نشریه توسعه و سرمایه
سال هشتم شماره 2 (پیاپی 15، پاییز و زمستان 1402)

Being happy and satisfied with life is one of the most important goals of human societies. In recent decades, the concept of happiness has been considered as one of the most important measures of better living and well-being in the economy. Due to the great impact that happiness has on the dynamism and mobility of society and as a result increase efficiency and productivity and ultimately economic growth and development, recognizing and analyzing the factors' affecting happiness has become particularly important. Since the advent of the happiness economic in the 1970s, several studies have examined the relationship between different economic factors on happiness. One of the economic variables whose changes can affect the level of happiness of society is inflation. Inflation is unpleasant for people and reduces people's happiness. Inflation is one of the harmful economic phenomena that imposes high economic and social costs on societies. But one of the main and most important economic losses due to inflation is the uncertainty of its amount in future periods. Inflationary uncertainty is a situation in which economic agents are uncertain about their future inflation decisions. Given that uncertainties have become an integral part of the economic and also due to the destructive effects of these uncertainties on the economic and economic activities and ultimately on the happiness and well-being of society, the main purpose of this study is to investigate the effect of inflation uncertainty on happiness. The relationship between inflation uncertainty and happiness is examined for the first time. In the current research, 100 countries according to the latest classification of countries by the World Bank based on the income level of the countries, have been selected in the period from 2005 to 2021. They are grouped into two groups of countries with low income and lower middle income (developing countries) and the group of countries with upper middle income and high income (developed countries), and the relationship between inflation uncertainty and happiness has been investigated for all three categories of countries (100 selected countries and two income groups) using the panel data regression approach. Inflation uncertainty in this study was estimated using the variance model of autoregressive conditional heterogeneity (ARCH). Measures of happiness for the countries studied are extracted from the World Happiness Report. In addition to the inflation uncertainty variable, the relationship between other economic factors such as per capita income, income inequality, inflation, unemployment, health expenditures and government expenditures with happiness has also been examined. For 100 countries: Based on the regression results of the happiness model, inflation uncertainty has a negative effect on happiness and therefore the research hypothesis is confirmed. For one percent increase in inflation uncertainty, happiness decreases by about 0.002 percent. The results show that all explanatory variables in this research have the expected effects on happiness. The per capita income has a positive and significant relationship with happiness, so that a one percent increase in percapita income increases happiness by 0.07 percent. Inflation has a negative effect on happiness, but what is important according to the results of the happiness model estimation in this research is that both inflation and inflation uncertainty decrease happiness, but inflation uncertainty decreases happiness more. Unemployment and Income inequality have a negative effect on happiness. The health expenditure and the government expenditure variables have a positive effect on happiness.For low income-lower middle income (developing) and upper middle income-high income (developed) countries: The results show that inflation uncertainty has a negative effect on happiness in both groups of countries. The inflation uncertainty coefficient in the group of countries with upper middle income and high income is 0.22, which is higher than the other group (0.002). In other words, inflation uncertainty reduces happiness much more in these countries. Per capita income in this group of countries, with a coefficient of 0.14, has a more positive effect on happiness than the other group (0.08). Also the coefficients of the three variables of inflation, income inequality and unemployment are larger in this group compared to the other group, and therefore the effect of these variables in reducing happiness is greater. On the other hand, the two variables of health expenditure and government expenditure increase happiness more in the group of developing countries. Studies in the field of economics of happiness, due to the significant importance of happiness as one of the influential factors in the economic growth and development of countries, have had a significant growing trend since the 1970s. Recognizing and analyzing the factors that affect happiness has been the main goal of most happiness research. The efforts of economists to evaluate economic factors affecting happiness has led to valuable findings that have led to major changes in the economic growth and development policies of countries, which the world happiness report clearly reports every year. Comparing the results in two groups of countries in this study shows that, percapita income has shown the strongest positive effect on happiness, especially in the group of developed countries. inflation, income inequality and unemployment have caused a greater decrease in happiness in this group, which has the most negative effect related to unemployment, followed by income inequality and inflation. However, health and government expenditures in the other group have a greater effect on increasing happiness, which shows the importance of health, nutrition, and public expenditures to improve people's happiness.One of the main and most important economic losses caused by inflation is the uncertainty of its amount in future periods. Uncertainty about the future inflation rate creates instability in prices, and through this channel, it constantly causes changes in economic decisions. Inflation reduces people's happiness, but the uncertainty of future inflation reduces their happiness even more (In both groups of countries). In line with sustainable economic growth and development, it is suggested that countries should increase people's confidence regarding the stability of prices and inflation in the future with long-term planning and increase people's happiness by trying to distribute income fairly and paying special attention to health and employment.

Financial development and economic growth are key variables in any economy and in many research their bilateral relationship has been studied and in most literature the effect of financial development on economic growth has been investigated. The purpose of this study is to investigate the impact of economic growth on financial development (comparison of developed and developing countries). The current research is applied and retrospective in terms of type because it will use the past information of the countries and in terms of reasoning, it is a part of inductive research. Since we will examine and describe the current state of the research subject and examine the relationship between the variables, the current research will be descriptive. Also, regression analysis, which is a subset of correlation research, is used to investigate the relationship between variables. Therefore, the present research will be descriptive-correlation in terms of nature and method. One of the most important requirements of research is obtaining reliable and correct information. Because this information is the basis of future research and judgments. This research is based on the library method. Also, in this research, information related to thematic literature, theoretical foundations, background and records of previous researches about the research topic from library sources and through the study of books and periodicals, articles, theses, including internal sources and Foreign will be collected. The information and data needed to examine and test the research hypotheses have been extracted from the WDI database. in this study, using the annual data from 1990 through 2020, the effect of variables including economic growth, exchange rate, energy consumption, government spending, degree of openness of the economy, inflation and per capita GDP on market-based and bank-based financial development has been studied in 40 countries in two developing and developed groups using the Panel Data method. According to the results, economic growth has a significant effect on the bank-based development of developing countries. The results showed that in developing countries, economic growth has a positive and significant effect on bank-based and market-based financial development, which indicates a direct relationship between economic growth and financial development in developing countries. The results in the group of developed countries indicated that economic growth has a positive and significant effect on the bank-based financial development index, while it does not have a significant effect on the market- ased financial development index. Also, the results of the Granger causality test showed that in developing countries, there is a one-way causality relationship from economic growth to the bank- based financial development index. The results of this test in the group of developed countries showed that there is a cause and effect and two-way relationship between economic growth and bank-based financial development index, while there is a one-way relationship between economic growth and market-based financial development from financial development to economic growth. The results show that economic growth affects financial development. Therefore, it can be said a country’s financial sector only spurs at the intermediate stage of Economic Growth trajectory and develops as the economy fully grows. It can also be said that the bank-based financial development index has shown better results than the market-based index. The evidence presented in this study has important implications for policy making. It is imperative for developing countries to pursue prudent macroeconomic policies that reduce inflation while promoting financial development. To ensure higher economic growth on the back of improving the financial sector, developing countries should pursue appropriate fiscal and monetary policies aimed at reducing inflation, while at the same time using financial reform policies to improve overall financial systems. Policymakers should consider a more balanced approach in which financial sector policies aimed at improving EG should be adopted while taking into account the country's inflation rate situation, so as not to jeopardize the overall long-term plan of economic growth. To promote high economic growth, promotion of financial development of an economy should not be neglected and vice versa. Similarly, the role of banks and capital market development in economic growth should not be ignored, and both market-oriented and bank-oriented indicators in the studied countries should be given full attention, because the findings of this study show that and every Two market-oriented and bank-oriented indicators are very important in the economy. The economic growth of these countries and none of them should not be ignored. In addition to the fact that the study countries are more recommended to focus on improving the sub-indicators of financial development, which can even be a bank or stock market index, as a result, it has been determined that each of the sub-indicators is important and contributes to economic growth. Favorable economic growth can play an important role in the development of the financial sector. Because the use of policies that lead to high and stable economic growth is one of the requirements for the development of the financial sector. Short-term financial reforms that strengthen long-term financial development projects should be identified. Similarly, policies that support relatively rising inflation in the short run to fuel booming economic activity, but are sustainable in the long run, will be fruitful in economic growth. Since government spending cuts ultimately boost growth, long-term policies that limit unnecessary government waste but also limit accountability and prudent public management should be put in place. What probably needs to be reduced is the negativity of high government spending and inflation for growth, as the integrity of the financial system needs to be enhanced. Also, this study recommends for future researches that institutional quality and governance should also be considered in order to find the relationship between financial development and economic growth despite the differences in the nature of countries.

In order to achieve economic growth, policy makers have always had a special look at the industry sector. As far as the industry is called the engine of economic growth. Therefore, the growth of the industry has always been considered, and policies have been adopted to accelerate it. The factors affecting the growth of the industry are divided into two categories of internal and external factors, and therefore, determining the contribution of each of these two categories in the growth of the industry can be a good guide in making macroeconomic decisions. Therefore, two objectives have been considered for this study. The first goal of this research is to estimate the capital stock of the manufacturing industries using data revised by the Iranian Statistics Center, and the second goal is to determine the contribution of internal and external factors affecting the growth of the manufacturing industries value added with a special view on capital as an internal factor.  The data used in this study is the time series of 2002-2019, and the Dadkhah and Zahedi (D-Z) method was used to estimate the capital stock of the manufacturing industries. The contribution of external and internal factors affecting the growth of the manufacturing industries is obtained by multiplying the production elasticity of the production factors in their growth using the Solow growth model. Also, the existence of a long-term relationship between the dependent variable and the independent variables has been investigated through the Pesaran bounds test. The long-term correlation coefficients were obtained using ordinary least squares regression and the error correction method (ECM) was used to estimate the short-term correlation coefficients of the variables.  After performing the unit root test, it was determined that all the variables used in the research were non-stationary at the level and after one time of differentiation, they were stationary. Therefore, for the existence of co-accumulation and the existence of the long-term relationship, the Pesaran bounds test was performed, and the cointegration between the variables was confirmed. Also, due to the existence of autocorrelation, by dividing the variables by the number of labors, they are included in the model per capita. Calculating variables such as the size of the government, exchange rate and the degree of the economic openness per capita have no meaning from an economic point of view, so the act of dividing has not been done for them. The results of the ordinary least square method have shown that in the long term, the amount of money per capita with a 32% share in the growth of the industry is the most influential external variable of this research, and after that, capital per capita is the second most important and effective factor on the said variable. Also, the third variable influencing the growth of the industry in the long term is the exchange rate with a share of nearly 7%. However, the coefficients estimated by the error correction method indicate that in the short term, the share of capital per capita and the volume of money per capita in the growth of the industry are 38 and 21 percent, respectively, and no other influential variable has been observed in the short term. The results of investigating the absence of heterogeneity of variance, autocorrelation, and collinearity problems using Hausman, LM, and variance inflation index (VIF) tests respectively for both OLS and ECM methods have shown that the aforementioned problems did not exist, and therefore, the results of this study are reliable.  The results of this research, using the revised data of industrial workshops with 10 or more workers in the period of 2002-2019 and using the Solow growth model, indicate that in the short term, internal factors and in the long term, external factors have contributed the most to the growth of industrial production. It can be concluded that in the long term, the economic conditions at the macro level of the country and the economic variables affecting the performance of the industry sector, which are exogenously determined for it or in other words imposed on it, have had a greater contribution to economic sector growth than the variables that are in the decision-making sphere of economic units. The important point hidden in these results is that observing the effects of internal factors in the short term should not lead to neglecting the long-term effects of external factors and making policies with a short-term perspective. That is, paying attention only to making decisions that emphasize the internal factors of the industry, such as capital and labor, and making decisions at the macro level without considering the long-term effects on the industry sector, prevents the industry sector from reaching its potential growth.

Decision making is choosing one option from among several options. Every decision can have unique dimensions and results for every investor. Investors make different decisions in the same and different situations. The main purpose of the current research is to investigate the factors influencing the different decisions of investors in Iran. This research was carried out using the descriptive-correlation design and using the structural equation modeling approach. The statistical population of the research included university professors, financial experts, financial managers, managers of exchange and non-exchange companies, especially investment companies, real investors in the whole country, of which 390 people were selected by a simple random sampling method through a questionnaire. Face-to-face and online were selected. In order to collect data, a questionnaire tool was used, and structural equation modeling was used to test the hypotheses in two sections: evaluation of the measurement model and evaluation of the structural model.  The findings of the research showed that the variables of interests, financial resources, mental capabilities, goals, information, interaction and the way of analysis have a significant effect on the different decisions of investors at the 5% error level.  The results of this research showed that in order to predict the choice of each investor, interests as a driving engine, resources as a situation, neural mental structure as a system, goals as a tool, information as a feed, interaction as a facilitator, analysis as an action approach. he does. According to the results of this research, it is suggested that the decision-making body in the country should pay more attention to investors' decisions, because each decision will have different economic effects on each stakeholder group. Therefore, it is better for the decision-making body to use an interactive approach for investment issues. According to the research results, if we want to explain the different decision making of each person. In other words, let's predict the type of decision of each person, the engine driving the decision in the first criterion is interests. Interests act as the invisible hand in decision making. The interests of each investor state why the decision is made in this way. The second criterion explains the different decision making of financial resources investors. Different sources will put different conditions in front of each person. Without resources, investment decisions will not make sense. The third criterion is the process and mental structures of people. The mental process works like a system. If we consider the inputs the same for everyone, the report or output that is provided for each person will be different because of the different neural mental structure for each person. A different report will have a different decision. The fourth criterion is investment goals. Each target has individual means and methods of slaughter. Knowing the methods and tools can express the goals of an investor. Knowing more and better the methods and tools used by an investor will help in predicting the investment decision. The fifth criterion is the investor's information and awareness process. Information for decision-making plays the role of blood in the human body. When we decrease or increase the flow of information, the quality of decision-making will decrease or increase accordingly. Information is known as the feed for investor decision making. The sixth criterion that should be considered is the interaction of investors. Every investor will consciously or unconsciously be attracted to people who are almost at the same level as him. In other words, every person in his interaction tries to have a relationship with people who do not contradict his economic, cultural and intellectual level to face the challenge. Most people don't like change and try to maintain the current level, so knowing more about the interaction and communication of each investor will make it easier to predict decision making. The last criterion for predicting people's decision-making is the way of analysis. The analysis of each investor can be focused on profit per share, profit sharing, development plan, major shareholders, difference between daily value and intrinsic value, asset structure, debt and equity, operating cash flow, profit quality, financial cost, industry outlook, indicators The macro economy, the perspective of other investors, the security and health of investment, social responsibilities, the members of the board of directors and the CEO, the value chain and production, etc. When we find out the summary index of each investor, we can predict which option will be the decision and choice. According to the results of the research, each investor has different interests compared to other investors, the amount of financial resources can change the decision of each investor, the mental nervous structure of each investor is different from others, investment goals are determined according to the conditions of each investor, each group of special information compared to other groups, each investor has a unique interaction with others, each person's analysis is different from other people. At the end of the time, when the interests, financial resources, intellectual structure, goals, information, interaction and analysis of each investor are different from others, the investment decision of each investor will be different from each other. According to the results, it seems that the way investors make decisions is hierarchical. that the interest component is at the top of the pyramid and the analysis component is at the bottom of the pyramid, when the answer to the challenge of each level of the pyramid is not found, the decision is stopped, the rest of the steps are removed, no decision is made. The decision is implemented when there are no challenges without solutions for all levels. This research has investigated the different decisions made by investors in the capital market of Iran, at first, by using the research literature, the influencing factors on decision-making were discussed based on economic theory, behavioral finance, based on economic theory, investors behaved completely rationally and rationally when making decisions. and they always seek to maximize their profit, but based on behavioral finance, investors have not behaved completely rationally and when making decisions, they often make mistakes due to behavioral strain, these mistakes are caused by people's mental structures, which are the mental conditions and emotions of people, environmental conditions And it will lead to a difference in the decision making of the shareholders. Based on the results of this research, investors generally pay more attention to the benefits component than any other factor in the decision-making process. Benefits are very different compared to other components. This difference shows that interests have more weight in decision-making. Investors attach great importance to the component of interests in decisions. In the second stage, they evaluate financial resources, liquidity, working capital, cash inflow and outflow. Then they model ideas, mentalities, innovation and creativity, theories and theories in mental structures. The objectives of the decision-making matter are clarified. It will be collected from existing and available data and information that have the characteristics of being timely, reliable and verifiable. Investor interacts with people who can facilitate decision making for them. All conditions, leading position and previous steps will be summarized, classified, analyzed and interpreted. Therefore, the decision of each investor is made. According to the results of this research, understanding the way investors make different decisions, which are the most important pillars of this market, will lead to the growth and development of the capital market. Knowing the market elements plays an important role in the capital market process, efficiency, effectiveness and economy in the market will be better as a result in the whole country. On the other hand, knowing how each stakeholder group makes investment decisions will create an interactive approach for the decision-making body in relation to the establishment of laws, regulations, guidelines and instructions that will advance the entire market towards stable and secure growth and development. monitoring process due to the more predictable decision making of each group; It will become easier, more convenient and more effective for both supervisees and supervisors. Also, many behavioral strains will be solved for each group of investors. Investment security will increase for the decision maker. As a result, the amount of investment, production, and employment will increase and sustainable growth and development will be provided.

The housing sector in Iran is considered one of the most important economic sectors, so that around 20-30% of the country's capital formation was allocated to this sector in the last decade. Price vibratilitys are one of the most important economic challenges of this sector. Examining the conditions governing the economy in the past years shows that the conditions of recession and inflation governing the country's economy have created one of the most difficult periods for the country, and in the meantime, the housing sector, as one of the economic sub-sectors, has not been protected from the Adverse effects of the conditions governing the macro economy. And it has experienced relatively long periods of recession and relatively high inflation before that. On the other hand, one of the basic problems that banks and financial and credit institutions are dealing with today is the problem of non-current claims and uncollected facilities. In addition to reducing the profitability of banks, this issue causes the slow circulation of liquidity in the economy, the lack of allocation of credits to productive requests on time, in the fields of industry, mining, trade and agriculture, and ultimately economic stagnation. One of the most important factors affecting the non-current claims of the banking system can be the business cycles and periods of the housing sector, since the civil partnership facilities of banks have a significant share, the booms and busts of the housing and non-residential buildings sectors can affect the ability to repay the received facilities. be influential. The boom in the housing sector and investors in this sector will help repay loans. While the stagnation of the housing sector and its expansion will reduce the willingness and ability of investors to repay loans; Therefore, examining the cycles of the housing sector as one of the factors affecting non-current claims is necessary and necessary. Also, it seems that the increase in demand is not the only factor affecting housing prices and the unfavorable conditions of other economic sectors of the country make the housing sector attractive to all investors (banks and non-banks). Considering the importance of the issue and considering that one of the effects and consequences of the monetary activities of credit institutions is the emergence of non-current claims that have negative effects on the cycle of resources and expenses of banks and can also affect housing prices; Therefore, the main goal of this research is to answer the question that to what extent does the investment of banks in real estate affect the price of housing? In this research, using the TVP-DMA method, the most important factors affecting housing prices have been identified. To examine a forecasting model or to choose the best model among different models for a time series, an index is needed to make the necessary decision regarding the acceptance or rejection of the forecasting model. In this study, two standard indices of the Mean Squared Forecast Error (MSFE) and the Mean Absolute Forecast Error (MAFE) are used. Based on the results, the most important variables affecting housing prices in Iran's economy are inflation variables; exchange rate; liquidity; Economic Growth; Bank payment facilities for housing; Overdue claims and increase in bank debt; the amount of fixed assets of banks; Land price index in Tehran; sanctions index; population; housing tax; Urbanization coefficient and price index of construction materials. Based on the results of inflation variables; exchange rate; liquidity; Bank payment facilities for housing; the amount of fixed assets of banks; Land price index in Tehran; sanctions index; population; Urbanization coefficient and price index of construction materials have a positive effect and economic growth variables; Overdue claims and increase in bank debt and housing tax have a negative effect on housing prices. Based on these results, inflation with the longest period of influence is the most important variable affecting housing prices in Iran. Based on the results, the following suggestions are made to improve the situation in the housing sector:Tax policies: According to the current conditions, the most effective way to deal with housing speculation is to apply effective taxes in the field of housing and real estate. These taxes can be placed in 5 areas: real estate capital gains tax, real estate transfer tax, annual real estate tax, real estate rental income tax, and real estate construction and sale income tax.Pending claims policies: Considering the results of the research and the significance of the effect of housing prices on non-current claims of banks in the period under review, it seems that policymakers and supervisors should consider housing prices as a key indicator affecting the stability of banks. In this context, it is desirable to provide a framework to control the relationship between housing prices, bank loans and loan losses.Facilitation policies: as a policy solution arising from the results and findings of this research and considering the existence of potential accumulated demand in the housing market and the existing imbalance, it is suggested to prevent the stimulation of potential demand and the increase of housing prices, the share of bank facilities granted for the purchase housing will be reduced and on the other hand, the share of bank facilities granted for housing construction will increase and then the facilities allocated for housing construction will be converted into long-term contracts for installment sales and rent as a condition of possession. It is worth mentioning that the interest rate of bank facilities can also be effective on housing prices from the cost aspect; Therefore, in the housing market, both supply and demand factors must be monitored and controlled.

Given that no comprehensive index has been provided for web-based financial reporting, one of the most important tools used for information transfer for the users is web-based financial reporting. Considering the increasing level of coverage of this reporting in the world, the current research is also trying to address the issue of the native model of the web-based financial reporting index.The nature of this reporting type is so that provided information with this language is self-exploratory information. Web-based financial reporting provides the possibility to provide the stakeholders with the information holistically. This technology has been supported as a way to improve efficiency, timeliness, and honest representation of financial information and ease of accessing and analyzing data. Thus, this study aimed to examine the effect of performing web-based financial reporting on earnings management emphasizing the moderating role of agency costs. In fact, the question of the current research is, what is the web-based financial reporting model?And if the model is presented, how is the impact of the web-based financial reporting model on profit management with the moderating role of agency cost? Therefore, the present study has tried to provide an answer to this question. This study method was applied in term of goals and descriptive in terms of data gathering. It used both qualitative method (for identifying components and dimensions related to web-based financial reporting using experts ideas) and quantitative method (for measuring final model obtained from the first stage and reliability of the model). So, combined method was used for data analysis. The web-based financial reporting implementation model was assessed through a questionnaire that was distributed among experts.  Confirmatory factor analysis was used to measure the latent variable of web-based financial reporting implementation with its measurement items. Calculating web-based financial reporting was through a checklist containing 62 indices of Internet disclosure and 62 content factors. The final sample of the research was also selected as the research sample after applying the applied restrictions of 167 companies and 2004 observations (year-company). Results were in line with offering a web-based financial reporting model based on literature and theoretical foundations of previous research and ideas of academic and professional experts using fuzzy Delphi technique. Web-based financial reporting included 8 indices of organizational index, financial index, economic index, social index, political index, human index, technology index, and cultural index. Based on the results, the offered model has lower skewness than each index. Using these indices in organizational level can improve financial reporting status for the users of them. After representing an indigenous model of web-based financial reporting, the effect of this model on earnings management, regarding the mediating role of agency costs was examined. Results showed that the model reduces opportunistic behaviors of managers, leading to decreased earnings management. Also, the implementation of this model can reduce information asymmetry and agency costs. Results showed that the existence of agency costs regarding web-based financial reporting in the companies increases the negative relationship of web-based financial reporting and earnings management. The obtained results can be argued in this way that nowadays, most countries welcome web-based financial reporting for reducing negative effects of information asymmetry between management and owners, agency costs, capital costs, and increase of company value. Their advantages are better access to information, lower cost, possibility of continuous reporting, and providing dynamic information, which cause the spread of using this tool for financial reporting. The represented model based on the ideas of experts include organizational, financial, economic, social, political, human, technology, and cultural indices. In the given model, organizational, financial, economic and human indices are categorized at company level, political, social, and cultural indices at society level, and technology index at software producers’ level. Thus, using these indices at organizational level can lead to improving financial reporting status for the users of these financial statements. Also, after representing a web-based financial reporting model, the effect of this model on earnings management was examined, emphasizing the moderating role of agency costs. The web-based financial reporting model reduced opportunistic behaviors of managers, leading to decreased earnings management. Thus, using the index of web-based financial reporting based on the given model can help companies to reduce information asymmetry and agency costs. In this respect, results showed that using web-based financial reporting, agency costs increase the negative relationship between web-based financial reporting and earnings management. Arguably, it is because nowadays, in most countries, for reducing negative effects of information asymmetry between management and owners, agency costs, capital costs, and company value, mechanisms, such as web-based financial reporting have been welcomed with the advantages of better access to information, lower cost, continuous reporting, and offering dynamic information cause the spread of this tool in financial reporting. Based on the results, web-based financial reporting reduces opportunistic behaviors of managers, reducing earnings management. Also, in terms of agency costs, when web-based financial reporting is utilized in the companies, agency costs are reduced. Finally, agency costs mediate the relationship between web-based financial reporting and earnings management.

One of the financial instruments that plays an important role in investors' decision-making is the derivative financial instrument, which in Iran's capital market has caused the market balance to be disturbed in terms of control and risk due to the existence of integrated usage restrictions for them. In fact, these financial instruments can be used both for commercial purposes and for protection against unpredictable risks in investments. But the existence of restrictions on the use of derivative financial instruments has caused huge losses, which cannot be hidden as a result of the financial scandals of large companies. Therefore, in order to reduce such restrictions in the use of derivative financial instruments, many accounting and financial standards drafting boards such as the American Financial Accounting Standards Board "" and the Australian Accounting Standards Board "" in accordance with  statements; they compiled  and  with the aim of reducing the complications of using these instruments. The purpose of this research is investigating 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 financial instruments limitations has led to the use of these instruments, at least at the level of the Iranian capital market does not have integrity. 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. TODIM Fuzzy inference has been used in the quantitative part of the research. 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 the statistical population. 

In this research, based on the fact that the limitations of the integration of the use of derivative financial instruments have not been determined in the form of a coherent theoretical framework in the past researches, therefore, in this research, an attempt was made to determine the desired dimensions. 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 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. In fact, comparability as one of the indicators of information quality in the use of these tools can bring benefits such as reducing the cost of information processing, and it is through this mechanism that the level of fair valuations on the assets of companies can increase the integrity in the use of tools. Financial derivatives help. So that by increasing the ability to compare information, the possibility of comparing the similarities and differences between the value of companies is increased and on the other hand, the effort of analysts to understand and analyze financial statements and to better understand the relationship between economic events and company performance is reduced, both of which are an effective factor on The efficiency of the market and the optimal allocation of resources is in the form of expanding the collection of information available to investors and reducing the cost of information, and it provides opportunities to invest in derivative financial instruments. While the lack of this capacity in Iran's capital market, due to various reasons such as lack of information transparency or agency cost, has reduced the integrity of the use of this tool at the level of Iran's capital market.

Financial assets are rapidly responding to global crises. While the COVID-19 pandemic has triggered a sharp rise in uncertainty, the shock to the oil market and the stock market is unprecedented. Economic activities have been severely curtailed due to the fact that many countries have adopted strict quarantine policies since the covid-19 epidemic. The Covid-19 pandemic has led to a sharp rise in uncertainty, with unprecedented shocks to the oil and stock markets. As the COVID-19 pandemic is ongoing, usual social activities and economic trade activities are still restricted, which influences normal economic development. The consequences of the COVID-19 pandemic on the world economy have been forecasted to be much worse than the 2008/2009 Global Financial Crisis (GFC) resulting in a crisis like no other no previous infectious disease outbreak (including the Spanish Flu) has ever affected the stock market as forcefully as the COVID-19 pandemic. With nearly 3 billion people staying at home to prevent spread, the global oil demand dropped significantly. Furthermore, the large-scale outbreak of the COVID-19 pandemic in the world led to the collapse of the global stock market. In 2020, the COVID-19 pandemic has been raging worldwide, and has had a traumatic impact on the global economy, trade, and other aspects. To minimize the impact of the COVID-19 pandemic on the global economy, economists began to analyze their relationship. However, as stock markets are the global economy’s driving force, economists are focusing on research linking the stock markets and the COVID-19 pandemic. Therefore, it is important to research the effect of the pandemic on the oil and gold  price and then stock markets in order to restore normal economic operations as soon as possible and reduce the economic losses incurred by the pandemic. Therefore, considering the importance of the issue, the purpose of this study is to investigate the role of world oil prices, world gold prices, exchange rates on the stock market.

In this research, to study the subject, we use  monthly data of opec oil price, world gold price,  and exchange rate by using the central bank of Iran. OPEC, investing.com  and worldmeter.com data for selected set of opec member countries in the period 2017: 01 to 2022: 08 and also panel data model and generalized method of movement (GMM) have been used. This method is a powerful estimator that, unlike the maximum likelihood method, does not require accurate information on the distribution of error terms and also, this method, which is used in dynamic aggregate data, is based on the assumption that equation error terms are uncorrelated with a set of instrumental variables. we using Im, Pesaran and Shin (IPS) (2003) test examing variables stationary then by pedroni (2004) examine panel cointegration test.

The results of this study show the negative influence of the stock market of selected countries on the epidemic of the Covid-19 virus. In other words, with the spread of the Covid-19 virus, the stock market of the studied countries has been negatively affected. The variables of oil price and exchange rate did not have a significant effect on the stock market index during the studied period. Finally the relationship between gold price and stock market in selected countries is positive. the direct relationship between the gold price  and the stock market indicates that Following the corona virus epidemic in the world and its persistence and uncertainty about the economic activities in the world, gold was considered as a suitable asset for buying and investing and its price increased. As a result, many investors turned to this asset and its excitement is also affecting the stock market, and the stock index of the stock market increased.

Most of the world's financial markets are affected by the coronavirus epidemic. Uncertainty resulting from the situation has led to changes in gold and oil prices and the stock markets of countries have also been affected. the result indicate that the global Covid-19 crisis has led to a decline in the stock market in selected opec member countries, this result is confirmed by the evidence of the last two years in financial markets around the world. there is still much room for investigating the impact of the COVID-19 pandemic on the oil and stock markets. For example, by using high-frequency data, we could study the empirical results by using the GARCH models.

The need to restructure companies due to the change in the nature of the environment and the expectations of stakeholders has become a strategic basis for achieving a competitive advantage that can help increase the effectiveness of sustainable reporting functions of companies. One of the structural types of companies in terms of knowledge-enhancing nature is holographic structures. The holographic nature of a company in terms of meaning means a system that distributes the total quality in all the structures of the company in such a way that each component and unit is capable of self-organization and sustainable re-creation in order to be able to provide an appropriate response to the environmental needs. This structure teaches its components based on learning functions so that they have the necessary capabilities to respond as a whole in dealing with environmental challenges. The purpose of this research is Evaluation of sustainable reporting functions under the dimensions of holographic structures of capital market companies. 

This research is developmental in terms of methodology, and in terms of the type of data collection, it is a mixed research. In this research, in the qualitative part, based on meta-composite analysis processes, it was tried to first identify the researches related to the two concepts of holographic structure and sustainable reporting functions, and then determine the components and themes of the research based on the critical evaluation scale. Also, in the continuation of the qualitative part, Delphi analysis was used to determine the limit of theoretical consensus. In the quantitative part, with the aim of determining the most effective component of sustainable reporting codes from the themes of the holographic structure, Intuitive Fuzzy Sets (IFSs). In this study, 14 research experts in the field of accounting participated in the qualitative part, and 24 people from capital market company managers filled in the matrix questionnaires in the quantitative part. 

As the analytical process of the research showed, based on the intuitive fuzzy matrix, the dimensions related to the research variables should be determined in the form of components and themes. Therefore, in line with the first and second questions of this study, during the critical evaluation process, 5 components were determined under the title of functional criteria of sustainable reporting and 4 themes were determined under the title of holographic structure criteria of companies, and the reliability of the identified dimensions was confirmed based on Delphi analysis. Based on the third question, the results of the research showed that the most important influential component of the themes of the holographic structure, especially the holistic culture, is the sustainable socialization of capital market companies. The results in the quantitative part also showed based on the process of fuzzy Vikor analysis, holistic culture is considered as the most influential theme of holographic structures that can lead to sustainable reporting dynamics. It was also found that sustainable socialization based on the  index value is the most important influential component of the themes of the holographic structure, especially the holistic culture, at the level of capital market companies.

The result of this study states that socialism as an effective dimension in the sustainable development of companies' social responsibility development processes towards stakeholders in the form of non-governmental groups; guilds; NGOs, etc., is focused to act voluntarily and according to an inclusive approach with pluralistic values, even in the absence of official laws and requirements, based on normative mechanisms and social commitment, and commits itself to providing transparent and stable reports to them. to do This level of sustainability in reporting, although it is sometimes not measurable due to the social intentions of the companies, but the promotion of cultural values and norms causes the trauma of social mistrust to the capital market companies, especially the recent events regarding the negative growth of the desire to invest in the stock market. be reduced and companies responsibly seek social harmony with the concerns of people's groups, domestic and international institutions; the environment; Economic conditions; Individual satisfaction of human resources and... to disclose their functional realities. In this regard, as it was determined, the existence of a holistic culture in the holographic structure can be the basis for the development of the desired values and norms.

As the most important  financial market of the country , the stock exchange  is affected by the firms` financial reports reflecting its financial performance. The economical, political, and social macro factors make some changes in the firms` financial performance and these changes bring about the positive as well as negative efficiency in the capital market, hence they affect the market participants`decsions. According to the exlpanation given above, it can be stated that the political and business cycles can influence the economical macro factors as their effects are observed clearly in the firms` financial perfomance. As the non- financial data, the political cycles influence the firms` performance; for example, during the sensitive periods such as elections, they can cause big and important changes in the firms` financial performance by the economical boom or downturn. On the other hand, simultaneus with the changes in the political cycles, there are also alterations in the business cycles affecting the firms` performance as the financial data. It ıs necessary to know that how the fınancıal performance of the fırms ıs affected by the polıtıcal and busıness cycles ın order to prevent the temporary fluctuatıons and the followıng negatıve economıcal consequences fot the partıcıpants ın the market.  Knowing people, politicians, and the firms of the capital market are considered as the effective factors on the market process. Therefore, being aware of such events can result in the suitable as well as immediate reactions accompanied with the least costs and the best following feedback. In addition, the users of the financial statements take the advantage of the financial performance as one of the most important values to analyze the firm and during their decision making process, they consider the changes in the financial performance. The most noteworthy factors  affecting the changes in the firms` financial performance include the ones in the economical macro factors such as the market boom or downturn, foreign exchange fluctuations, opening or blockage in the international relationships, political cycles, the government changes, budget deficiency,and of course, the basic accounting variables. The aim of the resent paper is to identify and study  the effectiveness of the effective markers on the firm`s financial performance resulted from the political and business cycles as the financial and non- financial data. Also, ranking the obtained markers is studied in order to be applied in the financial decisions and to be introduced to the economical operators.

This research is qualitative and questionnaire- based that by asking questions from the related authorities tries to identify the effective markers on the firms` financial performance, hence it obtained the results by the questions and the response analyses through applying Fuzzy-Delphi procedure. In order to select the experts, the snowball method is used. In the first step, seven experts were chosen that each one introduced a group (the exponential method without differentiation in the snowball method). 62 experts ere chosen and the questionnaire was sent to them by e-mail and 52 ones answered the questions. Friedman test and Chi square test were used to rank the responses.

The net profit as the accounting information and the profit before tax and the interest devided by total assets as the accounting information affecting the firms` financial performance , the business cycle` effect as the agent of the financial data affect the sales growth of the firms, the sales growth is also considered as the effective accounting information on the financial performance, the board`s political affiliation with government is effective on the financial performance , and the presidential election affects the market value of the firms.

The present research is conducted to identify and to rank the effective factors on the firms` financial performance and the findings are explained in two parts: The first part is related to identify the effective financial and non-financial markers on the financial performance, the statistical community includes the experts who completed the questionnaire and some of the related markers were identified and tested through the statistical analysis of the responses. In fact, in this part, the related markers were identified and obtained by refering to the experts and the research statistical community; the obtained results indicated that among the financial and non- financial markers and the effective accounting information on the financial performance, some cases were identified and their ranking results will be given in the second part. The conclusion related to the identified financial and non-fibnancial markers by the experts is given in the second part. Ranking of each identified marker was done by the statistical analysis and the obtained results were presented. In fact, ranking of the the research findings showed the following results The profit before tax and the interest devided by total assets accompanied with the net profit as the accounting information are effective on the financial performance. Among these markers, both ones ranked the highest with the average of 3/77. The business cycle which is effective on the sales growth of the firms was the second with the average of 3/44. As the accounting information, the sales growth is effective on the financial performance which was the third with the average of 3/41, the board`s political affiliation with the government which is effective on the financial performance ranked as the fourth with the average of 3/34. Finally, the presidential election with the average of 3/38 obtained the lowest rank, it is effective on the market value of the firm.

The recent crises in the Bahadur stock exchange in the world and Iran, which has caused the loss of individual and macro-national funds, has undoubtedly been most affected by modern corporate factors such as error management, because the existence of problems in this category causes a decrease in production, loss of income, manipulation. Profit has provided wrong reporting and consequently improper investment and capital wastage. Therefore, the study of the effects of error management on the factors affecting the effective categories in investment, including capital market pressure, is the aim of the current research. To investigate the effects of error management on capital market pressure, a sample of 150 companies listed in the Tehran Stock Exchange was selected by systematic elimination and studied in the period of 2012-2018. Multivariate regression has been used to test quantitative data. The obtained results show that among the three types of operational error management, compliance and reporting, which were extracted and compiled by the method of content analysis from the content of the independent auditor's report, operational and compliance error management had a negative and significant effect on capital market pressure, so that Increase in error management. Capital market pressure indicators such as profit pressure, ratio of book value to market value, company size and dividend growth have increased significantly. In general, the results of the research show that the market participants have used the marking of financial statement figures in the direction of their investment, because error management in the operational and compliance department of business units, by increasing the efficiency and effectiveness of business units' operations and compliance with laws and regulations, respectively, leads to improvement The level of income, increasing the market value of equity, increasing the size of the company and increasing the growth of the company. Also According to the results obtained from the hypothesis test, it was found that the proper and optimal management of operational errors (efficiency and effectiveness) and compliance (observance of laws and regulations) had a significant impact on the indicators of capital market pressure. One of these indicators is profit pressure, which is obtained by dividing the income of continuous operations by the market value of equity, therefore, business units with proper error management have been able to efficiently and effectively use the assets of their business unit and use all the existing potentials and find complications of errors and management. They have achieved higher production and operating income, and also such companies have been able to supply the information needed by investors to the market at the right time by following the rules and regulations, and by gaining confidence in the capital market, they have achieved a higher stock market value. Such companies will be more successful if they can bring the numerator and denominator of the fraction closer together. This ratio shows that the market participants have made good use of the marking of financial statement figures and assumed the income figure related to the company's continuous operations, which is the result of proper error management of the company's operational activities, as a strong measure for the growth of the market value of the shareholders' equity, and for each unit Increase the income growth of the market value as well. Regarding the effect of operational and compliance error management on the ratio of book value to market value, the results showed that error management in this sector was able to bring the ratio of the numerator to the denominator close to one because the closer the market value is to the book value, the smaller the price bubble in the market. will be and stocks will be closer to their intrinsic value. Also, the effect of operational and compliance error management on the size of the company and the growth of profit per share has also been confirmed, which means that with the increase in error management, the stock market value and the growth value of profit per share have also increased, so that companies with less error have increased the growth of profit per share. Is. Also, the effect of company life on capital market pressure shows that larger companies bear less capital market pressure. In general, the results of the research show that error management in the operational and compliance department of business units, by increasing the efficiency and effectiveness of the operations of business units and complying with laws and regulations, respectively, leads to an increase in the level of income, an increase in the market value of equity, an increase in the size of the company and an increase in the growth of the company. It has been found that these results are consistent with the results of (Naderi et al, 2022) who have stated that operational error management improves the level of quantity and quality of profit and reduces the level of fraudulent financial reporting and increases the level of quality of financial reporting.

Due to the expansion of the capital market in the past years and the people's unique acceptance of this market, behavioral financial studies of individual investors have become more important. The complexity of the decision-making process has caused any decision to be influenced by the Attributes of each investor. Risk-taking capacity is one of the most important components that is a function of the decision maker's Attributes. This study seeks to empirically identify the factors affecting the risk-taking capacity of investors. So far, few researches have been done regarding the risk-taking capacity of individual investors in the capital market, and there is little information about the behavior of investors in this field. Therefore, there is a significant gap in this field and this study helps to fill this gap in the literature by identifying the factors affecting the risk-taking capacity of individual investors. We in this study aimed to find, what determines how much risk investors take in the capital market? Went on this way that Using the opinions of experts, present the risk-taking capacity of investors in Iran's capital market of the grounded theory approach. 

The personality trait criterion consists of five specific personality attributes, including agreeableness, conscientiousness, neuroticism (emotional instability), extraversion, and openness to experience. In this study, we used a quasi-experimental design and a post-event approach. To test the hypotheses, we used a structural equations model (version 3 of Smart PLS software). 

In this process, 52 concepts and 29 open codes were created and were grouped in the main 6 axes of the grounded theory. Based on the analysis of the questionnaire data, due to the lack of software distribution, the research model was tested and confirmed by the partial least squares method with the help of SmartPLS version 2 software.All the interviewees, equivalent to 100, have mentioned the five variables including the personality of the investor, the company situation, the conditions of the micro and macro economy, the Investor's knowledge status and the technical analysis of stocks and markets. Also, the category of investor personality, in addition to the number of repetitions of the codes, in terms of generality and comprehensiveness among the respondents, was also a priority, which shows the importance of this category. The categories of attributes of online transactions (including ease of access and lack of restrictions) with 5 repetition codes and social conditions (including the concepts of the impact of social welfare, social security, social responsibility, ethnicity and geographical region) with 7 repetition codes had the lowest percentage of frequency and generality. 

The analysis of the collected data in terms of frequency indicates that the categories of investor personality (including investor's emotional biases and investor's cognitive biases) with the number of 162 repetitions of the code is ranked first, company situation (including liquidity situation, industry situation, company efficiency, company profitability, structural condition and company size) with the number of codes 119 is ranked second, micro and macro economic conditions with the number of codes 78 is ranked third, the situation of investor knowledge (including the three concepts of having investment knowledge, having financial literacy and having the knowledge of reading stock charts) ranked fourth with 73 codes and technical analysis of stocks and markets ranked fifth with 70 codes.Finally, the paradigm model was categorized into 6 main dimensions of causal conditions, intervening, contextual, central phenomenon, strategies and consequences.The most important influencing factors in each dimension on the risk-taking capacity of individual investors were determined as follows:In the dimension of causal conditions, in the order of a) variable of investment knowledge of the investor b) trust of investors to the market c) having financial literacy d) Being aware of market psychology.In the dimension of intervening conditions, a) the variables of job and expertise and the amount of income of the investor and b) the variable of self-management of the investor.Next, the background conditions, a) variables: exchange rate, inflation rate, bank interest rate and deposit interest rate, b) global price variables and the occurrence of wars in the world and c) attention to political conditions and the effects of sanctions.In the dimension of the central phenomenon, a) variable of technical analysis of the whole market, b) technical analysis of stocks and c) knowledge of fundamental analysis.In terms of strategies a) determining the strategy in the three axes of analytical strategy, time strategy and investment resources strategy, b) simultaneous use of fundamental variables and technical models and charts to predict the future, c) the ability to predict the future and readiness to face it and d) having the power of patience and tolerance to create change and achieve results.In terms of consequences, a) choosing the optimal portfolio, including choosing the best companies in the best industries, b) choosing a portfolio (basket) of stocks with a P/E lower than the market P/E, and c) determining the return expected by the investor.