نشریه توسعه و سرمایه
سال هشتم شماره 1 (پیاپی 14، بهار و تابستان 1402)

The role of entrepreneurs and entrepreneurship in any economy’s economic growth and development is evident. The literature argues that entrepreneurship is essential for the dynamism of the modern market economy and a greater entry rate of new businesses, which can foster competition and economic growth. Entrepreneurs are the engine of sustainable economic growth and innovation within an economy. Factors determining entrepreneurship can be financial, institutional, economic, and framework conditions. The literature treated human capital’s effects on entrepreneurship in isolation, while in reality, its effects depend on access to financial capital, and the human capital’s effects on entrepreneurship are contingent on financial development levels. The main objective of this paper is to investigate the impact of human capital on entrepreneurship, considering the role of financial development in selected factor-driven and innovation-driven economies. This paper re-explores the integrated findings in the literature regarding human capital’s effects on entrepreneurial outcomes, aiming to broaden the analysis by focusing on the effects of higher education on entrepreneurship rates and the role of financial development. The sample consists of 17 countries, and the selected factor-driven (or transition from stage 1 to stage 2) countries, including Iran, Kazakhstan, India, Vietnam, Pakistan, Philippines, and Algeria, and innovation-driven ones, including the United States, Netherlands, France, Spain, Japan, Germany, Italy, Switzerland, and Sweden. Data were collected from the World Bank’s World Development Indicators, the Worldwide Governance Indicators, International Financial Statistics, the International Monetary Fund, and the Global Entrepreneurship Monitor. For each category of countries, three models were estimated according to the three indicators of financial development separately and using tabular and consolidated data from 2012 to 2020. the research results showed that in innovation-driven economies, the benefits of tertiary enrollment rates in entrepreneurship are high when the level of financial development is low. For factor-driven economies, the effect of tertiary enrollment rates in entrepreneurship is higher when levels of financial development are high. In other words, in these countries, financial development and human capital complement each other to strengthen entrepreneurship. The literature exploring education’s effects on entrepreneurship levels revealed integrated results. The analysis results of the present study suggested one main reason: literature ignored the complex and significant interaction between human capital and financial capital. In innovation-driven economies, without adequate financial capital, countries benefit greatly from a rise in tertiary enrollment rates as the educated cohort receives skills in grabbing entrepreneurial opportunities. Thus, a boost in the entrepreneurship rate can be observed. However, once financial development improves for countries, the boost in entrepreneurship provided by human capital is reduced. Quite simply, the impact of higher education on entrepreneurship rates is strongest in countries with the lowest levels of capital availability and financial development.In contrast, in factor-driven economies, the results indicate that the impact of human capital on entrepreneurship will increase with the expansion of financial development. In other words, higher levels of human capital for an individual lead to expanded job opportunities within existing companies and businesses, increasing the opportunity cost for the individual to become an entrepreneur. The effect of higher education on entrepreneurship rates becomes more positive and stronger in factor-driven economies with the highest levels of capital availability and financial development. Finally, considering the non-linear effects of human capital on entrepreneurship, the results showed that while the substitutability relationship between human and financial capital exists at all levels of tertiary enrollment rates in innovation-driven economies, in factor-driven economies, a supplementary effect was observed between financial development and tertiary enrollment rates.

In this research, the effect of central bank sanctions on the accumulation of financial capital of the private sector will be investigated in the framework of a Post-Keynesian model of SFC. The reason for using this model is the suitability of the post-Keynesian approach to the research topic. Post-Keynesian market economics states that if the social is to be realized automatically, the government must step in as a market firm that aims or changes the outcome in a desirable way, with minimal interventionist policies, to achieve social action. Post-Keynesians are against the role of the government in the economy and believe that the markets need the support of the government in order to manage the management. In this research, macroeconomic modeling was done with an accounting approach. This approach gained popularity after the Great Financial Crisis of 2007, which brought macroeconomic problems to many developed countries. The matching model used in this research provides the possibility of connecting the real and financial aspects of the economy in a coherent and integrated framework, which is an important advantage of these models compared to the common classical models. The research model is made in such a way that it records the changes made in the whole system when one of the parameters is modified by changing the behavior of each of the parts involved in the model. This feature allows the model to reflect the consequences of fiscal or monetary policy as well as exogenous shocks such as sanctions and shows how the balance sheets of individual sectors are interdependent .First, the model is estimated using the data of Iran's economy for the period 2010-2015, and then this model is simulated to create a basic scenario for the period 2001-2011, based on which the shock effects of the central bank sanctions in three scenarios, weak sanctions (in which 80% of foreign exchange resources return to the country), moderate sanctions (in which 50% of foreign exchange resources return to the country) and strick sanctions (in which only 20% of foreign exchange resources return to the country) for a period of 50 It has been simulated and analyzed. The results of the research show that sanctioning the central bank and restricting its access to foreign exchange resources resulting from the trade surplus can have adverse effects on other sectors of the economy in addition to the central bank itself. Sanctioning the central bank will reduce the accumulation of financial capital of the private sector, which can disrupt the economic production by reducing the resources necessary for private sector investment and create the grounds for the economy to enter recession. Also, the extent of this effect depends on the severity of the sanctions, and with the tightening of the sanctions, the accumulation of financial capital of the private sector is more affected. If the sanctions are permanent, it will cause the financial capital of the private sector to reach its stable state after a few years of reduction (depending on the severity of the sanctions), at a lower level than before. The thing to think about is that the more severe the sanction, in addition to a sharper decrease in the financial capital variable, it will take much longer for the variable to reach a stable state. This time will be about 10 years for a weak permanent embargo, about 15 years for a medium permanent embargo, and about 20 years for a severe permanent embargo. According to the post-Keynesian theories, the duty of the government is to intervene in the economy and prevent the formation of recession. In this regard, the effect of the two expansionary financial policies of increasing government spending and reducing taxes that the government can do is to prevent the reduction of financial capital accumulation. The private sector was investigated. The results of the research showed that these policies have a positive effect on the accumulation of financial capital of the private sector and Yolet can reduce the severity of the negative effects of sanctions on the accumulation of financial capital of the private sector by applying them. This means that if the government wants to prevent the reduction of the accumulation of financial capital of the private sector due to the sanctions of the central bank, it has to impose a budget deficit on itself. It is clear that the government's budget deficit has consequences for Iran's economy. Whether the government's intervention in the economy is the right thing to do in this situation or not, it needs further study and examination and comparison of the negative consequences of the government's budget deficit and the decrease in the accumulation of private sector financial capital in Iran's economy. But what emerges from the results of the research is that the sanction of the Central Bank has harmful effects and consequences on the Iranian economy and affects all sectors of the economy.

The positive role of export diversification in economic growth and productivity has been proven also at the micro level, It has been proven that export diversification is effective on innovation and improving the quality of manufactured goods.Researchers are now focusing on the factors such as R&D, financial development and innovation influencing this relationship. For the past few decades, discussions about the impact of financial development on trade and business patterns have been discussed among economists But there is no similarity in terms of how effective it is and in which economies it has a positive effect.This study examines the effect of financial development on the export diversification of selected developing countries, including Iran, in terms of  domestic credit to the private sector and broad money indicators, and the effect of the control variables of exchange cost, foreign direct investment, fixed capital formation, and the degree of trade openness on the export diversification. In this study, the data from 54 developing countries related to 2005-2018 were analyzed using the Arellano-Bover/ Blundel-Bond two-step dynamic panel data (DPD) method based on generalized method of moments (GMM). The values of the dependent variable (export diversification) are normalized by the method of Finger and Krinin (1979) for all the countries included in the research and are in the range of zero and one. This index is obtained from the absolute deviation of each country's trade structure with the global trade structure. Therefore, the greater the difference, the less variety, and the smaller the difference, the more variety there is in the country's exports. Because the value close to one shows a greater distance with the global export pattern, as a result, that country has less export diversity. For this reason, whenever a variable has a positive relationship with the export diversification index, with its increase, the index number increases, but the export diversification decreases. There are different measuring units of independent (explanatory) variables and dispersion among the data, in order to obtain uniform and integrated data from the minimum-maximum method, the data of the independent variables are normalized so that all variables have values between zero and one. Data normalization is a method to make the range of values of different variables uniform so that the results of statistical analysis have more power. Indicators of financial development, i.e. credit to the private sector and broad money, have a positive effect on export diversification in developing countries.Therefore, it shows that financial development has a significant positive effect on export diversity in developing countries, but the third model shows that the dominant policy in these countries was based on liquidity growth .The variables of exchange cost, foreign direct investment, and trade openness have a positive effect on export diversification. This means that the developing countries seeking export diversification should strive to make financial reforms to provide ground for attracting foreign investment and creating an open commercial environment. Conclusions had showed export diversification has been declining over time in developing countries and has moved away from global export diversification but the growth of export diversification in developing countries every year will increase the diversity of exports in the coming year and will act as a driving factor.The financial development has a positive and significant effect on export diversification in developing countries, the control variables of foreign direct investment, exchange cost and  trade openness in the studied period have a positive and significant effect on the export diversification in developing countries, with the explanation that the index coefficient of trade openness, which is obtained from the ratio of trade to production, has a value of It is a larger number and therefore more important compared to other variables which shows governments should consider financial, economical and commercial reforms while implementing to increase export diversification and economic growth more rapidly. The variable of fixed capital formation is significant, but contrary to expectations, it has reduced the diversity of exports, which is affected by the structure of production and exports in developing countries.

The impacts of monetary arrangements on the general level of prices in the international finance literature have been theoretically considered by economists and have been an important part of empirical studies in recent years. Therefore, the main purpose of this article is to investigate the effect of the survival of monetary systems on the consumer price index as an indirect degree of exchange rate pass-through in 19 MENA countries during the period of 1985-2020. For this purpose, at first, the duration of monetary arrangement is estimated using the survival models approach such as Cox semi-parametric and other non-parametric models with different distributions, and in the next step, by Markov switching approach, low and high inflationary environments are extracted in two regimes, one regime (low inflationary environment with inflation less than mean of inflation) and another regime (high inflationary environment with inflation greater than the mean of inflation). It is mentioned that the inflationary environment with two regimes has been preferred to the inflationary environment with three regimes according to the statistical criterion such as AIC. Finally, prior to the empirical model estimation, the utilization of first generation against second-generation unit root tests have tested by Friedman, Frees and Pesaran tests and at the final step, the empirical model of the research has been estimated by pooled mean group estimator (PMG) method as one of the main co-integrating techniques while the variables order of integration are zero and one. At first step, the survival and non-survival of monetary arrangements were estimated by using of parametric methods and different distributions, and then by Markov Switching model of inflationary environments in both low and high conditions for this group of countries has been estimated and the years in which the countries were in two regimes were identified. The results of estimating the empirical model showed that the null hypothesis that the risk is proportionate and the use of the Cox method in comparisons with other parametric methods was rejected at a significant level of 5%, and therefore alternative parametric methods such as Weibull distribution, normal logarithm, etc. are proper for estimating the survival of monetary arrangements. Next, in order to choose the appropriate distribution in parametric patterns among the Weibull distributions; Exponential, Gamma, Gompertz, Generalized Gamma and Logarithm-Normal Akaike information criterion was used due to a large number of observations (680 observations) and the value of Akaike test statistic for the Weibull distribution is -2403.14 and less than other distributions values. In addition,the results of monetary arrangement survival estimation by Weibull distribution showed that the variables of degree of openness and gross capital formation have a negative and significant effect on the risk of exiting the monetary system, and with an increase of one unit of the degree of openness of the economy and formation of gross domestic fixed capital, respectively, 0.007 and 0.04 units of the durability period or the survival of monetary systems increases or the risk of exiting monetary systems decreases. Also, with an increase of one unit in the inflation rate, the survival of monetary systems in this group of countries decreases by 0.29 units or the risk of exiting monetary arrangements increases. Moreover, the probability of survival or the duration of monetary arrangements in the MENA region has increased from 0.9722 in 1985 to 0.014 in 2020 and the probability of its non-survival has increased from 0.0278 to about 0.986 in 2020. The results for the estimation of an inflationary environment indicated that there is no linear relationship in the inflation rate was rejected at the significant levels of 5 and 10%, and therefore, we used the Markov Switching nonlinear method to extract the inflationary environments. It is worth mentioning that in this research, two regimes of low and high inflation environments have been used. According to the Akaike information criterion, the value of the test statistic was 4.29, which is lower than the three-state regime (4.61). Also, the average inflation rate in the studied countries is equal to 4.02. The overall results of this study show that with the increase in the value of average foreign currencies compared to domestic currencies, the cost of imports in terms of domestic currency increased in this group of countries, resulting in consumer goods prices as indirect effects. Exchange rate fluctuations also increase in the long run. On the other hand, the lag of error coefficient in the error correction model is -0.67, which indicates a relatively high short-term adjustment speed towards the long-run equilibrium value. Also, the marginal cost of production and the survival of monetary system arrangements in the short run have a significant effect on the growth rate of the consumer price index in the short run. Moreover, the results of model estimation in long-run indicated that two regimes of inflation environment for the countries of the Middle East and North Africa are considered as optimal conditions and the variable of inflation rate has a negative impact and gross fixed capital formation and the degree of openness of the economy has a negative impact and have had a significant effect on the survival of monetary systems in duration models. In addition, being in a low and high inflationary environment leads to a decrease in the rate of exchange rate pass-through or the transition effects of changes in the effective nominal exchange rate on the consumer price index of goods and services in this group of countries and the persistence of monetary systems intensifies this effect. Also, GGDP has a negative effect on the consumer price index of goods and services in the long run. With respect to the negative and significant impact of the persistence of monetary arrangements on the consumer price index in the Middle East and North Africa, it is suggested that monetary authorities and the central bank in this group of countries accurately predict inflation and decline. Take its deviations and thus help reduce the transition effects of exchange rate changes on the CPI. In addition, reducing marginal costs and expanding production capacity to reduce the transitional effects of exchange rate changes on the CPI are other policy implications derived from the results of this research.

Corporate investment decisions require managers to forecast expected future cash flows from potential investments. Although these forecasts are a critical component of successful investing, they are not directly observable by external stakeholders. Corporate acquisition, is one of  the capital budgeting decisions. Nowadays, with the advancement of technology and globalization of business The corporate business environment is a competitive environment. Therefore, commercial companies, with the incentive to increase market share and achieve market power, create profitability and economic value added for their shareholders, have been developing business through the merger and acquisition of shares of other companies. In this regard, making decisions about investing and estimating projects and choosing the best project is one of the main tasks of managers, which requires an understanding of the manager from the business and economic environment and the forecasts in each of the budgeting stages followed by, Choosing the best project. But forecasts and estimates of management for internal decisions are not visible to investors. Based on the view that managers have similar skills in reported earnings forecast and forecasting internal returns for investment decisions, it is predicted that managers with higher forecast quality will make better investment decisions. Therefore, the purpose of this research is Investigate the relationship between management forecast quality and quality of acquisition decisions of other companies considering type of acquisition industry.

The present study is a post-event research and is applied in terms of purpose. Multivariate linear regression model and cross-sectional data were used to test the research hypotheses. The statistical population of the study is companies listed on the Tehran Stock Exchange. The research sample includes 67 observations. The present study examines the relationship between management forecast quality and the quality of investment decisions. By examining the relationship beween the quality of management forecast and the quality of decision making  on investment in other companies (corporate acquisition), which occurs afterwards,the post-acquisition performance measures (Healy et al., 1992), such as: post-acquisition changes in profitable and post-acquisition changes in operating cash flows have been used as proxy for the quality of acquisition decisions. Also, measurements of post-acquisition changes in returns on  sales, post-acquisition changes in return on assets, and post-acquisition changes in return on equity have been used as measures for post-acquisition changes in profitability. The average earnings forecasting accuracy during the three-year period before acquisition is used as a proxy for forecast of management.

There is a positive and significant relationship between earnings forecasting accuracy with post-acquisition changes in profitability and post-acquisition changes in operating cash flows. In addition, the type of acquisition industry affects on the relationships between earnings forecast accuracy and post-acquisition changes in sales return, earnings forecast accuracy and post-acquisition changes in return on equity, and earnings forecast accuracy and post-acquisition changes in operating cash flows. But the type of acquisition industry does not affecta effect on the relationship between earnings forecast accuracy and post-acquisition changes in Return on assets.

The management Forecast quality is directly related to the quality of acquisition decisions. Results show that the manager who provides a higher quality forecast makes better decisions for acquisition. Therefore, it can be said that increasing the quality of management forecasting is beneficial in increasing the acquisition performance for acquiring companies. Therefore, management's foresight ability is very important in maximizing the synergistic benefits of the learning process and thus increasing operational performance after acquisition. In order to make optimal investment decisions, companies need managers who are accurate in predicting the expected cash flows of potential investments. Subsequently, invest in projects that have a positive net present value and create profitability for the company and lead to the maximization of shareholders' wealth. Therefore, it can be said that the quality of acquisition decisions also depends on the quality of management's forecast. Negotiations are not productive unless the acquiring company has a clear vision of the value of the target company. It is noteworthy that this process depends on managers' ability to predict and their understanding of the economic environment. Also, the quality of profit forecast can be used as a visible criterion by external stakeholders to infer the quality of capital budgeting decisions. In addition, investors can use the accuracy of profit forecast in evaluating management performance in connection with investment decisions and then proceed to make a decision.

Marketing capabilities represent a firm's specific abilities in identifying target markets, strategies related to it, and establishing and maintaining relationships with loyal customers. Theoretical and empirical research on marketing capabilities generally supports a positive relationship between marketing capabilities and firm performance. There are many factors that can affect the firm's marketing capabilities. One of these factors is the board structure and its characteristics. As an instrument of corporate governance, the board of directors helps to improve its effectiveness and thereby improve the company's performance through its composition, internal organization and decision-making processes. This study uses the data of 12 selected companies active in the food industry in the period 2011-2020, to study the effect of board characteristics on marketing capabilities of companies. to estimate the model, the system generalized method of moments and dynamic data panel approach have been used. Based on the research results, the independence of the board of directors and the size of the board of directors had a positive and significant effect on the marketing capability of the studied companies. Because with the increase of the independence of the board of directors and the size of the company, the supervision of the activity of the board of directors and the company has increased and while improving the performance of the company, it has increased its marketing capability. The duality of the role of the CEO also has a negative and significant effect on the marketing capabilities of companies. Also, the effect of firm size, market value on book value of company assets and financial leverage on the marketing capability of companies are positive, positive and negative, but they are not significant. In addition, the age of the company and the rate of return on assets of the company have a positive and significant effect on the recovery ability of companies. In estimation models, the variable of environmental forgiveness (industry growth) has a positive and significant effect on the marketing capability of companies. But the effect of turbulence variable on the marketing capability of the company at a significant level of 5% has been negative and significant. the independence of the board of directors and the size of the board of directors have had a positive and significant impact on the marketing ability of the studied companies. This is similar to the findings of Sun et al. (2020), Arosa et al. (2013) and Nikbakht et al. (2010). Because the greater the number of non-executive members to the total number of board members, the monitoring of the activities of the board of directors and the company (including the company's marketing department) will increase, and therefore, with the increase in the number of non-executive board members, the performance of the company will improve and its marketing capability will also increase. In addition, companies with a large board of directors benefit from the diverse and specialized opinions and suggestions of members, and while having more non-commissioned directors in their composition, they have more time and ability to perform their supervisory and decision-making duties. The duality of the CEO's role also has a negative and significant impact on the marketing ability of companies. This finding confirms the study results of Arosa et al. (2013) and Sun et al. (2020). Because if the CEO is present in the composition of the board of directors, the possibility of monitoring the company's activity by the board of directors is reduced and this has a negative effect on the performance and marketing ability of companies.The age of the company also has a positive effect on the marketing ability of the companies and confirms the results of the study of Sun et al. (2020). In other words, compared to new companies, old companies have more marketing capabilities. Also, the effect of the rate of return on the company's assets on the company's marketing ability was positive. These findings confirm the results of the study by Sun et al. (2020) and Tavassooli and Nasrullah Nia (2019). In the estimated models, the variable of environmental forgiveness (industry growth) has a positive effect on the marketing ability of companies. Because with a high probability, along with the growth of the industry, the company also has a high and stable growth and this has a positive effect on its marketing, entrepreneurship and research and development expenses. This is different from the results of the study by Sun et al. (2020). The impact of the disturbance variable on the company's marketing ability was also negative because with the increase in the fluctuation of income in the company and the entire industry, the expenses spent on marketing, entrepreneurship and research and development of the companies will also fluctuate and will have a negative impact on the company's marketing capabilities.

The growth of the hedge fund industry over the past five years is truly amazing. Many industry observers believe that since the dawn of the new millennium, assets in these often-called secretive investment vehicles has grown fourfold. If you factor in the number of funds of funds, the growth factor is probably closer to fivefold.Hedge funds pool money from investors and invest in securities or other types of investments with the goal of getting positive returns. Hedge funds are actively managed investment pools whose managers use a wide range of strategies, often including buying with borrowed money and trading esoteric assets, in an effort to beat average investment returns for their clients. They are considered risky alternative investment choices. Hedge funds are not regulated as heavily as mutual funds and generally have more leeway than mutual funds to pursue investments and strategies that may increase the risk of investment losses. Hedge funds are limited to wealthier investors who can afford the higher fees and risks of hedge fund investing, and institutional investors, including pension funds.Hedge funds represent a distinctive investment style. Their investment objectives, and their strategies, are very different from more traditional funds. They emphasize absolute return rather than relative return, and they use a very wide range of investment techniques -including leverage, short selling, and other hedging strategies- in the attempt to achieve their objectives.The main purpose of this research is studying hedge funds, which has attracted the attention of investors and academia in recent decades. This study aims to conduct a comparative study of these funds and gain a comprehensive knowledge about them, to determine the functions, benefits and disadvantages of investing in them.Mutual funds are regulated investment products offered to the public and available for daily trading. Hedge funds are private investments that are only available to accredited investors. Hedge funds are known for using higher risk investing strategies with the goal of achieving higher returns for their investors.

The purpose of this study is to investigate the feasibility of setting up safe deposit boxes in Iran. To do this feasibility study, two independent methods are used. In the first method, by conducting a comparative study and examining the various dimensions of these funds, focusing on 3 legal dimensions, investors and tools, theoretical feasibility was performed. In the second step, to increase validity The research was conducted using a survey research and a survey of industry experts and senior capital market activists using a questionnaire.The main approach in gaining knowledge of these funds has been done with a view to the three main dimensions of investors' needs, required tools and legal requirements. The use of a questionnaire (survey of experts) was examined.The main hypothesis in this research was: there is a possibility of setting up hedge funds in Iran. To test this hypothesis, two theoretical methods (based on library research) and a survey were used. Investors, tools and legal environment were examined. Therefore, in order to be able to set up this type of funds in Iran, it must be possible to set them up in Iran from all three dimensions. And if any of the three dimensions are not available, we can concluded that it was not possible to set them up in Iran.

Studies on these three dimensions (investors' needs, required tools and legal requirements) show that in terms of tools and legal environment, it is not possible to launch them in Iran, but in terms of need, investors need the functions that this fund offers. Therefore, theoretical feasibility states that It is not possible to set up these funds at the moment.However, in the survey method, experts believe that in terms of need and legal environment, it is possible to set up safe boxes, but in terms of available tools, it is not possible to set them up. Therefore, experts also believe that it is not possible to set up these boxes at present.Theoretically, in terms of tools and legal environment, it is not possible to set up a hedge fund in Iran, but in terms of need, investors need the functions that this fund provides. According to experts, in terms of need and legal environment, it is possible to set up safe boxes, but in terms of available tools, it is not possible to set them up.

Theoretical feasibility and the results of a survey of experts indicate that at present it is not possible to set up a hedge fund in the Iranian capital market.

With changes in capital markets over the past few years, derivative financial instruments are referred to as a set of contracts whose value is based on assets and can help control risk and higher returns in investor decisions. corporate citizen internal auditing is an optional activity and beyond what is expected of a business's internal controls, and can develop a more dynamic form of corporate-stakeholder communication by developing performance feedback through financial reporting. This view tends to provide a concept of corporate citizen internal auditing that looks at humanitarian activities as a corporate governance strategy and by creating a sustainable society, a healthy environment and transparent political environment, it can pave the way for the profitable activities of the company and while protecting the interests of external stakeholders, while ensuring the interests of internal stakeholders of companiesThe purpose of this research is estimate the limitations of using derivative financial instruments in the Iranian capital market. 

This research is mixed in terms of data collection methodology, because the lack of a theoretical framework of the limitations of financial instruments has led to the use of these instruments, at least at the level of the Iranian capital market is not fully integrated. Therefore, first, through the process of Meta synthesis and Delphi as the basis of analysis in the qualitative part, an attempt was made to determine the dimensions of the limitations of using derivative financial instruments and then its reliability was examined to determine the theoretical consensus. It has been used in the quantitative part of the research from the TODIM Fuzzy Inference. Because the purpose of this section was to determine the most important limitation of the integration of the use of derivative financial instruments in the Iranian capital market. In this research, in the qualitative part, 15 accounting experts at the university level and in the quantitative part, 25 capital market experts; Experts in financial reporting and the issuer supervision department of the Stock Exchange Organization participated as a statistical population. 

The results of the qualitative research through content screening of 11 studies indicate the selection of 7 dimensions of restrictions on the use of derivative financial instruments, which were confirmed in two rounds of Delphi analysis, the theoretical limit of these dimensions. The results in the quantitative part of the research based on the TODIM Fuzzy Inference matrix and determining the final weight of each research criterion indicate the selection of Lack of Financial Statement Comparability (A2) as the most important constraint on the integrity of the use of derivative financial instruments in the Iranian capital market. The presence of these trainings at the level of internal auditors helps to have more accurate monitoring of the nature of the environment in the operational cycle. And based on its disclosure as part of the Company's optional information, to reflect to stakeholders that the Company is acting responsibly towards social expectations. This initial stimulus within the company's structures makes the company's performance on waste recycling from production and details of environmental risk more disclosed. On the other hand, disclosing the details of environmental risks, as part of the implementation of the corporate citizen approach by internal auditors, can reduce the cost of poor selection by increasing the quality of information. In this situation, by reducing the problem of undesirable selection and information asymmetry, the efficiency of investment also increases, and it will be expected that increasing the quality of disclosure of details of environmental risks, by resolving agency problems, will minimize the opportunity for managers to choose investment projects, and this will contribute to environmental sustainability.

The result reflects the fact that comparability as one of the indicators of information quality in the use of these tools can have benefits such as reducing the cost of information processing and it is through this mechanism that the level of fair valuations on corporate assets can help increase the integrity of the use of derivative financial instruments. Based on the results obtained, environmental policymakers as the upstream institutions of capital market companies are advised to inject the necessary material and spiritual incentives to increase the observance of social values in companies so that beyond the legal areas, companies as citizens of this society are more committed, act on the environment and social expectations in this regard. For example, the development of green space culture in companies by planting trees or reducing carbon in the production of their products can be considered an important part of the implementation of corporate citizen policies in the community along with material incentives. On the other hand, companies in their monitoring structures along with Environmental training can promote a culture of environmental sustainability and performance norms in this regard. For example, the development of green space culture in companies by planting trees or reducing carbon in the production of their products can be considered an important part of the implementation of corporate citizen policies in the community along with material incentives.

Small and medium enterprises significantly lead to the improvement of economic and social systems and can make the economy stronger. Small and medium-sized companies contribute more to economic growth than large companies because they can respond to changes faster. However, the most important problem for the growth and competitiveness of small and medium enterprises in some developed and developing countries is the financing problem. From the point of view of starting a business, financial literacy is the ability to properly examine financial resources in the business life cycle, which is directly related to products and services. Financial literacy refers to the effectiveness of financial management decisions. Financial literacy requires knowledge, skill, attitude, and experience, and its purpose is to maintain the life of the company, maximize profit, maximize sales, gain market share, minimize employee turnover, minimize internal conflict, and maximize shareholder wealth. Financial literacy can be one of the strategic tools for optimal allocation of financial resources and financial strength of the company. Financial literacy is the proper knowledge of personal financial facts and the main factor in personal financial management. Competitive advantage is a situation that enables a company to offer higher quality products with higher efficiency and use superior methods and earn more profit in competition with competitors. Paying attention to the four factors of superior performance, quality, innovation and customer response, which helps the company to create and maintain a competitive advantage, is very important. Currently, due to the intensification of environmental complexity and competition, competitive advantage is either easily imitated by competitors or soon fades for customers. Accordingly, companies should think of replacing new advantages. The main goal of the organization is to create a competitive advantage by relying on the resources and capabilities it has, competitiveness and achieving a privileged position in the market.The results of empirical research show that financial literacy affects the performance of companies. With such an approach, this research examines the relationship between financial literacy and competitive advantage in small and medium-sized companies. The current research is applied in terms of purpose, descriptive and correlational in terms of method, and survey and cross-sectional in terms of data collection method, and the data collection tool is a questionnaire. The current research questionnaire consists of two sections: general questions and specialized questions. Specialized questions include questions related to independent, mediating and dependent variables and include five dimensions of financial literacy, financial decisions, capital structure, risk management and competitive advantage. To measure the variables, the questionnaire taken from the study of Nuhong et al. (2019) was used and financial literacy with 5 items, financial decisions with 3 items, capital structure with 3 items, risk management with 3 items and competitive advantage with 5 items were evaluated. The statistics of the research are made up of small and medium companies in Yazd city, for sampling, a simple random sampling method was used, and to determine the sample size, Quakran's formula for structural equation modeling was used. The results of the analysis of 392 supplementary questionnaires using structural equation modeling in PLS software show that the mediating role of financial decisions, capital structure and risk management is accepted in the relationship between financial literacy and competitive advantage, and financial literacy comes from different channels including financial decisions, capital structure and risk management. It leads to the strengthening of competitive advantage. The results of the research are in line with the results of the studies of Kimando et al. (2016), Arinda (2019) and Ishtiaq et al. (2020) that financial literacy has a significant effect on the financial performance of companies. Also, the research results are consistent with the results of the studies of Nuhong et al. (2019), Razmi et al. (2019) and Razmi et al. (2021) that financial literacy leads to competitive advantage. According to the results, small and medium-sized companies are suggested to pay attention to the financial literacy of managers and company employees. In this regard, managers and employees can increase their financial literacy by studying financial resources. Also, familiarity with capital management tools and using these tools can help them. In addition, it is suggested that managers and employees actively participate in training courses related to financial literacy (face-to-face or online). Also, researchers are suggested to repeat this issue in other cities and pay attention to other factors affecting competitive advantage.

Economic development requires investment in various sectors and economic activities. Without investing in various projects, one cannot expect the expansion of employment, production and economic prosperity. Therefore, the main purpose of this study is to identify the components of improving investment security in Guilan province based on meta-analysis and ranking of identified components from the perspective of economic actors in this province. Investment security refers to conditions in which macroeconomic variables are stable or predictable, the rule of law is established and enforced, laws and regulations, decisions of officials and the executive procedures of the country are stable. And be implemented effectively, and if changes are needed in any of them, the changes will be notified to the stakeholders in advance. Also, information affecting economic activities should be transparently and equally available to all citizens, and judicial and law enforcement agencies should be equipped, safe and efficient so that any violation of citizens' property rights, or unauthorized use of other people's physical or intellectual property, for any No one, whether a natural or legal person, including the officials of the country, can afford it, and the lost citizens can return to the competent institutions in the shortest possible time to receive their lost property along with the relevant damages.The importance of accurate and scientific knowledge and study of investment security in Guilan province for proper economic policy and the lack of a comprehensive study in this field, the need for this research and the number of indicators or factors affecting the improvement of investment security in the province more than obvious N. Therefore, the need for a comprehensive study on the security of investment in the province is the most important incentive for authors to conduct the present study. Therefore, in this study, an attempt has been made to identify the most important factors affecting investment security in Guilan province and prioritize these factors with the help of meta-analysis, and while analyzing them, practical suggestions for improving this index will be provided. In other words, the authors in this article have sought to answer the question, what are the most important factors affecting the improvement of investment security in Guilan province? The results of this study enable provincial policymakers and decision makers to act more favorably by focusing on the most important indicators affecting investment security; By improving the security of investment in the province, the field of increasing investment, production and employment is provided and while controlling inflation caused by increased production, it will be possible to achieve maximum productivity and economic development of the province.

The main purpose of this study is to identify the components of improving investment security in Guilan province based on meta-analysis and ranking of identified components from the perspective of economic actors in this province using the method of structural equations. The method of this research is hybrid because in the qualitative phase, the researchers sought to identify the components of improving investment security in Guilan province through Meta-synthesis and with the participation of 10 experts. In this section, more than 20 scientific researches were reviewed in line with the research subject and based on critical evaluation analysis, among the mentioned researches, 6 main factors and 39 components were identified. In the quantitative part, with the help of structural equations and with the participation of 75 economic activists in different economic sectors of Guilan province, it was selected through simple random sampling.

According to economic activists, the factors affecting the improvement of investment security in Guilan province are, respectively: 1- Provincial components, 2- Desirable components from the perspective of conventional economy, 3- Economic inputs, 4- Jihadist approach and concern for national interests, 5- The role of governance in the economy and 6- Economic supervision. The results show that among the six main components affecting investment security, the provincial component factor is in the first priority. A review of the ranking of components affecting investment security shows that in order to achieve a reliable condition for investment, the performance of all elements of society and all public, private, public institutions, as well as all sectors of government and society must be desirable. And all these sections should act responsibly in line with their mission and complement each other in order to achieve the goal of the system.

Investment security is affected by national and provincial factors, but among the six main components affecting investment security, the provincial component is the first priority and shows that the contribution of provincial organizations and agencies in creating a safe investment environment is very decisive. Below are 10 provincial factors. "Prevalence of bribery in provincial offices" as an indicator of the following provincial components from the perspective of economic activists responding to the questionnaire has the first priority. Therefore, the efforts of provincial officials to reform administrative processes in order to reduce human factors and clarify the rules should be increased to see a more favorable environment for investment in Guilan province.

 The emergence of information technology has led to a huge transformation in the world of business. However, the type and degree of impact of information technology and its different parts onthe efficiency of companies is not known; Efficiency in economics is a broad concept that is used to indicate the state of best possible performance and includes the minimum cost of producing goods or services, the maximum amount of production and the maximum market performance. (ODonnell, 2018). Recently, rapid technological developments have made companies use information technology to ensure their growth in order to survive in the business competition (Fadhilah & Subriadi, 2019).In Iran, the importance of this technology in the field of industry, economy and trade has not been properly clarified for managers and capital owners. Therefore, it is of great importance and necessity to conduct a research that shows the impact of the use of information technology on the efficiency of companies in a documented manner and using data from various companies at different times. Also, information technology has different parts (hardware, software, database, network, human resources) that the use of each sector requires investment and spending the company's limited resources in those sectors. Now, focusing on which part can have a greater effect on efficiency is also an issue that is addressed in the current research. Therefore, the current research tries to address this issue by using econometric models and relying on real data. Therefore, the main goal of the current research is to investigate the effect of information technology on the efficiency of companies admitted to the Tehran Stock Exchange, and based on this, the main and sub-hypotheses of the current research are proposed as follows:Information technology has a significant impact on the efficiency of companies.Investment in hardware, investment in software, investment in database, investment in network and investment in skilled human resources have a significant impact on the efficiency of companies.

 The current research aims to investigate the impact of information technology on improving the efficiency of companies with an analytical-applicative approach. The statistical population of this study includes companies admitted to the Tehran Stock Exchange during the 5-year period from 2014 to 2019. And the research sample is the data of 41 companies that were selected using the systematic elimination sampling method. The variables examined in this research include the dependent of the companys efficiency information technology in five areas:hardwared) Hardware-Invi,(, software (software-Invij), network and communication facilities (Network-Invij), database (Database-Invij)  and investment in skilled human resources  (Humanresources-Invij), company size and risk. The method used in this research (in order to investigate the relationship between independent and dependent variables) is the pooled data model.In order to estimate the model, we first use Limer's F statistic to determine the presence or absence of width from separate origins for each section (using the methods of combined regression patterns and panel data pattern); If the combined regression models are not confirmed, the Hausman test is performed in order to use one of the fixed effects model and the random effects model for estimation. The models investigated in the current research are derived from the model (Fadhila and Sobriadi, 2019).

 The findings of the research indicate that information technology and its components have a positive effect on improving the efficiency of companies admitted to the Tehran Stock Exchange. In this equation, the role of the controlling variable of company size is also confirmed. In fact, information technology can increase the efficiency of companies by investing in five sectors: hardware, software, database, network, and human resources, and this means that companies that have invested more in information technology had a higher efficiency rate.

 that investing in hardware has a positive effect on improving the efficiency of companies. Therefore, it can be said that with the increase in the investment of companies in the hardware sector, the efficiency of the companies accepted in the stock exchange has also increased. Investing in software has a positive effect on improving the efficiency of companies. Based on this finding, it was found that companies can achieve improved efficiency by investing in software and increasing readiness to provide facilities and keep pace with technological developments. Also, investing in the database has a significant effect on improving the efficiency of companies. Based on this, it can be concluded that companies can increase their efficiency by increasing their investment in the database. Investing in the network has a significant effect on improving the efficiency of companies. Networks consist of intranet, extranet and internet. The presence of these networks in the company facilitates the process of exchanging information, carrying out processes and making decisions, and ultimately improves the efficiency of the company. Investing in human resources has a significant effect on improving the efficiency of companies. Therefore, it can be said that companies' investment in human resources can improve the efficiency of companies. Based on the results, the companies were looking for higher efficiency by investing in this sector. Based on the investigations carried out in all the fitted models, it is clear that the company size variable has a positive and significant effect on the efficiency of the companies admitted to the Tehran Stock Exchange  This factor indicates that larger companies, in terms of size, have experienced higher efficiency, and this factor can be caused by the distribution of the fixed cost of these companies on other costs.

The exponential growth of information technology has changed the financial sector globally. In the financial sector, electronic banking has emerged as an emerging technology and cannot be ignored in the banking sector . Today, most banks are facing a completely dynamic environment, and all banks, whether large or small, have placed the attraction and return of current customers at the top of their plans, considering the sudden changes in competitive situations and market conditions . Undoubtedly, the central role of banking systems in the functioning of economic systems is undeniable. Electronic banking is an alternative banking channel with convenience, speed, lower banking fees and round-the-clock services to bank customers. E-banking services enable customers to process business bills, transfer funds and create online bank statements through an e-banking website. Also, customers usually intend not only to adopt systems and innovations, but also to seek continued use after adoption. In recent decades, in industrialized countries, the role of banks has changed rapidly and new tools along with new technology have become available for banking services. Technology continuum theory ignored technology characteristics and task characteristics that directly affect user behavior toward technology adoption. On the other hand, the task technology fit model does not include information system continuity factors such as confirmation, perceived usefulness, and satisfaction, and therefore the integration of the task technology fit model and technology continuity theory in the field of electronic banking user continuity helps theory and practice. The present study extends the theory of technology continuity with technology-task fit to gain deep insight into the existing phenomenon. In fact, an integrated perspective model provides a more complete explanation of the causal mechanism underlying the relationships that cannot be obtained from a single theory; Therefore, expanding the theory of continuity of technology with the appropriateness of task technology is suitable for investigating individual behavior towards continuous use of electronic banking services .This study is one of the few studies that integrates the technology fit model of the task and the theory of technology continuity and provides a more complete explanation of the causal mechanism underlying the unique relationships and insights. The purpose of this study is to investigate the effect of the components of the developed theory of technology continuity on the tendency to continue using electronic banking of Sepah Bank in Guilan province. This research is applied in terms of purpose and descriptive in terms of data collection. The statistical population of the study is e-banking customers. The main tool for data collection in this study was a questionnaire and SPSS and PLS software were used for analysis. The questionnaire was distributed among the respondents. According to the purpose, this research is in the category of applied research. According to the classification of research according to the method of data collection, this research is in the category of descriptive research. The statistical population of the research is the electronic banking customers of Sepeh Bank in Gilan province. The sampling method in this research is proportional and non-probability. In order to continue e-banking, it is expected that the high level of technology compatibility will motivate the e-banking users to continue using e-banking services. Also, users who feel supportive technology will have a positive effect on technology use. In addition, a good technology fit facilitates the use of technology and increases the individual's work performance. The research findings indicate that the components of the developed theory of technology continuity on the tendency to use e-banking continuously have been positive and significant. The research hypotheses also showed that the characteristics of activity and technology affect the suitability of technology with activity and perceived ease in customers. The relevance of technology to activity affects perceived ease and perceived usefulness in customers. According to the results of the research, the characteristics of the activity, the technology on the fit of the technology with the activity and the characteristics of the technology on the perceived ease of banking customers were confirmed. In explaining this result, it can be said that the expansion and diversity of banking services and the type of banking activities of customers have an effect on the fit of technology with activity, and it shows that users accept technology only when it is user-friendly and easy and helps to improve the performance of their tasks. The development of technology continuity theory confirms that the factors incorporated in the newly developed integrated technology continuity model are important and managers should focus on confirming user expectations and satisfaction. This study contributes to information systems literature in several ways. it extends the theory of technology acceptance with the technology-task fit model and enriched literature from the context of initial acceptance to post-acceptance behavior of the user's continued willingness to use the electronic banking system. the empirical findings show that the newly developed model (technology continuity theory and technology-task fit) has significant power to determine the user's continued intention to use electronic banking. The continuity of the electronic banking user is confirmed. Another contribution of this study is the development of technology continuity theory with task technology fit model. As the usefulness of e-banking increases, the more likely they are to continue their relationship with the organization. Also, if customers do not perceive satisfaction from the functions of the organization or institution, they will feel satisfied and this behavior will continue in the future. Therefore, it is important for website managers and developers to focus on confirming user expectations and satisfaction in order to increase the use of electronic banking. It is recommended for website managers and developers to focus on the responsiveness and usefulness of electronic banking websites in order to confirm user expectations. E-banking and the usefulness of the e-banking website will increase. Also, in the post-adoption scenario, managers and software developers should focus on factors such as perceived usefulness, perceived ease of use, user attitude, satisfaction, and confirmation of expectations in order to ensure continued willingness. Increase the number of electronic banking users to use electronic banking services.