Export-Import Banks, and the data were analyzed using Eviews software. In the first step, various tests such as generalized Dicky Fuller, Phillips Perron were used to check and report the reliability or unreliability of the variables, and to estimate the proposed model, the method of minimum weight squares and the two-step minimum squares method were used. . The results show that the variables of validation and inflation rate have an effect on economic growth and the variable of unemployment rate does not affect economic growth except the first model.

Banks are the most important institutions in terms of mobilization and allocation of financial resources and savings.The risk of banks along with their performance has always been considered. Many factors affect the bank risks which have been investigated in various studies. The concept of social capital has been considered in recent years, but little research has been conducted about the relationship between social capital and the bank risks. Managers' social capital can be defined as the number of social relationships between company managers and their counterparts in other companies and other groups. the main objective of this research was to examine the impact of managers' social capital on bank risks. The research hypotheses testing were conducted using the correlation statistical method of panel data by the data on 30 banks of the I. R. Iran. Conclusively, 260 data-years were extracted to test the hypotheses. The results of the research showed that social capital had a reversal and significant effect on a variety of bank risks, including credit risk, liquidity risk and operational risk.

Financing has always been one of the main challenges for the creation and development of start-ups and knowledge-based companies. Access to finance for entrepreneurs is one of the main concerns of entrepreneurship to be able to implement the identified opportunities. Therefore, based on this argument, the purpose of this study is to provide a model for entrepreneurship financing with a collective participation approach in knowledge-based businesses. The statistical population of the present study consists of active entrepreneurs and officials and managers of knowledge-based companies, the elite in knowledge-based executive work. The results of the research show that after the necessary studies, we have concluded that the external dimension with a value of 0.52, and the dimension of access to internal financing with a value of 0.06 and the internal dimension with a value of 1.49 were causal and effective variables. And the facilitator dimension with -0.92 and the access to external financing dimension with -0.73 is a causal and effective variable. In the relationship between the identified variables, it is assumed that the three main factors are external factor, facilitator and external factor in access Be effective in entrepreneurship financing sources with a collective participation approach.

The power of profitability and increasing the wealth of shareholders in the enterprise requires the optimal use of resources and performance efficiency, especially in investment; In this regard, the effect of accounting information quality on investment performance was investigated by the role of auditing quality adjustment and capital cost; Therefore, the proposed theoretical model was first evaluated by distributing a questionnaire among 44 experts by Delphi method and analyzing it by structural equation method. Thus, the most effective factor was the quality of accounting information (profit forecasting) and audit quality (institutional size); Then, the theoretical model designed with selected factors with 138 companies listed on the Tehran Stock Exchange in the period 2013 to 2020 were tested by data panel method. The results showed that the quality of accounting information improves investment efficiency and more or less reduces investment; Also, the quality of the auditor and the cost of capital as moderators strengthen the relationship; These results were confirmed both by questionnaire analysis by structural equations and by regression method. The proposed model of this research can provide a good view of the factors affecting the efficiency of investment for stakeholders to provide the ground for improving the quality of investment and on the other hand to monitor the efficiency of investment.

The bank’s real profitability by adsorbing the deposits, payment loans, and making investments may create cash flows different from what has been anticipated for the apportioned budgets. In line with this, the banks must predict cash flows and factors influencing their profitability. The present study tries to investigate and elucidating the effects of loan repayment losses and deposit costs on the growth in the banks’ profitability.Since there is no model for measuring the loan payment losses and deposit costs, the present study engages in designing and pretesting of models for measuring the loan payment losses and deposit costs based on Iran’s banking; then, the designed models will be used for measuring the loan payment losses and deposit costs. GMM-based multiple-regression is the method used herein along with the financial statements of Sarmayeh Bank as well as central bank’ information for a time span from 2011 to 2019.Corresponding to this research’s results, the loan payment losses and deposit costs are factors influencing the profitability of Sarmayeh Bank. In other words, the increase in the loan payment losses and the deposit costs brings about reductions in the profitability rate of Sarmayeh Bank.

Given the importance of stock price fluctuations after the initial public offering for investors,the important factors that cause these fluctuations were examined. For this purpose, the political relations of companies with the government(using the methods of company size factors and the percentage of government ownership)and information asymmetry(using the difference in the offer and sale price range)were investigated that To examine the relationship between political communication and stock price volatility by comparing the means of two independent groups and Multivariate regression method was used to investigate the relationship of information asymmetry.Also,to examine the more accurate dimensions of this relationship, to examine the control variables of supplier reputation and credibilit(using three registered capital characteristics relative market share of initial supply and Number of managed initial public offerings)institutional ownership,earnings management, audit quality and number of shareholders.Findings show that companies'political relations with the government do not affect short-term stock price fluctuations,but these fluctuations in the long run are less for companies with political relations with the governmen (company size factors)than companies without connections. It is political Also, increasing information asymmetry increases stock price volatility after initial public offerings in the long run, but is not effective in the short run.Also, the reputation and credibility of the supplier does not affect price fluctuations, which indicates the lack of attention of investors in Iran at the time of initial public offering to the reputation and credibility of the supplier and the reputation and credibility of the supplier can not affect investors'decisions unlike research in other countries.

The aim of this study was to identify the dimensions and indicators of organizational culture development for primary schools in Alborz province. This research is applied in terms of purpose and in terms of collecting qualitative information of the grounded theory type. In the qualitative section, education specialists and experts (who have scientific and executive backgrounds in education) and university professors (faculty members, with research backgrounds related to organizational culture) were considered as the research community. Targeted snowballs were selected. Semi-structured exploratory interviews were used to collect information on national and international documents related to the subject of the study. The interviews went on until the theoretical saturation in the dimensions and components of the research and then stopped with the decision of the researcher. Finally, after collecting information from the interview sections and reviewing the sources, the data were analyzed through coding (open, axial and selective). To determine the validity of the findings, in addition to the data were selected and confirmed by studying the theoretical foundations, research background, sources, interviews with focal people, the opinions and guidelines of a group of experts were taken into account and final coding was done before coding. Findings showed that a total of 9 dimensions and 80 indicators of interviews about organizational culture in primary schools in Alborz province were counted. The identified dimensions were: organizational structure, organizational goals, human capital, leadership, strategy, social capital, organizational environment, organizational technology and psychological capital

Today, managers' behavioral biases play a very important role in investment and investment sentiment. Behavioral methods of managers can shape the efficiency of investment in companies. Based on this, the main goal of the current research is to provide an investment efficiency model based on the behavioral biases of managers, emphasizing the role of investment sentiment in companies listed on the Tehran Stock Exchange. The statistical population of the research is all the companies admitted to the Tehran Stock Exchange. As a sample, 143 companies were examined in the period from 2012 to 2019. Hypotheses testing was done using the combined data regression method and panel data in EViews10 software. The results obtained at the 95% confidence level using the generalized least squares method showed that overconfidence bias has a negative and significant effect on investment efficiency. Also, investment sentiment have a moderating and negative role in the relationship between overconfidence and investment efficiency. But the biases myopia, optimism and agency intuition variables have no significant effect on investment efficiency. Also, investment sentiment do not play a moderating role in the relationship between biases myopia, optimism and agency intuition with investment efficiency. Based on the results, it can be said that based on behavioral financial principles, the increase in investors' desire to invest in a company increases the overconfidence of managers, and they invest based on their feelings, which ultimately reduces investment efficiency.

The purpose of this paper is to show how investing in blockchain technology and its application can improve supply chain characteristics (adaptability, regulation and agility) that will overall increase competitive advantage, which in turn will affect company performance. The analysis method was structural equation modeling with partial least squares (PLS) in a sample of 246 accountants working in Tehran stock exchange companies and accounting professors. The results of the present study show that blockchain technology can improve the supply chain (compatibility, alignment, and agility), which leads to competitive advantage, which in turn leads to better company performance. The present study shows that blockchain technology will help to improve supply chain parameters. These findings, in addition to enriching the theoretical literature on the subject, can help companies to develop and promote blockchain-based information technology applications for competitive advantage and better performance.

The development of financial markets is impossible without the development of financial instruments and institutions. With the design and development of new financial instruments, the need for new, fast and smart trading methods is inevitable. In this research, an attempt has been made to investigate the effect of using the algorithmic trading method on the liquidity of investors' shares.For this research purpose, the transactions of three major capital market management funds, including Novin Poror, Sabanik and Capital Bonus, have been studied in 1998 and 1999 in relation to the stocks under their management. The trading data of the companies under the management of these funds have been examined in terms of the type of sample distribution and normality.After ensuring the normality of the data distribution, the hypothesis of the research regarding the effect of algorithmic trading on the liquidity of investors' shares has been investigated with the appropriate statistical method. According to the research results, the use of algorithmic trading methods has a direct effect on the liquidity of companies' shares.

With the increasing growth of digital marketing in the field of financial services of banks, the level of awareness of customers about the quality of banking services has increased. Therefore, customers no longer accept any kind of services, and this causes an increase in the number of competitors in the bank. Therefore, banks should seek to strengthen their competitive position by identifying marketing challenges and opportunities. The purpose is to identify and rank the opportunities and challenges of digital marketing in the banking industry with an emphasis on financial and investment services (by Grounded Theory) in Sepah Bank. The research was conducted in two parts. First, with a qualitative approach, opportunities and challenges were identified from experts in the field of digital marketing in the bank, and second, in order to survey the findings of the qualitative section and also to rank an opportunities and challenges from the experts' point of view, the approach Quantitative and Shannon entropy were used. In the qualitative part, 9 semi-structured interviews were analyzed using the content analysis method, and in the quantitative part, the identified dimensions and sub-indices were weighted and ranked using the Shannon entropy analysis. The results showed that the most important dimension is the promotion dimension, and the most important indicator is the analysis of customer behavior, and the most important challenge is the technical dimension, and the most important indicators are a lack of digital culture, the lack of attractiveness of content, services and needs to expert employees.

Today, with the widespread changes in the global economy, business risks and opportunities are constantly changing. therefore, companies need procedures to identify and evaluate, manage and monitor their business risks and opportunities. according to the conditions mentioned the key question is how should a company take effective steps to manage the risks and opportunities in their business in order to maximize value for them? enterprise risk management is created to answer the needs of organizations about this matter and it has been the focus of business and academic community in recent decades. the concept of enterprise risk management (ERM) is a systematic approach to identifying, evaluating, prioritizing and controlling risks and their overall impact on the whole company and with a holistic view. the main purpose of this research is to extract and group the components and dimensions of corporate risk management and identify the requirements and contexts for its effective implementation in the agricultural conversion industries using the Meta-synthesis method. the tool of this review is previous documentation, which comprises a total of 60 studies and the method of data analysis is open coding. the results show that 204 identified codes can be classified into 33 main dimensions.

Choosing the right portfolio is always one of the most important issues for investors. The price trend is predicted using technical analysis or basic analysis. Technical analysis focuses on market performance, while the focus of fundamental analysis is on the mechanism of supply and demand, and these changes prices. The existence of a solution to predict growth or decrease in stocks has been studied as a basic need in this study. In the present study, with the help of a monitoring dataset, a solution based on Raff collection algorithms and hierarchical analysis to reduce the feature and decision tree algorithms, backup vector machine, and business network have been used for prediction. This proposed solution has been implemented using language and compared with different solutions, and the research results have shown that the proposed method with 80% accuracy of prediction and 20 errors in prediction has the highest accuracy and the lowest error rate among the methods compared.

Using effective and efficient criteria in choosing the investment portfolio can provide the most profitability for individual and institutional investors. Therefore, it seems necessary to choose a hybrid method to create a portfolio that shows better performance. The purpose of this study is to provide a model that can combine Multi-criteria decision-making techniques and Markowitz's mean-variance model, in different periods, to create an optimal portfolio that maximizes shareholder profits. The proposed model was implemented in three steps. In the first step, using the AHP technique, utilizing the opinion of experts, comparing different decision options based on the fundamental and technical criteria effective in decision making and prioritizing the mentioned criteria during the period from June 2016 to June 2021, among industries Activists in the Tehran Stock Exchange were selected as top industries. In the second step, from selected industries, three portfolios with one-month, six-month, and one-year periods were selected using the CoCoSo technique. In the third step, using the Markowitz model in the expressed time period, optimal portfolios were created on the efficient frontier. The results of this study showed that this hybrid proposed model will give more returns to investors according to the risk in different time periods.

The main purpose of this research is to investigate the relationship between stock liquidity and cost of capital and family ownership in 113 companies among the companies listed in the Tehran Stock Exchange during the period of 1391 to 1395. The research method is correlational and multivariate regression has been used using combined data with a fixed effect regression model approach. The research findings indicate that there is a positive and significant relationship between the Amihud lack of liquidity variables and the number of trading days with cost of capital equity, and there is a negative and significant relationship between the spread ask – bid price and the cost of capital equity. Also, there is a positive and significant relationship between the percentage of free floatation shares and the number of trading days with the cost of capital debt and there is a negative and significant relationship between the bid – ask spread and with the cost of debt capital. Also, there is a positive and significant relationship between the Amihud lack of liquidity variables and the number of trading days with the weighted average cost of capital, and there is a negative and significant relationship between the price bid – ask spread and the value of transactions with the weighted average cost of capital. In addition, the family ownership variable has a positive and significant effect on the between stock liquidity and weighted average cost of capital.

The present study offers a new interpretation of the Generalized Integral Transform Technique as a powerful numerical method called the Integral Transform method. This method transforms models of nonlinear partial differential equations into a nonlinear system paired with ordinary differential equations to be solved numerically. On the other hand, in the present study, not only pricing is discussed, but also model calibration, which is a critical process, is designed to minimize the difference between the observed prices and the model prices. In order to implement the proposed model, the present study has used the call option data offered in the Tehran Stock Exchange and as a sample, has used the call option information of SAIPA Company shares for the maturity of June 2022. First, the Conditional Probability Distribution Function for different initial values of the underlying asset was obtained by coding in Python environment, and then the model was calibrated at different maturities. The results showed that the model calibration based on the Dove Swarm Optimization algorithm is suitable for options that are in a state of At-the-Money or In-the-Money in all maturity scenarios and are in Out-of-the-Money state in the midterm and long term scenarios. Furthermore, calibration based on the ant colony optimization algorithm can be used for options that are in an Out-of-the-Money state in the short-term scenario.

Unforeseen events are among the issues that plague governments and nations and cause many casualties and economic losses. In this article, with a basic and soft approach to the mission of civil engineering, a strategic model has been designed for earthquake crisis management. In this regard, the mixed research method (combination of quantitative and qualitative methods) has been used and while obtaining the opinions of experts in the fields of earthquake engineering and crisis management, quantitative and qualitative variables affecting the seismic vulnerability of the areas have been identified and analysed, so that the quantitative and measurable variables have been investigated through seismic vulnerability assessment model and other effective strategic factors that have a qualitative nature, have also been evaluated using SWOT strategic analysis technique. In the qualitative part of the research, the conceptual framework of the model as well as the seismic vulnerability assessment criteria have been extracted, using the Content Analysis method. In the quantitative part of the research, the desired model was fitted using statistical techniques such as correlation test. In addition, the importance factor of the seismic vulnerability assessment criteria and the numerical indices of the seismic vulnerability intensity were determined using the Analytic Hierarchy Process (AHP) method and applying the Expert Choice software. Then, based on the seismic vulnerability analysis, appropriate strategies have been formulated and prioritized according to their importance level. Finally, implementation solutions have been proposed according to each strategy. In order to implement the final model, the district 22 of Tehran city has been selected as the case of study, which is the largest urban development zone connected to Tehran and, in other words, the most standard urban district in the country.

The purpose of the current research is to explain the factors influencing behavior (risk taking, self-confidence and strategic thinking) on the relationship between emotional intelligence and the quality of investment judgment and decision making. The research method is analytical and correlational in terms of goal, and quantitative and applied in terms of the research process. The statistical population includes people with a stock exchange code, which was determined by the software to have a sample size of 366 people. In order to measure the variables, relevant standard questionnaires have been used. The data collected by SMART PLS/4 software has been analyzed and the results of the hypothesis test show that emotional intelligence has an effect on the personality traits of self-confidence, risk-taking, strategic thinking, and the quality of judgment and decision-making. It is positive and significant, and strategic thinking has a partial mediation role on the relationship between the independent variable of emotional intelligence and the dependent variable of judgment and decision-making quality, but the variables of self-confidence and risk-taking are not mediators. It is suggested that investors, by strengthening their emotional intelligence and strategic thinking, fight against the psychological mistakes of investing and improve the returns of their investments.

This study evaluates the D-CAPM and A-CAPM models in comparison with the standard model in explaining the cost of capital in companies accepted in Tehran Stock Exchange. The period of research from the period of 1385-1396 is 12 years. Independent variables used in this research are various risk measurement indicators (beta coefficient) based on different models of capital asset valuation including standard capital investment pricing model, price model Redeeming capital assets and modeling the costing of asset-adjusted assets. The dependent variable of the present study is the weighted average cost of corporate capital. In this research, the control variables of financial leverage, company size, instant ratio, ratio of debt to equity, fixed asset ratio and net profit growth were also used. In this study, data of 153 companies during the years 1385-1396 The whole of the companies, the study and the results show that the model of pricing of declining capital and adjusting capital in explaining the cost of capital compared to the model of standardized capital asset pricing has more power Has enjoyed. It should be noted that the variables of the research are calculated with Excel software, and then the data are combined / combined at the company level using the software EViews9

What experienced today is a huge shift from material resources to knowledge. Physical and financial assets are now necessary but insufficient to achieve the goals of the organization. Instead, knowledge, technology settings, good customer relations, information systems, etc., which constitute the intellectual capital of the organization, are recognized as the key factors of success in the information age. It believed that intellectual capital, including human capital and structural capital, has an increasing role in the performance of the company and is effective on its financial achievements such as market value, profitability, productivity, etc. The purpose of this study is to investigate the relationship between tendencies to the market is in line with the creation and development of new products on the financial performance of Iran Dairy Industries Company (Pegah). In terms of implementation method, this research is a descriptive research from the correlation branch and from the survey group and is cross-sectional in terms of time. 15 production companies and 5 sales areas of Iran Dairy Industries Company (Pegah) were considered as the research community . The results showed that the market orientation from the sub-section of innovation strategy in the direction of the tendency to create new products has an impact on the financial performance of the company and this effect is significant.

The purpose of this article was to measure systemic risk and the impact of fundamental variables on it in the country's banking system. In this regard, information from the period of 2010-2019 was used. In the first part, systemic risk indicators were estimated, then the impact of the fundamental variables of the country's banking system and financial stability was evaluated. In order to estimate the model, the final expected deficit method (MES) and panel data were used. The systemic risk index in this research is obtained from the calculation of the degree of leverage (debt size), market size and expected final deficit (MES) in order to finally be able to model the factors affecting it.In this research, first of all, different types of systemic risk assessment models have been evaluated according to the forecast error, and then, with the better selected model, the relationship between systemic risk and the important ratios of the country's banking system has been evaluated. The results showed that there is a significant positive relationship between independent variables such as inflation rate, external debt, government debt, liquidity growth, non-current facility rate, debt ratio and the ratio of book value of equity to market value, and independent variables such as profitability There is a significant negative relationship between the total index of the stock exchange, the growth rate of GDP and return on assets with the systemic risk index among the country's banking system.

The purpose of this research is to explain the pattern of effective criteria in the growth of production with an emphasis on creating value for shareholders in companies admitted to the Tehran Stock Exchange. In line with the purpose of the research, research information was collected from the financial statements of listed companies in the period of 2010-2020. Multivariate regression method with panel data was used for statistical analysis. The findings of the research model test show that the rate of return on assets, current ratio, company size, financial leverage, stock liquidity, CEO tenure, political connections have a significant effect on the added value of shareholders.