نشریه پیشرفت های مالی و سرمایه گذاری
پیاپی 12 (پاییز 1402)

The general goal of this research is to provide a model to explain the behavior of real investors in the Iranian capital market with an emphasis on local indicators.

The research is done using applied and qualitative method based on grounded data theory technique. Data were collected through semi-structured interviews and theoretical sampling continued until the categories were saturated. Then, based on the theoretical systematic approach of Strauss and Corbin in the three main steps of open, central and selective coding, the paradigm model of investors' behavior was presented with emphasis on local indicators.

The findings showed that the central category of the paradigm model and the causal conditions affecting the behavior of investors, in terms of background and involved factors, are placed in two main groups: behavioral-psychological and demographic factors, which are 19 categories of behavioral and psychological factors and demographic factors. 5 categories have the most importance on the behavior of investors.

Originality / Value: 

In many studies, only the semi-conscious aspect of the mind and with medical equipment has been addressed. While in this study, the conscious and alert aspects of investors' minds have been analyzed.

The development of the financial market in Islamic countries, like all the countries of the world, has been among the main goals of the government and government institutions as one of the most important pillars of economic development. For this reason, the increasing development and progress of financial operations in these countries and the improvement of the level of financial services in Islamic markets in the world have caused the serious efforts of thinkers and activists in this field of business activities to form Islamic capital markets.

The current research shows the dynamic relationship between strategic goods and Islamic financial markets in Iran using SVAR-CCC structural vector autoregression model for the years 1991 to 2019.

Based on the estimation results of the CCC model, oil price has a high correlation with the yield of foreign exchange earnings, the amount of liquidity and the development index of financial markets. Also, based on the estimation results of the SVAR-CCC model, an incoming impulse from the area of oil price, exchange rate and liquidity volume, respectively; It reduces the development of financial markets by 11%, 29% and 4%.

Originality / Value:

 due to the fact that our country is highly dependent on import demand due to consumption, therefore, with the increase in oil revenues, the total demand in the economy increases, and due to the lack of production power in the industry and agriculture sector, with the increase in demand by consumers of goods and services, the general level of prices (inflation) also increases, in this situation and to prevent the general level of prices from increasing again due to the increase in demand in the country, imports (which are a direct function of income) from other countries increase, rather than inflation be prevented

 During the last decade, many organizations have realized that they lack a performance evaluation system through which their priorities and goals can be communicated to employees and their improvement can be pursued. The purpose of this research is to identify the effective financial factors in the performance evaluation system of the social security organization with the textual content analysis approach, which is in the field of applied research.

 The statistical population of upstream documents and records and articles and theses related to this field, which consisted of 12 Persian articles and 13 Latin articles. The sampling method is snowball and the method of collecting information is library and the research method is textual content analysis. Most of the qualitative methodologists, instead of using the words validity and reliability, which are fundamentally rooted in the quantitative paradigm in terms of philosophical foundations, use the criterion of reliability or reliability to refer to the evaluation of the quality of qualitative results. In this research, the strategies of ensuring trustworthiness, acceptability, transferability, reliability and verifiability have been used.

 After coding, conceptualization and categorization, financial factors were finally identified. The results of the analysis of the textual content of the articles showed that the financial factors affecting the evaluation of the social security organization's performance are 68 criteria.

Originality / Value:  

Institutions and executive organizations with any mission, goal and vision are required to respond to customers, stakeholders and stakeholders. This cannot be achieved except by the complete and accurate implementation of tasks and activities in order to achieve the goals and development and excellence of the organization, therefore, reviewing the performance results is considered an important strategic process. The quality and effectiveness of management and performance is the determining and vital factor for the realization of organizational development plans. To evaluate the performance of organizations and determine the degree of success in achieving the set goals, there are several criteria and tools that are chosen according to the nature of the organizational system and its success. In this research, the financial factors that are effective in the performance evaluation system of the social security organization were identified in a completely practical way.

The purpose of this research is to investigate the effect of macroeconomic factors on cash holding in companies listed on the Tehran Stock Exchange.

A sample of 151 companies admitted to the Tehran Stock Exchange was selected between 2008 and 2018. Then, using inferential statistics methods, 6 hypotheses related to macroeconomic factors were investigated.

Interest rate, recession, gross domestic product, economic liquidity, exchange rate and inflation had an effect on cash holding, so that the factors of interest rate and gross domestic product had an inverse and significant effect on cash holding and Recession, economic liquidity, exchange rate and inflation had a positive and significant effect on cash holding.

Originality / value: 

The current research develops previous studies in the field of cash holding and improves the existing knowledge in the field of cash management in companies. In this study, the effect of macroeconomic factors on cash holding in Tehran Stock Exchange companies over a period of time has been investigated. Also, the effect of factors such as GDP, economic liquidity and exchange rate on cash retention was investigated for the first time in Iran. The results of the research can be a guide for newly established companies in terms of effective cash holding policy.

The common theory for stock price valuation based on accounting data is clean surplus theory. Also, the value function can be determined based on the prospect theory. Therefore, the aim of the current research is to compare the explanatory power of the clean surplus theory and the prospect theory.

Using a systematic method, 152 listed companies were selected as the research sample. The research period is from 2009 to 2022. Research variables include operating earnings, book value and market value. In this research, research hypotheses were tested using multivariate regression and using panel data.

The results indicate that the power of explaining the operating earnings of per share is greater in the theory of a clean surplus of the theory of prospect. Also, the results of the research showed that the explanatory power of accrual items of operating earnings of per share is greater in the theory of a clean surplus of the theory of prospect. However, the explanatory power of cash items of operating earnings of per share does not differ between the theory of a clean surplus and the theory of prospect.

Originality / Value:

 Based on the findings of the present research, capital market investors can use the clean surplus theory to determine stock valuation.

The purpose of this research i The risk of falling stocks is one of the concerns of investors, and increasing the risk of falling stocks causes pessimism among investors in the stock exchange, and this massive behavior leads to the aggravation of market fluctuations, destabilization of markets, and increased fragility of financial systems, The investors in the stock market is to obtain a reasonable return, is obtained from the two parts of stock price changes and dividends, so that investors financial analysts should be able to predict stock prices returns using investment models.

The present research is objective, practical and in terms of nature; It is descriptive and correlational. For this purpose, two hypotheses were formulated and data related to 100 member companies of Tehran Stock Exchange were used for the time period of 1391 to 1399. To test the hypotheses, the multivariate regression technique using the panel data method was used.

There is a positive and significant relationship between the emotional tendency of investors and the risk of falling stock prices, and there is also a positive and significant relationship between the collective behavior of shareholders and the risk of falling stock prices.

the present research is objective, practical and in terms of nature; It is descriptive and correlational. For this purpose, two hypotheses were formulated and data related to 100 member companies of Tehran Stock Exchange were used for the period of 2011 to 2019. To test the hypotheses, the multivariate regression technique using the panel data method has been used.

Originality / Value: 

The results showed that the behavioral biases of investors, including emotional tendency and mass behavior, have led to a decrease in the efficiency of the stock market, as well as a decrease in the rationality of investors' decision-making, which results in an increase in the risk of falling stock Prices.

Since the economic cycle of any country depends on the continuity and survival of the reporting units of that country, this research aims to provide a comprehensive model to predict the bankruptcy of the reporting units with the aim of timely warning to prevent its occurrence.

The current research is qualitative. The data was analyzed and weighted by analyzing the content of the results of previous researches obtained through the Delphi-Fuzzy method. The statistical population of the present study also includes 17 university professors and financial managers of the reporting units, who were selected by the purposeful and theoretical sampling method and by the snowball technique.

The results show that among the four identified factors, the characteristics of the reporting units are the best criteria in determining the bankruptcy of the reporting units. Also, from the sub-factors of financial ratios, the ratio of net profit to sales; Among the characteristic sub-factors of the reporting units, the management system; Among the sub-factors of the environmental factor, the way of financing, and among the sub-factors of individual characteristics, the expertise of managers are considered as the best factors in determining the bankruptcy of the reporting units.

Originality / Value: 

Considering the lack of convergence of the results of previous researches, in the current research, an attempt has been made to look for the convergence of the existing factors based on the cases identified in the field of bankruptcy, in order to identify the factors that have more weight in determining bankruptcy, with more comprehensiveness and the least amount of error in the results. Obtained more reliable. The results of this research can provide the basis for managers and investors to pay attention to the key factors affecting the occurrence of bankruptcy.