Journal of Development and Capital

Objective: This study aims to model electricity cross border trade policy based on the network theory and to investigate the position and importance of West Asia community in the global electricity trade network. The cohesion in the electricity trade between countries will ensure the security of electricity supply and reduce costs. West Asia community is a group of countries in the network that includes Iran.
Method: For this purpose, the global network is constructed to examine the role of each node in the network for the time period of 2010-2018. Different communities are identified to proceed with the network analysis. We detect the communities based on the Louvain method as it has the large z-scores for all years and it’s an efficient algorithm. An innovative analysis is introduced; that is competitiveness to capture the competition intensity among electricity exporters. To capture the competition intensity between two electricity exporters, we use Glick and Rose (1999) suggested indicator.
Results of this study clearly show the influence and necessity of Iran for stabilizing of the network within its community. Iran mostly has electricity trade with seven of its neighboring countries, which are Turkey, Pakistan, Iraq, Afghanistan, Turkmenistan, Azerbaijan and Armenia. Among them, Iran exports electricity to three countries, Afghanistan, Pakistan and Iraq, and conducts bilateral trade with four other partners.
The results of the competition intensity suggest more interconnectedness among community members, and show Iran compete with Turkey, Azerbaijan and Russia on the regional market share. The competition intensity trend, extracted from the competition networks, escalated during the time period. Also Iran is a key node of its community in the competition networks. Finally, it is showed that electricity trade can be increased between Iran and other regional partners. Also based on all different kind of the centrality measures, Iran is the most important node in these networks. All in all, the competition intensity networks for the region, depict intense competition among the nodes, and especially Iran is considered to be the most central node, showing the highest competition relation with its partners. Turkey in the first years and Azerbaijan in the last years of the period are in second place in terms of the competition intensity (These extracted competition networks can be scrutinized in details that give researchers crucial information about the condition of export competition).
Conclusion: Community of Iran usually consists of Iraq, Afghanistan, Pakistan, Tajikistan, and Uzbekistan, Turkey and Armenia. The position of Iran within its community has been scrutinized. For the first part, among all, community of Iran is in the middle ranking (for example, 8 and 10 among 16 and 15 communities in 2011 and 2018, respectively) based on the total weight. The share of weight of this community to the total trade, varies between 0.2% in 2015 to 14.7% in 2014. By conducting a measure for finding trade hubs in different communities, it’s been found Iran had the greatest score and considered to be the trade hub in west Asia region. Its score in some years puts it among top five trade hubs in whole network (for 4 years).
There are eight main electricity importers from Iran. From this aspect, this importing markets have been examined to identify the rivals. In terms of Afghanistan, Iran has the second place after Uzbekistan. In case of Turkey, in the first half of the period, Iran is the biggest exporter, but it started to compete and give away its position to Bulgaria, Azerbaijan and Georgia. Armenia imports from just Iran and Georgia till 2015. The trend in trade of Azerbaijan is similar to Turkey. Iran is the biggest exporter in the first years, but Russia and Armenia gradually took the position. so as a summary, Iran in terms of export to Iraq, Pakistan and Turkmenistan has the dominant share in all years; but in other markets like Afghanistan, Armenia and Azerbaijan, it’s competing; and in Turkey it’s losing the competition. The results from competition measure support the real data.

Objective: The method of collecting information is library, which has been collected by using online resources and reviewing and viewing various articles, dissertations and books. The information used in this study is in the form of tabular data (2011-2016) from the national accounts statistics of the Statistics Center of Iran, the Central Bank, the World Bank, the World Information Technology Report, the United Nations Statistics Division and the IMF Global Economic Outlook Database. And the tenth version of the GTAP database is extracted.
This study examines the effects of international institutional forces on the dissemination of B2B e-commerce during the period (2011-2016) and several control variables. This study is for Iran and the countries of Iran's major trading partners including 35 countries including Singapore, Sweden, Switzerland, Qatar, Oman, Saudi Arabia, UAE, USA, France, Japan, China, South Korea, Netherlands, Hong Kong, Azerbaijan, Germany, Australia, Belgium, Vietnam, Malaysia, Brazil, Spain, Kazakhstan, Russia, Italy, Turkey, Thailand, India, Tajikistan, Egypt, Pakistan, Canada, the United Kingdom and Iran and the rest of the world, including countries that trade in the two Side with Iran, they have a small role.
Methods: Research variables include the diffusion of B2B e-commerce, Coercion pressure from export dependence, Mimetic pressures from foreign competition, Normative pressure from global cohesive trade relationships, Internet access, economic development and global shared knowledge. The method of collecting information is the library, which has been collected by using online resources and reviewing and viewing various articles, dissertations and books. The analysis of relationships between variables is based on the modified GLS pattern in the form of composite data.
Results: The results of the final estimation of the regression function showed that the acceptance of the dependent variable (B2B e-commerce dissemination) can affect some predictors such as complexity and dependence on exports, etc. In such a case, the endogenous variable may be related to the predictors. The diffusion of B2B e-commerce, Coercion pressure from export dependence, Mimetic pressures from foreign competition, Normative pressure from global cohesive trade relationships, Internet access, economic development and global shared knowledge has a positive and significant relationship with the diffusion of e-commerce expansion (dependent variable).

Conclusion: Unlike previous research, which has focused primarily on national institutions to examine the dissemination of ICT-related innovations, this study provides insight into the mechanisms for the spread of B2B e-commerce technologies worldwide, showing that embedding in The modern global community is shifting local companies. Ways of using B2B e-commerce This study shows that the rationalization of B2B e-commerce at the national level is not simply the result of endogenous institutional frameworks on a national basis; Rather, it essentially reflects the institutional and business links with the more rational B2B e-commerce movements in the modern global community. This study links a country's move toward B2B e-commerce to the movement of its core counterparts around the world. The pressures imposed comply with the institutionalized rules in a country's network. Coherent trade relations between countries create normative patterns that facilitate the rationality and dissemination of B2B e-commerce. Similarly, the exchange of technical knowledge between experts from commercial countries is expanding B2B e-commerce. High levels of scientific and technical skills and a competitive environment are of particular importance. These factors have been shown to have a positive effect on the importer of B2B e-commerce technology as well as the country's capacity to attract it. Many countries are working to increase the spread of e-commerce technologies in their economies; So policymakers can use education systems to demonstrate the importance of B2B e-commerce. This will disseminate the required knowledge about related technologies. It also creates common norms among experts on the importance of B2B e-commerce in the country. Policymakers need to encourage policies that ensure greater transparency in global markets. Transparency in business relationships is an important source of new information, modern technology and best practices. The last major contributor is B2B e-commerce vendors to educate the community about the factors that are significantly associated with B2B e-commerce dissemination. With such information, they can develop more efficient and effective strategies for upgrading their B2B e-commerce software. For example, vendors need to target both leading companies and their affiliates around the world because they adopt B2B e-commerce at the same time. The proposed framework also addresses the role of market complexity and recognizes that the expansion of B2B e-commerce is also driven by efficiency incentives. Policymakers can ensure the right business environment to attract foreign technology transfers, including B2B e-commerce. For example, policymakers can improve the ICT infrastructure to facilitate companies' ability to respond to foreign technology transfers in their own countries.The pressure imposed by The Coercion pressure from export dependence has a positive and significant effect on the diffusion of e-commerce. In other words, with the increase of dependence on exports, the rate of diffusion of e-commerce increases. Internet access also has a positive and significant effect on the diffusion of e-commerce. Normative pressure from global cohesive trade relationships between countries have a positive effect on the diffusion of e-commerce. Mimetic pressures from foreign competition also have an impact on the diffusion of e-commerce and are significant. global shared knowledge also has a positive effect on the diffusion of e-commerce. The pressures imposed comply with the institutionalized rules in a country's network.

Objective: In recent years, "financial inclusion" has become a topic of interest for financial institutions, policymakers and researchers worldwide. This is due to the important role and position that financial inclusion can play in reducing poverty, inequality and improving the well-being of communities. Moreover, increased access to and use of financial products and services leads to increased resilience to financial and economic shocks and the empowerment of vulnerable groups such as women and villagers. This study investigates the effect of competition in the banking industry on financial inclusion. The findings of this study can lead to a better understanding of policy-making and planning in the banking sector to enhance financial inclusion.
Method: In this study, the generalized method of Moments presented by Arellano and Bond (1991) has been used. It should be noted that one of the constant challenges in estimating econometric patterns is the possibility of false regression. Therefore, in the present study, Levin, Lin and Chou (2002) panel unit root tests were used to investigate the stationarity of variables. The data utilized in this study is related to 35 developing countries over the period 2004-2018. Due to the differences between data from different countries and with the aim of achieving a comparable benchmark between countries, the multidimensional indexing approach introduced by Sarma (2015) has been used to calculate the financial inclusion index. For measuring market power in banking industry, Learner index has been utilized. Other variables employed in this study, consisting of financial depth, private credit and gdp per capita.
Results: The results of this study indicated that increasing concentration (reducing competition) in the banking industry has a negative and significant effect on financial inclusion. Since this index is in the range of zero and one (the closer to one it indicates the existence of market power and monopoly in that industry), it can be said that in developing countries, due to the negative effect of reducing competition on financial inclusion, the greater the monopoly in the monetary and credit system, the less households have access to the money market and its formal alternatives to improve their financial and credit needs. In other words, increasing market power leads to a decrease in the supply of loans and an increase in interest rates, and as a result, reduces borrowers' access to credit, which in a way confirms the hypothesis of market power.
Conclusion: In developing countries, due to the negative impact of declining competition on financial inclusion, the greater the monopoly on the monetary and credit system, the lower the household access to the money market and its formal alternatives to meet their financial and credit needs. The consequence of this process is the tendency of individuals to finance from informal sources, which also results in a reduction in financial inclusion in the economy. Based on this, it is suggested that banking policies and regulations be formulated in a way that can improve the financial inclusion situation and, consequently, its consequences on the main macroeconomic variables. Policies also need to consider the potential of using new technologies to improve financial inclusion. Moreover, it is suggested that financial inclusion in the upstream documents of the country be considered as a specific policy goal that requires the development of the National Financial Inclusion Strategy (NFIS). Also, in line with the main research question, it can be stated that, instead of restricting competition, it is necessary to design the structure of the banking industry in an open way that increases the possibility of more competition of banks.

Objective: The relationship between institutions and economic growth is one of the main issues in economic development debates and has been considered empirically in recent years. Hence, the main purpose of this paper is to investigate the effects of institutions and recourses management improvement on economic growth in D8 countries during the period of 1996-2019.
Method: For achieving this objective, the econometric model is estimated by applying PSTR method in panel data.
Results: The results of threshold estimation show that the threshold of good governance index is -0.67 and its effect on economic growth of Islamic developing countries before and after this value will be different. Since the value of good governance index in 8 developing Islamic countries is between -1.28 and -0.19, so it is expected that the estimated threshold is in the range between low and high. In addition, the value of the estimated threshold is in the neighborhood of its average value, -0.71. Moreover, the speed of transmission to the nonlinear section for these countries is 1.46. Furthermore, the good governance index in both regimes has a positive effect on economic growth, which, of course, increases its intensity by exceeding the threshold or entering the second regime or above average. It is expected that at high levels of governance (low levels of corruption and redundant regulations and political constraints and high levels of political stability and the rule of law and the effectiveness of government) where the quality of institutions is also high, all good governance components attract domestic and foreign investment, Accelerate economic growth rate.
The impact of human capital in both regimes is positive. In this regard, it can be argued that when governance and the quality of institutions are low, the necessary investments in human resources are not take place in this group of countries. The coefficients of abundance of natural resources are positive in both regimes, and with the transition to high levels of good governance (the second regime), the intensity of its positive influence increases. In other words, with the improvement of the good governance index and its components, the effect of natural resource management on production and economic growth has also improved, while in the low state of the good governance index, the abundance of natural resources has had a small effect on economic growth. Therefore, the effect of improving natural resources at a high level of good governance on the economic growth of Islamic countries is significant. The FDI has positive and significant impact on the GDP growth rate in every linear and non-linear parts.
So, in every regimes (linear and non-linear) good governance and natural resource abundance variables have positive and significant impacts on the economic growth and other explanatory variables such as gross capital formation, FDI and human capital have positive effects on GDP growth in every linear and nonlinear parts.
Conclusion: in the high level of governance accompanied with low corruption, redundant rules, political constraints, all indices of good governance attract domestic and foreign investment and accelerate economic growth.

Objective: To study the main and sub-influential factors affecting the performance of banks in order to form the financial stability of the national economy and on the other hand in improving the optimal management of the banking system is of great importance. In the studies and evaluations of IMF economists, it is generally believed that the factors affecting the optimal performance of the banking system in the long run have profound effects on the economies of countries, on the other hand, banks play an important role in achieving macroeconomic goals. And their proper and optimal performance, which act as the economic stimulus of the country, has a significant role in advancing the macroeconomic goals of countries and is considered one of the important indicators of economic growth that failure to pay attention to this issue can lead to disruption. The balance of domestic and foreign accounts of the country and affect the performance of banks, in this regard, the banks themselves face a variety of risks that the study of these factors is also a priority. In a way that forces them to react and be sensitive and take the necessary measures to improve their performance and exposes the use of solutions recommended by international economic organizations and indicators of related economic models. The purpose of this study was to investigate the financial performance of banks by identifying the effective indicators and their interaction and evaluating the effectiveness and mutual influence of the main and sub-criteria affecting the financial performance of banks operating in the stock market. Sensitivity to market risk) and their sub-criteria with emphasis on the devaluation of the national currency through the exchange rate position during the years 2015-2020.
Method: Today, with the complexity of important economic issues and the importance of speed in reaching the answer, in addition to classical methods, new techniques that have grown significantly in recent years, to solve many of these issues by optimizing methods to solve many Unknowns are provided. Based on the research background and factors of Kamels model, the main indicators and sub-criteria affecting the financial performance of 18 banks active in Tehran Stock Exchange were identified and in this regard, six main indicators and twenty-three sub-criteria affecting the performance of the banking system were identified. In the next step, twenty-three sub-criteria in terms of weight importance are compared with the degree of interaction and their relative importance, and their prioritization is measured based on the relative importance of the factors and because factors and variables are not independent of each other. On the one hand, the combined multi-criteria decision-making techniques used by DEMATEL and ANP are known as DANP, which is a well-known tool used in recent years to address various MCDM issues such as performance appraisal and selection of management strategies. Has gone and also cause and effect relationships between factors have been investigated. Then, with the combined decision-making methods of Demetel multi-criteria and neural network process, interactive communications and their weighting coefficients are determined.
Results and Conclusion: Among the results are the priority of 6 main factors including capital adequacy, asset management, management ability, income, liquidity management and risk sensitivity and 23 sub-factors of bank size criteria, total facilities, total assets, lending facilities and receivables. From non-governmental entities, total income, inactive assets, other deposits, participation bonds, cash and operating profit and loss with weight coefficients were of great importance. However, in terms of comparing interaction and relative importance coefficient, the main index of sensitivity to risk was in the first place, but it was much less important. Among the sub-criteria, national monetary value, operating expenses, liquidity risk and bank size were more interactive but less important. Therefore, it is very important to prioritize these important influential factors in the strategic plans and executive actions of banks. From the results of internal communication, it was found that the six main indicators in terms of weight importance are the priority of capital adequacy, asset management, management ability, total income, liquidity management and risk sensitivity, respectively, while in comparison with the degree of interaction and importance. Their relative influences include risk sensitivity, asset management, capital adequacy, management ability, total revenue, and liquidity management, respectively. Comparing the results, it was found that the weight of the risk sensitivity index in the banking system is significantly different from the relative importance of it. And increase banking risks, which will have a negative impact on the performance of banks, and in this case, the implementation of monetary policies with market operations to improve the performance and increase the volume of deposits in the banking sector will be provided.

Objective:To achieve high levels of health, identifying the nature of health and also the factors affecting it have the most important role. If the factors threatening health and their importance are not identified, the measures taken to promote the health of the individual and society will be taken in an atmosphere of doubt. On the other hand, the limited resources of some countries (especially poor and needy countries) have been allocated over the years in a way that has only resulted in reduced health and increased mortality. Thus, such questions have always been asked by economists and policymakers: what factors can affect the level of life expectancy? And what is the role of the financial structure in this regard?
Economists and policymakers have paid close attention to finding the optimal method and mechanism for promoting public health, and in recent years these efforts have had valuable effects on human health and well-being in many parts of the world. The level of increased life expectancy depends on how countries invest in improving social indicators such as health, education, retirement plans, health programs, food facilities, and improving the environment. The health status of people in the community is one of the things that health policy makers are always looking to improve. Life expectancy index is one of the components that shows the extent to which countries have achieved the goals of the health sector. The life expectancy variable is affected by several economic and social factors. In this regard, the present study intends to study the effect of factors affecting life expectancy with emphasis on financial structure.
Methods: Financial structure has important effects on life expectancy. These effects have been positive in some studies and negative in others. However, it is not possible to comment from the outset on the effects of financial structure on life expectancy. So the question is, what effect has the financial structure had on life expectancy in selected countries? To answer this question, the present study tries to use the combined data method to determine the effect of financial structure on life expectancy in selected Islamic countries (including: Iran, Turkey, Azerbaijan, Pakistan, Qatar, Oman, Bahrain, UAE). Study the United Arab Emirates, Saudi Arabia, Kuwait, Iraq, Jordan and Malaysia). In this research, data and information of selected countries in the period 2000-2020 have been extracted from the World Bank database and the research model has been estimated using the Cup-FM method.
Although several methods have been proposed to examine the panel co-integration relationship between variables, most of these methods only discuss the existence or absence of the relationship and do not provide information about the co-integration vector. To address this shortcoming, several methods have been proposed, including the Cup-FM method. Bai and Cao (2006) proposed the Cup-FM method, which uses a factor structure to determine the source of the cross-sectional dependence and presents the aggregate vector. This method calculates the coefficient vector coefficients by estimating the parameters and the long-term covariance matrix and the factor loads in reverse. This estimator, like the FMOLS estimator, is resistant to successive autocorrelation bias and endogenous bias, and in addition, is indifferent to the meaning and anonymity of the explanatory variables.
In this study, based on research experiences to investigate the effects of financial structure on life expectancy, the regression model used in Chireshe (2018) research has been modeled, so the model used in the leading research is as follows:
Where LEit is life expectancy at birth, FSit is a variable of financial structure (loans to the private sector by the banking system as a percentage of GDP), Eit is energy consumption (kg equivalent of crude oil), PGDPit is GDP per capita and HEXPit  is health expenditure ( Percent of GDP). Uit is also a regression disorder about which the classical assumptions are true. All data related to the model variables can be extracted from the World Bank database and the research model estimation method in this article is the data panel method.

Results: According to the research results, the effect of GDP growth at a fixed price on life expectancy is positive and indicates that with increasing economic growth, people have been able to invest more in education, improve their nutritional conditions and health facilities. Better and use more. Hence, GDP growth has a positive effect on people's life expectancy. This effect is statistically significant at the significance level of 5%. The effect of credit granted to the private sector by the banking system as a percentage of GDP on life expectancy is positive and these effects are statistically significant at the level of 5%. Because people, especially low-income or middle-income people, have been able to use bank credits and improve their economic activities by improving the financial system. This in turn can increase the use of educational and health services by these people and increase their quality of life and life expectancy. In contrast, the effect of energy consumption on life expectancy at birth is negative and this effect is statistically significant at the level of 5%. Because energy consumption, especially in recent years, causes more greenhouse gas emissions and environmental pollution, which can have a negative impact on health and life expectancy. Also, the effect of health expenditures (as a percentage of GDP) on life expectancy is positive and this effect is statistically significant at the level of 5%. Because high health expenditures lead to more and better health and medical services in the country and increase people's life expectancy.
Conclusion:According to the research results, to achieve superior health status, the development of financial structure should be part of health policies and strategies in countries, and the goal of policies should be to deepen and expand the financial sector to ensure inclusive financial development.

Objective: According to studies, one of the main determinants of economic growth and development is social capital, which has different components. One of the main components of social capital is "trust", which is an essential aspect of economic and social relations. Trust means as a positive expectation that the other party will not act opportunistically in their speech, actions and decisions. The result of some researches shows the difference between countries in terms of their industrial structure depends more on the level of their social capital than on the level of their developmental level, i.e., the degree of trust of individuals in one society to another and their participation in the formation of civic groups and associations. Emphasizing the importance of the role of trust in economic growth and to answer the question of whether the trust index in developing countries affects economic growth in a similar way to developed countries, the main purpose of this study is to show the trust index on economic growth in the two-selected groups of developed and developing countries in the period 2009-2019.
Methods: To achieve this goal in this study, the trust index was first extracted from the World Value Survey. Then, to investigate the relationship between trust and innovation with economic growth in two selected groups of developed and developing countries, the two-stage Generalized Method of Moments (GMM) model has been used for dynamic panel data. Applying the GMM method has some advantages such as considering individual non homogeneous and more information, eliminating the biases in cross-sectional regressions. For a more detailed study of these indicators in addition to other effective control variables that are considered as factors affecting the economic growth and development of countries, are also added to the regression equation.  Delayed variables of GDP at real price, fixed capital formation, human development index, consumer inflation rate, innovation index, number of labor force, economic freedom index and trade openness index along with confidence index have been added to the model. The statistical population of the present study includes 26 developing countries including: Islamic Republic of Iran, Belarus, Brazil, Colombia, Ecuador, Egypt, Guatemala, Indonesia, Iraq, Jordan, Kazakhstan, Kyrgyzstan, Lebanon, Malaysia, Mexico, Nigeria, Pakistan, Peru, Philippines, Russia, Serbia, Thailand, Tunisia, Turkey, Ukraine and Vietnam and 25 developed countries including: Argentina, Australia, Canada, Chile, Cyprus, Estonia, Finland, France, Germany, Hong Kong, China, Hungary, Italy, Japan , Korea, Netherlands, New Zealand, Norway, Poland, Romania, Singapore, Slovenia, Spain, Sweden, Switzerland and the United States from 2009 to 2019 (statistics are available by year). These countries were grouped based on the Human Development Index so that countries with a human development index higher than 0/8 in the group of developed countries and less than 0/8 in the group of developing countries.
Results: In both group of selected countries, the significance level of Sargan statistics is more than 0.05. At the 95% confidence level, the validity of the tools used in the estimation cannot be denied. So, the null hypothesis that the instruments of the disturbance are not correlated cannot be rejected. Therefore, it can be concluded that the instrumental variables used for estimation have the necessary validity. Also, the results show that all explanatory variables have unit root and the Kau test indicates a long-term relationship between variables and economic growth. According to the results, in countries with low levels of development, the variables related to the physical relations of production mainly affect economic growth. Also, the effect of the trust index on the economic growth of these countries is negative. In developed countries, as expected, the impact of the trust index on economic growth is positive. And for one percent increase in trust index, economic growth increases by 0.013 percent. The highest impact of the model variables on economic growth is related to the human development index, which will increase by 2.45% for one percent growth of this economic growth index. The positive impact of the lag of economic growth in both groups of developed and developing countries indicates that economic growth in these countries is subject to stable and long-term macroeconomic policies and requires forward-looking planning. According to theoretical expectations, by increasing the rate of fixed capital formation, labor force and economic freedom will lead to more economic growth in developed countries.
Conclusion: According to the results, the trust index in the selected developed countries has a positive and significant effect on economic growth, but in the selected developing countries at a significant level of 90% has a negative effect on economic growth. This result shows that the developed countries have advantages due to the high level of trust in these countries: first, in result of trust, the communication and the transfer of information is done easily. Secondly, facilitating the transfer of information takes place in technological environments, which is one of the effective ways of trust category to solve the problem of information deficiency category of organizational learning. Finally, the problem of free riding is improved through group activities. But the inverse relationship between trust and economic growth in the selected developing countries can have two main reasons. First, the level of trust in economic policies in these countries is very low. Second, the issue of data quality is trust in these countries. Distrust, which is a form of formal and informal institutions in the economy that has always caused fear of partnership and cooperation between people, and people prefer distrust to avoid losses and limit their economic activities to the circle of friends and Their acquaintances do. One of policies that could develop trust level in developing countries is to increase institutional trust by improving the transparency and integrity of institutions. Another and even more important policy is related to educational programs in such a way that the main emphasis is shifted to the team working of students and strengthens cooperation between new generations. These policies are able to increase social capital and consequently public trust.

Objective: One of the main issues discussed in the behavioral financial paradigm is the herd behavior of investors. Herd behavior indicates a situation in which investors, regardless of personal information and analysis, follow other investors. This study investigate the effect of investor sentiment on herd behavior formation with beta herding approach in Tehran Stock Exchange. In other worlds, the purpose of this article is to examine whether investors decision making in Tehran Stock Exchange based on fundamental variables or market performance. Although this phenomenon may be considered logical from an individual point of view, but from a macro perspective, it can have destructive effects such as bubbles, price crashes, sharp price fluctuations, and as a result, distorted equilibrium relations and market inefficiencies. Huang and Salmon (2001) scientifically studied this phenomenon by presenting a model called beta herding. They believe that the simultaneous attention of investors to market returns causes the return of individual stocks to biased towards market returns, and as a result, the stock beta coefficient is close to the market beta coefficient. This study uses a beta herding method to investigate the effect of market sentiment on the probability of herd behavior in the Tehran Stock Exchange. In other words, this study examines whether investors in the Tehran Stock Exchange make decisions based on fundamental variables, or trade by ignoring these variables and being affected by market performance. This study also examines whether the stock beta coefficient affects the impact of market performance on investor decisions?
Method: The theoretical basis of this article is the information cascades theory. According to this theory, when investors observe a flow of information, review information and personal analysis according to the existing flow of information. Since paying attention to market returns instead of fundamental variables disturbs the equilibrium relations in the market, so applying a CAPM-based approach can be used to identify and analyze herd behavior. This approach that founded by Huang and Salmon (2009) herding behavior is analyzed by basing the CAPM equilibrium relationship and examining market influence on this relationship. Based on the herd beta approach, the cross-sectional variance of betas can be considered as a measure of the impact of market returns on investors' decisions. This means that the more investors pay attention to the market factor in their decisions, the smaller the cross-sectional deviation of betas will be. Therefore, the smaller cross-sectional deviation of betas can indicate the presence of herd behavior of investors. Since the herd behavior of investors in following the market returns, causes the stock beta to be biased, so the following relationship can be established between  and . (Huang and Salmon, 2009):
Which  is the equilibrium beta and  is the biased beta. The above relationship can be rewritten as follows:
The significance of  statistic as the slope of the line in the above relationship indicates the effect of market returns on investors' decisions and the formation of herd behavior. In order to investigate the effect of beta coefficient on the severity of the effect of stock returns from market returns, the following equation has been used:
In above equation, the dependent variable is difference between low beta portfolio return (  with high beta portfolio return (  and herd behavior criterion  is the independent variable. Also h is used as a lag, which in this study is assumed to be equal to 1. Negative and significant  as the coefficient of  (cross-sectional deviation of estimated betas ( ) in above relation means that stocks with high and low beta coefficient react the same to market returns. Conversely, positive and significant  means that stocks with high and low beta coefficients do not show the same reaction to market returns, or in other words, stocks with low beta coefficients are more affected by market returns than stocks with high beta coefficients. Also  as a measure of monthly herd behavior is calculated by deviating from the standard  according to the following equation (Huang and Salmon, 2009):
This research has been done for a period of 120 months, (from March 1, 2009 to the end of March 2018). The statistical population of this research consists of all companies listed on the Tehran Stock Exchange, which are filtered according to the following conditions:
The first transaction on their stocks has been done since the beginning of 2009 or before- Have not been removed from the list of listed companies during the research period-
-There is no long-term suspension (more than six months) in trading on their stocks.
Applying the above conditions, 112 companies remained to be surveyed, which were surveyed without sampling.
Results: By conducting this research, we found that investors' sense of market return has a significant effect on the occurrence of herding behavior by them in the Tehran stock exchange. This means that in a boom market, investor demand for all stocks (even the stocks of weak and loss-making companies) has increased, which in turn raises prices and, consequently, returns all stocks. Conversely, in a recession condition, investor demand for all stocks (even of profitable stocks and strong companies) decreases, which reduces the price of these stocks and thus their returns. This finding is consistent with the findings of Huang and Salmon (2009) and (2013). In addition, we found in this study that the impact of stocks with large and small beta coefficients on market returns is not the same. This means that as investors become more affected by market returns, the gap between stock returns with high beta and stocks with low beta increases. In other words, stocks with lower beta coefficients are more affected by market returns than stocks with high beta coefficients. This finding is also consistent with the results of Huang and Salmon (2009) and (2013).
Conclusion: In this study, the effect of investors' perception of the market on the price of individual securities in the Tehran Stock Exchange was examined. We found that investors' sense of the market influences their investment decisions. Being influenced by market performance means that investors in their investment decisions ignore the impact of fundamental variables on the price of securities and pay more attention to the overall performance of the market. Considering the general market trend and ignoring the main variables affecting the company's profitability leads to the formation of the phenomenon of herd behavior. This phenomenon is more visible in the case of small beta stocks. It is obvious that ignoring the fundamental variables can lead to unequilibrium in market and ultimately market inefficiency. Encouraging to indirect investment, such as mutual funds, can greatly prevent such undesirable phenomenon. Introducing with financial analysis in trading can also prevent such phenomena in the market.

Objective: Governments need financial resources to play their role in the economy and to produce and supply public goods. One of the most efficient sources of finance in the public sector economy is taxation. Taxes are doubly important in developing countries, which are always short of physical and economic infrastructure. However, government revenue sources or the share of taxes in total public revenues vary from country to country, depending on their level of development and economic structure. But tax evasion is seen as a sharp drop in government revenue that discourages the government from providing current public services due to a reduction in government revenue from public revenue.Tax evasion refers to any illegal attempt to evade taxes. Numerous factors affect tax evasion. One of the most important factors is public sector policies. Therefore, in this study, using the data panel regression method, the effect of public sector policies on tax evasion in Iran and selected emerging countries in the period 2000-2020 has been studied.
Governments need financial resources to play their role in the economy and to produce and supply public goods.Governments need financial resources to play their role in the economy and in the production and supply of public goods. One of the most efficient sources of finance in the public sector economy is taxation. one of the most effective sources of finance in a public sector economy is taxation.
Method: In this study, the effect of public sector policies on tax evasion in Iran and in selected emerging countries in the period 2000 to 2020 has been studied. The conceptual model of the research is as follows, in which tax evasion depends on variables related to government (rule of law, open markets, size of government and quality of legislation), tax modi (religious beliefs) and tax organization (public sector governance). Thus, in this study, the regression model of research has been used by modifying the model of Islam et al (2020) and considering the effect of the degree of development of countries on tax evasion. Unemployment, per capita income and government expenditure based on the study of Rezagholizadeh et al (2019) and value added of the agricultural sector based on the study of Ziyatbar Ahmadi and Karimi Petanlar (2019) are included in the research model. Also, the effect of property rights, the quality of public sector governance and the variable of religion based on the research of Islam et al (2020) were considered as explanatory variables in the model. To estimate the model, the dynamic data panel method is used and first the research regression model is proposed and then how to measure its variables is presented. In the following, the data related to the model are extracted from the new Rahavard software and the desired model is estimated using Eviews 9.0 software. Before estimating the model, the static variables of the model are checked using unit root tests. Because if the model variables are anonymous, the estimated regressions are fake and have lower reliability. If the data were consistent, there would be no problem in the model estimation process. But if the data are anonymous, the aggregation between the model variables should be examined to study the existence or absence of an equilibrium and long-term relationship between the model variables.
Results: The results of model estimation show that the effect of property rights on tax evasion is negative and significant and the guarantee of personal property by the government has reduced the rate of tax evasion. In addition, the rule of law has a significant negative impact on tax evasion. Because the rule of law is high, it increases people's confidence in the strict implementation of laws, especially tax laws, and reduces the possibility of tax evasion. Per capita income has a positive and significant effect on tax evasion. Because with the increase in income, since the tax system in most countries is exponential, the amount of taxes paid by individuals will increase and their motivation for tax evasion will be higher. The effect of government spending on tax evasion is positive, but it is not statistically significant at the 5% level. In addition, at a significance level of 5%, the religion variable has a significant negative effect on fiscal taxation. In other words, the high Muslim population compared to the total population of a country, due to the illegality and illegality of tax evasion in Islam, has a negative impact on tax evasion in that country. Unemployment rate is another variable that has a positive effect on tax evasion and this effect has been statistically significant at a significance level of 5%. Because high unemployment reduces income and their willingness to pay taxes. The quality of public sector governance (rule of law) also has a negative and significant effect on tax evasion. Because the high rule of law gives economic agents the assurance that the laws enacted in the country (including tax laws) are properly implemented and in case of violation (including tax evasion of the economic agent), he will be fined. The variable of economic freedom also has a negative and significant effect on the rate of tax evasion. For example, a high level of monetary freedom (low level of inflation) has a significant negative effect on the tax rate.
Conclusion: High property rights and the rule of law in the period 2000-2020 have reduced tax evasion in the studied countries. Property rights and the rule of law as two effective tools in public sector governance have a negative impact on tax evasion. More monetary freedom and freedom of investment as the two basic pillars of economic freedom, means low levels of inflation and ease of capital inflow into the country and has a negative impact on tax evasion. People in developed countries have less incentive to evade taxes for fear of punishment or for using quality health, education and public transport services. These results confirm the findings of Sameti et al (2021) and Blory et al (2021). Therefore, the government should improve the business environment in the economy and reduce the possibility of tax evasion by strengthening institutions, increasing the rule of law and imposing appropriate penalties for violating the law, defining and guaranteeing property rights and respecting private property. In addition, due to the positive impact of inflation and unemployment on tax evasion, the government and monetary institution by implementing active monetary and fiscal policies, increase production and economic growth (reduce unemployment) and control inflation. Property rights and the rule of law as two effective tools in public sector governance have a negative impact on tax evasion. Property rights and the rule of law as two effective tools in governing the public sector have a negative impact on tax evasion. More monetary freedom and freedom of investment as the two basic pillars of economic freedom, means low levels of inflation and ease of capital inflow into the country and has a negative impact on tax evasion. More monetary freedom and freedom of investment as the two basic pillars of economic freedom, means low inflation and ease of capital inflow into the country and has a negative impact on tax evasion. These results confirm the findings of Sameti et al. (2021) and Blory et al. (2021). These results confirm the findings of the study of Sameti et al. (2021) and Blori et al. (2021). Therefore, the government should improve the business environment in the economy and reduce the possibility of tax evasion by strengthening institutions, increasing the rule of law and imposing appropriate penalties for violating the law, defining and guaranteeing property rights and respecting private property.
Therefore, the government should improve the business environment in the economy and reduce the possibility of tax evasion by strengthening institutions, increasing the rule of law and imposing appropriate sanctions in accordance with the law, defining and guaranteeing property rights and respecting private property. Property rights and the rule of law as two effective tools in public sector governance have a negative impact on tax evasion. Property rights and the rule of law as two effective tools in governing the public sector have a negative impact on tax evasion.
Therefore, the government should improve the business environment in the economy and reduce the possibility of tax evasion by strengthening institutions, increasing the rule of law and imposing appropriate penalties for violating the law, defining and guaranteeing property rights and respecting private property. Therefore, the government should improve the business environment in the economy and reduce the possibility of tax evasion by strengthening institutions, increasing the rule of law and imposing appropriate sanctions in accordance with the law, defining and guaranteeing property rights and respecting private property.

Objective: With the spread of the global coronavirus and the loss of traditional businesses, many businesses around the world have focused on selling and providing their services online. Digikala Company is also trying to provide services to all compatriots throughout Iran, as in previous waves of the epidemic. The purpose of this study is to investigate the impact of pandemic on the business of Digikala Company and its modeling.
Method: The statistical population of this research is large-scale retail companies in Iran, and Digikala Company has been selected as one of the most important retail companies in Iran as a statistical sample using available sampling method. The data collection of the research variables has been done based on the performance of the Digikala company during the Corona era. Statistical data analysis is done using SPSS26 software. In the inferential statistics section, one-sample t-test using the bootstrap method is used. The bootstrap method is used when the sample size is very small and the distribution of the data is not clear (Farbad et al., 2019) and also from the two-sample t-test to compare the components of e-commerce identified, which include the components of demand and human resources, sales center and volume. Transactions before and after Corona, the Friedman test, which is a non-parametric test, is used to rank the components. The validity of the proposed e-commerce model of DigiKala company is checked using the method of variance-oriented structural equations or partial least squares, which is based on the bootstrap method, in SMARTPLS3.3.3 software.
Results: A one- sample  Bootstrap t-test was used to identify the factors affecting e-commerce in this company and a conceptual model including operating force absorption, processing, sales centers and the number of transactions of goods affecting e-commerce was proposed. The validity and reliability of the model were confirmed by combined Cronbach's alpha criteria, mean of variance square and convergence validity. Finally, the number 0.89 for the goodness index confirmed the adequacy fit of the proposed model.
Conclusion: Due to the corona epidemic conditions, online businesses such as Digikala Company, by considering the influential variables in e-commerce, have succeeded in attracting more power, higher transaction and more revenue in this field, which the research also shows that Is the subject. Structures affecting e-commerce in Digikala during the Corona era along with the impact of the influencing variables were identified and evaluated using the t-test and Friedman's test using the bootstrap method. Finally, according to the highest importance factor, the structure of the sales center was prioritized. After identifying the components, the validity and reliability of the proposed model was checked by the variance-based structural equation test, so that the goodness of fit criterion confirmed the appropriate fit of the model, and the root mean common variance and composite reliability indicators confirmed the validity and reliability of the model.
Due to the damage of Corona to businesses, many companies have been forced to downsize their organization and reduce and adjust their human resources, but according to the research conceptual model and the variables examined in the research of many large internet businesses in the world. Like Amazon and Ebay, and including the Digikala company, have prospered in Iran, so that they have faced the increasing demand from their customers.
Therefore, to meet the needs of its customers, Digikala not only did not reduce the workforce, but also had to recruit and recruit human resources; On the other hand, due to this increase in the volume of demand, the company has increased its relationship with the sales centers in order to supply its customers' goods and send them, this has caused the amount of financial transactions of this company to grow dramatically, in such a way that it is forced to develop and to expand its hardware and software infrastructures. that the analyzes carried out also show this importance.
Considering the current conditions of the society and the increasing growth of technology in the global arena, for further investigation in the future, in addition to the above variables, we can examine other variables such as: the level of access of people in the society to computers or smart systems, the level of Internet literacy of the society (web and related software), the effect of internet speed, the variety of services and products, speeding up transportation, examining the competitive advantage of the company in the field of online payment business, and according to the findings and results of the analysis, solutions and suggestions for prosperity and improvement and provided the development of this organization. It is also suggested that the variable of Internet access and other variables forming demand can be proposed in future studies as variables of new research and as innovation of the model.

Objective: The purpose of this article is to investigate and explain the amount of attention paid to the selected economic components and its analysis in the content of selected official education books of the elementary school in Iran (including document content analysis).
In the country of Iran, all textbooks in the formal education system are prepared and adjusted based on the document on the new development of the education system, which is an abstract of the national document and all the upper documents set in the strategic plan of education in the whole country.
The main question of the research that pursues the goal is: Is there enough attention paid to selected economic areas and components in the contents of selected primary school textbooks (which are written based on the guidelines of the fundamental transformation document or upstream documents) in a way which can be a generator of wealth and create economic growth and prosperity in the country in the future by influencing the thinking and behavior of students?
Sub questions.
In the content of selected elementary school books (academic year 97-98), which of the educational fields (knowledge, attitude, skill) has been given more attention?
In the contents of the selected elementary school books (academic year 97-98), which of the selected economic components has been given more attention?
Method: The selection of these components is based on the theoretical foundations of classical economics in the description of "rational man" and the theory of Inkels in the description of "modern man" and includes the most important components of achieving development. The statistical population includes 10 volumes of books selected from the elementary school, whose reliability and face validity have been checked and confirmed by experts. Analytical research community: In this research, a total of 10 volumes of elementary school books were examined as follows:
- All Persian primary school books in all grades.
- All elementary school social studies books in all grades.
- Sixth grade thinking and research.
Based on the theoretical foundations related to the modern human being and with emphasis on the three areas of knowledge, attitude and skills, a set of economic components were extracted and then their formal and conceptual validity and their suitability with the subject of the article were calculated by several experts. In order to carry out content analysis, the initial 25 components were converted and divided into sub-components or selected objective and behavioral economic manifestations, and in this way, a content verification checklist was formed transparently and operationally. It should be noted that in the text of the books (statistical society), the following components have been investigated and counted, either openly, or the themes that have been mentioned. Some of these components are: giving importance to material life, importance to increasing productivity and efficiency and finding new ways of doing things, a sense of patriotism as a motivation to advance society, opposition to traditions that are against development, belief in human power. In overcoming nature and going through the steps of progress towards progress regularly and continuously, and...
Results: The results of the research count showed that only about 3.4 percent (7463 words out of 219069 words) of the total words counted in these books are dedicated to selected economic components. According to the obtained results and in response to the first sub-question of the research (in the contents of the selected primary school books, which of the educational fields has been given more attention?), it can be said: The most attention has been given to the attitudinal area and the least amount of attention to the knowledge area.
And in response to the second sub-question of the research (in the contents of the selected primary school books, which of the selected economic characteristics has been given more attention?), it should be said: in all the selected primary school books, the patriotism component with 19 frequency has the highest rate and the resource value component with 1 frequency have the lowest number of counts (Table 2).
Finally, according to the analysis of the results obtained from this research and in response to the main question, is the content of the selected primary school textbooks sufficiently focused on the selected economic areas and components, in such a way that it can influence thinking in the future? And the behavior of the students will generate wealth and create economic growth and prosperity in the country?
Conclusion: The results of this study indicate little attention to the selected economic components in selected primary school textbooks.

Objective: The relationship between monetary policy shocks and total deposits of banks are one of the main important issues in monetary economics and banking literatures and has been considered empirically in recent years. Hence, the main aim of this paper is to evaluate the relationship among these variables by applying dynamic panel data approach for 23 private and governmental banks during the 2008-2019. Method: For achieving this purpose, at first the inflationary environments have been extracted by Markov-Switching and then, by utilizing dynamic panel data and GMM estimator the short-run relationship between variables have been tested. Results: The empirical findings of this paper indicated that the first order lag of bank deposits has a positive and significant effect on the volume of deposits in current year and its amount is equal to 0.17. Also, the variable of the interaction of liquidity growth rate with severe inflation environments and banks 'legal reserve ratio has a negative and significant effect on private banks' deposit volume and the variables of long-term deposit interest rate, real GDP growth rate and liquidity quality have a positive and significant effect on deposit volume. State-owned banks are positive and meaningful, consistent with theoretical expectations. The deposit profit rate has positive and other monetary policy variables such as liquidity growth rate and rule of deposits ratio and cross effect of liquidity money growth with inflationary environment have negative impact on the total deposits of Banks. Regarding the negative and significant effect of the interaction of liquidity growth rate with high inflation environments, it can be argued that with increasing liquidity and increasing demand, the general level of prices increases and consequently inflation rate increases and the economy enters a severe inflation environment, so expect as inflation intensifies, demand for deposits in banks will decrease and the incentive to invest in alternative environments such as the foreign exchange market, gold and other assets will increase. In addition, the value of

Objective: Electronic banking is one of the gifts of the information technology world, according to which all financial, banking and credit activities are transferred from the traditional platform to the electronic platform. As a result, the use of electronic systems in the world's financial and credit institutions is rapidly expanding and the number of users of electronic banking services is increasing day by day. The use of this technology has led to the development of business, facilitating communication between economic agents, providing opportunities for enterprises to operate, improving productivity, reducing costs and saving time. Obviously, one of the indicators of the success of banks' investments in the field of information technology and electronic banking is the acceptance of these services by the customers of that bank and their actual use of them for their daily banking affairs. Therefore, research in the field of electronic banking and its impact on the performance and profitability of banks to gain a competitive advantage and survival in the competitive arena, is essential.
Methods: In this study, from the content analysis method using theoretical foundations and experimental studies, the appropriate model of Iranian economy was selected and then with the help of statistical analysis and econometric methods by expressing the relationships between variables related to the subject, the current situation Is identified. According to the studies based on S-C-P theory, the general shape of the model in this research was based on the research of Tony et al. (2015).
Results: Diagnostic tests were performed for the research model, and the Chow test for detecting a composite or integrated data pattern showed that there is a hybrid data pattern in the model. Haussmann test also showed that all models have fixed effects. The results of estimating the model with fixed effects showed that the coefficient of determination and the Watson camera statistic indicate the confirmation of the model results. and the results indicate that the number of ATMs, IMC (Bank Market Focus Index), Bsize (size). Bank), the number of terminals of the bank branches (Pin Pad), the number of TOKEN devices and the number of POS devices had a positive and significant relationship with the profitability index as a representative of Bank Melli financial progress in Iran and the ATM variable had the highest impact and the Bsize variable has the least effect on the bank's profitability index,
Conclusion: Considering the impact of e-banking on the profitability of banks, it is suggested that e-banking platforms be developed rapidly, so that with the improvement of banks' financial performance, we will see more and more prosperity of economic specialties. It is important to note the amount of communication that the bank can establish with other service organizations (such as the municipality, the tax administration, the oil company, etc.). This leads to the monopoly of electronic services provided by the bank, which will lead to the development of electronic banking services and can be considered as one of the strategic advantages of the bank.

Objective: Today, banks play a vital role in making the relationship between actual and monetary sectors of the economy, facilitating transactions by organizing receipts and payments, and developing markets and economic growth. Credit risk is the most critical factor for banking system stability. Moreover, credit risk is the most substantial risk observed in the banking system of countries. Lack of credit risk leads to poor lending capacity and debt settlement power of monetary institutes also causes the bankruptcy of banks. credit risk brings a relative superiority for banks and financial institutes by predicting bad debts' losses. The extant study aimed to examine the effect of credit risk management on the lending performance of Bank Agriculture branches.
Method: This was applied research in terms of objective and a descriptive study, in terms of data collecting method. The statistical population comprised all top managers and staff working in branches of Bank Agriculture in Gilan Province, Iran. In the present paper, Morgan Table was used, and 279 people (n=279) were selected from 475 people, by using non-probability convenience sampling. The data were collected through a questionnaire. The collected data were analyzed using SPSS software.
Results: Research hypotheses indicated the significant effect of loan terms and conditions on the lending performance of branches of Bank Keshavarsi in Gilan. Customer evaluation had an impact on the lending performance of Bank Keshavarsi's branches in Gilan. Default lending policies affected the lending performance of Bank Keshavarsi's branches in Gilan Province. Risk control policies also had an impact on the lending performance of Bank Keshavarsi's branches in Gilan Province.
Conclusion: Credit risk control and mitigation play an effective role in improving lending and credit processes and subsequently improving banks' performance. Furthermore, cretic risk control plays a fundamental role in the continuity of lending, profitability, and survival of banks and financial organizations. Credit risk provides the field for assets pricing by risk measurement and the creation of a logical link between risk and return rate. Furthermore, credit risk paves the way for the optimization of credit portfolios and determining the economic provision of banks to reduce capital costs. Therefore, improvement of risk control policies through measuring the risk of non-repayment of debt and interest rate of loans based on the risk management rules and regulations approved by respective committees lead to improvement of the lending performance of studied bank branches. On the other hand, assessment of customer's capital adequacy, ranking assets, rating branches based on the credit risk of branches (e.g., past due, deferred, and bad debts-to-total loans ratio) can be done to improve the lending performance of studied bank branches.

Objective: Capital markets are among the most important and popular financial markets in most countries. Due to its importance in the nation’s economy, capital market problems have always been considered. One of the problems faced by Iran’s capital market in recent years is the financial bubble. When investors are invested in a bubble form, irrational feelings and dreams are often used instead of rational analysis. There are also some changes in stock price without any fundamental reason from the unconscious and powerful emotions of capital (financial defense mechanisms and financial phantasy) so that investors in the capital market cannot bring back prices because of the high excitement created. In addition, due to recent events in the Iranian stock market, it is possible to research to understand the relationship between the unconscious processes (defense mechanisms and financial phantasies) with the financial bubble of investors. On the other hand, the subject is considered by researchers due to the new aspects of financial unconscious feelings (financial defense mechanisms and financial phantasy) and financial collapse of capital.
Method: This research is a mixed type that is applied in terms of purpose and descriptive. For this purpose, 415 questionnaires (300 electronic questionnaires, 115 paper questionnaires) were distributed among investors, of which 288 questionnaires were accepted. Data analysis was performed using structural equations modeling (SEM) in Amos and using maximum likelihood estimation method. Also in this study, the bootstrap method was used to solidify the results. In addition, in order to evaluate the effect of unanswered questionnaires, the maximum likelihood method with complete information and Spss and Amos software were used.
Results: The results show that the proposed model has a good fit to express the relationship between financial unconscious feelings (financial defense and financial phantasy) and investor financial bubble. Also, financial defense mechanisms have a positive and significant relationship with the financial bubble of investors. In addition, financial phantasy has a positive and significant effect on the financial bubble of investors.
Conclusion: Generally, it can be concluded that increasing the unconscious feelings caused by financial defense mechanisms and financial phantasy can raise the possibility of financial collapse. Therefore, the Iranian stock market is sensitive to the types of unconscious feelings, such as financial defense mechanisms and financial phantasy. The findings of this research can help capital market experts control the price volatility and prevent financial bubbles because by recognizing the roots of the formation of financial bubbles, they can provide the necessary warnings to educate and finance the transaction. However, it should not be noted that the effect of contagion on the stock market and the formation of financial bubbles should not be ignored. Therefore, the stock market planners and macro policymakers of the country are recommended to use all the capital market support levers to protect and protect the capital market and protect micro and macro and with intelligent management of the market before the occurrence of big disasters prevent capital flight and public confidence.

Objective: Predicting corporate bankruptcy is one of the most important activities in auditing risk and uncertainty of companies. Therefore, introducing appropriate models with high accuracy to predict bankruptcy is essential in many decision-making processes. The purpose of this study is to introduce an appropriate and superior model for predicting corporate bankruptcy in the Iranian economic environment. Chava and Jarrow (2004) and Campbell et al. (2008) have been introduced as hybrid models that consider accounting and market information together. In this study, we intend to use logistic regression and accuracy testing to create a better model. Also, for the first time in Iran, the market value of balance sheet items has been used as a suitable alternative to some balance sheet variables and market variables.

Methods: The study period is 13 years (from 2005 to 2019) and the number of sample companies is 188 companies and 2444 years - companies. The data required for this study, which consisted of accounting-based and market-based and combined data, were extracted from financial statements and accompanying notes of sample companies and stock exchange softwares. Using logistic regression, the coefficients of the variables of the mentioned models were found.
Results: The proposed models were performed using conditional fixed effect logistic regression and the best model was selected using the ROC curve. The results showed that both Chava & Jarrow (2004), Campbell et al (2008). Models have a suitable and very high power to predict bankruptcy in Iran's economic environment. But Chava & Jarrow model with 96.5% accuracy was introduced as the top model in predicting corporate bankruptcy for Iran's economic environment. Among the variables of the Chava & jarrow model, only three variables Included ratio of total debt-to-assets (TLTA), ratio of net income to total assets (NITA) and Stock returns fluctuations (SIGMA) at 95 confidence level, had a significant effect on corporate bankruptcy. And the other two independent variables of this model did not have a significant effect on the probability of bankruptcy. Also, Among the variables of the Campbell et al model, only five variables Included the ratio of total liabilities to total market value of assets (TLMTA), the ratio of net income to total market value of assets (NIMTA), the ratio of cash and instant assets to total market value of assets (CASHMTA), stock price volatility (SIGMA) ) And the ratio of book value of equity to market value of the company (RSIZE) at the 95 confidence level had a significant effect on the probability of bankruptcy of companies. And the other three independent variables, the difference between the company's stock return and market return (EXRET), the ratio of the company's stock market value to the book value of the company's stock (MB) and the logarithm of the stock price (PRICE) had no significant effect on the probability of bankruptcy.
Conclusion: Among the variables that were significant in the model, the ratio of net profit to market value of assets (NIMTA) was the most effective variable. Also, according to the regression coefficients of the variables, it is concluded that bankruptcy is inversely related to the ratio of net income to market value of assets(NIMTA), and the ratio of net income to book value of assets(NITA), and the ratio of cash and instant assets to market value of assets(CASHMTA). Bankruptcy is also directly related to the ratio of total liabilities to the book value of assets (TLTA) and Stock returns fluctuations (SIGMA). In other words, Companies whose stock return fluctuations are not in good shape and have a lot of debts more likely to go bankrupt.

Objective: Financial crises can quickly affect the real sector of the economy and be detrimental to the economy. Therefore, dealing with these crises as well as preparing for them should be among the most important economic priorities. It is worth noting in such a situation, concepts such as financial fragility become important which is one of the most important factors affecting corruption.
Methods: In this study, using the quantitative regression method, the effect of corruption on financial fragility in the period 2012-2021 has been studied. The statistical population of this research is includes companies active in the Tehran Stock Exchange market, among these companies, 86 companies were selected as the research sample.

Results: The results of model estimation showed that high level of corruption (low level of corruption perception index) increases the financial fragility of companies and therefore confirms the inefficiency of corruption. Because corruption in various forms such as taking bribes to grant special privileges to a particular company, low-interest loans and financial and tax protections of some companies in the face of financial crises affect the financial fragility of companies. The size of companies also had a negative effect on financial fragility, but this effect was not statistically significant at the 5% level. The impact of tangible assets as well as fixed assets of companies on financial fragility is negative and significant. Because the increase in the level of fixed and tangible assets of companies indicates the high (increase) of total assets of the company and generally increases their ability to cope with financial crises as well as bankruptcy, thereby reducing the financial fragility of companies. The effect of financial leverage on the financial fragility of the company is positive and significant. Because the higher the financial leverage of the company and in other words, the higher the corporate debt compared to its assets, the higher the probability of financial crisis and the risk of bankruptcy in the companies under study in the face of economic cycles. Economic growth also has a negative impact on the financial fragility of the companies under study. Because the higher the economic growth rate, the higher the company's revenues due to this economic growth and the lower the probability of financial problems and shortages in the company, which in turn reduces the financial fragility of companies. Also, the effect of inflation on the financial fragility of the studied companies is positive and significant. Because rising inflation increases the total cost of companies, including the cost of purchasing raw materials and machinery, as well as other consumption and current costs, and thus increases the likelihood of financial crises and bankruptcy.
Conclusion: High levels of corruption increase the financial fragility of companies. Because the high corruption perception index (low level of corruption) is associated with a higher level than the Z-Score index (low financial fragility) and as a result, the second view confirms the impact of corruption on the economy or the theory of corruption inefficiency. Therefore, in order to reduce financial fragility, the relevant institutions should pay serious attention to dealing with corruption.

Objective: Because of economic shocks and fluctuations in recent years, the government faces indiscipline in economic policies and increase the uncertainty issue in economic policies. In such situations, on the firm-level managers deal with uncertainty too. Firms uncertainties affect managers estimates and decisions. On the other hand, when conditions of uncertainty exist, managers would face difficulties to meet forecasted earnings and have motivations to manipulate earnings to meet the market expectations. On the other hand Investors pay a great deal of attention to firms announced earnings for valuation and investment decisions and even the evaluation of managers' performance. Due to the probable effects of economic policy uncertainty on financial decisions and firms reporting quality, the purpose of this research is investigating the relationship between economic policy uncertainty, accrual base earnings management and then investigating moderation effects of life cycle stages of this relationship.
Method: In order to achieve the research purpose, 125 companies (1068 firm-years) were selected from the companies listed on the Tehran Stock Exchange during the years 2013 to 2019 by systematic elimination sampling method. Research sample is excluded from financial firms, banks, insurance firms or firms with missing data. For measuring the earnings management, discretionary accruals model based on Kothari et al (2005) is used. Uncertainty economic policy index is created by using conditional variation autoregression to determine four macro volatilities then the results were combined with regression and principal component analysis to achieve a single index. In order to classify firms to different life cycle stages, Dickinson (2011) model is used.
Results: As expected, results show that there is a positive relationship between policy uncertainty and accrual base earnings management and there are significant differences in strength of this relationship in different stages of company life cycle. In the introduction and growth stage this relationship is decreased and in mature stage the relationship is strong but, in the decline stage this relationship is not significant and we see a significant effect of life cycle stages as a moderator variable on the relationship between economic policy uncertainty and accrual base earnings management.
Conclusion: These results show that by increasing the economic policy uncertainty, mangers have more chance and motivations to manage earnings. As economic policy uncertainty increased, we see more earnings management for firms in mature stage compared to firms in the introduction and growth stages. Maybe managers of the firms in mature stage have greater experience and knowledge about techniques applicable in their firm to manipulate earnings. Thereby, it is advisable for lenders and also for investor and analysts to pay a great deal of attention to the level of economic policy uncertainty and stages of company life cycle using earnings for valuation and manager performance evaluation. Also, in economic policy uncertainty situations auditors should consider risk of earnings management in planning and conducting an audit.

Objective: Ever since the World Health Organization formally identified the corona virus as a worldwide epidemic, various countries have entered new and, of course, unknown stages. The prevalence of the corona virus, in addition to posing serious health risks and problems, has had significant and sometimes irreversible effects on global trade and the economy. From there Iran is no exception to the prevalence of coronary disease in other countries and is facing a major crisis of this disease, the need to study and analyze the long-term causality between the prevalence and recurrence of persistent peaks of the disease and the country's economy is very important. Therefore, the purpose of this study is to analyze the long run causality between coronavirus prevalence as a dummy variable and selected economic variables (exports, transportation, unemployment and economic growth) in Iran.
Methods: the Vector Error Correction Model (VECM) will be used and by estimating the coefficient of Error Correction Term (ECT) this issue will be investigated during the period 1978-2021.
Results: Based on the statistical significance of the error correction term coefficient, it can be concluded that in the model, except for exports and unemployment, other variables (transportation, economic growth, prevalence of Covid-19) cannot try to adjust the short run error to the long run equilibrium and cause to long run equilibrium in the system. Because the error correction term coefficient only for exports and unemployment in this model is statistically negative and significant. Therefore, there is only causal relationship of other variables to exports and unemployment. According to the results of diagnostic tests, it was found that since the probability statistic in all tests is more than 0.05, therefore, the null hypotheses of the tests are not rejected.
Conclusion: Relying on the concept that the significance of long run dynamic relationships in the model is based on the statistical significance of the coefficient of error correction term, it can be concluded that, except export and unemployment, other variables in the model (transportation, economic growth, prevalence of Covid-19) They cannot try to adjust the short run error to long run equilibrium and cause long run equilibrium in the system. Economic studies conducted so far during the epidemic show that the prevalence of coronavirus in economic sectors including tourism, foreign trade, capital markets, foreign exchange markets, housing markets, small businesses, public businesses, commodity prices, GDP will affect the interior. Due to the losses caused by the prevalence of coronavirus in the Iran's economy, if no immediate action is taken to compensate for the economic losses and a practical solution is not taken, the damage will increase exponentially and many economic activists will face many challenges which may even be removed from the economic cycle. Adapting countries to compliance with health protocols improves trade and exports. The government should put the safety of transport workers on the agenda to continue to provide essential services, and it is useful to apply the lessons learned from the experiences of areas that were affected by the disease early on.

Objective: The main object of this study is to use a new measure of risk called Cumulative entropy in the Markowitz portfolio optimization model and solve this model using Particle swarm optimization (PSO) to optimize the portfolio of Petrochemical companies by Applying the data consist of monthly returns of the Fifteen petrochemical companies in Tehran Stock Exchange from 2013 to 2019. The Markowitz model uses the variance as a risk measure by default. in this study, a new measure of risk called Cumulative Entropy is introduced. This measure can be used in many issues without considering the limitations of variance (standard deviation). Methods: The Markowitz model is one of the most important models for solving portfolio optimization problems, but this model has many disadvantages. The Markowitz optimization problem can be solved by simple mathematical programming models when the number of assets to be invested and the market constraints are small, but when the real-world conditions and constraints are taken into account, the problem becomes complex and difficult. One of the methods that have solved human ambiguities in recent years in solving many optimization problems and has been successful in responding to complex problems is the so-called intelligent methods and algorithms. Intelligent methods that were introduced to eliminate the shortcomings of classical (traditional) optimization methods with a comprehensive and random search, largely guarantees the possibility of achieving better results. Due to the mentioned problems in this research, a new criterion by the name Cumulative entropy is introduced which can be used as an alternative to variance in the Markowitz meanvariance optimization model as a risk criterion. Also, due to the mentioned problems for the Markowitz model, in this research, the meta-innovative particle cumulative motion (PSO) algorithm will be used to optimize the stock portfolio for Petrochemical companies stocks. Results: As can be seen in the PSO algorithm, the average value of the stock return function is less than the average value of the stock return function in the Markowitz model, while the

The study of the effect of real exchange rate and value-added on employment as one of the functional variables of the industrial sector in the theoretical and experimental literature of industrial economics in recent years has been considered by economists in this field. Method: In the present study, using the NARDL nonlinear model, the asymmetric effects of the real exchange rate and value added of the industrial sector on the employment rate of the industrial sector in Iran during the period of 1986-2019 have been evaluated. Results: The results of empirical findings indicate that the comination of integrated level between dependent variable and explanatory variables are I(0) and I(1). Moreover, the real exchange rate has been stationary with considering of structural break at level. The short-run dynamic model showe that there is a long-run relationship between variables. Estimated long-run relationship demonstrate that the asymmetry of real exchange rate and value-added on employment had been confirmed in Iran's industrial sector in short and long term. This result obtained by applying Wald test with Chi-square distribution. Also, in the long run, increasing the real exchange rate has a positive effect and decreasing the real exchange rate has a negative and significant effect on employment in the industrial sector. On the other hand, increasing the value added of the industrial sector in the long run has a positive effect and reducing it has a negative effect on the employment rate of this sector.The economic sanctions has also a negative and significant effect on the industrial sector employment in the long run. CUSUM and CUSUMSQ

Objective: In the face of economic sanctions, most countries use methods to circumvent sanctions, including the expansion of activity in the informal sector of the economy. Sanctions affect the informal economy directly and indirectly, through the formal economy and other channels. To date, various studies on the consequences of sanctions have examined how external economic pressures affect the formal sector of the target economies. This study investigates the effect of economic sanctions on the informal economy in Iran. This study also introduces the factors that lead economic elements to activity in the informal economy.
Method: The research method in this study is the autoregression model with distributed intervals according to the significance of the variables. In order to determine the econometric model based on theoretical and empirical studies of Earley and Paxon, the variables affecting the shadow economy for estimation and The difference between the models is that in each model, the variable of sanctions is considered in the form of the concepts of duration of sanctions (size of sanctions period), group sanctions (sanctions with cooperation of several countries and internationally), non-group sanctions (sanctions by one country) and number of sanctions. The data used to estimate the size of the informal economy were extracted by exploratory factor analysis during the years 1978 to 2019. In addition to the sanctions, other variables affecting the size of the informal economy such as per capita GDP, the ratio of loans to the private sector, liquidity, trade openness index, tax revenue, oil and gas revenue, and exchange rates have also been considered. For statistical analysis, self-explanatory econometric method with wide intervals has been used.
Results: What was obtained in this study shows that different aspects of the sanctions, including Sanctions Duration, Sanctions Count and NIGO Sender or IGO Sender, have had a significant and positive impact on the size of Iran's informal economy. Also, the results show that other variables such as exchange rate gap, tax revenue, liquidity and oil and gas income have a positive effect on informal economy and the variables of per capita GDP, openness of trade, ratio of domestic credit to private sector have significant negative impact on the informal economy.
Conclusion: Sanctions hinder official imports by reducing government funding, while demand still exists in the economy. This gap between formal imports and consumer demand encourages import smuggling. Sanctions also increase inflation. Increased liquidity from cash subsidies has boosted consumer demand for goods and services, but industrial capacity and imports, which have been negatively affected by trade sanctions, are not responding to growing consumer demand. As a result, the gap between the supply of goods and services and consumer demand pushes up the price level and increases inflation. Higher inflation rates reduce people's disposable income and encourage them to seek alternative sources of income through the informal economy. In response to the sanctions, the Iranian government increased restrictions on the foreign exchange market and also increased the share of taxes in the annual budget. Restrictions on the foreign exchange market increase the regulatory burden and provide new rental opportunities for traders. Increasing the tax burden has a significant effect on shifting economic factors, especially small businesses, to the informal economy.

Objective: This study is supposed to investigate the relationship between CEO power and performance measurement. CEO tenure, management duality and board independence are the measures used to capture managerial power. Performance measurements are ROA, ROE and tobin's Q. Methods: It is expected that manager power have positive effect on performance. To test this hypothesis we used there hypotheses with the the CEO power as independent variable and and ROA, ROE and tobin's Q as dependent variable in each of them. Control variables used in this study are firm size, firm growth and firm age. We used data from 122 firms listed with the Tehran Stock Exchange from 2012 to 2020, collected from CODAL database. This is an applied research and has an experimental methodology. Findings: As was expected we found managerial power to be positively influencing ROE and Tobin's Q. To the contrary there is no relationship between manager power and ROA. Conclusion: Agency conflicts are the most important downside in the separation of ownership and management. An efficient way of reducing negative effects of this issue is to coordinate owner and manager interests through accounting variables. Shareholders prefer to have the highest return on their investment, namely ROE. As manager is employed by the board of directors, representing the owners, it is highly expected that there be an emphasis on owners' performance measures in manager contact, rather than other measures interesting to other stakeholders. Owners are willing to grant higher power to manager only if this higher power leads to improvement of owners' performance measures. The positive relationship found between manager power and ROE could verify this claim. Improvement in owners' interests is expected to influence positively their investment value proxied by Tobin's Q. Findings are indicative of this claim as well.

Objective: Environmental security is a significant part of human and national security. Today, attention to environmental issues and sustainable development is one of necessities of economic development and the problem of climate changes or global warming in the environmental domain has turned to one of the most important human concerns, since it will have long-term effects on future generations welfare. Solving the created environmental challenges requires international cooperation for the countries' just and logical exploitation of human resources without damage to other countries. The Paris Agreement or the paris agreement is a treaty within the framework of the United Nations Convention on Climate Change. The text of the agreement was approved by the delegates of 195 countries at the 21st United Nations Conference on Climate Change in Paris and was ratified on December 21, 2015. This agreement has been in force since November 4, 2016. According to the text of the agreement, the agreement was to enter into force when 55 countries, which produce at least 55% of the world's greenhouse gases, ratify, accept or sign the agreement. Among the goals of the Paris Agreement is to try to prevent a 1.5 degree rise in temperature compared to the pre-industrial era in order to reduce the risks and effects of climate change, increase the ability to adapt to the severe effects of climate change and create climate resistance, conditions to reduce greenhouse gas emissions. The United States withdrew on June 1, 2017. American exit has challenged this problem. This study addresses cooperation or non-cooperation of European Union and United States in Paris Agreement using game theory. Method: Play is a description of the economic, social and political activities of individuals. Each of these activities or games has a structure and rules according to which players play the game to achieve their goals. The purpose of this theory is to provide a way to express the facts of human life that expresses contradiction and alignment. A game is a situation in which each person's

Objective: The discussion of Islamic financial systems has been discussed in the world financial literature for several decades. The Islamic financial system intends to provide practical alternatives to conventional financial instruments in the world today by providing practical methods. The existence of a series of principles such as the sanctity of usury, risksharing, permissible religious activities, and the like, which govern the Islamic financial system, has posed serious challenges to Western financial practices. This study has been compiled for the Islamic Republic of Iran with the aim of ranking and identifying the best financing instruments in order to achieve a resilient economy. For this purpose, by identifying financing methods through Islamic securities and conventional foreign financing methods, a comparison was made with the aim of ranking the best financing methods.

Objective: Firstly, this research investigates the relationship between cash volatility and financing decisions and then, investigates the effect of cash flow shortfalls on the relationship between financing through debt and cash flow volatility. So, based on theoretical background and pervious researches two hypotheses were developed. Based on first hypothesis, a positive relationship is expected between cash flow risks and debt level in capital structure of firms. Those firms facing with increased risk of cash flows, may need extra cash for the financing of their operations or they may face with a shortage of cash which in this case they will look for ways of financing through issuing debt. Also, it is expected that a shortage in operating cash flows affects the relationship between cash flow risk and capital structure. In another words, the relationship between debt in capital structure and cash flow risks is stronger for those firms with a shortage in operating cash flows.
Methods: This is an applied research and we have used the regression to run the research models. The Research sample consists of 178 firms (1068 firm-years) listed on the Tehran Stock Exchange (TSE) during 2014 and 2019. Research sample is excluded from financial firms, banks, insurance firms or firms with missing data. All data have been winsorized at the one percent and 99 percent levels.
Results: As expected, the results show that there is a positive and significant relationship between cash flow volatility and capital structure (use of debt). So, it can be said that those firms facing a higher risk of cash flows, issue more debt.  In addition, the results show that the relationship between cash flow risk and the use of debt in capital structure is tenser for firms with low operational cash flows. For those firms with high operating cash flow this relationship does not exist.
Conclusion: increased risk of cash flows results in the need for financing of activities through cash flow or creates a loss or shortage of cash flows by firms. Thereby, firms look for the way to finance through issuing debts. Thereby, it is advisable for lenders and also for investor and analyst to pay especial attention to cash flow variances and risk when analyzing cash flow statements, operating cash flows and the financial statements of companies. Also, auditors should consider these risk when assessing the continuity principle for issuing an audit report. Future researches can identify other factor affecting the relationship between cash flow risk and issuing debt. Also, the effects of financing level limitation on the relationship between cash flow risk and capital structure can be investigated in future papers.

Objective: Poverty is one of the most important social problems that have been always affected the lives of many people, so eliminating this problem is always among the goals of social development. Despite the many efforts that have been made throughout history to eliminate this phenomenon, it has existed for many years and among different countries and continues despite economic growth among underdeveloped or developing countries. In the economics literatures, several factors are effective in creating and spreading poverty, one of which can be considered the exchange rate, which is considered as a key and important economic variable in policy-making. In recent years, the real exchange rate has fluctuated in recent years, and it is important to know its effects on economic policy-making. So, one cannot overlook the significant impact of the exchange rate on poverty. Therefore, the aim of the present study is to try to find out what the asymmetric effects of the exchange rate will be on poverty. Methods: The research variables include poverty index, the real exchange rate and government support. To study the subject, have been used the latest data of the Iran during the period of 1985 to 2018. In this research, a dynamic panel threshold model is investigated to distinguish the asymmetric effects of real exchange rates on poverty. This approach combines time series models with threshold modeling approaches. In this paper, using NARDL, an attempt is made to investigate the positive and negative asymmetric effects of exchange rates on poverty in the Iranian economy using a nonlinear model. Results: The results show that long term exchange rate impacts on poverty in Iran. In the short run, with a period of delay, exchange rate fluctuations increase poverty in Iran, and real exchange rate declines have no effect on poverty reduction. Also government assistance to the poor and low-income groups in the long and short run has not reduced poverty in the country. Conclusion: The results show that in both the short and long term, only an increase in the exchange rate will have a devastating effect on poverty and its impact is greater in the long term than in the short term. And in the short and long term, the depreciation of the real exchange rate has no effect on the reduction of poverty, so governments must implement policies that do not cause sharp fluctuations in the real exchange rate, especially in the event

Objective: investors and creditors require financial information to make sound investing decisions. One of the main criteria in evaluating company performance is prediction of its future cash flow which is an inseparable part of all financial units and the balance between cash flow and its money-related requirements is essential for the continuation of financial activities in a unit. Considering the fact that here is little direct evidence in prior literature on whether discretionary accrual choices enhance or detract from the predictive ability of accruals with respect to future cash flows, the present study aimed to examine whether management's motivation for discretionary accrual choices affects the forecasting properties of accruals and cash flows with respect to future cash flows. Cash flow prediction is an important task for all internal and external organizational users. Investors use this information to determine the future value of a financial unit, its stock price in the market and decide to whether hold or sell their stock. In other words, possible changes in future cash flow can play a significant role in the financial decisions of investors. Methods: to test our hypothesis, we used multi-regression method. Study sample include restated companies in Tehran Stock market from 2003 until 2013. The sample was divided using an opportunistic meet-or-beat model (OP-MB). Our predictions for the opportunistic group (with 107 observations) and the non-OP-MB group (with 682 observations) were obtained using Barth et.al (2001) equation. Results: Using a sample of restatement firms and a meet-or-beat model to classify firms as making discretionary accounting choices for opportunistic meet-or-beat (OP-MB) reasons, we show that originally reported earnings and accrual components are less predictive for future cash flows relative to the restated numbers. We find the opposite is not true for firms classified as making discretionary accounting choices for non-OP-MB reasons. To distinguish between the informational and efficient contracting explanations of the results for

Objective: Stock markets are one of the most important and popular financial markets in the most countries. The volatility of stock market behavior has always been discussed. Due to the importance of stock markets in the economy of nations, the discussion of determining the factors affecting stock market fluctuations has always been considered. One of the factors influencing the stock market is political uncertainty variable. Thus, political uncertainties can pave the way for changes in the stock market. In the stock market, large fluctuations cause capital inflows and outflows at all times. The effects of these movements on the economy of countries can be significant. In developing countries, Impulses to the economy due to stock market shocks can be extremely risky. Therefore, the study of the interrelationships between stock market fluctuations and political developments is of particular importance. Methods: First, the Zivot-Andrews test was used to determine the stationarity of variables by considering the possibility of investigating the existence of endogenous structural break. The asymmetric Garch method (GJR-GARCH) has been used to investigate and estimate the relationships between variables. Before estimating the GJR-GARCH model, an appropriate ARMA model must be estimated for each of the variables, so that we can have a good fit of generalized Autoregressive Conditional Heteroscedasticity model. The Schwartz-Bayesian (SBC) criterion was used to obtain the optimal ARMA lag. Also the ARCH test is used to determine the presence of heteroscedasticity. Results: The results of this study show the positive and significant impact of the presidential election on the stock market. Also, in the framework of the asymmetric Garch model, different periods of nuclear negotiations as well as regional political developments show a direct and significant impact on the stock market index; In addition, the results relative to study period show that the control variable of consumer price index will have a significant and positive effect on the stock market index. Conclusion: Based on the research findings, it can be concluded that the Iranian stock market reacts significantly to a variety of domestic political events such as the presidential election and

Objective: Earnings management can be motivated by capital market, political, contractual, tax, agency. In the capital market incentives that are considered in this study, in the IPOs, because the possibility of access to information for investors is very limited and the risk of information asymmetry for investors and determine the intrinsic value of relevant stocks is high. Therefore, Managers are probably motivated to earning management in the last period before the offering of shares using optional. According to the political hypothesis, companies with good performance usually try to manage declining earnings but companies with poor performance, according to the signaling hypothesis tend to manage incremental earnings in IPOs after earning management because cash profits in these companies are low, as cash flows may not be enough to hide the effect of the returned accruals. Therefore, in this study, the effect of mutual fund performance of dynamic earnings management at IPOs and after has been studied. According to the theoretical foundations and research background, two hypotheses have been proposed and evaluated.

Objective: Sirjan city has increased the economic importance of Kerman province. Sirjan is the main transit point for goods to eastern Iran, as well as Europe and the Persian Gulf and the return route of all commercial goods is from Shahid Rajaei port of Hormozgan to Central Asian countries, Caucasus and Russia. This city has a significant role and position as a special economic hub based on the advantages of docking, in the economic structure of Kerman province and in the future, the importance of this economic position will increase. Also, Golgohar mining region with iron ore rich mines as one of the most important active mining and industrial hubs in the Middle East, has many potentials to become a large and competitive region in Iran and even in the world. Golgohar Mining and Industrial Company, as one of the main players in the region, with a production capacity of 8.5 million tons of concentrate and 5 million tons of pellets, has highlighted its role in the country's steel industry and as a special economic hub based on the advantages of docking, it has a significant role and position in the economic structure of Kerman province. also in the future, the importance of this economic position will increase. Whereas the role of transport in economic development and the creation of incentives to increase investment in this regard is undeniable; The process of selecting different transportation systems and combining them with each other is an important matter in planning the optimal development of Kerman province, because in the absence of the necessary information, transportation decisions regarding the existing demand are made based on experience. Methods: In this study, demand function of carrying minerals in the rail transportation system of Golgohar mine estimated with econometrics technique and panel data model during the period 2011-2017. And while introducing the factors affecting the demand for mineral transportation by rail, using the neural network, the future trend of demand for rail transportation of minerals has been predicted. Findings: The results indicate, value added of the mining sector, tonnage cargo of cargo road transported , cost of freight by train and cargo revenue are the most important variables and they have significant impact and effective on the demand for rail transportation of Golgohar minerals. The inelasticity of the demand for rail transportation of minerals in relation to freight costs by train was also confirmed in this study. Variables not only affect demand for rail transportation, but also a significant impact on the income of producers, industrialists,

Objective: This research is the design of an optimal model for the development of risky investment in the Tehran Stock Exchange using the underlying theory and fuzzy AHP hierarchical analysis process. Methods: A mixed quantitative and qualitative approach has been used to achieve the research goal. For this purpose, in the first stage, using a qualitative approach based on the research paradigm model including causal conditions, intervening conditions, contextual conditions, strategies, consequences and the main category of risky investment are extracted and in the quantitative stage each The extraction of categories was verified using factor analysis. In the quantitative part, descriptive statistics such as mean, standard deviation, tables and graphs are used to examine the descriptive status of research variables and the structural equation model in LISREL software is used to test the main model. The sample size of the qualitative stage is determined based on theoretical saturation and the sample size of the quantitative part is determined based on the recommendations of confirmatory models. Data collection tool in the qualitative part of the interview and in the quantitative part of the data collection tool was a researcher-made questionnaire that was designed based on the concepts extracted from the qualitative part. This questionnaire was distributed among the members of the statistical sample after determining its validity and reliability. Finally, it is ranked using the fuzzy AHP model. Findings: a question that this research seeks to answer. On the other hand, the researcher has faced the issue that in our country, due to the growth of knowledge and expertise of individuals, the number of start-up companies is increasing every day and these companies need risk capital to finance. Accordingly, in the first purpose of this research, it examines the conditions for the

Objective: The pure opportunities available in the free zones, benefiting from new technologies and risk-free investments, have attracted entrepreneurs and private sector investors in various fields, especially tourism, in the hope of a bright future and it has made economic opportunities to a safe and profitable investment. In fact, free zones, using their unique features and advantages, provide services to investors and tourists at home and abroad. Anzali Free Zone is also one of the seven free-trade zones in Iran, which has special importance in this regard. To the extent that, fluctuations in industrial investments and foreign exchange incomes have caused the tendency to invest in service sectors and attract tourists to this region. Therefore, this research identified sustainable tourism development strategies and investment opportunities in Anzali Free-Trade Industrial Zone. Methods: The present study was applied research in terms of purpose and it was a descriptive survey in terms of methodology. This article was conducted using the SWOT analytical model and the statistical sample of the research was 10 professors, managers, and senior experts in tourism. Results: Anzali Free Zone has relative strength in terms of internal factors (average above

Objective: One of the important topics in regional economic literature is interregional communication and the influence of one region from other regions. In this way, economic growth in one region can lead to growth and development in neighboring regions. Accordingly, if one of the factors affecting economic growth, such as financial development, causes economic growth in a region, the existence of spillover effects will also affect the economic growth of neighboring regions. According to this theory, it can be said that financial development in an area (if it has an intra-regional impact) can also have spatial effects (spillovers and betweenregional). The objectives of this study are: 1-investigating the effect of direct effect of financial development on the growth of Iranian provinces 2-spillover effects of financial development on the growth of Iranian provinces 3-Effect of auxiliary variables such as foreign direct investment, transaction value of Stock market, bank lending facilities, human capital and per capita road on the growth of Iranian provinces. Method: To collect information related to the research, a documentary or library method was used in which the data of 30 provinces of the country in the period 2011-2015 were collected. Then the data is analyzed using the spatial panel econometric method. Results: Therefore, the results of model estimation show that financial development has had a positive and significant effect on economic growth of regions, but no spillover effects on the growth of neighboring regions and provinces. Also, foreign direct investment and road per capita have both a direct positive effect and a positive spillovers effect on the growth of regions. Human capital has also had a positive and significant direct effect on the economic growth of the regions. The effects of its spillovers have also been significant on the growth of regions.

Objective: Banking, by its very nature, involves a wide range of risks. Banking supervisors should identify their risks and evaluate and manage them. Therefore, the factors affecting banking stability should be identified and applied in proportion to the importance of each relevant strategy. Methods: The method of the present research is descriptive and applied and using descriptive and inferential methods, the data have been analyzed and then the obtained results have been analyzed. It has been used to identify the impact of credit and liquidity risks on banking stability in selected member countries of the Mena region using the Panel Gentle Transfer Regression (PSTR) model, which is one of the prominent regime change models.

Objective: The sustainability of economic growth, the development of the industrial sector, the service sector, the agricultural sector and the oil sector are at the forefront of economic discussions in developing countries. Because economic growth and development is the product of interactions between different economic sectors. The importance of identifying the large economic sector of each country and determining the share of each sector in the future improvement and performance of each economy and country is one of the most important issues studied by economic planners of each country. So that the effect of decisions and policies of each economic sector can have different economic and social effects on the economy of each country. Therefore, the main purpose of this study is to determine the dominant sector among the sectors of agriculture, industry, services and oil in the Iranian economy. Also, the effect of each of these economic sectors on economic growth has been studied and analyzed. Method: In order to determine the dominant sector in the Iranian economy among the economic sectors (agriculture, industry, services and oil), the Herfindahl method has been used. In order to investigate the effect of each economic sector on economic growth, the distributed intermittent auto regressive distributed lag (ARDL) method has been used. The data of the present study from 1978 to 2017 were extracted from the site of the Central Bank of Iran and then examined. Considering that the results of this research can be used in the decision-making process of economic planners, it is applied in terms of the purpose of this research. Findings: The results of Herfindal index show that the service sector is the dominant sector in the Iranian economy in terms of size, which means that the service sector has the largest share in terms of size in terms of GDP. Also, after the services sector, in terms of share, the oil sector, industry sector and agricultural sector have formed other sectors of the Iranian economy, respectively. While the results of the estimate show that there is a positive and significant relationship between value added of services, industry, agriculture and oil with economic growth in the short and long term. On the other hand, the findings of the model with auto regressive distributed lag (ARDL) show that the effect of oil in the short term and services in the long run on Iran's economic growth was greater than other sectors, so that even in the short and long term, respectively The second place in terms of impact after the

Objective: The structure of mutual funds and, of course, other reasons cause the management of these funds to trade based on evaluation criteria. Unexpected cash flows allow managers to constantly maintain the balance of their portfolios to control liquidity. Investment fund managers must provide liquidity to investors; Therefore, they have to make their investment decisions to manage liquidity; The aim of this study was to investigate the effect of fundamental variables of investment funds on the manager's ability to properly select stocks and accurate market timing in investment funds listed on the Tehran Stock Exchange. Method: The research area was the investment funds listed on the Tehran Stock Exchange and the time period was between 2009 and 2019. In this study, the fundamental variables of mutual funds (Fund Expenditure Ratio, Portfolio Turnover Logarithm, Fund Cash, Mutual Fund Flow), the independent variable and the ability of the manager to properly select stocks and accurate market timing, were considered as dependent variables. The present study is in the category of applied research. If the classification of types of research is considered based on the nature and method, the method of the present research is descriptive in terms of nature and in terms of method is considered in the category of correlational research. In this study, the library method was used to collect data and information. Based on the systematic removal method, 86 boxes were selected as a statistical sample. Descriptive and inferential statistics have been used to describe and summarize the collected data. In order to analyze the data, first F-Leimer F-test, Hausman test and J-b test were used and then multivariate regression test was used to confirm and reject the research hypotheses (Eviews software). Results: The effect of fundamental variables of investment funds on the manager's ability to properly select stocks and accurate market timing among large and long-term investment funds different from small and long-term investment funds. It is short. The results obtained in this research are consistent with the documents mentioned in the theoretical framework of research and financial literature.

Objective: Predictive models for diagnosing bankruptcy or financial crisis have been widely discussed in studies and articles in the fields of economics and accounting and have been considered by financial institutions. One of the methods that can be used to help take advantage of investment opportunities and better allocation of resources is to predict financial distress or bankruptcy of companies. So, by providing the necessary warnings, can be alerted companies to the occurrence of financial distress so that according to these warnings they can take appropriate action, Secondly, investors and creditors can identify distinguish investment opportunities from unfavorable opportunities and invest in the right opportunities. Timely foresight can help decision-makers find solutions and prevent bankruptcy. The main aim of the current study is to express, determine and explain the predictive power of bankruptcy and profitability models of Tehran Stock Exchange companies to evaluate their performance and financial status by logistic regression using financial ratios selected by artificial neural network and Fulmer models. Method: The method of the present study is applied in terms of purpose and descriptive in nature. Logistic regression technique was used to test the hypotheses. The results are presented in two parts: descriptive and inferential statistics. Collection of information from the financial statements of 132 companies of Tehran Stock Exchange during the years 2012 to 2018. Firstly, the initial classification and processing of information was performed and then Eviews software was used to fit the Fulmer model and Spss26 software was used for the neural network model. Suitable indicators based on the research background in the models include debt-to-equity ratio of shareholders, profit before interest and taxes, total liabilities to assets, receivable accounts ration to sale, net return on assets, long-term debt to assets, working capital, net profit to to sale. Results: The research results indicates that both artificial neural network and Fulmer models have the ability to detect bankruptcy prediction with different accuracy, but the predictive accuracy of artificial neural network model is higher and has better performance compared to

Objective: Examining different perspectives on the impact of inflation on economic growth shows a lack of consensus on this issue. Understanding the exact relationship between inflation and economic growth requires experimental studies with a new method. Therefore, the main purpose of this article is to end this disagreement with the help of meta-analysis Methods: The meta-analysis method was used to investigate this issue for the first time. Meta-analysis is the use of specific statistical methods to summarize the results of independent studies to find the most accurate form of relationship between the variables under study. These statistical methods help to summarize different studies and summarize them objectively so that personal opinions do not have a significant impact on this process. In this meta-analysis, 29 studies that had the necessary conditions to perform meta-analysis were identified and their results were analyzed. The terms and criteria of the meta-analysis of this research are: research has been done for developing and less developed countries and Practical extraction have the effect size. Results: During the research process on the effect of inflation on economic growth, among articles, dissertations, reports, etc., according to the set criteria, a total of 5 dissertations and 24 articles with matching topics or relatively high topic similarity and suitable for metaanalysis were selected. According to the funnel diagram, the effect size of the studies does not have a diffusion bias. Due to the dual-tidy arrangement method, the present study did not need another study to be completed. Therefore, the present model does not suffer from diffusion bias and does not need other studies to eliminate bias and create symmetry on both sides of the average effect size in the fan chart. the effect size of each study is measured according to the value of the correlation coefficient of the studies. In all studies except studies (4, 8, 15, 17) in the chart that have the size of non-significant effects, the rest of the studies have significant effect size. Also, to evaluate the significance of the overall effect size of the studies, two methods of fixed and random effect size have been used Conclusion: Also, the results of research on the effect of inflation on economic growth and the identification of those variables, hypotheses and models used in inflation and growth studies showed that the effect of independent variables such as: inflation (31.18%),

Objective: Banking industry is one of the most important sections all over the world. It plays a decisive role in development and economic growth of all countries. A glimse into this industry reveals that bank deposits are the most significant resources of financing for banks. In other words, since a considerable amount of banks capital is provided through deposits, banks will fail to exist without them. Moreover, exchange rate is one of the key factors which has a noticeable impact on different economic sections among which is bank industry. It is one of the undeniable variables which is given particular attention in economic policymaking. Accordingly, the purpose of this paper is to investigate the effect of exchange rate fluctuations on bank deposits volume in Iran. Methods: There is two steps to this paper. Firstly, exchange rate fluctuations are calculated using the approch of ARCH/GARCH conditional variance. Then, using ARDL method, long-run and short-run corrolations during 1986-2017 is investigated. Results: The results of the paper indicate that: 1) there is a negative relationship between exchange rate fluctuations and bank deposits volume in Iran. In other words, if exchange rates swings increase, people will deposit less money in banks. 2) economic growth of Iran has a significantly positive relationship with the amount of exchange rate. Conclusion: There is a negative relationship between exchange rate fluctuations and the volume of bank deposits, ie with the decrease of exchange rate fluctuations, the amount of bank deposits increases, so it is necessary to adopt appropriate exchange rate policies to reduce exchange rate fluctuations and its negative effects on bank deposits.

The purpose of this paper is to investigate the effects of green tax policy implementation on co2 emissions with emphasis on renewable energy usage development by using the GMM method, and during 2002 to 2017 period in Iran. One of the major challenges facing governments in 21st century is environmental crises, and this challenge is one of the major problems in Iran's future because of its technological and ecological situation. The macroeconomic policies can make changes in environmental performance of the system and fiscal policies including taxes are one of the major macroeconomic policies. The green tax in the new tax terminology and it is considered as an effective and efficient foundation for pollution control. This type of tax is based on cost, reduced pollution and promote efficiency in economy. Another important strategy for controlling and reducing pollution is the use of renewable energy sources. Methods: In this research, to study the subject, we use the Central Bank, Statistic Center of Iran and energy balance sheet data bases during the period 2002 to 2017, 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. Results: According to the research findings, the relationship between green taxes and emissions is negative for the studied provinces. Also, the production and consumption of renewable energy has the reverse effect on the emission of pollutants. In other words, the use of these energies reduces the emission of pollutants. In addition, with increasing fossil energy consumption and human development, the amount of CO2 emissions increases. Finally, the inverse relationship between the degree of industrialization and the emission of pollutants indicates that a major part of the pollution is caused by the transport and services sector and in fact, the presence of old technologies in this sector has led to an increase in the daily emission of pollutants.

Objective: The main purpose of this paper is to evaluate the effect of tax shocks on consumption of domestic and imported consumer goods, labor income tax and corporate tax on gross domestic product and inflation in the framework of dynamic stochastic general equilibrium model of open economy based on New-Keynesian economic tenets for Iran. To do this purpose, a dynamic stochastic general equilibrium model has been designed, calibrated and simulated that includes domestic, foreign, monetary, and financial parts. Method: To investigate the subject, based on the stochastic dynamic general equilibrium model, model includes different parts such as households, firms producing final goods in monopolistic consumption market, pricing with regard to Kalvo price stickiness, firms producing intermediate goods, the combination of government as financial section with central bank as monetary section, and foreign section. By optimization of different parts, the extracted equations are log linearized and some parameters have been calculated and some others have been calibrated and then estimated using the Bayesian method. Furthermore, Hybrid New Keynesian Phillips curve has also extracted for domestic inflation. Also, the function of variants of macroeconomic variables in relation to tax shocks, have been investigated. Results: The findings of this study indicate that the bases of tax on domestic consumption goods, and imported consumption goods, of income tax payroll, and of corporate tax have small but significant impacts on GDP and inflation. The least contribution in the changes of GDP among the investigated tax bases is attributed to tax on domestic consumption goods. Income tax payroll recorded the least contribution in the changes of inflation. Conclusion: The results of the present study confirm the low share of taxes in the Iranian economy. Also, considering the effects that the most important current tax bases have on macroeconomic variables, the government's action in providing revenue sources from these tax bases should be such that the activities of economic units face

This article seeks to identify the factors affecting employment in Iran's manufacturing industries during the period 1996-2015. Employment is one of the main channels affecting the performance of the economy, the changes of which will affect production, imports, exports, competition, and investment. Considering that the manufacturing industry plays an important role in creating value-added and job creation in the country's economy, this issue has caused every part of the country's manufacturing industry to be associated with high diversity. In recent years, factory industries have experienced many fluctuations due to the domestic and international conditions governing the country's economy, which has caused the major industries of the country to operate with less than production capacity, despite the high installed capacity. Method: Employment and factors affecting macroeconomic factors creating new job opportunities and increasing employment is one of the most important issues for economic planners and policymakers. Identifying the factors affecting employment is one of the most important issues in the Iranian economy. Results: In the long run and in the classical model of labor demand, the wage variable has an important role in determining the equilibrium level of employment; in addition, the variables of firm production are also effective in determining the level of employment. On the other hand, in the long run, the main factors affecting the demand for employment in the manufacturing industry are wage, output, and capital utilization variables, which can be replaced by capital stock, which is also interpreted as the substitution effects of scale. To extract the labor demand function, there are several methods by which labor demand is extracted under the same conditions. In this study, to extract the labor demand in 22 industrial sectors with 10 employees and more, we use the method presented by Varian (1978). In this method, the labor demand function can be minimized by reducing the cost function to the production function. Conclusion: The purpose of this paper is to analyze the factors affecting employment in the manufacturing industry by dividing the two-digit ISIC codes by dividing the two-digit ISIC codes by 10 employees and moreover, the period 1996-2015 using a generalized panel data approach and Generalized Least Squares (GLS) estimator. The most important factor in the development of employment in manufacturing industries is the increase in production, the realization of which requires the coordination of monetary, fiscal, foreign exchange and trade policies, and extensive

Objective: The energy sector has always been considered as one of the key and influential sectors in the country's economy and the analysis of the interaction effects of this sector or other productive sectors and the impact of decisions and policies related to those sectors and various economic factors such as households is very It is important. In the Iranian economy, energy carriers, especially electricity, are subject to subsidies and The government provides electricity to the people at a price far below cost. Therefore, it always incurs heavy costs for providing hidden subsidies. according to the Law on Targeted Subsidies, the government is obliged to liberalize the prices of various energy carriers, including electricity, in stages, and this liberalization has always acted as a shock, and this shock will have several effects on electricity demand. Therefore, the purpose of this study is to estimate the short-term and long-term effects of electricity prices on household electricity demand in the provinces of Iran. Methods: This study uses experimental data to study and estimate the response of household electricity demand to electricity prices in the provinces of Iran based on the ARDL panel method in the period 1991 to 2014. For this purpose, the household electricity demand function is a function of the average current price of electricity, the average current price of natural gas as a substitute, the number of hot days of the year and the average household income. In order to investigate the effect of electricity price shocks, the electricity price variable has been divided into two variables, electricity price shock and electricity price trend, using the Hodrick Prescott filter. Results: The results of model fit show that price shock elasticity is in the short run (-0.06) and in the long run the price elasticity is (-0.38). The price elasticity is in the short run (-5.39) and in the long run (-52.40). In addition, the findings show that the consumption of the previous period always has a positive and significant effect on electricity consumption of the current period. as one unit of increase in electricity consumption in the previous period, causes an increase of 0.32 units of electricity consumption in the current period. Gas price as a substitute commodity also has a positive and significant effect on electricity consumption in the household sector in the same period, the variable coefficient of electricity price (trend) has a negative and significant effect on electricity consumption in the current period in the household sector.

Objective: Due to the importance of studing the behavior of asset markets, the risk aversion term and its operational calculation has attracted many researchers. The present study intends to examine this issue by considering a portfolio with three assets in the three markets of stock, currency and gold. Therefore, by examining the fluctuations of previous years in the portfolio consisting of three macroeconomic assets , stocks, currency and gold, we can assess the risk aversion of investors in these markets and the causal relationship between these markets and take steps to construct long-term policy goals. Method: To investigate the issue, using a mathematical equilibrium model and dynamic econometric methods, the monthly data of stock markets, currency and gold during the period 1995 to 2018 has been analyzed. Results: Based on the research findings, the amount of risk aversion for the sample size shows that the average risk aversion index of investors in the stock market is higher than the other two markets and this index is the lowest in the gold market. Also, the value-atrisk index of return has a one-way causality and a significant relationship with the degree of risk aversion of investors in all three asset markets. Conclusion: The results of this study of risk aversion and risk value in these markets can help policymakers to better understand the interactions of these markets, control them and eliminat the destabilizing conditions of these markets. Specifically in the case of the Iranian stock market, it can be said that investors are relatively more risk averse to the both gold and foreign exchange markets in the conditions of economic recession and increasing political instability, in other words, stock market investors have less confidence in the exchange and gold markets. The reason is the

Objective: Regional convergence is one of the major challenges in developing economies. In Iran, the whole development programs before and after the revolution have not succeeded in creating a regional balance, and spatial polarization continues. One of the axes of regional convergence is oil and its revenues. The purpose of this study is to investigate the direct effects and spatial spillover of oil revenues on regional convergence in Iran based on the space Solow model. According to this model, less developed economies grow faster than developed economies and the result of this process is the convergence between regions. Methods: The research variables include per capita income, oil revenue, and human capital, saving rate, population growth rate, and capital stock. To study the subject, have been used the latest data of the provinces of the country in the period 2005-2017. Connections between regions that are the outcome of natural needs and geographical, political, cultural, social, and economic commonalities can accelerate their development while providing the shortcomings of regions. In the regional economic literature, the convergence of per capita income growth in the regions is a function of the situation within the region and also the surrounding areas, which appears as spillover effects. Therefore, in regional studies, explanatory variables contain the dimension of place (space) and spatial relationship and have direct and indirect (spillover) effects on the dependent variable. Hence, it is necessary for growth and convergence studies to consider the dependence between regions. Since the use of location-based data in conventional econometrics is contrary to Gauss-Markov assumptions, therefore the Dynamic Spatial Durbin (DSDM) econometrics technique is used. To estimate the coefficients have been used Stata software. Results: According to the results, the occurrence of regional convergence in the country is confirmed. So that the convergence speed is 0.062. Therefore, every year, the per capita income gap of the regions decreases by %6.2 and the regions move in the direction of balanced growth towards a steadystate situation. In other words, provinces with lower per capita incomes grow faster than provinces with higher per capita incomes, and in the long run, will decrease the per capita income gap between regions. Despite the positive and significant direct effect, the oil variable has a negative spillover effect on the regional convergence process. Other results show that among the influential factors, human capital has the highest direct effects and spillover on regional growth and convergence.