نشریه اقتصاد مالی
پیاپی 67 (تابستان 1403)

External financing is one of the most important sources of investment, especially in developing countries. External financing for both countries (lender and borrower) has opportunities and challenges that the analysis of which requires statistical and econometric studies. The purpose of this study is to investigate the determinants of foreign financing among selected countries (including; Iran، Azerbaijan, Pakistan, Russia ,Brazil, China and India) by the Bayesian Model Averaging (BMA) during the period 1995-2020. The contribution of this paper is overcoming the uncertainty of choosing the optimal model and simultaneously modeling all the variables affecting external financing by BMA estimator and extracting the optimal model. According to the results and estimating 4096 different models with 12 explanatory variables (and controlling country-specific fixed effects), the 8 important determinints of foreign financing are: unemployment rate، inflation rate, degree of trade openness, Government effectiveness, political stability, exchange rate, economic growth and gross capital formation index. Also for the Iranian economy, the country-specific fixed effect has a negative coefficient, which indicates the negative effect of financial and banking sanctions that have reduced foreign debt to the Iranian government and Iranian companies. The most important policy recommendations of this research for policy makers and executive managers have been discussed.
 

Given the importance of credit risk management in banks and its effects on banking management and financial institutions and the need to find the type of effect and duration on the field of banking, this article examines how credit risk responds to currency shocks, inflation and government spending in Iran. Pay Changes in credit risk of selected banks in the banking system of the Islamic Republic of Iran have been studied annually during the period 2006-2020. In this research, the subject has been investigated using the panel-based estimation method (p-var) and the instantaneous reaction functions (IRF). Due to the existence of various macroeconomic variables and their shocks due to the importance of exchange rates, inflation and government spending, these three factors were selected as the shocks studied on credit risk. The results of research estimates show that banks' credit risk is significantly affected by the macroeconomic environment; With a positive inflation shock, a positive exchange rate shock and a government spending shock, banks' credit risk is reduced.

Entrepreneurial businesses have a significant role in developing a competitive advantage in the economy. However, Iran's position in this field is not very favorable considering the huge commercialization capacities and graduates. This is despite the fact that many of the academic research and innovations that have a high potential for commercialization have remained unused partly due to financing constraints. Therefore, the present study aims to use resource-based theory to identify the methods of financing academic businesses with an emphasis on different periods of the business lifecycle. The research method of the present study is qualitative and a case study of Sharif University of Technology has been selected as one of the leading universities in the country. The required data were collected through semi-structured interviews with 13 experts in this field based on theoretical saturation criteria and analyzed the collected data using three-step coding. According to the results of this study, financing methods have been identified separately for the three life cycles of businesses. In the pre-growth phase, methods such as financing through self-financing, the Bank Innovation Center, the Vice-Chancellor, and professional participation have been identified. Financing methods in the growth phase have been identified as intermediaries of financing through business angels and financing through the growth center, and finally in the post-growth phase of formal institutions such as financing through the bank, financing through the stock exchange, and OTC and financing methods are available from international institutions.

The Shanghai Cooperation Organization is a symbol of the regional convergence chain in Asia, which is significant due to the economic or social position of the member countries as well as the geographical coverage of this group worldwide. Moreover, due to the large differences in the economic infrastructure of the member countries and their income levels, it is very important to study the index of resilience in the Shanghai group. In fact, the resilience index seeks to assess the ability of the economic compatibility of a country or a group of countries in the face of shocks and ultimately the potential to return to the desired equilibrium level, so a study of the level of resilience in the Shanghai group can show the prospects and future of the organization more clearly. In this research, the econometric method of space panel in the period 2014-2020 has been used. Therefore, two equations have been investigated and the SAR model has been accepted by the random effects method and the results show that the variables of trade volume and innovation have a positive and significant effect on the resilience index.

Systemic risk is the probability of a sudden collapse of a financial system that disrupts the efficiency of the financial system and causes chain reactions and increases pessimistic expectations in the financial system. Therefore, the purpose of this paper is to measure and rank systemic risk in the selected financial and non-financial index of the Tehran Stock Exchange and to investigate the factors affecting this risk. To achieve this goal, using the study of Van Cauwenberge et al (2019) and applying the conditional value at risk delta criterion (∆CoVaR), using the dynamic conditional correlation (DCC) model using daily data related to the selected stock market index (both financial and non-financial) during march 2011 to the end of August 2020, the mentioned criterion has been calculated. Then, using panel data regression, its relationship with effective factors including value at risk (VaR), systematic risk (beta), exchange rate changes, and oil price changes is examined. The results show that the non-financial index of the stock exchange has a greater share in the occurrence of systemic risk than other financial indexes. In addition, the results of the panel data model indicate the fact that the criterion of value at risk (VaR) and systematic risk (beta) among endogenous variables have a positive and significant effect on the systemic risk index and also among exogenous factors the Currency rate has a positive and significant effect on systemic risk, but oil prices do not have a significant effect on systemic risk.

The remarkable progress of human societies in the current era in the scientific, industrial and economic fields and the irreplaceable role of financing activities in any progress and development have made the day-by-day development of accounting a basic need. It has been claimed for a long time that the accounting information contained in financial records is one of the most important sources of information for investors and other capital market participants. It is necessary that this information is relevant, reliable and transparent so that they can use it in making appropriate decisions. The experiences of other countries as well as numerous researches acknowledge that the use of international financial reporting standards improves the transparency of financial reporting. Considering the non-implementation of international financial reporting standards in Iran, despite the requirement from the stock exchange organization and the audit organization, this research conducted a meta-analysis on the obstacles to the implementation of international financial reporting standards, and the findings indicate that the lack of attention to environmental conditions and Economic, political consequences, cultural and social factors, laws and regulations, failure to protect the interests of all stakeholder groups, implementation cost, excessive use of fair value and strict IFRS regulations on information disclosure are the most important challenges and obstacles to the implementation of international financial reporting standards.

Currently, the idea of corporate social responsibility is the answer to this broad challenge that they are not only involved in economic and financial discussions but also involved in social, human and environmental interactions. Any company that wants to ensure the sustainable development of performance, must not ignore the advantage of interaction in a social approach. The purpose of this research is to examine the relationship between disclosure of environmental performance, financial performance and company value; The approach of the research is descriptive-correlational in terms of practical purpose and considering the analysis of relationships between variables. By carefully studying the subject, five design hypotheses and a statistical sample including 130 companies have been selected from among the companies admitted to the Tehran Stock Exchange for a 5-year period of 1395-1400. The test was performed using multiple regression equations based on consolidated data. The findings of the research indicate that according to the first and second hypothesis, financial performance is not related to environmental disclosure, but the financial performance of the previous period is related to environmental disclosure. Regarding the third hypothesis, environmental disclosure is not related to company value, and the results obtained from the fourth and fifth research hypotheses reject the effect of environmental disclosure on the relationship between financial performance and company value and environmental performance and company value

The purpose of this study is to investigate the effect of intellectual capital on bank performance with the mediating role of innovation capability in Islamic Republic of Iran state-owned banks. The research method is applied in terms of purpose and descriptive-survey in terms of nature. The research sample was selected by stratified random sampling method of 285. Data were analyzed using Emus software. The results showed that structural and relational capital affect the ability to innovate and do not affect the performance of the bank, human capital affects the performance of the bank and does not affect the ability to innovate. Also, the ability to innovate has a mediating variable role between structural capital and capital related to the bank's performance and does not have a mediating role between human capital and bank performance. The results of fitting the final model index were confirmed. According to the results of this study, managers of state-owned banks should pay more attention to intellectual capital and innovation capability to increase bank performance.

Currently, the most important official financing institution in the capital market is the capital financing companies, which have been operating for a decade; but these companies face financial, operational and regulatory challenges. Accurate knowledge of these problems as well as providing operational and regulatory solutions in this regard can help a lot to increase efficiency and further growth and development of Iran's financial and economic system and be effective in implementing fiscal and economic policies with a focus on increasing growth and promoting economic stability. In this research, after conducting library studies and through interviews with experts in this field and using data analysis method, 49 operational and regulatory solutions were obtained to solve the regulatory and operational challenges and damages of financing companies in the capital market of the Islamic Republic of Iran. Based on the results of this study, the solutions corresponding to each of the injuries are listed in the results section of this study: 1. Lack of motivation and competitiveness 2. Weakness of laws and regulatory barriers 3. Self-management and imposition of demands on the founder 4. Inefficient governance oversight 5. Defective culture, cycle and financial system 6. Structural damage and management 7. Underlying factors. Supervisors in the capital market as well as the money market are advised to use the results in order to promote and grow the capital market and the role and position of financing companies.

One of the factors that can affect the stock price index of listed companies is the financial crisis. Some economists believe that the financial markets of developing countries such as Iran will not be affected by the financial crisis due to lack of integration or interaction with the world's financial markets. In fact, the most important mistake that these people made in their analysis is that the mechanism of financial market influence in two groups of countries that interact and integrate financially with each other and the other group with each other. The world's financial markets do not have the same, they consider the same. The present paper examines the impact of the Corona financial crisis on the stock price index of companies, which is applied in terms of purpose and descriptive in terms of analytical nature and is in the category of post-event research. The statistical population in this research is all the companies listed in the Tehran Stock Exchange Organization. The method used is descriptive-analytical, which in order to adapt economic theories to the realities of society, causal relationships between variables are examined using statistics and after matching with theories, using inferential statistics. And the panel econometric method is tested in Eviews software to reject or prove the presented hypotheses. According to the model estimation results, all three research hypotheses were accepted. Key Words: Inflation; Currency; Interest rates; financial crisis; Oil revenues

Due to the systemic importance of banks in the economy, the stability and health of banks, which is affected by the processes and frameworks governing the administration of banks, are considered key elements for the stability of the financial system. The realization of corporate governance in banks is considered as one of the most important ways to achieve the stability and health of the banking system.In response to the question, which of the components and elements of corporate governance, including the board of directors, executive board, risk management, auditing, service compensation and disclosure and transparency, is more important in achieving the stability and health of the banking system, in this article with Using the multi-criteria decision modeling approach, various elements and components of corporate governance in the banking system have been ranked in terms of importance in achieving the stability and health of the banking system. The results of the research show that two components of the decision-making and monitoring component include "non-executive and independence of the board members" and "adopting policies related to the identification and control of conflicts of interest" and the component of "creating the necessary infrastructure to create transparency..." from the disclosure component and Transparency with relative weights of 0.107, 0.089, 0.073, respectively, took the first three ranks of corporate governance components in achieving banking stability and health. The results of this research can be considered in determining the regulatory priorities of the central bank and modifying the structures and processes governing the banking system.

The current research has been done with regard to the rapid growth of banking activities in the business environment of the country and in order to contribute to the greater success of these types of activities in the banking industry. The research method is mixed and initially, the components of corporate banking have been identified through literature and semi-structured interviews with experts. Interviews were coded with three methods of open, central and selective coding and finally 21 components and 148 indicators were identified based on central coding and in the quantitative part a structural-interpretive model to present the model of corporate banking using ISM according to the opinions of 15 industry experts. Banking has been established. After that, to identify the position of the identified components using MICMAC based on influence and dependence. The obtained results of corporate banking are formed in six levels including the central category, contextual factors, causal conditions, intervening conditions, strategies and finally, consequences. The findings of the research have shown that at the bottom level of the results, it shows that the results are the most effective indicator. And after that, the central phenomenon and strategies are the next priority. Background conditions and intervening conditions are in the third level of influence on the corporate banking model, and causal conditions have the least impact on the corporate banking model. MICMAC analysis showed that the corporate banking system is an unstable system.

In terms of the basic practical purpose, in terms of nature, survey research and in terms of paradigm, combined-exploratory research, sampling in the qualitative part of the research was done in a purposeful way and in the quantitative part in a stratified random manner. . In the qualitative phase, the interviews with 15 people, academic and tax experts who have at least a master's degree or have been working in the tax field for 15 years, continued until theoretical saturation was reached, and the samples of the quantitative part were based on Cochran's formula was chosen. The research tool in the qualitative part was a semi-structured exploratory interview, and in the quantitative part, a researcher-made questionnaire was used to evaluate the improvement of tax compliance, which was designed based on the codes obtained in the qualitative stage. In the qualitative part, the interviews were analyzed using the foundation's data analysis method. The validity and reliability of the components were examined and the Cronbach's alpha of all the above components was 0.7 and during that; The most important components of improving tax compliance were measured. In the quantitative part, the accuracy of the research model was confirmed through the method of structural equations using Amos software, and it was found that the selection of concepts, dimensions and indicators was of high accuracy and could provide a suitable framework for the preparation of the document. provide the prospect of improving tax compliance.

The main purpose of the research is to examine the relationship between investment decisions and corporate social responsibility on business risk due to the spread of Covid-19. The statistical population of this research includes companies admitted to the Tehran Stock Exchange that were active during the years 2014 to 2020. Their number is 120 companies based on the screened criteria. The results of the first hypothesis test showed that there is a positive and significant relationship between business risk and the financial leverage of the company during the Covid-19 pandemic. The results of the second hypothesis test showed that between the business risk and high financial leverage of the company during the Covid epidemic 19- With regard to social responsibility, there is a positive and significant relationship, and finally, the results of the third hypothesis test showed that there is a negative and significant relationship between business risk and low financial leverage of the company during the Covid-19 pandemic, regardless of social responsibility.

The aim of the present research is to provide a model of the components of deviant behavior management based on organizational culture in the Ministry of Health and Medicine. This research is in terms of practical purpose, in terms of approach, it is survey-developmental and in terms of the nature of the data, it is of qualitative type. The statistical population of the research consists of two groups. The first group includes specialists and experts who were members of the academic faculty of universities, and the second group includes experts who have at least 10 years of experience in the field of organizational behavior and healthcare, who were selected using the snowball sampling method and theoretical saturation, among them 24 people have been selected as a statistical sample. The data collection tool is deep and semi-structured interviews based on theoretical foundations. The research analysis method is using the theme analysis method. The results of the research show that in the initial coding stage, 118 codes extracted from 24 detailed interviews with experts and specialists in the field of research were converted into 35 more abstract concepts and finally 6 categories including strengthening creativity and innovation, creating and promoting organizational ethical culture, Meritism, promotion of organizational spirituality, management of occupational and family conflicts and effective organizational management system have been identified.

Determining the minimum salary is considered as one of the most important changes in the labor market, and the labor force from the newly arrived labor force and the experienced labor force demands to receive a fair salary in order to have sufficient motivation to provide services. For this reason, the government determines one of the salaries, because I understand that it must determine a level of salary that guarantees the personal security of their work and their families. What is clear is that in Iran's economy, which has always been involved in high inflation, the level of wages has increased in line with inflation. therefore, in this research using the VAR model, the question has been raised as to whether changes in other variables, such as in the macroeconomic sector of the economy, have had an effect on wages or not. The variables used are the share of employees in the service sector, the added value of the service sector, the literacy rate of adults and the housing price index. The investigated time period is 1370 to 1399. The results of the model showed that practically none of the changes in the macroeconomic variables of the country had an effective contribution in determining the minimum salary and the process of determining the minimum salary is a repetitive process without considering the macroeconomic indicators

Investors' decisions are influenced by a wide variety of factors, including biological factors such as hormone levels in the body to psychological factors such as personality and past experiences. On the other hand, psychological factors such as self-confidence, fear of failure or risk-taking can affect personal investment decisions. With the interaction of these two types of factors, these effects can appear in a very complex and interesting way. Therefore, the purpose of this research is to investigate the impact of biological and psychological factors on investors' decisions with the moderating role of risk acceptance. This research in terms of practical purpose; In terms of nature, it is a descriptive-correlational method. Also, in terms of the method of data collection, it is survey type. The statistical population consists of 384 real and legal investors in Tehran who expressed their opinion through a researcher-made questionnaire. Structural equation modeling with SMART-PLS software was used to test the data. The findings show the positive and significant effect of cognitive biases on investors' decisions. Behavioral biases affect investors' decisions. Physiological factors influence investors' decisions. Genetic factors influence investors' decisions. Risk acceptance affects the impact of cognitive biases on investors' decisions. Risk acceptance affects the impact of behavioral biases on investors' decisions. Risk acceptance affects the impact of physiological factors on investors' decisions. Risk acceptance influences the impact of genetic factors on investors' decisions.

The reality for auditors is that, unlike the audit process, they experience emotional reactions, which can lead to different behavioral ethics. Therefore, in this research, the impact of individual Moods on auditors' ethical orientation has been investigated. The statistical sample of this research includes 201 managers and partners in auditing firms, members of the official auditors community based in Tehran in 2021. The theoretical basis of research has been collected through library studies and research data based on questionnaires and analyzed using SmartPLS software. Research hypotheses have been investigated based on correlation method and using structural equations. The findings of the research show that individual Moods have a positive and significant effect on auditors' moral orientation indicators (including moral idealism and relativism). In general, the results of the research show that the psychological characteristics of auditors are among the most influential factors in observing professional ethics. Also, this research can provide useful information for the policy makers of the auditing profession and expand the results of behavioral research in the auditing field.

The main question of the research is whether financial inclusion the macroeconomic variables are significantly affected by economic growth, inflation and the degree of trade openness or not? This research is applied in terms of purpose and in terms of research method. It is descriptive-analytical. Library methods such as books, journals, articles, dissertations will be used to collect material related to the subject literature, and to estimate the research model. The threshold regression method is used with panel data. To estimate heterogeneous panel, in this study, the description of the threshold panel function is used and the threshold effects are entered in a nonlinear panel model. Library methods such as books, journals, articles, dissertations will be used to collect material related to the subject literature, and to estimate the research model. The threshold regression method is used with panel data. The research area of OPEC member countries is from 2003 to 2018. The data in this study will be extracted using panel data. To extract data from WDI and Global Findex databases Eviews and Stata software will be used for estimation. The results show that the effect of financial inclusion index the degree of trade openness of OPEC member countries is positive and significant that this suggests that financial inclusion can lead to the development of exports and help trade in OPEC countries. Also the nonlinear relationship of these two variables this study confirmed.

Persian literature is full of practical topics. Many social issues in literary texts present valid models and norms that were common in the ancient societies of Iran and Persian-speaking countries such as Tajikistan. These examples are important both in terms of understanding the society of the past and in terms of lessons and lessons for the future. Among the social issues, economic issues and its effects in the society, one of the issues is the condemnation of usury and the role of Islamic banking and its effects in the society. . To learn about this topic in Persian literature and the writings of Haji Agha "Sadiq Hedayat" and "The Death of the Usurer" by Sadruddin Aini in the perspective of contemporary Persian prose, this article examines Islamic banking and condemning usury with a look at Persian literature in the works of authors from Iran and Tajikistan. In this research, Islamic banking and the sanctity of usury have been examined and analyzed from the perspective of the writings of Haji Agha "Sadiq Hedayat" and "Death of the usurer" by Sadr al-Din Aini.