مجله مدیریت دارایی و تامین مالی
سال سیزدهم شماره 2 (پیاپی 49، تابستان 1404)

The performance of the financial and banking sectors in countries is vital for achieving economic growth and development objectives. The size of the informal economy can significantly influence the effectiveness of financial markets and institutions; however, this issue has received relatively limited attention in prior research. This study investigates the impact of the shadow economy's size on the performance of financial markets and banks in BRICS countries from 2000 to 2020. Given the interconnectedness of financial markets and the banking sector, a simultaneous equation system was employed to evaluate the effects of the shadow economy on both sectors concurrently. The Seemingly Unrelated Regression (SUR) technique was utilized for this analysis. The results indicate that the size of the shadow economy negatively affects the performance of both financial markets and banks. Therefore, it can be concluded that the shadow economy serves as a significant determinant of financial market and institutional performance. Additional findings of the study reveal that political stability, per capita income growth, and human development positively influence the performance of financial markets and banks, while inflation and natural resource rents have a detrimental effect. Furthermore, globalization enhances financial market performance but exerts a negative influence on the banking sector. In light of these findings, strategies aimed at reducing the size of the informal economy, promoting transparency, enhancing political stability, improving human development indices, and controlling inflation could considerably strengthen the performance of financial markets and institutions.

The primary objective of a Venture Capital (VC) firm is to achieve investment success and profitability, particularly given the challenges and high failure rates associated with investments in startup companies. This study aimes to establish a framework of Key Success Factors (KSFs) for VC firms operating within Iran's innovation ecosystem. Additionally, it offered a comprehensive methodology for assessing these factors. To achieve this, we employed a meta-synthesis method to build upon the research conducted by Rashidi et al. (2023). After searching and refining both English and Persian sources, we conducted 12 interviews with VC experts. Through thematic analysis and re-categorization of primary codes, we identified a total of 139 basic themes, which were further organized into 22 organizing themes and 11 comprehensive themes, all of which were structured under 3 macro themes. Subsequently, a questionnaire was presented to experts and the DEMATEL technique was utilized to identify the significant relationships between the organizing themes. Finally, using the TOPSIS method, we prioritized the factors selected by the experts, identifying 5 KSFs for VC firms in Iran: "investing in motivated and capable founders", "establishing communication networks within and outside the invested industry", "ensuring trust and honesty between founders and the VC firm", "entering large and growing markets", and "developing the soft skills of VC firm managers".

Crowdfunding campaigns on social media have emerged as a powerful tool for entrepreneurs seeking to secure capital and mobilize support for their ventures. However, the success of these campaigns is often uncertain, and a comprehensive framework to guide practitioners in creating effective campaigns is currently lacking. The primary objective of this research is to develop a framework for successful crowdfunding campaigns on social media through a systematic review of the literature. A qualitative systematic literature review methodology was employed. Initially, 1,330 studies were screened, and after multiple stages of filtering, 29 studies were selected for in-depth analysis. The findings yield a framework that encompasses the components of successful social media crowdfunding campaigns (including project goals, brand awareness, and fundraising amounts), factors influencing campaign success (such as project characteristics, entrepreneur attributes, campaign strategy, social media activity, and psychological factors), the consequences of successful campaigns (including financial, social, and network outcomes), and intervening factors (such as platform characteristics and time constraints). This framework serves as a valuable guide for entrepreneurs, platform providers, and policymakers in formulating effective strategies to enhance the success of crowdfunding initiatives.

Microfinance, recognized as a transformative approach in economic and social development, particularly within low-income communities, has garnered increasing attention. The primary objective of this study is to conduct a systematic review of microfinance literature utilizing a framework-based approach grounded in the ADO-TCM model, which employs the meta-synthesis approach. This framework provides an in-depth analysis of the structure of relevant studies, encompassing predecessors, research decisions, research outcomes (ADO), utilized theories, study contexts, and research methods (TCM). An extensive search in reputable scientific databases yielded 50 highly cited articles related to microfinance, which were then subjected to in-depth content analysis. Relevant constructs were extracted using open and axial coding strategies, leading to the identification of seven categories of predecessors, eight types of research decisions, and six primary outcomes. Furthermore, this study identified 14 theories, seven study contexts, and three research methods pertinent to microfinance. Consequently, the study highlights existing gaps in current research and suggests future research areas to enhance microfinance strategies and increase their impact.

The importance of global markets and the growth of competition has led to a new division of work in the global and national economy. Such changes have caused attention to specific business issues such as obtaining resources, sharing information, and forming supply chain relationships for small companies and even large companies that try to form industrial parks. One of these changes is merger and acquisition, which is considered as a theoretical basis in the park formation. The present research has been carried out with the aim of providing a model to identify and apply factors that promote acquisition among the production units of a chemical park. The research method is descriptive-analytical, which uses various techniques of decision theory to determine the pattern of acquisition and ownership share of production units, financing and investment strategies, and the levels of integration and acquisition of the downstream units of the park . The application of the multi-criteria methodology and the design of the decision support system has made the park developer company's decision-making easier in the selection of production units, with the quantitative goals of the amount of ownership, acquisition and investment.