Papers by Financial Research Journal
Financial Research Journal , 2025
Objective
With the rapid growth of the economy and the expanding role of the private sector, fina... more Objective
With the rapid growth of the economy and the expanding role of the private sector, financial markets have gained increased importance. Among the factors influencing the efficiency of financial markets, how information is disseminated to various stakeholders plays a crucial role. The method of information transfer stands as a key component in shaping the efficiency of capital markets. Management Commentary (MC), serving as a supplementary report to companies' financial statements, holds a pivotal role in enhancing capital market transparency through the disclosure of both financial and non-financial information. The objective of this research is to formulate an MC framework and subject it to experimental testing utilizing quantitative data. It is to introduce, for the first time, an MC framework specifically tailored to the context of Iran.
Methods
This study adopts a mixed research methodology. Initially, qualitative content analysis was utilized, involving the comprehensive review of documents and studies pertaining to the IFRS Foundation in the domain of Management Commentary (MC), along with other relevant guidelines and reporting frameworks. This systematic examination facilitated the construction of the initial MC reporting framework and the formulation of pertinent hypotheses. Subsequently, to adapt and present the MC reporting framework in the Iranian context, survey data, obtained through a researcher-designed questionnaire, was collected. Each sub-category of the reporting framework was assessed and ranked using the one-sample Wilcoxon signed-rank test, with the final ranking determined based on Friedman's test
Financial Research Journal , 2025
Objective
A review of Iran’s economic conditions, particularly the financial system in recent dec... more Objective
A review of Iran’s economic conditions, particularly the financial system in recent decades, reveals its limited participation in international banking. The lack of access to financial markets for investment and trade, limited services offered by domestic banks, their inability to compete in global financial markets, and economic sanctions have created significant challenges in engaging with the international economy. The establishment of offshore banks in Iran’s free trade-industrial zones could serve as an initial step and a connecting link to align with the global economy and enter international financial markets effectively. These banks, by offering a wider range of services, could facilitate capital flow, encourage foreign investment, and enhance the competitiveness of Iranian financial institutions significantly. In addition, such banks could contribute to the development of international trade and help alleviate the existing economic pressures faced by local businesses and individuals. Designing and creating an operational model for utilizing any tool in the field of economics and management is essential for achieving sustainable growth. This study aims to provide an analytical and explanatory framework for establishing such a bank in these free zones
Financial Research Journal , 2025
Objective
Sustainability has gained significant attention across various domains in recent decade... more Objective
Sustainability has gained significant attention across various domains in recent decades, including the media, institutions, and national and international policymaking organizations. Concurrently, corporate social responsibility (CSR) literature has experienced rapid expansion, particularly about family businesses—entities distinguished by unique characteristics that differentiate them from other private organizations. This growth has created diverse and compelling research avenues at the intersection of sustainability and CSR. This study employs a bibliometric analysis to examine previous research on CSR in family businesses and its integration with sustainability, aiming to consolidate fragmented studies across industries while addressing gaps in the implementation of dispersed CSR practices among family enterprises.
Methods
The research adopts a mixed-methods approach, combining quantitative and qualitative techniques through Bibliometric analysis, utilizing the ADO-TCM framework (Antecedents, Decisions, Outcomes – Theory, Context, Methods). For the scientometric analysis, we extracted data from Scopus (1990–2023), the most comprehensive and reliable database for scientometric research. From an initial pool of 592 identified articles, 120 were selected for preliminary analysis using VOSviewer software. Following Aiden et al.’s (2017) model, we implemented a four-stage screening process: (a) identification and extraction of relevant articles, (b) title and abstract screening, (c) full-text review of introductions and results, and (d) final evaluation based on research objectives, yielding 36 core articles
Financial Research Journal , 2025
Objective
The purpose of this research is to design a comprehensive and holistic model in the fie... more Objective
The purpose of this research is to design a comprehensive and holistic model in the field of factors affecting the improvement of the quality of financial reporting and internal control in companies listed on the Tehran Stock Exchange The absence of a comprehensive model that encompasses the factors affecting financial reporting quality, with clear classification and specific indicators, has motivated this research. By considering integrated reporting and internal controls, along with the dimensions identified in previous studies, this research aims to assist managers and experts in adopting a more holistic view of financial reporting and integrated control. This approach seeks to safeguard stakeholder interests by summarizing, combining, and classifying relevant categories and concepts.
Methods
This research is quantitative in nature, with an applied purpose. It is also a survey in terms of data collection methodology. The statistical population of the study included faculty members and professors of financial management and accounting at Tehran universities, experts from the Stock Exchange and financial and auditing institutions located in Tehran province, and financial and accounting managers of companies listed on the Tehran Stock Exchange. Since the most basic application of factor analysis is to reduce the number of variables to a limited number of factors that usually indirectly affect the main variable, this method was used in this study to analyze the data and reduce the number of variables
Financial Research Journal , 2025
Objective
Empirical evidence on the impact of information asymmetry on the cost of equity capital... more Objective
Empirical evidence on the impact of information asymmetry on the cost of equity capital reveals ongoing inconsistencies in the literature. While some studies report a positive relationship, others find it to be negative or statistically insignificant. A significant factor contributing to this divergence is the role of control variables. Although there exists a wide range of potential control variables, the inclusion of certain variables may distort the results, whereas others can enhance the accuracy of the research findings. This meta-analysis aims to investigate which control variables, based on those repeatedly employed in prior studies, significantly influence the regression coefficient in comparison to their exclusion.
Methods
The empirical examination of the relationship between information asymmetry and the cost of equity capital revealed notable divergences. To investigate this issue, a meta-analysis approach was employed, highlighting the varying effects of control variables on this relationship. This meta-analysis synthesizes the findings from 35 studies published between 1986 and 2022, encompassing a total of 198 tests, to illuminate the intricate relationship between information asymmetry and the cost of equity capital. The analysis was carried out in multiple stages: information asymmetry was designated as the independent variable, and the cost of equity capital was identified as the dependent variable. Control variables included the book-to-market ratio, market beta, company size, type of ownership, yield fluctuations, equity, leverage, and growth. Comprehensive searches were conducted in prominent databases such as Science Direct, Emerald, Google Scholar, SSRN, and ResearchGate, resulting in the extraction of 188 articles based on pertinent keywords. The articles were screened for alignment with the research hypotheses, focusing on studies that provided effect size information and employed correlation methods. Consequently, 35 studies published between 1986 and 2022, incorporating 198 effect sizes, were selected for meta-analysis. Relevant general information and details about effect sizes were meticulously extracted from the selected articles. For each sample, the effect size, denoted as r, was calculated. Effect sizes were aggregated using weighted means, accounting for sampling error. Finally, the homogeneity of effect sizes was assessed
Financial Research Journal , 2025
Objective
Financial inclusion is a key driver of economic growth. This article examines the impac... more Objective
Financial inclusion is a key driver of economic growth. This article examines the impact of financial inclusion on economic growth in middle-income countries. The study measures financial inclusion based on three dimensions: banking penetration, availability of banking services, and usage. Individuals' access to financial instruments seems necessary for financial institutions to expand their market share. However, beyond institutional interests, financial inclusion and universal access to financial markets hold significant importance for policymakers in terms of promoting economic development. Therefore, the purpose of this article is to first design a comprehensive index of financial inclusion and then evaluate its effects on economic growth in developing countries.
Methods
The research employs a quantitative approach and designs a comprehensive financial inclusion index using a generalized method of moments (GMM) and panel data covering the period from 2002 to 2022 across 49 developed countries
Financial Research Journal , 2025
Objective
In late 2019, the world faced a profound challenge with the emergence of the COVID-19 c... more Objective
In late 2019, the world faced a profound challenge with the emergence of the COVID-19 crisis, which had a lasting impact on economies across both developed and developing nations. The consequential impact reverberated through international financial markets, forcing their constriction and eventual closure as nations enforced sweeping nationwide quarantines. Simultaneously, healthcare expenditure soared, juxtaposed against a downturn in economic growth. Amid this upheaval, the domain of digital currencies, notably Bitcoin, experienced reverberations from the COVID-19 outbreak. Bitcoin's introduction signaled a new era of direct electronic payments and streamlined cross-border wealth transference, pivotal components underpinning the scaffolding of global trade. While COVID-19 doesn't solely account for the surge in Bitcoin prices, its presence likely played a substantial role, exacerbated by escalated uncertainties and risks amidst the global pandemic. The focal point of this study lies in examining the interplay between COVID-19 dynamics and the US dollar index on Bitcoin prices, utilizing Continuous Wavelet Transform (CWT) data spanning from April 8, 2020, to April 8, 2023. This study's novelty lies in its utilization of the Continuous Wavelet Transform, offering a distinctive edge within the realm of research on this subject.
Financial Research Journal, 2025
In recent years, there has been a paradigm shift from traditional approaches to behavioral financ... more In recent years, there has been a paradigm shift from traditional approaches to behavioral finance perspectives. Behavioral finance, or colloquially investor sentiment, has gained popularity as a modern approach to asset pricing due to empirical support for the topic. There has been a renewed interest in understanding investor behavior in emerging stock markets. Accordingly, the present study aims to identify the asymmetric effect of investor sentiment on trading value and stock returns in the Tehran Stock Exchange.
Financial Research Journal, 2025
In addition to its impact on public health, the COVID-19 pandemic posed significant
challenges t... more In addition to its impact on public health, the COVID-19 pandemic posed significant
challenges to global economies, particularly stock markets. Consequently, the pandemic's effects on stock markets opened diverse avenues for research. Scholars worldwide have sought to explore this topic from various perspectives. This article aims to conduct a bibliometric analysis of studies on COVID-19 and the stock market in Iran by mapping and analyzing scientific research trends in this domain.
Financial Research Journal, 2025
This study aims to develop threshold asset pricing models to enhance the performance of common mu... more This study aims to develop threshold asset pricing models to enhance the performance of common multi-factor models. Over the past thirty years, asset pricing models have evolved by incorporating pricing anomalies as new factors that previous models could not explain, leading to the introduction of hundreds of such factors. This proliferation underscores the importance of the “parsimony” principle, which advocates for models with minimal factors and maximal explanatory power. Given the abundance of potential variables influencing asset returns, it is essential to seek models that balance simplicity and effectiveness. In line with this principle, this study proposes threshold asset pricing models where the proposed factors are applied selectively to certain companies rather than universally. Through cross-
sectional tests and threshold cross-sectional regression analyses, the research examines the threshold effect of variables such as credit risk on expected returns, using the debt ratio as a threshold variable. It is anticipated that the impact of credit risk or financial distress on expected returns will differ across various levels of indebtedness. If the threshold effect of the debt ratio proves significant, credit risk factors can be applied selectively to specific groups of assets with particular characteristics in time-series tests. The ultimate goal is to develop a model that, instead of incorporating factors in a binary manner, considers their presence for certain assets based on threshold conditions. This approach aims to maximize explanatory power while adhering to the parsimony principle, ultimately improving the effectiveness of asset pricing models by using factors only where they are most relevant.
Financial Research Journal, 2025
Financial literacy is widely recognized as a crucial life skill, with individuals in developed co... more Financial literacy is widely recognized as a crucial life skill, with individuals in developed countries expected to attain a desirable level of financial competence. This significance is reflected in the fact that more than 60 countries have developed national policies and strategies to promote financial literacy, incorporating specific programs into their agendas. Iran is no exception. Enhancing financial literacy is particularly important given the country's distinct economic, social, political, and cultural conditions. Improving individuals' financial awareness, knowledge, and skills reduces financial errors, strengthens sound financial decision-making, boosts confidence, and aids in achieving financial security and well-being. Furthermore, it can contribute to macroeconomic and social improvements, ensure economic stability, and foster greater public alignment with financial and economic policies. Therefore, it is essential to integrate this issue into the agendas of higher level policymaking institutions and develop policies to promote financial literacy that are tailored to Iran's unique Islamic-Iranian culture
Financial Research Journal, 2025
Predicting the future trends in financial markets stands as a critical task for both investors an... more Predicting the future trends in financial markets stands as a critical task for both investors and researchers, given its pivotal role in enabling well-informed decision-making processes and effective risk management strategies. Nevertheless, the realm of stock market dynamics is fraught with inherent complexities and uncertainties, posing a formidable challenge when it comes to achieving accurate predictions. A wide array of predictive modeling techniques have been meticulously investigated, spanning from conventional statistical methodologies to more sophisticated machine learning algorithms. The primary focus of this research endeavor revolves around the predictive analysis of the Tehran Stock Exchange (TSE) Composite Index, wherein a novel hybrid neural network framework is employed. This approach seamlessly integrates multiscale temporal features, with the ultimate objective of bolstering prediction precision and offering profound insights into prevailing market trends and dynamics.
Financial Research Journal, 2025
The aim of predicting profit changes is to create awareness for investors, financial
analysts, m... more The aim of predicting profit changes is to create awareness for investors, financial
analysts, managers, stock market officials, creditors, and other users to judge the business unit, make decisions about buying or selling stocks, or granting or denying loans and credits. The goal of this research is to evaluate the performance and compare the accuracy of machine learning models and statistical models in predicting the direction of changes in three profit components including net profit (loss), gross profit (loss), and operating profit (loss).
Financial Research Journal, 2024
This study aims to present a novel model for predicting the future commitments of insurance compa... more This study aims to present a novel model for predicting the future commitments of insurance companies that can adequately address the potential challenges of traditional methods. Traditionally, insurance companies use the Chain Ladder approach as a statistical tool to forecast the trend of claims development. This statistical method is favored by regulatory authorities in various countries due to its simplicity in assumptions and clear interpretation.
However, certain assumptions, such as the stability of data development and linear
relationships between variables, can affect the efficiency of this model when faced with internal policies or external factors like the COVID-19 pandemic. Forecasting future commitments close to reality is closely related to the financial stability of insurance companies. The amount that insurance companies allocate to meet their future obligations is identified as reserves. Calculating reserves that are less than the required amounts can pose challenges for insurance companies in fulfilling their commitments while calculating more than necessary amounts can negatively impact the financial statements of insurance companies.
Financial Research Journal, 2024
The impact of financial and economic shocks and uncertainty is not always limited to the target m... more The impact of financial and economic shocks and uncertainty is not always limited to the target market and may spread to other markets as well. Empirical research results, such as those by Jurado et al. (2015) and Gabor and Gabota (2020), indicate that the contagion of cross-sectoral uncertainty and the significance of these uncertainties are not constant over time and may change. Traditional time series regression models assume that a relationship with fixed coefficients can be applied across different time periods. The misleading results of this unrealistic assumption have led to the development of dynamic models that better reflect the realities of the external world. The state-space approach is a modeling method for dynamic systems that predicts and analyzes system behavior under these modeling conditions. One of the applications of this approach is to account for structural instability in parameters and to allow coefficients to vary over time. Models of this type are known as
time-varying parameter (TVP) models. This research aims to study the reaction of the
financial, housing, and macroeconomic sectors in Iran to each other's shocks, with a focus on the effects of uncertainty contagion.
Financial Research Journal, 2024
Using cryptocurrencies to hedge against the risk of various types of assets can be considered a u... more Using cryptocurrencies to hedge against the risk of various types of assets can be considered a useful feature in cryptocurrency investment. In recent years, investment in cryptocurrencies has become more common, and many people have allocated a portion of their portfolios to cryptocurrencies. Understanding the behavior and capabilities of cryptocurrencies can help investors better manage their investments. In this research, we have studied the capability of cryptocurrencies to hedge investment portfolios in Iran's economy. We wanted to determine whether cryptocurrencies can hedge investments in the stock market and gold coins. Accordingly, we have selected two popular cryptocurrencies, namely Bitcoin and Ethereum, to investigate their capability to hedge investments in the stock and gold markets in Iran.
Financial Research Journal, 2024
This study investigated the role of commodities as independent investment tools, determined their... more This study investigated the role of commodities as independent investment tools, determined their interrelationships, explored their behavior within hybrid portfolios, and sought to identify suitable relationships for portfolio selection decisions between commodities and the stock index. The primary goal was to examine the diversification and hedging (safe haven) properties of assets and future commodities in Iran's exchange market compared to stocks during "bull and bear periods of the stock market" and to determine the minimum variance portfolio.
Financial Research Journal, 2024
Objective
This study aims to evaluate the drivers of startup financing in capital market firms t... more Objective
This study aims to evaluate the drivers of startup financing in capital market firms through the lens of libertarian or metaphysical strategies. The goal is to develop insights that enhance the appeal of investment in startups, ultimately fostering a more attractive environment for investors interested in this sector.
Methods
This study is exploratory, with practical applications based on the analysis and data collection methods. It employs a mixed-method approach to integrate various data for comprehensive insights. In the qualitative phase, thematic analysis and link matrix analysis were conducted, involving 14 university experts in financial management. For the quantitative phase, 50 managers from capital market firms participated through reciprocal matrices and assessments to determine the data scenarios. In this step, pairwise comparison matrices were created in the form of row "𝑖" and column "𝑗" to determine the most important drivers of financing startups at the level of capital market firms. Drawing the results of the matrix in the form of a MICMAC diagram the two basic axes for scenario planning were determined.
Financial Research Journal, 2024
There are two distinct perspectives regarding the impact of real earnings smoothing on labor inve... more There are two distinct perspectives regarding the impact of real earnings smoothing on labor investment efficiency through its effect on information asymmetry. On one hand, based on signaling theory, real earnings smoothing can reduce information asymmetry and enhance labor investment efficiency. On the other hand, the opportunistic managerial view highlights the opposite effect. Given this context, the present study aims to investigate the impact of real earnings smoothing on labor investment efficiency, with information asymmetry acting as a mediating variable.
Financial Research Journal, 2024
Allocating funds to various economic sectors and extending credit are among the key
activities o... more Allocating funds to various economic sectors and extending credit are among the key
activities of banks. While following monetary and fiscal policies set by governments and
central banks, banks strive to allocate these resources to profitable and suitable sectors.
Credit risk reduction and control play a vital role in enhancing the lending process and, in
turn, bank performance. Banks consistently pursue the dual objectives of minimizing risk
and maximizing profit. Insufficient attention to credit yield and risk has led to the
concentration of loans in specific economic sectors, creating significant challenges for banks. Considering the need to establish an optimal credit allocation and adopt effective policies, this study aims to develop an optimal model for credit allocation across economic sectors. By integrating actuarial methods and artificial neural networks (ANN) and considering banking policy constraints, the study seeks to design a credit portfolio that minimizes credit risk
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Papers by Financial Research Journal
With the rapid growth of the economy and the expanding role of the private sector, financial markets have gained increased importance. Among the factors influencing the efficiency of financial markets, how information is disseminated to various stakeholders plays a crucial role. The method of information transfer stands as a key component in shaping the efficiency of capital markets. Management Commentary (MC), serving as a supplementary report to companies' financial statements, holds a pivotal role in enhancing capital market transparency through the disclosure of both financial and non-financial information. The objective of this research is to formulate an MC framework and subject it to experimental testing utilizing quantitative data. It is to introduce, for the first time, an MC framework specifically tailored to the context of Iran.
Methods
This study adopts a mixed research methodology. Initially, qualitative content analysis was utilized, involving the comprehensive review of documents and studies pertaining to the IFRS Foundation in the domain of Management Commentary (MC), along with other relevant guidelines and reporting frameworks. This systematic examination facilitated the construction of the initial MC reporting framework and the formulation of pertinent hypotheses. Subsequently, to adapt and present the MC reporting framework in the Iranian context, survey data, obtained through a researcher-designed questionnaire, was collected. Each sub-category of the reporting framework was assessed and ranked using the one-sample Wilcoxon signed-rank test, with the final ranking determined based on Friedman's test
A review of Iran’s economic conditions, particularly the financial system in recent decades, reveals its limited participation in international banking. The lack of access to financial markets for investment and trade, limited services offered by domestic banks, their inability to compete in global financial markets, and economic sanctions have created significant challenges in engaging with the international economy. The establishment of offshore banks in Iran’s free trade-industrial zones could serve as an initial step and a connecting link to align with the global economy and enter international financial markets effectively. These banks, by offering a wider range of services, could facilitate capital flow, encourage foreign investment, and enhance the competitiveness of Iranian financial institutions significantly. In addition, such banks could contribute to the development of international trade and help alleviate the existing economic pressures faced by local businesses and individuals. Designing and creating an operational model for utilizing any tool in the field of economics and management is essential for achieving sustainable growth. This study aims to provide an analytical and explanatory framework for establishing such a bank in these free zones
Sustainability has gained significant attention across various domains in recent decades, including the media, institutions, and national and international policymaking organizations. Concurrently, corporate social responsibility (CSR) literature has experienced rapid expansion, particularly about family businesses—entities distinguished by unique characteristics that differentiate them from other private organizations. This growth has created diverse and compelling research avenues at the intersection of sustainability and CSR. This study employs a bibliometric analysis to examine previous research on CSR in family businesses and its integration with sustainability, aiming to consolidate fragmented studies across industries while addressing gaps in the implementation of dispersed CSR practices among family enterprises.
Methods
The research adopts a mixed-methods approach, combining quantitative and qualitative techniques through Bibliometric analysis, utilizing the ADO-TCM framework (Antecedents, Decisions, Outcomes – Theory, Context, Methods). For the scientometric analysis, we extracted data from Scopus (1990–2023), the most comprehensive and reliable database for scientometric research. From an initial pool of 592 identified articles, 120 were selected for preliminary analysis using VOSviewer software. Following Aiden et al.’s (2017) model, we implemented a four-stage screening process: (a) identification and extraction of relevant articles, (b) title and abstract screening, (c) full-text review of introductions and results, and (d) final evaluation based on research objectives, yielding 36 core articles
The purpose of this research is to design a comprehensive and holistic model in the field of factors affecting the improvement of the quality of financial reporting and internal control in companies listed on the Tehran Stock Exchange The absence of a comprehensive model that encompasses the factors affecting financial reporting quality, with clear classification and specific indicators, has motivated this research. By considering integrated reporting and internal controls, along with the dimensions identified in previous studies, this research aims to assist managers and experts in adopting a more holistic view of financial reporting and integrated control. This approach seeks to safeguard stakeholder interests by summarizing, combining, and classifying relevant categories and concepts.
Methods
This research is quantitative in nature, with an applied purpose. It is also a survey in terms of data collection methodology. The statistical population of the study included faculty members and professors of financial management and accounting at Tehran universities, experts from the Stock Exchange and financial and auditing institutions located in Tehran province, and financial and accounting managers of companies listed on the Tehran Stock Exchange. Since the most basic application of factor analysis is to reduce the number of variables to a limited number of factors that usually indirectly affect the main variable, this method was used in this study to analyze the data and reduce the number of variables
Empirical evidence on the impact of information asymmetry on the cost of equity capital reveals ongoing inconsistencies in the literature. While some studies report a positive relationship, others find it to be negative or statistically insignificant. A significant factor contributing to this divergence is the role of control variables. Although there exists a wide range of potential control variables, the inclusion of certain variables may distort the results, whereas others can enhance the accuracy of the research findings. This meta-analysis aims to investigate which control variables, based on those repeatedly employed in prior studies, significantly influence the regression coefficient in comparison to their exclusion.
Methods
The empirical examination of the relationship between information asymmetry and the cost of equity capital revealed notable divergences. To investigate this issue, a meta-analysis approach was employed, highlighting the varying effects of control variables on this relationship. This meta-analysis synthesizes the findings from 35 studies published between 1986 and 2022, encompassing a total of 198 tests, to illuminate the intricate relationship between information asymmetry and the cost of equity capital. The analysis was carried out in multiple stages: information asymmetry was designated as the independent variable, and the cost of equity capital was identified as the dependent variable. Control variables included the book-to-market ratio, market beta, company size, type of ownership, yield fluctuations, equity, leverage, and growth. Comprehensive searches were conducted in prominent databases such as Science Direct, Emerald, Google Scholar, SSRN, and ResearchGate, resulting in the extraction of 188 articles based on pertinent keywords. The articles were screened for alignment with the research hypotheses, focusing on studies that provided effect size information and employed correlation methods. Consequently, 35 studies published between 1986 and 2022, incorporating 198 effect sizes, were selected for meta-analysis. Relevant general information and details about effect sizes were meticulously extracted from the selected articles. For each sample, the effect size, denoted as r, was calculated. Effect sizes were aggregated using weighted means, accounting for sampling error. Finally, the homogeneity of effect sizes was assessed
Financial inclusion is a key driver of economic growth. This article examines the impact of financial inclusion on economic growth in middle-income countries. The study measures financial inclusion based on three dimensions: banking penetration, availability of banking services, and usage. Individuals' access to financial instruments seems necessary for financial institutions to expand their market share. However, beyond institutional interests, financial inclusion and universal access to financial markets hold significant importance for policymakers in terms of promoting economic development. Therefore, the purpose of this article is to first design a comprehensive index of financial inclusion and then evaluate its effects on economic growth in developing countries.
Methods
The research employs a quantitative approach and designs a comprehensive financial inclusion index using a generalized method of moments (GMM) and panel data covering the period from 2002 to 2022 across 49 developed countries
In late 2019, the world faced a profound challenge with the emergence of the COVID-19 crisis, which had a lasting impact on economies across both developed and developing nations. The consequential impact reverberated through international financial markets, forcing their constriction and eventual closure as nations enforced sweeping nationwide quarantines. Simultaneously, healthcare expenditure soared, juxtaposed against a downturn in economic growth. Amid this upheaval, the domain of digital currencies, notably Bitcoin, experienced reverberations from the COVID-19 outbreak. Bitcoin's introduction signaled a new era of direct electronic payments and streamlined cross-border wealth transference, pivotal components underpinning the scaffolding of global trade. While COVID-19 doesn't solely account for the surge in Bitcoin prices, its presence likely played a substantial role, exacerbated by escalated uncertainties and risks amidst the global pandemic. The focal point of this study lies in examining the interplay between COVID-19 dynamics and the US dollar index on Bitcoin prices, utilizing Continuous Wavelet Transform (CWT) data spanning from April 8, 2020, to April 8, 2023. This study's novelty lies in its utilization of the Continuous Wavelet Transform, offering a distinctive edge within the realm of research on this subject.
challenges to global economies, particularly stock markets. Consequently, the pandemic's effects on stock markets opened diverse avenues for research. Scholars worldwide have sought to explore this topic from various perspectives. This article aims to conduct a bibliometric analysis of studies on COVID-19 and the stock market in Iran by mapping and analyzing scientific research trends in this domain.
sectional tests and threshold cross-sectional regression analyses, the research examines the threshold effect of variables such as credit risk on expected returns, using the debt ratio as a threshold variable. It is anticipated that the impact of credit risk or financial distress on expected returns will differ across various levels of indebtedness. If the threshold effect of the debt ratio proves significant, credit risk factors can be applied selectively to specific groups of assets with particular characteristics in time-series tests. The ultimate goal is to develop a model that, instead of incorporating factors in a binary manner, considers their presence for certain assets based on threshold conditions. This approach aims to maximize explanatory power while adhering to the parsimony principle, ultimately improving the effectiveness of asset pricing models by using factors only where they are most relevant.
analysts, managers, stock market officials, creditors, and other users to judge the business unit, make decisions about buying or selling stocks, or granting or denying loans and credits. The goal of this research is to evaluate the performance and compare the accuracy of machine learning models and statistical models in predicting the direction of changes in three profit components including net profit (loss), gross profit (loss), and operating profit (loss).
However, certain assumptions, such as the stability of data development and linear
relationships between variables, can affect the efficiency of this model when faced with internal policies or external factors like the COVID-19 pandemic. Forecasting future commitments close to reality is closely related to the financial stability of insurance companies. The amount that insurance companies allocate to meet their future obligations is identified as reserves. Calculating reserves that are less than the required amounts can pose challenges for insurance companies in fulfilling their commitments while calculating more than necessary amounts can negatively impact the financial statements of insurance companies.
time-varying parameter (TVP) models. This research aims to study the reaction of the
financial, housing, and macroeconomic sectors in Iran to each other's shocks, with a focus on the effects of uncertainty contagion.
This study aims to evaluate the drivers of startup financing in capital market firms through the lens of libertarian or metaphysical strategies. The goal is to develop insights that enhance the appeal of investment in startups, ultimately fostering a more attractive environment for investors interested in this sector.
Methods
This study is exploratory, with practical applications based on the analysis and data collection methods. It employs a mixed-method approach to integrate various data for comprehensive insights. In the qualitative phase, thematic analysis and link matrix analysis were conducted, involving 14 university experts in financial management. For the quantitative phase, 50 managers from capital market firms participated through reciprocal matrices and assessments to determine the data scenarios. In this step, pairwise comparison matrices were created in the form of row "𝑖" and column "𝑗" to determine the most important drivers of financing startups at the level of capital market firms. Drawing the results of the matrix in the form of a MICMAC diagram the two basic axes for scenario planning were determined.
activities of banks. While following monetary and fiscal policies set by governments and
central banks, banks strive to allocate these resources to profitable and suitable sectors.
Credit risk reduction and control play a vital role in enhancing the lending process and, in
turn, bank performance. Banks consistently pursue the dual objectives of minimizing risk
and maximizing profit. Insufficient attention to credit yield and risk has led to the
concentration of loans in specific economic sectors, creating significant challenges for banks. Considering the need to establish an optimal credit allocation and adopt effective policies, this study aims to develop an optimal model for credit allocation across economic sectors. By integrating actuarial methods and artificial neural networks (ANN) and considering banking policy constraints, the study seeks to design a credit portfolio that minimizes credit risk