پژوهشنامه اقتصاد و کسب و کار
پیاپی 28 (بهار 1402)

In recent decades, the role of the capital market and the expansion of financial markets had a relatively high relationship with the economic growth of countries. Countries such as America, Japan, England, South Korea, Singapore and other developed countries have made great use of these financial markets and especially the stock exchange for economic development and growth. In this research, by conducting the ARDL test in the period of 1991-2020, we investigated the long-term and short-term relationships between the variables, with a one percent change in the variables of liquidity and consumer price index, respectively, 26. 4.0.34% will be added to the stock price index of Tehran Stock Exchange. the coefficients of all variables can be interpreted at a significant level of 5%. with a one percent change in the variables of liquidity volume and consumer price index, 1.46, 0.52 percent will be added to the stock price index of Tehran Stock Exchange, respectively. Meanwhile, with a one percent change in monetary base variables and financial development, the stock price index of Tehran Stock Exchange will decrease by 0.86% and 0.67%, respectively. it can be said that with increasing liquidity and after that, the price level increases, the value of assets and production inputs of companies and economic institutions increases. If the price increase of listed companies' products is more than the growth of production costs, the profits of companies will increase and inflation from the future cash flow channel of earnings can have a positive effect on stock prices.

The purpose of this study was to investigate the effect of the employer's insurance premium rate on the operating profit of each share and the change in the net sales income of the companies listed on the Tehran Stock Exchange. This study, in terms of the type of research; Correlation is cross-sectional and is considered practical in terms of purpose. The statistical population of the research included 666 companies admitted to Tehran Stock Exchange from the beginning of 2012 to the end of 2018, of which 111 companies were selected as a sample by systematic elimination method. In descriptive statistics, community parameters, including central indicators and community dispersion, were measured and information was analyzed using the regression method based on combined data and Hausman's tests, F (Limer)It was done by the software Oviz. The results showed that there is a significant relationship between the insurance rate of the employer's share, the operating profit per share and the change in the net sales income of the companies listed on the Tehran Stock Exchange. Therefore, it is better for the social security organization to consider the insurance premium rate according to the inflationary conditions and labor income in order to support the industries in attracting labor and the high insurance premium rate does not cause the company managers to increase the total price. to find goods and services.

One of the most important concerns of policymakers is achieving high economic growth. Accordingly, in the present study, the effect of oil revenues, human capital, liquidity and investment on economic growth in the period of 1991-2021has been investigated in the form of space-state model. The results of the research showed that the impact of oil revenues, investment and human capital on economic growth was positive and decreased over time. Also, liquidity has a uniform negative effect on economic growth. Therefore, improving the performance of the National Development Fund can provide the basis for a greater positive impact of oil revenues on economic growth. Also, if macroeconomic stability is not established, the increase in liquidity will lead to the transfer of money to non-productive activities and subsequently to the reduction of economic growth. On the other hand, in the conditions of macroeconomic instability, it will not be possible to increase the formation of fixed capital, and in this way, the improvement of economic growth will be limited.

Fintech affects banks' risk management, and banks tend to improve the level of Fintech in their financial system by increasing risks; Liquidity, credit and systemic risks are the most important risks identified in the banking industry, but what causes the collapse of the entire banking system; Systemic risk is caused by the nature of the spread of this risk from one bank to other banks. Systemic risk occurs when the instability of one financial institution spreads to others, potentially causing a domino effect that can lead to broader economic effects. Identifying systemic risk is very important for monetary and financial supervisory organizations. The deployment and development of fintech has significantly affected banking systems. Increased systemic risk can hinder support for sustainable global development, especially in emerging economies. There are several indicators to calculate this risk; Among these indicators, we can refer to conditional value at risk (CoVaR), TENET (developed CoVaR model), final expected deficit (MES), systemic expected deficit (SES), systemic risk (SRISK), epidemic models (SIR). The results of the conducted research indicate the high level of systemic risk in Iran; Also, according to research, the amount of this risk is higher in state banks than in private banks. It should be noted that all three categories of intra-company, extra-company variables and diversification of bank income and assets (bank portfolio management) have a significant effect on systemic risk; This indicates the complexity of the dimensions of the formation of this type of risk.

The growing importance of Islamic securities around the world has recently created a growing interest in researching these markets due to the role they play in Islamic economies. Islamic securities (sukuk) play a role in controlling inflation due to the reduction of liquidity and also provide financing for construction and investment projects. The purpose of this research is the impact of inflation on some economic variables with an emphasis on Islamic securities. The statistical data used in this research were from the Central Bank of the Islamic Republic of Iran and the World Bank for the years 1389-1400 and were extracted annually and Eviews 11 software was used to estimate the proposed equation. After examining the validity of the data, the results obtained from the Fully Modified Ordinary Least Squares (FMOLS) test show that sukuk as a percentage of GDP as well as the real GDP variable has a significant negative impact on inflation. This effect is significant for the free exchange rate

Improving the business environment and removing obstacles and problems related to it is a vital thing in the direction of economic development. The business environment needs special attention and support and planning. The experience of developed countries shows that without paying attention to the business environment and supporting it, one cannot expect economic improvement and business prosperity and ultimately sustainable development, the business environment in our country is no exception to this rule. And it is necessary to pay serious attention to it and try to improve the business environment. One of the effective ways to improve the mentioned space and perhaps the most important way is to create and run a single window for starting a business, which has been experienced in other countries. In Iran, the establishment of a business start-up window was put on the agenda as a solution to improve this space, and it was implemented in 2018. The following article tries to provide solutions to improve it as much as possible by examining the reasons and necessities of creating such an environment while analyzing the related documents and how to start it.

Financial technology institutions cover a wide range of jobs in the financial field in Iran, and success in these jobs depends on various indicators, of which customers are one of these factors. Therefore, the identification and classification of these factors can be a strategy for new institutions in this field to reach the current model of fintech institutions, and it can also be a guideline to maintain the current state of financial technology institutions that have grown at the moment, to design a model of factors affecting the success of financial technology institutions. At the customer level, in this research, the interpretive structural modeling method has been used. MICMAC analysis has also been performed in the continuation of ISM interpretive structural modeling.The purpose of MICMAC analysis is to investigate and analyze the power of penetration the power of dependence of the components that are calculated in the stage of forming the final received matrix, by using a multi-criteria decision-making method, all factors and indicators affecting the success of financial technology institutions at the level of customers have been ranked by the opinion of the experts of the Fintech Association of Iran. Factors affecting the success of financial technology institutions at the customer level, customer orientation has taken the first place. The next ranks are given to agility, security management, low profit margin, easy adaptation, scalability and innovation, the model derived from the ISM method was fitted to the structural equation method, which shows the relationship between the variables.