فصلنامه سیاستهای مالی و اقتصادی
سال یازدهم شماره 41 (بهار 1402)

Considering the different views on social responsibility and the expansion of the corporate social responsibility concept, the purpose of this research is to investigate the relationship between investment efficiency and corporate social responsibility with regard to the effectiveness of managers' behavior with emphasis on the hierarchical approach.

The data of 102 companies admitted to the Tehran Stock Exchange in the period from 2011 to 2020 have been analyzed using the dynamic panel data approach and the GMM method.

The findings of the research showed that although increasing the social responsibility of companies does not improve the efficiency of investment, increasing the overconfidence of managers improves the efficiency of investment. Despite of managers who are not willing to increase the efficiency of investment through internal financing, companies with high social responsibility tend to increase investment efficiency by internal financing.

The purpose of this research is to investigate the impact of investors' sentiments on returns, cash flow, discount rates and performance of companies listed on the Tehran Stock Exchange. The research method used in this study is a quasi-experimental method with a retrospective design. The statistical population includes all the active companies listed on the Tehran Stock Exchange from the beginning of 2013 to the end of 2019, of which 115 companies are selected as a sample by purposeful sampling method (systematic elimination method) according to the existing limitations. In order to test the hypothesis, the method of generalized moments (GMM) is used. The results of data analysis and hypothesis testing show that investors' sentiments, with different measurement methods, affect total return, cross-sectional returns, free cash flow, discount rate and performance of companies listed on the Tehran Stock Exchange.

In this study, the effect of bank size, bank leverage and some capital structure ratios on systematic risk of banks listed on the Tehran Stock Exchange has been investigated. In this study, a sample of 10 companies is selected from the banks listed on the Tehran Stock Exchange in the period 2010 to 2019. This study has a main and a secondary objective, which are, respectively, "investigating the effect of leverage on systematic risk in banks listed on the Tehran Stock Exchange" and "investigating the role of bank asset quality on the relationship between systematic risk and banks' leverage". Econometric methods (pooled data method and estimated generalized least squares method) are used to examine the research questions. This research is an applied research, as its results can be used in the decision makings of managers, investors and analysts. The panel data method and library and documentary studies are used respectively to estimate the mode and gathering the needed information. In this regard, statistical indicators are derived using the financial statements of banks published in the Comprehensive Information System (Kodal). The results show that bank leverage affects the systematic risk of banks. Also, the findings show that adjusting the leverage doesn’t have any role in increasing the positive relationship between bank leverage and systematic risk of these banks by asset quality.

In the last two decades, developing countries have moved towards achieving basic education. However, educational opportunities remain unequal in part due to the uneven allocation of educational resources. Furthermore, inefficient use of public budget for education jeopardizes the effectiveness of programs to expand access and improve learning outcomes. Therefore, this article uses the autoregression approach with a distribution interval to investigate the effect of educational expenditures on the performance of primary education in the provinces of Iran. The results of the long-term estimation for the years 2015-2018 show that all variables have a significant effect on the level of primary completion and with the expected signs in the provinces of Iran. The estimated coefficients of the short-term error correction model for all explanatory variables are negative, significant and have an adjustment speed of (-0.23), which indicates the correction speed of any imbalance in the short term. According to the results of the research, the government in Iran should strongly promote the policy of improving the quality of education in primary schools, as well as promoting justice and fairness in distribution of education budget and other educational funds. Improving and increasing the level of government expenditures on education is a key program in increasing the primary completion rate, reducing the dropout rate and increasing the quality of education. Also, government poverty alleviation and income policies can significantly encourage parents to enroll their children in schools.

One of the most important factors affecting the creation of liquidity in Iran's banking network is the capital adequacy ratio. Based on this, the present study aims to investigate the role of capital adequacy requirements on money creation in the banking system based on Bal III committee as well as the effects of other variables such as inflation, exchange rate, non-performing loans, and profitability of the banking network in Iran in the period of 2010:1-2021:1 with seasonal frequency using structural vector autoregression model. The results show that a positive shock to inflation, exchange rate, and profitability of banks increase money creation. But, a positive shock to capital adequacy ratio and non-performing loans has not had a significant effect on money creation. This finding indicates that the banking system has practically not reacted to changes in capital adequacy due to the lack of executive guarantee in applying the capital adequacy requirements. And as a result, capital adequacy requirements have not been able to play their role in restricting money creation. Also, the results show that the creation of bank money in Iran is mainly influenced by macro-level variables so that inflation and exchange rate respectively played the most important role in explaining the changes in the creation of bank money.

The aim of this research is to present a risk- based supervision model by the bank and credit institution supervisor. The statistical population includes all experts in the banking industry and our sampling method is a theoretical and targeted one(snow ball).For this purpose ten experts- experts and senior managers of the banking sector (central bank and banking network) and university professors- are selected and interviewed. Propositions and conceptual relationships of the phenomena that makeup the model are introduced, based on the grounded theory, after collection of organized data and inductive analysis of concepts derived from interviews, through open cooling, axial coding and selective coding of categories. In addition, after reviewing the theoretical foundations and experiences of other countries, some effective components are included in the model. The results of the research represent 35 dimensions. Findings show that the lack of a clear definition of the supervision concept and its goals has caused stakeholders and actors to face different expectations of the concept of performance and the outcome of regulatory system. This issue leads to an inconsistency between the supervised organization, supervisory institution and decision-making authorities Also, the inadequacy of the monitoring in current situation, due to the retrospective nature of the existing monitoring framework, has placed satisfaction with the output of the current monitoring framework at a low level. Relying solely on the approach of comparative supervision and not paying attention to future risks and future forecasting, as well as the lack of a proper process and structure in applying supervision show the necessity of the risk-based supervision.