http://www.jik-ifea.ir/ Journal of Investment Knowledge en daily 1 Sun, 21 Jun 2026 00:00:00 +0330 Sun, 21 Jun 2026 00:00:00 +0330 http://www.jik-ifea.ir/article_24411.html By reviewing the literature of three areas of budgeting and organizational facilities for the organization's progress, outsourcing of organizational improvement processes and supplier selection, this research has come to the conclusion that the methods and recommendations made in this area have been assumed to be independent of each other and a comprehensive model has never been able to According to the requirements of an organization, unit and suppliers, it is easy to respond to the conditions. Therefore, this research by presenting a three-level mathematical programming model and according to the concept of game theory has tried to respect this integrity and constantly challenges decisions like a leader-follower game. The model presented in the third chapter has been able to provide a meta-heuristic algorithm with the help of proper coding in MATLAB software so that not only the value of this research is the presentation of its model, but it has also been able to use a suitable solution method. Presenting several examples generated with random numbers has been able to accomplish this. http://www.jik-ifea.ir/article_24412.html Background:The response of market fluctuations to the release of information related to fundamental variables is of key importance for financial and economic decisions of proper portfolio allocation. Since changes in prices and volatility mainly occur through some published news, the shape of these responses can be effective in making optimal decisions by shareholders. Therefore, in this regard, by being aware of the possible effects of macroeconomic news on the capital market, one can take an effective step towards investing in various economic opportunities.Target:Considering the importance of this issue, the current research is aimed at predicting the effectiveness of the total index of the stock exchange on the dynamics of the publication of macroeconomic news based on an analysis of the stock exchange. Research method:For this purpose, by using information related to macro variables and capital market indices during the period of 10 years, during the years 2013 to 2022, he investigated the research hypotheses and in this connection, the examination of the research hypotheses from TARCH-BEKK, VAR and causality models. Granger is employed.Results:The results show that news releases caused by changes in inflation rate, interest rate, exchange rate and oil price can affect the stock index. http://www.jik-ifea.ir/article_24413.html Background: The aim of the current research is to provide a model to explain the relationship between the components of emotional intelligence and auditor's moral judgment, taking into account the character trait of conscientiousness.Method: The descriptive research method is correlational. Emotional intelligence is the independent variable and moral judgment is the dependent variable. Also, the personality trait of conscientiousness has been considered as a moderating variable. The statistical population includes auditors who are members of the official auditors society of Iran and also working in the audit organization in 2019. The total number is about 1400 people and the number of sample people is 385 people. The random sampling method is simple, scenario was used to measure moral judgment, and Golman and Neo's five-factor questionnaire were used to measure auditor's emotional intelligence and personality. In Renheit, the structural model with Smart pls covariance software was used to analyze the results. Findings: The results showed that conscientiousness as a moderating variable was effective in the relationship between the auditor's moral judgment and emotional intelligence, and all interactions were estimated to be significant as part of the social skill component. Conclusion: Conscientiousness increases the auditor's objectivity and as a result reduces unethical behaviors. It is recommended that employers use personality assessment tools during selection. http://www.jik-ifea.ir/article_24414.html The investment industry in special purpose acquisition companies is a relatively new industry, and academic research focused on the effects of investing in these companies is increasing. A special purpose acquisition company (SPC) is a company that finances a target company through an initial public offering of its shares with the aim of acquiring a target company within a specified period of time. The target company is usually a private company that automatically becomes a public company (public joint stock company) after being purchased by the SPC. In this study, by first examining the theoretical foundations of the research, a comprehensive understanding and study of all dimensions of special purpose acquisition companies with a comparative approach has been carried out and an initial model of special purpose acquisition companies has been developed. Then, using semi-structured interviews and a questionnaire, the legal structure of these companies has been examined in accordance with the Iranian capital market. Finally, based on the content analysis and analysis of questionnaires collected from experts, and after extracting the results from the questionnaire, comparative study, and review of existing samples, the legal structure of special purpose acquisition companies has been designed. http://www.jik-ifea.ir/article_24219.html The aim of this study is to present a model of factors affecting investment inefficiency in conditions of economic policy uncertainty in the Iranian economic environment. The method of this study was qualitative and data were collected through semi-structured interviews with 17 experts in the field of investment. In this study, the text of the initial interviews was studied according to the objectives of the study. In order to analyze the data, the six-way theme analysis method using MAXQDA software was used. The results showed that the results of this study showed that institutional and structural factors including weak internal controls, administrative corruption and institutional weakness, quality of financial reporting and macroeconomic factors including exchange rate fluctuations and inflation, sudden changes in economic policies and financing constraints. Behavioral and managerial factors including conservative behavior of managers, conflict of interest and agency costs, inefficiency of financial markets including low liquidity, unexpected fluctuations, and price distortions lead to investment inefficiency in conditions of economic policy uncertainty. Finally, quantitative analysis of the model using AMOS software and structural equation modeling showed the significance of all the model constructs and confirmed it http://www.jik-ifea.ir/article_24415.html Investment is one of the key elements in the growth and dynamism of companies, and investment decisions are influenced by a set of internal financial factors, decision-making structures, and environmental conditions. The aim of this study is to identify and model the financial determinants of investment behavior in companies listed on the Tehran Stock Exchange during the period 2011 to 2023, in order to provide a deeper understanding of corporate investment decision-making mechanisms. This research is applied in terms of purpose and descriptive-analytical in nature. Sampling was conducted using a systematic elimination method, and data from 141 companies were extracted. The required data were collected from audited financial statements and analyzed using EViews 12 and SmartPLS 3 software. Structural equation modeling was employed to test the hypotheses. The findings indicate that financial performance indicators, such as profitability and asset efficiency, have a positive and significant relationship with investment behavior. In contrast, the role of the board of directors and internal corporate policies was not statistically significant. The originality of this research lies in its simultaneous focus on both internal financial variables and external environmental factors, and in the use of combined analytical methods to provide a comprehensive explanation of corporate investment behavior. http://www.jik-ifea.ir/article_24416.html The main objective of this study is to investigate the relationship between group shareholders' behavior and the synchronization of stock price changes with the risk of stock price collapse in companies listed on the Tehran Stock Exchange. The statistical population of the study was companies listed on the Iranian capital market during the fiscal period 2008 to 2023. The sampling method used in this study was screening, in which companies that did not meet the requirements were eliminated, and finally 42 companies were included in the final sample. The research method used in this study was to collect library information and also use the database of the stock exchange organization, and the data were examined post-event. The regression method used was multivariate and the data structure used was also in the form of a panel, and the regression assumptions were examined to implement the regression. Two hypotheses have been proposed for the research, and the results of the regression analysis of the research hypotheses showed that there is a significant and positive relationship between the behavior of group shareholders and the risk of stock price collapse. Regarding the second hypothesis, there is no significant relationship between the synchronicity of stock price changes and their collapse risk. http://www.jik-ifea.ir/article_24319.html Tax is a cost imposed by the government on all profit-making units that generate income; bold financial reports are in contrast to conservative financial reports, and its concept is the use of a low degree of conservatism in preparing financial statements. Bold tax policy has recently received more attention from economic enterprises; but several factors affect the adoption of tax policy; Accordingly, the main objective of the present study is to model bold tax policies in the Tehran capital market. The method of the present study is exploratory. The research period is 1402-1390. The model was estimated using information from 221 companies. In this study, 80 variables affecting bold tax policies were examined in the framework of selective dynamic Markov chain Monte Carlo simulation modeling. Based on the results obtained, 16 variables were identified as the most important variables affecting bold tax policies; Also, based on the results, intra-company variables were more important than extrinsic variables in adopting this type of strategy. Company size was determined to be the most important effective variable in adopting a bold tax policy. Given that company size has a negative effect on adopting a bold tax strategy; as a result, the theoretical perspective of political power theory in the field of adopting bold tax policies in listed companies was confirmed. http://www.jik-ifea.ir/article_24417.html The aim of the present study is to design a comprehensive model for the combined use of knowledge management and artificial intelligence in order to improve corporate governance in MAPNA Company, which can lead to optimizing decision-making and increasing its efficiency. This study was conducted with a mixed approach (quantitative and qualitative). In the qualitative section, the content analysis method was used and data were collected through library studies, field studies, and in-depth and semi-structured interviews with experts. In the quantitative part, tools such as structured questionnaires were used to measure and validate the proposed model. The duration of field studies and the design, distribution, collection, and analysis of qualitative and quantitative data was carried out in the period from March 1402 to March 1403. Based on the content analysis method, the effective dimensions and components in knowledge management in MAPNA Company include the individual dimension, organizational dimension, and environmental dimension. The effective dimensions and components in artificial intelligence in MAPNA Company include the contextual dimension, organizational strategies, organizational dimension, marketing dimension, structural dimension, and environmental dimension. The results show that knowledge management has a significant impact on corporate governance in MAPNA Company. Also, artificial intelligence with contextual dimensions, organizational strategies, organizational, marketing, structural, and environmental dimensions also has an impact on corporate governance in this company. Corporate governance can bring significant benefits to a business or group structure. This type of governance provides a stronger organizational culture and transparency at all levels of the organization and ensures that all actors understand their personal role in the operation. With this approach, corporate governance ensures that all information of the business unit is up-to-date and accurate, and allows the board of directors to make clear and precise strategic decisions based on reliable data. The model proposed in this study also shows that the simultaneous use of knowledge management and artificial intelligence can provide a suitable platform for improving corporate governance. This model not only leads to more accurate and data-based decision-making, but also provides the basis for reducing administrative corruption, increasing productivity and enhancing competitive advantage. http://www.jik-ifea.ir/article_24289.html One of the important issues of tax authorities in recent years is the use of deterrence mechanisms ‎as strategies to prevent tax evasion. Information technology capabilities are among these things ‎that can prevent tax evasion by clarifying the tax process. Therefore, using a pattern.‎‎ Using the capabilities of information technology in the fields of receiving and paying taxes can ‎reduce many tax crimes. The purpose of this research is to present a conceptual model of tax ‎evasion prevention with emphasis on technological capabilities in the country's tax affairs ‎organization .This study is a combination of basic and applied research and its statistical ‎population includes experts of the country's tax affairs organization and tax auditors and ‎accountants in the country's tax affairs organization. In this study, an experimental and survey ‎strategy was used. The information required for the research for Interpretive Structural Modeling ‎‎(ISM), from interviews with 14 experts of the Tax Affairs Organization using the theoretical ‎sampling method, and for the information of the structural equation modeling section from the ‎researcher-made questionnaire using SPSS software. Cronbach's alpha coefficient, and data ‎analysis and hypothesis testing of multivariate regression model were used by Smart PLS ‎software .The results of the first hypothesis indicate that information technology factors have a ‎positive and significant effect on information and financial systems. Finally, the results of the ‎second hypothesis showed that information technology factors have a positive and significant ‎effect on prevention through information and financial systems. from tax evasion http://www.jik-ifea.ir/article_24418.html The present study was conducted with the aim of developing a comprehensive model of financial literacy in Iran’s capital market. Given the unprecedented growth of public participation in the capital market in recent years and the consequences resulting from market fluctuations and instability, a deeper understanding of the mechanisms influencing financial literacy in guiding financial decisions and behaviors has become increasingly necessary.This research is qualitative in nature; therefore, the meta-synthesis method was applied. The analysis covered both domestic and international articles (from 2003 to 2025). Initially, 59 English and 17 Persian articles were selected from reputable scientific databases and evaluated using a critical appraisal program to extract relevant components. To develop the final model, opinions from 16 experts (including 5 accounting and finance faculty members and 10 financial analysis experts) were used during the Shannon entropy stage. Based on the results of this analysis, five main categories influencing financial literacy were identified: 1_Education, skills, and personal development, 2_Social, psychological, and cultural factors, 3_Environment, demographics, and economic conditions, 4_Laws, regulations, and government policies, and 5_Access to informational resources. In total, 15 related concepts were recognized. These dimensions were organized into an initial conceptual model, which formed the basis for designing the data collection tools. The proposed model can serve as a strategic framework for policymakers, capital market regulators, and educational planners, enabling them design targeted interventions to furtheer enhance financial literacy, improve investors’ decision-making, and increase the financial well-being of society. http://www.jik-ifea.ir/article_24419.html The aim of this research is a comparative study of enterprise risk management on the financial performance of banks, investment, and insurance companies in the period from 2014 to 2022. The statistical population in the qualitative measurement of risk management is 183 financial industry managers and in the quantitative measurement of risk management, the financial data of banks, investment, and insurance companies listed in the Tehran Stock Exchange, which is based on the systematic elimination process to 71 banks and the firms are limited. Two approaches based on the COSO standard (qualitative) and performance data (quantitative) have been used to measure enterprise risk management. The results suggested that enterprise risk management based on both qualitative and quantitative approaches has a direct and significant effect on all three firm performance criteria (adjusted return, adjusted capital, and adjusted value) based on the industry median. In addition, when the measure of financial performance is adjusted return, the explanatory power (R2) of enterprise risk management based on qualitative model is more than the quantitative model, however in the other two measures of financial performance (i.e. capital and adjusted value), the explanatory power of enterprise risk management R2 of quantitative model is more than a qualitative model. http://www.jik-ifea.ir/article_24409.html The main research problem lies in the absence of a clear strategy and operational framework for simultaneously managing risk and finance in decentralized financial environments in Iran, alongside existing legal, technological, and cultural constraints. The research employs a mixed-methods approach. In the qualitative phase, 17 in-depth interviews were conducted with financial managers, technology specialists, faculty members, and experts from financial institutions. Content analysis based on grounded theory was used to extract the key components of the model. In the quantitative phase, a 74-item questionnaire based on the final conceptual model was distributed among financial market participants and FinTech companies. Data were analyzed using statistical methods, descriptive analysis, and structural equation modeling. The findings indicate that the integration of risk and finance in DeFi enhances transparency, accountability, and investor trust. The development of blockchain infrastructure and self-regulatory frameworks plays a crucial role in reducing operational and systemic risks. Moreover, cultural resistance and institutional constraints were identified as the primary barriers to the adoption of this model in Iran. http://www.jik-ifea.ir/article_24403.html International financial transfers face significant challenges, including high transaction costs, settlement delays, infrastructural constraints, and operational and compliance risks. This study aims to design a decentralized five-layer framework for managing international financial transfers based on smart contracts and intelligent monitoring. The proposed framework consists of interbank financial exchanges, a decentralized financial social network, digital wallets, stable digital currency, and an integration and operations management layer, which are structured as a process-oriented and controllable architecture.The research adopts an applied-developmental approach using a mixed-method design. Key components were identified through semi-structured expert interviews and subsequently validated using the fuzzy Delphi method. The findings indicate that the proposed framework, by decomposing the transfer process into distinct layers and embedding horizontal control mechanisms, reduces dependency on centralized pathways, enhances process control, improves transparency and traceability, and strengthens dynamic risk management. http://www.jik-ifea.ir/article_24440.html This study presents a model for implementing Wealth Tech in the Iranian capital market. The research is applied in terms of its purpose and mixed in terms of data collection method (qualitative and quantitative). The qualitative stage of the research used the grounded theory method, and the quantitative stage used the structural equation model. The results of this study included identifying causal factors, background factors, intervening factors, strategies, and consequences of implementing Wealth Tech in the Iranian capital market. The results showed that in Wealth Tech, factors such as the development of technology and financial networks, market demand and needs, government policies, investors' willingness to use digital asset management services, and the level of acceptance of new technologies among investors were considered as causal factors. With the advancement of information and communication technologies, new possibilities have been provided for conducting financial transactions, managing risk, and providing financial services to investors. Among these technologies, blockchain technology, artificial intelligence, the Internet of Things, and cloud technology can be mentioned, which play an important role in improving the performance of the capital market. Financial networks also play a very important role in supporting financial and economic activities. These networks enable the fast and secure transfer of financial data and information and help banks, financial institutions, and investors make the best decisions. Also, the development of financial networks reduces costs and increases the speed and efficiency of financial transactions. http://www.jik-ifea.ir/article_24441.html این مطالعه با هدف ارائه ارائه مدل پیش‌بینی فرار مالیاتی از منظر گزارشگری مالی متقلبانه در بین مودیان مالیاتی با کیفی و مبتنی بر نظریه داده بنیاد انجام شده است. نتایج نشان می‌دهد که مدل پیش‌بینی فرار مالیاتی حول مقوله محوری فرار مالیاتی از منظر گزارشگری مالی متقلبانه قرار دارد که تحت تأثیر شرایط علی(عوامل فشار، فرصت، توجیه، گزارشگری مالی متقلبانه و محیطی و قانونی) شکل می‌گیرد. این فرآیند با شرایط علی آغاز می‌گردد و موجب شکل‌گیری مقوله محوری می‌شود که با استفاده از راهبردها به تقویت پیش‌بینی فرار مالیاتی کمک می‌کنند و پیامدهای (اقتصادی، قانونی و جریمه‌ها و سازمانی و حاکمیتی) آن برای بهبود شاخص‌های اقتصادی، بهبود شاخص‌های اجتماعی و مبارزه با فرار مالیاتی است. فناوری و الگوریتمی، انسانی و رفتاری، محیطی و اقتصادی و قانونی و اخلاقی نیز از شرایط مداخله گر بر مدل پیش‌بینی فرار مالیاتی است و تحلیل داده و فناوری- هوش مصنوعی و یادگیری ماشین زبان، بنچ مارکینگ و تحلیل انومالی، تحلیل گزارشگری مالی- شناسایی پرچم‌های قرمز در صورتهای مالی از جمله راهبردهای تقویت روحیه پیش‌بینی فرار مالیاتی محسوب می‌شوند. جامعه آماری در بخش کمی پژوهش شامل کلیه مودیان مالیاتی استان تهران بوده، که با استفاده از نرم افزار تعیین حجم نمونه تعداد 442 نفر به عنوان نمونه آماری به روش تصادفی ساده انتخاب گردید. ابـزار اندازه‌گیری در بخش کمّی، پرسشنامه (استخراج شده از بخش کیفی) است. سپس فرضیات استخراج شده در بخش کیفی پژوهش، با استفاده از مـدل‌سـازی معادلات ساختاری به کمک نرم‌افزارهایSmartPLS3 و Spss24 http://www.jik-ifea.ir/article_24444.html Reputational risk is the biggest risk that any financial institution active in the stock exchange is exposed to because the occurrence of an event with a large and widespread impact inevitably affects the stock price and imposes great pressure on management. This research presents a reputation risk model in the Iranian banking system. This research is a mixed research type in which two approaches used in behavioral sciences are used, namely quantitative and qualitative. The statistical community in the qualitative section includes experts in the field, including banking regulators, bank boards of directors and financial institutions, etc. The primary data extracted from the meta-analysis research method was collected and then analyzed using the Delphi research method. Finally, the final reputation risk model in the Iranian banking system is presented in the areas of operations and supervision, corporate governance and shareholders, economics and accounting, customers and market competition. http://www.jik-ifea.ir/article_24445.html This study examines how corporate governance affects financing constraints, as measured by cash flow sensitivity, in the presence of disclosure and corporate governance on investment. In order to assess the quality of corporate governance, this study will conduct a corporate governance index based on a large-scale survey of 400 managers and certified accountants from listed companies during 1403. This study uses structural equation regressions to analyze the components of corporate investment so that the cash flow variable is associated with corporate governance and disclosure indicators. The results showed that improving the quality of corporate governance and financial information disclosure have a mediating role in the relationship between cash flow and investment. Corporate governance can also have a direct effect on investment sensitivity to cash flow, but this effect is strengthened by the mediation of disclosure. Financial relations and corporate transparency may also act as mediating factors between corporate governance and investment sensitivity to cash flow. http://www.jik-ifea.ir/article_24446.html Uncertainty is a common phenomenon in financial markets that can be described using probabilities. However, ignoring uncertainty and using incorrect models can lead to poor estimates and incorrect portfolio optimization. In this context, an entropy-based portfolio model can be a better alternative compared to other models, as it can adequately measure risk and capture uncertainty. Therefore, in this study, we employ the concept of entropy as an alternative risk measure and as a criterion that can allow the portfolio to overcome the limitations of the Markowitz portfolio. The research focuses on multi-period portfolio optimization based on the K-Nearest Neighbor Entropy of Renyi and Tsallis. The analysis was conducted over a multi-period monthly time frame from 2019 to 2023 for the 30 largest companies in the Tehran Stock Exchange. The estimated results showed that the optimal parameters, with a neighborhood size of k=5 and an estimator parameter of q=0.8, demonstrated superior performance in terms of out-of-sample Sharpe ratio and Shannon entropy compared to the classical model and the unbiased Bayes-Stein model, thereby introducing it as the optimal model for portfolio selection. http://www.jik-ifea.ir/article_24447.html Abstract In the qualitative stage of the study, the components of managers' financial literacy have been identified using phenomenological method and after being verified and weighted, the managers' financial literacy questionnaire was codified and approved by the experts. Then, in the quantitative stage of the research, using cluster sampling method, the questionnaires were distributed among 229 managing directors and members of the board of directors of the selected companies and the collected data was analyzed using appropriate statistical techniques. The findings of the qualitative section indicates that the components of the managers' specialized financial literacy include analysis and identification of the financial statements, familiarity with the rules of insurance, labor , taxation, banking, cheque , money laundering, export and import and capital market. The results of testing hypotheses in the quantitative section also indicate inefficiency of managers' financial literacy in the general and private financial literacy domains. Some factors including educations, management record, the size of the company and passing financial courses may influence the managers' financial literacy. The results showed that the managers lack sufficient financial literacy especially in the specialized domains and they are required to appropriately increase their financial skills in the specialized domain. The present study has presented an appropriate instrument for evaluation of the managers' financial literacy with a qualitative phenomenological approach for the first time in Iran and this may be a starting point for performing new studies in this domain. http://www.jik-ifea.ir/article_24457.html Financial literacy is related to financial knowledge, skills, and information. Therefore, it is logical to say that knowledge can usually be transferred through formal or informal education. The present study is the design of a financial literacy system in the digital economy with a value creation approach. The present study studied and examined the design of a financial literacy system in the digital economy. The methodology of this research is a mixed or qualitative-quantitative method that uses the grounded theory method. In the qualitative part, interviews were conducted with 15 experts in this field and a conceptual framework for the research was developed using grounded theory based on the six components considered by Strauss-Corbin. The results show that important factors affecting the development of financial literacy in the digital economy in the dimension of causal conditions (10) such as attention to platform economy mechanisms and increasing access to the Internet and digital tools, etc., intervening conditions (11) such as the development of financial technologies and digital infrastructures, etc., contextual conditions (8) such as the platform economy and digital markets and media, through ten strategies for developing financial literacy (such as smart regulation and policymaking and the development of digital tools) will lead to consequences (13) such as expanding the use of financial technologies and increasing financial decision-making capabilities, etc. http://www.jik-ifea.ir/article_24470.html Choosing the appropriate stock portfolio for investing in Iran's capital market has always been one of the main challenges for investors, which requires careful analysis due to its complexity and uncertainty. Although mathematical models based on multi-factor models, multi-criteria decision-making, and artificial intelligence models have been used to select the stock portfolio, qualitative methods have been used less to develop the conceptual model of the stock portfolio. Therefore, in this research, an attempt has been made to design the stock portfolio selection model based on the Grounded theory. For this purpose, in 2023, using the snowball sampling method, in-depth interviews were conducted with 20 university experts, managers, and senior experts of the Tehran Stock Exchange, who were experts and experienced in the capital market, up to the suffusion stage. The research data was analyzed using the open, axial and selective three-step coding method, and a paradigm model was extracted. According to this model, the most important causal conditions that can be effective in choosing a stock portfolio are investor characteristics and preferences, market limitations, parallel markets, and supporting and facilitating factors. Also, to achieve the selection of the optimal stock portfolio, strategies such as identifying investment opportunities, determining trading strategies, asset diversification, and capital management should be adopted. Finally, the research model suggested that the choice of stock portfolio in Iran's capital market has consequences such as increasing yield, risk management, maintaining capital value, encouraging investment, capital market efficiency, and economic growth and development of the country. http://www.jik-ifea.ir/article_24397.html Profit and its forecasting using modern approaches and methods in a way that takes into account unpredictable conditions has always been one of the challenges of companies and their managers. The turbulent and unreliable environment in the oil industry has a special look at profit forecasting. Therefore, this research was conducted with the aim of system dynamics of profit forecasting of oil refining companies listed on the Tehran Stock Exchange with a quantum mechanics approach. The method of conducting this research is mixed (qualitative-quantitative). In the qualitative part of the research, 97 reputable scientific and research articles were examined using a meta-synthesis approach, and finally 39 articles were selected to extract profit forecasting indicators with a quantum mechanics approach. After detailed analysis, 19 indicators were identified and extracted for profit forecasting with a quantum mechanics approach. However, ultimately, seven underlying components were identified for predicting the profits of oil refining companies in the qualitative section. Then, in the quantitative section, first, using a fuzzy Delphi questionnaire, the opinions of 14 experts on the effectiveness of the extracted underlying components were approved. Next, to apply dynamics, first, two causal-cyclic models were determined by analyzing and explaining the relationships between the underlying components, and then, with the help of these two models, the main model was developed with a dynamics approach, which consisted of two causal-cyclic models. http://www.jik-ifea.ir/article_24471.html In financial risk literature, numerous measures have been developed to quantify systemic risk in financial institutions. The existence of various criteria (about 31) for measuring systemic risk has led to contradictions in research results, necessitating a universally agreed-upon measurement method. This study presents a stable composite systemic risk index using price-based and fundamental indices. Systemic risk indicators including VaR, CoVaR, CoVaR∆, beta coefficient, leverage ratio, nominal systemic risk, SRISK, marginal expected shortfall, and systemic risk index based on bank-specific risk sequence and systemic link (EVT approach) were estimated for 2012-2023. The explanatory power of these indicators regarding crisis impact on selected banks was investigated using Principal Component Analysis (PCA) and Bayesian Principal Component Analysis (BPCA) methods. Data from 9 Iranian banks were used: Eghtesad Novin, Mellat, Karafarin, Tejarat, Parsian, Saderat, Post Bank, Sina, and Pasargad. Results show that while bank rankings based on common systemic risk indicators in Iran are heterogeneous, the BPCA method provides a reliable ranking considering all dimensions of systemic risk. This can guide policymakers in using appropriate monitoring and policy tools to prevent or mitigate crises. The BPCA ranking indicates that systemic risk in Iran's banking network has increased from 2012 to 2022. On average, Mellat, Saderat, Tejarat, and Post Bank were most affected by crises, while Karafarin, Sina, Eghtesad Novin, and Pasargad were least affected. http://www.jik-ifea.ir/article_23486.html In this research, psychological, behavioral, technical and political variables that influence the decision making of shareholders in the stock market were identified and analyzed. To achieve this goal, psychological, behavioral, technical and political factors and variables affecting the Iranian stock market were first identified and ranked using the fuzzy Delphi technique. In the following, the impact of the mentioned variables on the stock market was analyzed quantitatively in terms of shape, size and direction within the framework of Structural Equation Modeling (SEM). The required information was collected through a survey and by designing a questionnaire from investors, experts and experts active in the stock market of Iran for the year 1402.In addition, among the technical and political factors, the three variables of internal political developments, technical analyzes and political relations with other countries have had the greatest impact on the decision of shareholders to invest in the Iranian stock market. Based on the results of the SEM model, mass behavior variables, official and unofficial news from company assemblies, unofficial news from company meetings and programs, rumors and news published on internet sites, the opinion of brokers and investment consulting companies, and the recommendation of friends and acquaintances are psychological and behavioral variables. which have a positive and significant effect on the stock prices of companies in the Iranian stock market. . http://www.jik-ifea.ir/article_23728.html This study aims to analyze the components of creating a startup business ecosystem using interpretive structural modeling and mix-and-match analysis. The research is qualitative and, based on data collection methods, is documentary. From a methodological perspective, it is descriptive-analytical. The statistical population of this research consists of professional and academic experts in the field of startup businesses. The snowball sampling method was used, and data from 12 academic and professional experts were collected through interviews and questionnaires. In the first step, the dimensions and indicators of the startup business ecosystem creation model were extracted from the theoretical literature and validated through expert interviews. The output of this stage consisted of 12 indicators organized into four main dimensions. In the next step, to establish the relationships and sequence among these dimensions and indicators and to present their structural model, the interpretive structural modeling method and mix-mix analysis were employed. This method, based on expert opinions and analyses, prioritized the factors affecting the creation of the startup business ecosystem. The research results led to the design of an integrated model for creating a startup business ecosystem at four levels. Among the 12 indicators identified as determinants in creating a startup business ecosystem, macroeconomic indicators, market, teamwork culture, and the establishment of supportive and institutional platforms were recognized as the most influential and fundamental indicators. http://www.jik-ifea.ir/article_23755.html Market design is a new branch of economics that is entering the Iranian capital market from a combination of empirical studies, behavioral financial economics and financial management. Stability and compatibility are two important and key features in market design. Stability causes groups to voluntarily participate in the market. Compatibility prevents market participants from engaging in strategic behaviors and declaring their preferences false, because the desirability of announcing real preferences is higher than the desirability of declaring false preferences. This is because everyone is motivated to state their preferences correctly. Iran's capital market has returned 25 percent to 50 percent of the index value after the historic fall from August 11, 2016, but the stability and reliability of this market due to the ambiguity in the conflict of interests between real and legal actors has not yet reached a point of certainty. Has not actively returned to the stock market. Given the current conditions of the Iranian capital market, this article aims to provide a model for improving the efficiency of the market system, which examined the opinion of capital market elites with defined criteria with the Vickor model. In this model, the systematic efficiency of the market was examined by focusing on the independence of the real game from the legal ones due to the ambiguity and uncertainty of the real ones from the legal ones and the existing distrust. http://www.jik-ifea.ir/article_23775.html In terms of its practical purpose, this article is of the type of exploratory mixed data (qualitative-quantitative), and in terms of the nature of the research, it is descriptive-survey and based on the time of the research, it is cross-sectional. The community studied in the qualitative section included theoretical foundations and related backgrounds in internal and external databases, as well as academic experts and banking and financial experts. In the quantitative part, the studied population included university professors and bank managers in Iran. The sample size in the qualitative section and content analysis, using the saturation principle and targeted sampling method, included 15 interviewees. In the quantitative part, 210 people were selected by calculating the sample size in structural equations and using the cluster random sampling method. To collect data in the qualitative section, library documents and semi-structured interviews were used. In the quantitative part, a researcher-made questionnaire with 98 items taken from theoretical foundations, research background, interviews with experts and coding was used. In the data analysis section, thematic analysis using Maxqda2020 software was used in the qualitative section, and descriptive and inferential statistics were used in the quantitative section using SPSS-V23 and Lisrel V8.8 software. The results of the research showed that financial corruption has a significant and negative effect on the stability of accepted banks in the Iranian capital market. Also, economic freedom, rules and regulations, and transparency have a positive and significant effect on the stability of accepted banks in Iran's capital market. http://www.jik-ifea.ir/article_23809.html The main purpose of this research is to examine the relationship between risk management and bold tax policy in companies listed on the Tehran Stock Exchange. The companies admitted to the Tehran Stock Exchange in the period of 2016-2021 are the statistical population of this research, which has been determined as a statistical sample based on systematic exclusion of 145 companies. The current research is based on library research and this research is applied in terms of purpose and correlational in nature. Variable related data was collected by means of software, CDs and websites related to Tehran Stock Exchange. The collected data were analyzed with Eviews #12 software and regression tests. The results of the first hypothesis of this research show that there is a negative and significant relationship between environmental uncertainty and bold tax policy. Also, the results of the second hypothesis of this research show that there is a negative and significant relationship between business risk and bold tax policy http://www.jik-ifea.ir/article_23815.html In this paper, the focus is on policy instruments that use a market-based strategy to promote carbon emission reductions. The key points and aspects of recent changes in the field of emission trading systems and low carbon growth are reviewed and suggestions for future research are provided. Also, an attempt has been made to visualize the scientific and research fields of this field by Cite Space software. In this article, by studying past works, with the help of dynamic analysis and simulation, the feasibility and sustainability of innovative projects that a policy based on Focused on market use to encourage emission reduction and suggestions for future studies are provided. In this research, we seek to create a road map to implement the issue in the Islamic Republic of Iran. dynamic analysis and simulation of market feasibility and stability checked by three-way evolutionary game method. http://www.jik-ifea.ir/article_23880.html Institutional owners are professional investors who have long-term goals. Considering the amount of investment and the professionalism of the institutional owners, their presence leads to the supervision of the management. This issue can focus on maximizing the long-term value of the company instead of focusing on short-term profitability goals. Institutional investors are always rational actors who neutralize the irrational wave of retail investors through rational arbitrage activities. The rational behavior of institutional investors ensures that the financial market is always operationally and informationally efficient. The aim of the present study was to provide a model for the destructive behavior of institutional investors based on thematic analysis approach and considering the environmental characteristics and the prevailing conditions of the country. In this regard, according to the exploratory approach of the research and using the qualitative approach, the theme analysis method has been used. In the first phase, the literature on destructive behavior of institutional investors was reviewed. Then, qualitative data was collected through interviews with 15 experts and university professors with professional experience in the field of accounting and finance in 1402. These experts were selected based on the purposeful sampling method with the snowball approach, and the interviews continued until reaching theoretical saturation. In the second phase, after reviewing the interviews, the collected qualitative data were coded and categorized using Atride-Sterling's thematic analysis method and with the help of Max Kyuda software. The results of the current research show 2 overarching themes (judgmental destructive behaviors and perceptual destructive behaviors), http://www.jik-ifea.ir/article_23884.html Financial literacy is related to financial knowledge, skills and information. Hence, it is reasonable to say that knowledge can usually be transferred through education, either formally or informally. The current research presents a model in line with digital financial literacy in technological businesses. The present study focused on the study and investigation of the model of digital financial literacy. The methodology of this research is a mixed or qualitative-quantitative method that uses the grounded theory method. In the qualitative part, interviews were conducted with 12 experts in this field, and the conceptual framework of the research was developed using the foundation's data theory based on the six components considered by Strauss-Corbin. The results show that important factors affecting the development of digital literacy in the dimension of causal conditions (17) such as increasing financial inclusion and cyber security and..., intervening conditions (17) such as risk management and financial engineering and..., background conditions (8) such as government and media support, through ten financial literacy development strategies (such as education strategies and development of digital tools) will lead to consequences (16) such as the development of financial literacy skills and transparency, etc. http://www.jik-ifea.ir/article_23894.html The current research was conducted with the aim of designing and validating the digital currency issuing model for cross-border payments in the Central Bank of Iran. The purpose of this research is development-applied. A mixed exploratory (qualitative-quantitative) research design was used to achieve the goal. The statistical population in the qualitative research includes university professors and central bank managers who were selected by theoretical sampling. Accordingly, theoretical saturation was achieved after 20 interviews. The statistical population of the quantitative part includes managers and experts of the central bank. A randomized cluster method was used for sampling. A semi-structured interview and a researcher-made questionnaire were used to collect data. In the qualitative part, the structures of the digital currency issuing model for cross-border payments in the central bank were identified and the causal relationships of these factors were explained using the grounded theory method. In the quantitative part, the validity of the research paradigm model was evaluated using the partial least squares method. Qualitative data analysis was done with Maxqda software and quantitative part was done with Smart PLS. The findings of the research showed that according to the research paradigm model, political factors, social factors and monetary and financial factors have an effect on the circulation of digital currency. On the other hand, software and hardware infrastructures provide the background conditions, and cross-border payments and risk management are also intervening factors. Finally, the economic development of the country can be achieved with the policy of issuing digital currency. http://www.jik-ifea.ir/article_23901.html This study compares the predictive power of the Multilayer Perceptron (MLP) neural network and multiple linear regression in estimating the yield of Islamic treasury bonds. Using financial and economic data from 2018 to 2021, prediction models were designed and evaluated based on various variables affecting bond yields. The main goal was to assess the accuracy of these two methods and analyze their efficiency in financial risk management. The results showed that the MLP model outperformed multiple linear regression, offering higher accuracy with lower error in predicting bond yields. These findings indicate that neural network models, due to their ability to model complex and nonlinear relationships, serve as suitable tools for financial analysis and economic forecasting. The results from this research can enhance financial analysis and risk management of treasury bonds, and provide a foundation for developing combined approaches in this field. http://www.jik-ifea.ir/article_23946.html The purpose of this article is to provide dynamic model to explain how the pervasive risk of cryptocurrencies spills over into real currencies. In this regard, the daily yield information of the studied currencies for the time period (2015/01-2021/01) has been used. the statistical data of the currencies with the exchange rate of the (Euro, Lira, Yuan, Pound) to the dollar and Bitcoin, Ripple, Ethereum، Litecoin and Ethereum classic. In the first part of this study, using the information collected in the mentioned time period for the studied currencies, the comprehensive risk measure of the variables has been calculated using the ΔcoVaR index. In the second part, using multivariate conditional heterogeneous autocorrelation method (M-GARCH), the external effects related to the pervasive risk of cryptocurrencies on real currencies were estimated. The results obtained from the estimation of ΔcoVaR indicate that cryptocurrencies and real currencies have systemic risk and cryptocurrencies have a lower overall risk index than real currencies. Also, by estimating the conditional correlation model as the optimal model, it was shown that there was a transfer of risk between cryptocurrencies and real currencies, and the severity of pervasive risk contagion between currencies with higher trading volume is higher than currencies with lower trading volume. http://www.jik-ifea.ir/article_24025.html Organizational excellence means organizational commitment to sustainable growth and development in order to obtain customer satisfaction and continuously increase the benefits of the organization in an inclusive and supportive environment. Such organizations consider it necessary to obtain the satisfaction of their stakeholders, including shareholders, customers, employees, external colleagues and society, and to establish a proper balance between their different and sometimes conflicting needs and expectations. Such conditions will lead to the long-term success of the organization.Training service institutions also think of sustainable success with the existence of competent training marketers in the competitive environment of education by drawing the path of excellence.Its statistical population consists of 114 training marketers of 8 training service institutions, from which a sample of 88 people was selected by simple random sampling method and based on Cochran's formula. To collect data, a researcher-made questionnaire based on the EFQM 2020 standard model was used, the reliability of which was determined by calculating Cronbach's alpha formula, and the construct validity of the questionnaires was also determined by confirmatory factor analysis.The results of the path coefficients indicate the existence of the highest impact coefficient between the competence variable "Acquaintance of Enterprise Strategy" and the criterion of "Goal, Vision and Strategy" in the "Orientation" axis of the organizational excellence model with a Training marketing approach. http://www.jik-ifea.ir/article_24063.html This study examines the relationship between real earnings management (REM) and stock returns in the Tehran Stock Exchange using a hybrid methodology combining exploratory factor analysis (EFA) and artificial neural networks (ANN). Financial data from 150 listed companies (2018–2023) were analyzed based on Roychowdhury’s (2006) model. Findings revealed that Iranian investors react negatively to downward REM (reducing real activities) as a signal of future risk, while upward REM is associated with lower returns. The hybrid EFA-ANN approach improved stock return prediction accuracy by identifying hidden patterns and nonlinear relationships, outperforming traditional models. Results confirmed the moderating role of firm size, book-to-market (B/M) ratio, and price momentum: small firms and high B/M firms were more susceptible to REM effects, whereas larger firms exhibited resilience due to stronger governance. The innovation of this study lies in integrating econometric methods with neural network technologies to analyze emerging markets, enabling the identification of complex mechanisms through which REM affects prices. These insights emphasize the need for regulators to enhance disclosure requirements for abnormal operational costs and overproduction. Investors can leverage REM indicators and moderating factors to optimize decision-making.Keywords: Real Earnings Management, Stock Returns, Factor Analysis, Artificial Neural Networks, Tehran Stock Exchange. http://www.jik-ifea.ir/article_24124.html The rise of cryptocurrencies as a new asset class has introduced significant challenges in investment management due to their extreme volatility, financial bubbles, regulatory issues, cybersecurity risks, and project failures. Given cryptocurrencies' vast diversity and rapidly changing market values, effective risk management and optimal portfolio construction are crucial. This study explores key factors in cryptocurrency portfolio formation and employs a multi-criteria approach based on the Preference Factor to select optimal assets. Portfolio optimization is conducted using four objective functions: Sharpe ratio maximization, the Markowitz mean-variance model, tracking error minimization, and Value at Risk (VaR) minimization. Six optimization methods are compared: SLSQP, Genetic Algorithm (GA), Particle Swarm Optimization (PSO), Artificial Bee Colony (ABC), Differential Evolution (DE), and the Markowitz model. Results indicate that SLSQP performs best when maximizing the Sharpe ratio, achieving a superior risk-return balance. Statistical analyses confirm that the optimized portfolio significantly outperforms a naive benchmark. Sensitivity analysis reveals that extremely small or large initial weights lower the Sharpe ratio, while excessive iterations add computational costs without notable performance improvement. This research utilizes historical data from 183 cryptocurrencies with the highest market capitalization over three years (January 2019 – January 2024) and evaluates results using numerical and statistical methods. The findings provide valuable insights into constructing optimized cryptocurrency portfolios with robust risk management strategies. http://www.jik-ifea.ir/article_24162.html Today, with the development of industries and increased competition in the markets, companies are always looking to reduce costs and increase efficiency in their supply chains. In this regard, the need for financing has become one of the main priorities of companies and the concept of financial supply chain has received more attention, so that financial flow management is considered one of the vital strategies of many companies because financial flow management of the supply chain helps companies to have a general view of the chain and optimize financial processes. This process reduces costs caused by operational disruptions and fluctuations and makes the supply chain stable, as well as increasing the productivity of organizations and companies. The aim of the research is also to identify the factors affecting the sustainability of the financial supply chain. For this purpose, qualitative (content analysis), quantitative (structural equations) methods and SMART PLS software were used.The findings identified factors affecting risk management, relationship management, infrastructure, financial orientations and tools, information management, purchasing and payment operations, financial network responsiveness, financing performance of chain elements, outcomes for suppliers-manufacturers-customers and the industry in the financial supply chain. The results show that the identified factors, in addition to increasing the efficiency and productivity of the supply chain, contribute to the sustainability of the supply chain in the home appliance industry. These factors also: reduce financial volatility, financial stability, improve processes, improve decision-making, optimize and reduce costs, and increase profitability in the supply chain. http://www.jik-ifea.ir/article_24163.html Banks, as key financial institutions, play an important role in providing financial services, managing various risks, and maintaining the stability of the financial system. This study focuses on designing a risk disclosure model for banks listed in the Iranian capital market. Banks have a crucial role in managing financial risks and maintaining the stability of the financial system. The aim of the research is to propose appropriate risk disclosure models. In the qualitative section, the statistical population included managers, professors, and experts, with 9 participants in the interviews. In the quantitative section, 278 bank managers were selected using cluster sampling, and 230 questionnaires were collected. Data analysis was conducted using MAXQDA software and structural equation modeling. The results showed that risk disclosure can positively impact financial transparency, improve corporate governance, and increase public trust. Factors such as existing laws, accounting standards, and organizational interactions directly affect the risk disclosure process. The main innovation of this research is the design of a specific operational framework for risk disclosure that is aligned with the conditions of the Iranian capital market and can implement the risk disclosure process more effectively and efficiently in the banks. This framework, in addition to contributing to transparency and improving corporate governance, also strengthens financial stability in the banking system. The study comprehensively designs practical and operational models for risk disclosure that address the specific needs of the Iranian market and emphasizes the necessity of developing effective strategies in this area. http://www.jik-ifea.ir/article_24228.html AbstractThe “Second Step of the Revolution” statement, as a charter for transformation in economic governance and combating corruption, has necessitated the establishment of efficient risk identification and management systems, especially for politically exposed persons (PEPs) in the Iranian financial system. The present study aimed to design a comprehensive framework for risk management of politically exposed persons, with a mixed approach (qualitative and quantitative) and based on grounded theory and structural equation modeling. First, qualitative data obtained from in-depth interviews with experts revealed the key dimensions of the model, and then, through a questionnaire and quantitative modeling, the proposed indicators and relationships were tested using financial experts and experts in the country. In the qualitative stage, by using the grounded theoretical framework and interviews with key experts in the fields of finance and banking, and analyzing specialized texts, the dimensions of the paradigmatic model of risk management of politically exposed persons were calculated. The model structure not only revealed the causal and contextual mechanisms of the Iranian financial market, but also explained the intervening conditions, efficient strategies, and final outcomes.Finally, by combining qualitative and quantitative findings, a comprehensive paradigmatic model was presented as the final roadmap; a model that combines the strengths of hierarchy and specialization with the advantages of synergy and agility. By emphasizing the structured relationship between different levels as well as the role of political, economic, technological, and organizational factors, this model proposes evidence-based solutions and theoretical logic for preventing, identifying, and managing the risk of politically exposed persons. http://www.jik-ifea.ir/article_24310.html The stock market,, one of the main pillars of financial markets, plays a key role in mobilizing resources and directing capital towards productive economic activities. The present article, using a behavioral finance approach, aims to explain the performance of the stock market under the influence of investor emotions and the performance of financial assets such as gold and the dollar simultaneously with the release of news and using econometric models and during the years 1400-1403. The total equal-weight index of the stock exchange is the dependent variable and the independent variables of the research include daily changes in the price of gold, daily changes in the exchange rate, the investor sentiment index in the Tehran Stock Exchange and bad news. The results show a significant and positive relationship between investor emotions and the exchange rate with stock market performance and a significant and negative relationship between gold and bad news with stock market performance. The increase in the gold rate and the release of negative news has caused a decrease in the total equal-weight index and the outflow of money from the stock market. http://www.jik-ifea.ir/article_24350.html With the advancement of information technology and the expansion of the Internet, e-commerce has become an important component of the global economy, accounting for a significant share of commercial transactions. This development has created numerous challenges for tax systems, as traditional tax regulations designed for physical commerce. Considering that Article 51 of the Iranian Constitution states that no tax shall be imposed except by law, before the government looks at e-commerce tax revenues in Iran, the capacity of current tax regulations for collecting tax from e-commerce should be assessed. The main objective of this study is to assess the effectiveness of traditional (current) trade tax regulations for collecting tax on e-commerce in Iran. . This study uses an analytical-descriptive method with a qualitative approach. The results of the research showed that Iran's tax laws at the level of basic and general laws of the Direct Tax Law (approved on 04/31/2015) and the Value Added Tax Law approved in 1400 have the necessary legal capacity for taxing e-commerce. However, the implementation of these laws at the level of executive regulations (especially Article 219 of the Direct Tax Law) and the structure of the conditions for proving exemptions suffer from a deep structural gap. http://www.jik-ifea.ir/article_24366.html The objective of this study is to analyze the dynamic pathways of audit firms' investment in Industry 4.0 technologies and the transformation of the independent auditing profession in Iran under alternative future scenarios, and to identify the conditions that can lead to sustainable technology adoption and the enhancement of auditors' professional roles. This research adopts a multi-stage design that combines grounded theory research, scenario extraction from the literature, and scenario-based agent-based simulation. The qualitative findings result in the identification of a comprehensive set of barriers, drivers, intervening mechanisms, strategies, and outcomes associated with the transformation of auditing in the context of Industry 4.0. Simulation results indicate that technology adoption in auditing is not a linear process and is strongly influenced by the alignment of skills, professional roles, institutional support, and competitive conditions. Scenarios in which skill development is accompanied by the redefinition of the auditor's role and institutional coordination lead to higher levels of stability, public trust, and service quality. In contrast, hasty or control-oriented investment in technology may create superficial stability while constraining innovation and professional learning. http://www.jik-ifea.ir/article_24373.html Today, sustainability reporting has gained momentum in organizational communications. Corporate sustainability disclosure reflects the role and contribution of firms to sustainable development in three main areas: social, environmental, and corporate governance sustainability. With the expansion of global business activities and the growing importance of sustainability in organizational, academic, and professional domains, sustainability has become a top priority for both countries and corporations.The main objective of this study is to examine the role of environmental, social, and corporate governance (ESG) factors in the financial distress of companies listed on the Iranian capital market. The statistical population of this research includes companies listed on the Tehran Stock Exchange that were http://www.jik-ifea.ir/article_24374.html AbstractPartial correlation is a metric used to measure the dependence between two random variables while controlling for the influence of other variables. In this study, interaction networks based on Pearson correlation and partial correlation are compared in the context of the Tehran Stock Exchange. The results show that the minimum spanning tree (MST) constructed from Pearson correlation exhibits a star-like structure with a dominant central node, whereas the MST derived from partial correlation has a more uniform structure. This contrast indicates that ignoring the effect of common variables may lead to misleading interpretations of network structure. Furthermore, the analysis of the generalized network dimension as a function of the parameter q reveals that networks based on partial correlation are more effective in distinguishing between real and random data. Finally, the relationship between network dimension and Rényi entropy is examined in both types of networks, and their distinctive characteristics are analyzed.Interaction network, Minimum Spanning Tree, Pearson correlation, Partial correlation, Tehran Stock ExchangeKeywordsInteraction network, Minimum Spanning Tree, Pearson correlation, Partial correlation, Tehran Stock Exchange http://www.jik-ifea.ir/article_24377.html Banks, as financial intermediaries, play a crucial role in monetary stability and the efficiency of the financial system; however, unrealized accounting practices can have significant effects on monetary policy. This study aims to examine the impact of unrealized bank profitability on the reliance of banks on central bank policy instruments in Iran. The statistical population includes 21 banks and financial institutions listed on the Tehran Stock Exchange, covering the period 2011–2023. A mixed-methods approach was employed; the quantitative part utilized a dynamic panel model with a generalized method of moments, while the qualitative part estimated the actual extent of earnings management in non-performing loans based on expert opinions using a semi-structured questionnaire. In the first scenario, based on officially reported data, results indicated that unrealized profitability had a positive and significant effect (coefficient = 0.187, 99% confidence level) on banks’ reliance on monetary policy instruments. In the second scenario, incorporating adjustments based on expert assessments, the estimated share of hidden non-performing loans was approximately 23.4%, and after recalculating the unrealized profitability index, its coefficient increased to 0.254, reflecting a stronger impact. Other variables behaved similarly to the first scenario. Comparing the two scenarios demonstrates that accounting manipulations amplify the role of unrealized profitability in increasing banks’ dependency on central bank resources, potentially prompting greater policy intervention. Overall, the findings highlight the importance of transparency in bank financial reporting and the need for policymakers to consider the effects of unrealized earnings on monetary policy design. http://www.jik-ifea.ir/article_24381.html in sports talent development. The resulting data were analyzed using Structural Equation Modeling (SEM) to assess convergent and discriminant validity as well as construct reliability. The results revealed that social justice exhibited the highest correlation with Given the critical importance of identifying and nurturing athletic talent as a strategic imperative for sustainable sports development at the national level, the present study was conducted with the aim of designing a localized model for sports talent identification with a particular emphasis on economic components. This research adopts a developmental approach and is methodologically grounded in a mixed-methods design (qualitative–quantitative), which allows for a comprehensive exploration by combining the depth of qualitative inquiry with the precision of quantitative validation. In the qualitative phase, thematic analysis was employed alongside semi-structured interviews with 15 distinguished experts, including senior officials from selected sports federations, university professors, and professional sports planners. Thematic coding led to the extraction of a conceptual model comprising five principal dimensions: sports development strategies, sports infrastructure, organizational factors, environmental conditions, and personality traits—encompassing a total of 25 underlying components. In the quantitative phase, the components derived from the qualitative findings were operationalized into a structured questionnaire based on a five-point Likert scale and distributed among 120 professionals and specialists development strategies; governmental support correlated strongly with infrastructure; personalized training programs aligned with organizational factors; intrinsic psychological traits related closely to individual characteristics; and legal-regulatory frameworks demonstrated the highest association with environmental factors. Finally, the application of the Fuzzy DEMATEL technique identified economic components as the most influential and interdependent elements across the model. Accordingly, the advancement of a comprehensive sports talent identification system necessitates a multidimensional and integrated policy framework centered on economic policymaking, spatial equity, and structural coherence.Keywords:Sports Talent Identification, Economic Factors, Thematic Analysis. http://www.jik-ifea.ir/article_24382.html رفتار سوت‌زنی تخلفات مالیاتی فرآیندی است که طی آن افراد با هدف حمایت از منافع عمومی، اقدام به گزارش فساد و تخلفات مالیاتی می‌کنند. این رفتار تحت تأثیر مجموعه‌ای از عوامل فردی، سازمانی و اجتماعی قرار دارد و می‌تواند ابزاری کارآمد برای ارتقای شفافیت و تحقق عدالت مالیاتی محسوب شود. هدف پژوهش حاضر شناسایی عوامل اثرگذار و اثرپذیر بر رفتار سوت‌زنی تخلفات مالیاتی با بهره‌گیری از روش دیمتل فازی (Fuzzy DEMATEL) است. روش‌شناسی تحقیق مبتنی بر رویکرد تصمیم‌گیری چندمعیاره (MADM) بوده و داده‌های (کیفی-کمی) پژوهش که در تابستان سال 1404 انجام شده است از طریق مصاحبه با ۱۵ نفر از خبرگان حوزه مالیاتی، به روش گلوله‌برفی و تا رسیدن به اشباع نظری گردآوری شده است. در تحلیل داده‌ها از کدگذاری باز، محوری و انتخابی استفاده گردید. نتایج پژوهش منجر به شناسایی شش عامل کلیدی شامل: ترس از انتقام و تلافی‌جویی، شرایط سازمانی و فرهنگی مساعد، چارچوب قانونی و نظارتی، افزایش شفافیت و اعتماد عمومی، وجود کانال‌های رسمی و امن برای گزارش‌دهی و ویژگی‌های فردی سوت‌زن شد. بر این اساس می‌توان نتیجه گرفت که توجه به این عوامل در نهادهای مالیاتی و میان ذی‌نفعان مرتبط، نقشی اساسی در پیشگیری از تخلفات مالیاتی و ارتقای نظام مالیاتی ایفا خواهد کرد. http://www.jik-ifea.ir/article_24386.html To achieve success, companies must first be able to predict their risk appetite and tolerance. Predicting these two will lead to informed decisions, so attention should be paid to the internal and external factors affecting these two variables. Internal factors are mainly reflected in management characteristics and external factors in political spending. The purpose of the present study is to determine the relationship between political spending and managerial ability with the level of tolerance and risk-taking of the company in 67 listed companies from 2019 to 2023. Data are collected from the Novin Rahavard software and the Codal website. The findings of the regression analysis of the EViews software in listed companies showed that (1) There is a significant positive relationship between political spending and the level of tolerance. (2) There is a significant negative relationship between managerial ability and the level of tolerance. (3) There is a significant and negative relationship between political spending and the company's risk-taking. (4) There is a significant positive relationship between managerial ability and the company's risk-taking. The effect of firm size and leverage was also confirmed. In order to improve the company's tolerance and risk-taking, attention should be paid to the amount of political spending and management ability of the companies. This research is valuable for improving the decisions of investors and creditors. http://www.jik-ifea.ir/article_24387.html Supply chain as a macro concept has a great impact on business management. This concept deals with the procurement of raw materials, their transformation into finished products, and their distribution to customers. Without an optimized supply chain, businesses face problems such as material shortages, product quality decline, and increased costs. The supply chain financial management system must be based on modern technologies. The purpose of this research is to present a digital model for financial management of the supply chain of listed companies based on blockchain data sharing based on objects and edge computing. The research method is exploratory and developmental, using the opinions of 20 experts. The main research tool was the interview. The paradigmatic model derived from the grounded theory of causal conditions includes the dimension of improving risk management (risk-based internal controls) in three dimensions: compliance dimensions, operational dimensions, and reporting dimensions. The central phenomenon showed the dimension of financial information quality including relevance, reliability, and comprehensibility and comparability. The background conditions included economic conditions and managerial capabilities. The intervening conditions included company size and complexity. The strategies included the six dimensions of cost management. The results included five financial ratios. In order to improve supply chain financial services, attention to new technologies such as blockchain and edge computing should always be included in the plans of all influential organizations and institutions. http://www.jik-ifea.ir/article_24391.html Although today, financial literacy is the key to many economic decisions. But its formation can be caused by various factors such as financial socialization, financial experience and attitude towards money. Therefore, the purpose of this research is to investigate the role of financial socialization, financial experience and attitude towards money in the formation of financial literacy. The statistical population of the present study is made up of students. To determine the sample size, the formula introduced for structural equation modeling has been used. The sampling method is simple random and the data has been collected using a standard questionnaire and analyzed using the structural equation method. Based on the findings of the current research, the impact of the current variables in explaning/forming of the main research structure (financial literacy), in order of importance, are: attitude towards money, financial socialization and financial experience. Also, among the items related to financial socialization, the role of influence from family is stronger compared to influence from peer group and media, which shows that family can be effective in improving students' financial literacy by improving their attitude towards money and financial experience. http://www.jik-ifea.ir/article_24392.html The shocks and volatilities in the returns and prices of financial assets spill over into each other. Accordingly, the financial markets and the Cryptocurrency market are not independent of each other. This research investigate the mutual spillover of shocks and fluctuations between Bitcoin returns and financial markets in Iran during the period 21 March 2018-10 October 2024 using the MGARCH-BEKK method. The results showed that the spillover of Bitcoin return shocks have a positive and significant effects on stock market returns, and the spillover of Bitcoin return shocks have no significant effects on stock market returns. While the spillover of return impulses and the spillover of stock market volatility do not have a significant impact on Bitcoin returns. The spillover of Bitcoin return shocks and its volatility do not have a significant effects on the exchange rate returns. However, the spillover of exchange rate return shocks has a negative and significant effects on Bitcoin return, and the spillover of exchange rate returns volatility have insignificant effects on Bitcoin return. The spillover of Bitcoin return shocks do not have a significant effect on gold returns. However, the spillover of Bitcoin returns volatility have positive and significant effects on gold returns. In contrast, the spillover of gold returns shocks has a positive and significant effects on Bitcoin return, while the spillover of gold returns volatility does not has a significant effect on Bitcoin return. The spillover of Bitcoin return shocks have negative and significant effect on oil returns. However, the spillover of Bitcoin return volatilities have no significant effect on oil returns. But the spillover of Bitcoin return volatilities do not occur on oil returns. While the spillover of oil return impulses has a negative and significant effect on Bitcoin returns. Also, the spillover of oil price return volatilities have positive and significant effects on Bitcoin returns. http://www.jik-ifea.ir/article_24406.html The purpose of this study is to investigate whether asset preselection using Data Envelopment Analysis (DEA) can improve the performance of conventional portfolios, namely the equally weighted portfolio and the Markowitz mean–variance optimized portfolio. In this framework, an initial set of stocks listed on the Tehran Stock Exchange (the base sample) is first constructed. Then, using three DEA approaches—including DEA based on historical return/risk data, DEA based on MACD technical indicators, and DEA based on RSI technical indicators—15 “efficient” stocks are selected under each approach.In the next stage, both equally weighted and Markowitz portfolios are constructed for the base sample as well as for each subset of the 15 efficient stocks. Annual return, annual risk, and comparative performance indicators are then calculated. The empirical results indicate that DEA-based preselection—particularly the historical-data-based DEA approach—can simultaneously increase expected returns and, in some scenarios, reduce portfolio risk. In other words, DEA acts as an “efficiency filter” that enhances the quality of the investment universe for portfolio allocation models. The findings have important practical implications for professional investors and financial policymakers, especially in emerging markets with trading constraints. http://www.jik-ifea.ir/article_24451.html In entrepreneurial ecosystems, particularly among small and medium-sized enterprises (SMEs) that face limited access to financial resources and persistent working capital constraints, factoring (accounts receivable financing) can play a significant role in improving cash flow, reducing credit risk, and enhancing financial sustainability. However, the development of factoring in Iran has been hindered by various institutional, structural, and infrastructural barriers, making a comprehensive and systematic examination of these factors essential. Accordingly, the aim of this study is to identify, structure, and analyze the causal relationships among the critical factors influencing the development of factoring-based financing within Iran’s entrepreneurial ecosystem.This study adopts an exploratory mixed-methods approach. In the first stage, a meta-synthesis and systematic review of 25 international studies were conducted to identify ten key factors affecting the development of factoring. In the second stage, Interpretive Structural Modeling (ISM) and MICMAC analysis were employed, drawing on expert judgments from specialists in finance, banking, and entrepreneurship, to structure these factors hierarchically and to classify them based on their driving and dependence power.The findings indicate that legal and regulatory infrastructure, economic stability, and government support and supervision act as the primary institutional driving forces behind the development of factoring. In contrast, credit rating systems and technological infrastructure function as linkage variables, forming the operational core of modern factoring by transmitting the effects of institutional factors to the operational level. Meanwhile, the characteristics of factors, creditors, and debtors are identified as dependent variables, reflecting the overall performance and effectiveness of the factoring system rather than serving as independent drivers. Overall, the results highlight that the successful development of factoring in Iran requires a systemic and coordinated approach that simultaneously addresses institutional reforms, the development of comprehensive credit information systems, technological investment, and the enhancement of managerial capabilities.The insights provided by this study offer valuable guidance for policymakers, financial institutions, and entrepreneurial ecosystem stakeholders in designing effective, sustainable, and context-specific mechanisms for the development of factoring-based financing in Iran. http://www.jik-ifea.ir/article_24472.html With the increase in global concerns about the environment, especially after the 2015 Sustainable Development Goals, the attention of report users has been drawn from purely financial information to environmental reports. Social and institutional pressure has also forced companies to disclose more environmental information in order to be accountable and gain legitimacy. Given the research gap in this area, the present study has developed a model of soft and hard environmental disclosure in company annual reports. This study is an exploratory mixed research that, in the qualitative part, based on interviews with 15 experts, has presented a qualitative model of soft and hard environmental disclosure in company annual reports. In this regard, based on the Atride-Stirling method, a thematic network consisting of 2 overarching themes (soft environmental disclosure and hard environmental disclosure), 10 organizing themes and 66 basic themes were identified. In the quantitative section, the structural validity of this model was examined using confirmatory factor analysis. The results showed that the factor loadings, composite reliability and convergent validity of the constructs were confirmed for all components and the model fit indices (including GFI, CFI, NFI, RMSEA and Chi2/df) confirm the strong fit of the data with the theoretical framework. The results of this study help companies to identify and apply the appropriate model of soft and hard environmental disclosure, increase transparency, social legitimacy, and stakeholder trust, and make more informed strategic decisions. Also, its results provide investors, regulatory bodies, and other stakeholders with a more reliable basis for assessing companies' environmental performance and comparability of reports. http://www.jik-ifea.ir/article_24475.html Most portfolio optimization models overlook investors’ behavioral criteria, even though investment decisions are inherently shaped by individuals’ psychological dispositions and mental states. Among these behavioral factors, regret aversion and rejoice preference play particularly influential roles. The present study aims to introduce a portfolio optimization model that incorporates a behavioral framework based on these two factors, seeking to achieve superior performance compared to traditional models. To this end, the classical five-objective portfolio selection model—considering return, variance, skewness, kurtosis, and efficiency—was extended to develop a new behavioral approach. A sample of 15 stocks was selected, and the optimal portfolio was estimated using in-sample data and subsequently evaluated through an out-of-sample test. The out-of-sample performance was assessed using the modified Sharpe ratio adjusted for kurtosis. The findings indicate that incorporating skewness, kurtosis, and efficiency (fundamental factors), alongside return and variance, as well as redefining investor preferences through a perceived utility function that captures regret and happiness, can significantly enhance out-of-sample portfolio performance. Therefore, accounting for investors’ psychological and subjective criteria can meaningfully improve the outcomes of portfolio optimization. http://www.jik-ifea.ir/article_24478.html In the digital transformation of the present era, blockchain technology has emerged as a shining jewel in the field of financial governance, a revolutionary paradigm that, with its decentralized, transparent and secure nature, has confronted the traditional foundations of tax systems with unprecedented challenges. This research, with a profound look and using new methodologies, seeks to discover the hidden angles of the impact of this advanced technology on improving the efficiency of tax systems, and especially identifying tax evasion. This research is exploratory and mixed in terms of methodology and attempts to identify key themes by analyzing previous research and in-depth interviews with experts. Then, by using Delphi analysis, the reliability of the identified dimensions is assessed and finally, the research hypothesis is tested using structural equation modeling. The statistical population of this study in the qualitative part included 15 experts and university professors with professional experience in the field of taxation in 2024 and in the quantitative part in this study included professors and experts in the field of blockchain technology and tax systems as well as employees of the National Tax Affairs Organization during the research period. The results of the present study showed 4 overarching themes (digital transformation in the tax system, transparency and trust in the tax system, economic efficiency and cost reduction in the modern tax system, and obstacles and resistances to digital transformation), 12 organizing themes and 51 basic themes. http://www.jik-ifea.ir/article_24479.html AbstractObjective: According to the economic literature, the stock returns of pharmaceutical companies are influenced by numerous firm-specific (micro-level) factors, the identification of which is of great importance for investors and policymakers. Accordingly, this study was designed to identify and model the key micro-level factors affecting the stock returns of pharmaceutical companies in Iran.Methods: In terms of purpose, this research is applied and was conducted within an exploratory qualitative framework using thematic analysis. Participants were selected through purposive (judgmental), snowball, and theoretical sampling methods. Semi-structured interviews were conducted with 15 experts, specialists, key stakeholders, and university faculty members until theoretical saturation was achieved. Finally, focus group sessions were held to validate the proposed model.Findings: The results of data analysis obtained through the coding process, based on the Attride-Stirling thematic analysis approach, led to the development of a model of micro-level factors affecting the stock returns of pharmaceutical companies. The model was developed through thematic network analysis and consisted of three levels of themes, including basic themes, organizing themes, and global themes. The findings identified 7 global themes, 28 organizing http://www.jik-ifea.ir/article_24481.html Objective: This study examines the gap between the statistical loss function and the economic objective of stock selection, and assesses whether pairwise RankNet ranking—in a controlled comparison with pointwise mean squared error regression—improves cross-sectional selection quality and net portfolio performance. The roles of the financial loss function, hyperparameter optimization, and the components of the LSTM–RankNet architecture are also disentangled.Methodology: The data comprise 46 symbols from the Iranian stock market over 2,618 trading days, from March 25, 2015 to February 25, 2026. The stock universe was not selected from an end-of-period list; at each formation date, the following criteria were applied using same-date information: a minimum tradable-days ratio of 80%, a maximum consecutive gap of 30 trading days, membership in the top two market-capitalization deciles, a minimum free float of 15%, and a 25% cap on the share of any single industry. The union of eligible symbols formed the parent universe, and a daily mask kept membership and tradability time-varying. Four objectives—MSE, RankNet, Sharpe-only, and Combined—were compared under a 0.4% transaction cost and ten shared seeds.Findings: The average net Sharpe ratio of RankNet was 1.314, versus 1.108 for MSE. RankNet outperformed MSE in all ten seeds, and the 0.206-unit difference was significant at p = 0.002. The Combined model also outperformed both MSE and RankNet; however, Sharpe-only, with a Sharpe ratio of 3.819, surpassed Combined’s 2.784. In the single-run sensitivity analysis, removing HPO reduced the test Sharpe ratio from 2.750 to 1.030; yet, since this comparison was not replicated across independent seeds, the result is descriptive and does not suffice for generalizable inference about the HPO effect. The conservative DSR also did not fully rule out multiple-selection risk.Originality/Value: The study’s contribution lies in providing a controlled comparison among pointwise, pairwise, and financial objectives in an emerging market, and in separating the “objective-alignment value” from the “architectural-complexity value.” The results indicate that the shift from pointwise prediction to decision-oriented learning is warranted, but that combining all deep components is not necessarily the optimal solution.