نشریه اقتصاد مالی
پیاپی 65 (زمستان 1402)

Economic complexity indicates the amount of productive knowledge within a country and the ability to use that knowledge to produce goods with more diversity and less ubiquity, which ultimately increases national competitiveness in the global arena and accelerates the process of achieving economic growth and development. Therefore, determining the factors affecting it - especially in developing countries - is of great importance. In this regard, the present study, by approaching panel data and using the generalized moment method, has determined the interactive effect of entrepreneurship and financial development on economic complexity in two groups of developing and developed selected countries during the period 2014-2019. Estimated results showed that the dimensions of entrepreneurship, including attitudes, abilities & aspirations of entrepreneurial, as well as financial development have a positive and significant effect on economic complexity in both groups of selected countries. However, the estimated coefficient of these variables is larger for developing countries. In addition, the three dimensions of entrepreneurship and financial development have a positive and significant interactive effect on economic complexity in both groups of selected countries. Finally, the effect of the control variables of natural resource abundance and intellectual property rights on economic complexity in both groups of selected countries respectively are negative and significant and positive and significant.

Investigating the effect of oil price uncertainty on the Tehran Stock Exchange index is of great importance because with increasing uncertainty in oil prices, the systematic risk of the stock market index increases. On the other hand, in oil exporting countries such as Iran, oil revenues are among the most important and influential factors in macroeconomic variables and, consequently, financial market indicators. The present study investigates the effect of oil price uncertainty on the Tehran Stock Exchange index using the wavelet-based quantile regression model (MODWT-MRA) during the period April 2011 to April 2021 in Iran.. The results of the model estimate showed that with the increase in oil price uncertainty, the Tehran Stock Exchange index will decrease. According to the results, the effect of oil price uncertainty on the Tehran Stock Exchange index in the first few quantiles has a smaller coefficient than the final quantiles, so the negative effect of oil price uncertainty on the Tehran Stock Exchange index in recent months is more than the first months. Also, the coefficient value on the component 5 scale is much higher than the component 1 scale; Therefore, the negative effect of oil price uncertainty on the Tehran Stock Exchange index in the short run is much greater than the value of this effect in the long run. This is because in the long run, the investor will adjust to the uncertainty.

 With the increasing progress of financial markets, human life has been directly and indirectly affected by financial markets. The financial markets of each country show the dynamics of financial institutions and instruments of that country. In the financial markets of advanced countries, financial instruments have been widely and continuously changing and improving in order to reach their maximum efficiency and on the other hand to minimize their investment risk. Therefore, new tools to cover the risk of transactions in the financial markets emerged. Trading option is one of these instruments whose price is subject to supply and demand like other financial instruments. But in this market, there are pricing models for this tool, the most important and widely used of which is the Black-Scholes pricing model. which is widely used among the traders of this tool for quoting. The purpose of this research is to measure the effectiveness of the Black-Scholes pricing model in the call option trading market in the Tehran Stock Exchange, the data used for which includes all published call option contracts in the Tehran Stock Exchange (including 1315 contracts published in the market in 26 basic asset symbols in 10 different industries and 25,760 trading days) in a 5-year period from 1395 to 1400, and during this path, error coefficients and U-tail indices were used to analyze the data. Results Research indicates that the suggested prices of the Black-Scholes model are priced higher than the price of call options. In addition, the percentage of deviations and U-theil in ITM profit call options is lower than that of OTM call options, so the pricing efficiency of the Black-Scholes model for the pricing of ITM call options It is more than the price of OTM call options. In addition, the amount of deviation of the suggested prices of the Black-Scholes model and transaction prices has decreased over time in the Tehran Stock Exchange.

One of the factors that play an essential role in achieving the goal of rapid and continuous economic growth is the development of the financial sector of each country. Countries with a more developed financial system are on the path of faster economic growth because they make the economy in question capable of experiencing higher growth rates. The main purpose of this article is to investigate the effect of financial development indicators on economic growth in member countries of the Islamic Conference; Therefore, in order to examine this topic, the present article used one of the newest econometric approaches called the PSTR model and measured the non-linear effect of financial development indicators on economic growth in the member countries of the Islamic Conference during the period from 2008 to 2022. The results obtained from the PSTR model indicate the existence of a non-linear relationship between the studied variables. In the final PSTR model, the slope parameter, which indicates the speed of adjustment from one regime to another regime, is equal to 21.0818, the location of regime change is estimated to be 10.5986. Therefore, if the financial development index (the ratio of internal credits of banks to gross domestic product) exceeds 10.5986 percent, the behavior of the variables will be according to the second regime, and if it is less than the above threshold, it will be placed in the first regime. The coefficients of the variables (percentages) have been estimated. The obtained results show that the financial development index (the ratio of internal credits of banks to gross domestic production) has a different effect on economic growth in both regimes.

Banks are economic units that affected by shocks. Because their sources and expenses are affected by the impact of unexpected economic shocks. This study investigates and analyzes the effects of inflation and changes in the stock exchange index on the profitability of three selected banks, Karafin, Eghtesad-e Novin and Saman Banks during the period of 2014-2015 using panel data. The results of the F-Limer indicated that the possibility of estimating the model using the Panel data method is confirmed with 95% confidence. In order to detect the presence of fixed effects or the random effects, Hausman's test was used. The results of the Hausman test showed that the research model is panel data with fixed effects. The results of the model estimation indicate that the economic growth and the growth of the stock exchange index have a positive and significant effect on the profitability of the selected banks. On the other hand, the increase in the general level of prices (inflation) has reduced the profitability of banks. Therefore, it is suggested that the production sectors such as agriculture and industry should be prioritized for financing by banks. So that the economic growth is realized by increasing the supply side of the economy and the profitability of the banks is strengthened by both the economic growth and the reduction of inflation.

Investors are always looking to analyze the relationship between different industries in order to improve investment portfolio management and risk management resulting from investment. Therefore, in the present study, The present risk spillover between the indicators of basic metals, automobiles, investments and banks in the period 21/08/1401-21/2018 has been investigated daily, using vector autoregressive model with variable parameters in quantile time (TVP-Quantile VAR). The results showed that the investment industry plays a major role in network analysis among the studied industries, which is more important in low and medium-sized returns. Also, based on the results, the effective and effectiveness of industries has varied according to the efficiency and also over time. Therefore, the use of approaches based on average observations cannot show the relationship between industries and assets. And depending on the efficiency of industries (limit and average conditions), the manner of effective and effectiveness as well as the causality of fluctuations can vary. This is not applicable in approaches based on average efficiency. Therefore, for better management of investment portfolio and hedging of investment portfolio risk If the limit and average conditions are analyzed, it can lead to better results for investors depending on the efficiency of industries regarding investment risk management.

The purpose of this paper was to investigate the impact of stock market shock on macroeconomic variables with the approach of Dynamic Stochastic General Equilibrium (DSGE) models. For this purpose, the data of the time period 1990-2021 with seasonal frequency has been used. Modern financial systems usually include financing from the financial assets market in addition to financing the banking sector. The interaction between the stock market and aggregate activity has received much attention in the past decade. In this regard, traditionally, the stock price usually affects the stock market as the discounted current value of the expected stock profits. In this framework, stock prices are influenced by both production (through profits and dividends) and interest rates (through the rate at which future dividends are discounted). In this study, the capital market shock has an effect on the economy through the channel of consumption expenditures of households and investment expenditures of companies. The direct effects of stock price fluctuations on total spending have made the stock capital market known as a leading indicator in the economy. The obtained results indicated that the reaction of macroeconomic variables to the demand shock was more intense than the shock from the supply side, and only the variables of tax revenues and bank facilities showed a negative reaction to the demand shock in the conditions of the supply shock. Also, the amount of employment has shown a positive reaction in response to the shock on the supply and demand side in the capital market

The present research has been done with the aim of providing a process model of social-ethical responsibilities in auditing institutions. This research is applied in terms of purpose, and in terms of survey-exploratory approach and qualitative research. The statistical population of this research was a group of experts including professors and researchers who are experts in the field of auditing, managers and partners of auditing institutions, and compilers of accounting and auditing standards and principles, who were interviewed in depth. Selection of experts and conducting interviews with them continued until theoretical saturation was reached and then it was stopped. In this research, the snowball sampling method was used and this process continued until the theoretical saturation of the researcher was reached. Finally, this method was an interview with 11 experts. In this research, since the foundational data theory method was used, the main tool for data collection was an in-depth and unstructured interview with experts. Finally, after three open, central and selective codings, the research conceptual model was designed. In this model, 14 identified categories were categorized in the form of causal, central, contextual and environmental, intervening, strategic and consequential variables.

The present study was conducted with the aim of pathology and providing a model of sustainable development in Iranian governmental Bank which was basic research of the mixed method. For qualitative data analysis, grounded theory and for quantitative data analysis, structural equations were used. The statistical population of the qualitative section consisted of members of the board of directors and senior managers of credit and human resources departments of state-owned banks, 18 of whom were purposefully selected for semi-structured interviews. The statistical population of the quantitative section consisted of staff and staff managers and experts of state banks, 291 of whom were randomly selected for relationships between variables based on Cochrane's formula. The results showed that the sustainable development model in Iranian state banks consists of 421 primary concepts derived from open coding, 41 concepts of wisdom and 17 main. The results of quantitative analysis show that causal factors and Confounding factors and underlying factors have an impact on the category. Also, categories, confounding factors and underlying factors have an impact on strategies. Finally, strategies affect the outcomes.

The current research has ranked environmental problems and obstacles in the field of domestic goods marketing management with a resistance economy approach. Among the statistical population of the research, 10 managers of electrical household appliances company were selected by theoretical saturation method. The research tool included a researcher-made questionnaire. Examining the results showed that in the structural-political dimension, priority is given to the indicator of failure to reduce dependence on oil. For the structural-economic dimension, the highest priority is with the index of fighting against economic corruptors and economic corruptions, for the structural-social dimension, the highest priority is with the tax payment index, for the structural-technological dimension, the highest priority is with the index of the change in the direction of the economy based on resources to an economy based on innovation. In the social-behavioral dimension, the highest priority is given to the index of consumption of domestic products in devices, for the behavioral-technological dimension, the highest priority is given to the indicator of the development of infrastructure required for the empowerment of the workforce, in the contextual-economic dimension, the highest priority is given to the index of creating a competitive environment in the production sector and Distribution is in some product groups. For the contextual-social dimension, the most priority is with the index of strengthening public trust between the government and the people in economic policies, and for the contextual-technological dimension, the most priority is with the index of the use of new technologies in the automobile industry.

The present research aimed at designing an indigenous model of durable goods’ consumer behavior based on the value theory in a closed economy (under sanctions) using the grounded theory approach. In this regard, in-depth and semi-structured interviews along with targeted and snowball sampling method were employed. The research statistical population included marketing professors and experts as well as household appliances practitioners. Data analysis was undertaken using open, axial and selective coding method. In this way, a paradigm model including 10 main categories, 22 sub-categories, and 116 concepts was designed. Based on the model, shopping values were introduced as consumer behavior’s causal factors, cultural and social values along with personal (internal) and external factors were introduced as antecedents. The characteristics of the consumer market were also enumerated as intervening factors with some effects on Iranian consumers’ behavior. Improvement strategies were considered as ways which result in consumer decapitation phenomenon and consumer loyalty. The present research results can help producers and policy makers to understand Iranian consumer's behavior towards Iran-made durable goods, especially in household appliance industry, and to develop appropriate strategies for managing the market regarding sanctions and import prohibitions.

The effect of financial development on the economy is so important that today it is believed that economic development cannot be achieved without an efficient and developed financial sector. In this research, to investigate the nonlinear intersectional effects of entrepreneurship and institutional factors on financial development (banking credit and value of trading shares) in 14 countries with high HDI during the time period of 2007-2020 using the panel data econometric technique It is addressed by nonlinear Nonlinear Auto Regressive Distributed Lag (NARDL) approach. The results of the estimations indicate that in the studied countries, the positive (negative) shocks of the intersectional effects of entrepreneurship and institutional factors have a positive (negative) effect on banking credit and value of trading shares. According to the results, first by improving and then by expanding the institutional and entrepreneurship indicators, it is possible to play a significant role in increasing the financial development indicators.

Choosing the optimal stock portfolio is one of the main goals of capital management. Today, There are several tools and techniques for measuring portfolio risk and selecting the optimal stock portfolio. In this article, using data of 15 shares selected by purposeful sampling method from the top companies of Tehran Stock Exchange Organization including; PKOD, ZMYD, BPAS, FOLD, MKBT, GOLG, MSMI, PTAP, SSEP, AZAB, FKAS, NBEH, PFAN, GMRO and GSBE, the First return of these stocks are calculated daily in the period of 31/3/1394 -31/3/1399 for 5 years for 1183 days and then using MATLAB software models The Metaheuristic Optimization of the Genetic Algorithm under the MSV Risk Criterion and the Particle Swarm Algorithm under the CVaR risk Criterion are Compared. The results show that the genetic algorithm model under MSV risk criterion is more efficient and less risky, therefore the genetic algorithm model under MSV risk criterion is more efficient than the particle swarm algorithm model under CVaR risk criterion.

The purpose of this research is to investigate the asymmetric evaluation of the high-frequency valuation of the company listed on the Tehran Stock Exchange using the MS-EGARCH model. For this purpose, the 5-minute data of Tehran Stock Exchange was used in the period of 2021-2022. Based on the results of the research, it was determined that the variable trend of stock exchange returns in non-linear mode (separation of period length into high and low regimes) is preferable to linear mode, and when the volatility of stock trading is small, the average return of the stock market changes, but the variance of the return changes. The stock market has no significant effect. Also, the results show the asymmetric effects of the effect of stock trading on the changes in stock exchange returns in the boom regime, and the fluctuations of stock trading in the average and high variance regime, in the state of increasing and decreasing stock trading, will have a different effect on the changes in stock exchange returns, and generally its positive effect It is smaller than its negative effects. As a result, it is suggested that the policy makers in the implementation of policies related to the capital market should be proportional to the regime in which the capital market is located, different policies and even if the policies are the same, the intensity of their implementation should be proportional to the characteristics of that regime in each regime.

This research has been used to get to know the pattern of housing purchase and through qualitative research with a contextual study approach to achieve the goal of the research. Sampling in the study was done by snowball method and data collection reached saturation by conducting 14 interviews. In order to collect information, buyers looking for a house, consumers living less than 6 months, builders and investors, and architects and designers were interviewed. The results showed that the pattern of purchasing luxury housing from the point of view of investors and builders includes 11 categories (determining the construction site, construction process, investment return, business partners, construction cost, obtaining municipal permit, construction time, economic period of construction and instrument, effective factors in persuasion to buy, characteristics of buyers, buying and selling process in the region); Architects and designers, 4 categories (expectations of the buyer, architect's design style, characteristics of construction in the region, factors influencing purchase); Consumers living less than 6 months, 3 categories (satisfaction with construction, making changes in the house, buyer's expectations); Buyers looking for a house have 4 categories (buyer expectations, buying time, how to choose a house, making changes to the house).