Imam Hossein UniversityBudget and Finance Strategic Research2717-18094420231122Cash flow volatility and labor investment efficiency in TSECash flow volatility and labor investment efficiency in TSE1134208627FAYasin FattahiPh.D. student in accounting, Imam Khomeini International University Qazvin Iran0000-0002-9231-452XAbbas Ali DaryaeiAssociate Professor of Accounting, Imam Khomeini International University, Qazvin Iran0000-0002-7290-5701Farzad MoradiMA in Accounting, Islamic Azad University, Qazvin IranJournal Article20231006The importance of labor as a vital factor of production in the profit function of a company is undeniable. From an economic point of view, investing in labor force is significant for advanced companies that often have high human capital. Because, they believe that optimal and efficient investment in the labor force can reduce the risks caused by uncertainty and volatility as much as possible. Therefore, the current research examines the effect of the cash flow volatility on labor investment efficiency. To achieve the purpose of the research, the financial information of 161 companies admitted to the Tehran Stock Exchange in the period from the beginning of 2011 to the beginning of 2022, and to test the hypothesis of the research, the multivariable regression method and combined data were used. The findings show that there is a positive and significant relationship between the fluctuation of cash flows and the efficiency of labor investment. Also, the findings in the robustness section of the results showed that this relationship is different in companies with lower financial constraints compared to companies with higher financial constraints. Therefore, it can be said that the existence of fluctuations in cash flows leads to an increase in the efficiency of labor investment.The importance of labor as a vital factor of production in the profit function of a company is undeniable. From an economic point of view, investing in labor force is significant for advanced companies that often have high human capital. Because, they believe that optimal and efficient investment in the labor force can reduce the risks caused by uncertainty and volatility as much as possible. Therefore, the current research examines the effect of the cash flow volatility on labor investment efficiency. To achieve the purpose of the research, the financial information of 161 companies admitted to the Tehran Stock Exchange in the period from the beginning of 2011 to the beginning of 2022, and to test the hypothesis of the research, the multivariable regression method and combined data were used. The findings show that there is a positive and significant relationship between the fluctuation of cash flows and the efficiency of labor investment. Also, the findings in the robustness section of the results showed that this relationship is different in companies with lower financial constraints compared to companies with higher financial constraints. Therefore, it can be said that the existence of fluctuations in cash flows leads to an increase in the efficiency of labor investment.https://fbarj.ihu.ac.ir/article_208627_cdbc2e9c6055a395fb097dad4d4a19f5.pdfImam Hossein UniversityBudget and Finance Strategic Research2717-18094420231122The Art of Investment Portfolio Curation through Centrality Metrics (An Enchanting Network Analysis of Tehran Stock Exchange's Top 50 Companies)The Art of Investment Portfolio Curation through Centrality Metrics (An Enchanting Network Analysis of Tehran Stock Exchange's Top 50 Companies)3561208657FAMarziyeh NourahmadiPh.D. in Financial Engineering, Faculty of Economic, Management , and Accounting, Yazd University, Yazd, Iran.0000-0002-3766-5589Fatemeh RastiPh D Candidate. Department of Management, Faculty of Social and Economic Sciences, Al-Zahra University, Tehran, Iran0000-0001-9894-5755Hojjatollah SadeqiAssociate Professor .Department of Accounting and Finance, Faculty of Humanities and Social Sciences, Yazd University, Yazd, Iran0000-0001-5852-4198Journal Article20231209The stock market, as a prominent financial domain, presents a formidable challenge in comprehending and evaluating an extensive array of stocks employing centrality measurements to portray the key variables within a network, companies' stocks can be visualized and comprehended. The utilization of stock network analysis facilitates a comprehensive understanding of the entire network through diverse visualization techniques. This study delves into the data of the top 50 companies listed on the Tehran Securities Exchange during the period from January 1, 2019, to July 6, 2021. Employing unsupervised machine learning tools such as Community Detection algorithms and network analysis methods like Louvain and Girvan-Newman, we construct a stock network. Subsequently, we compute five Centrality Metrics, including Degree Centrality, Closeness Centrality, Eigen Centrality, Betweenness Centrality, and PageRank, for these companies. By formulating a similarity matrix based on these criteria for the remaining stocks in the network, we determine a portfolio of 25 stocks suitable for investment, derived from the ranking of stocks according to the Centrality MetricsThe stock market, as a prominent financial domain, presents a formidable challenge in comprehending and evaluating an extensive array of stocks employing centrality measurements to portray the key variables within a network, companies' stocks can be visualized and comprehended. The utilization of stock network analysis facilitates a comprehensive understanding of the entire network through diverse visualization techniques. This study delves into the data of the top 50 companies listed on the Tehran Securities Exchange during the period from January 1, 2019, to July 6, 2021. Employing unsupervised machine learning tools such as Community Detection algorithms and network analysis methods like Louvain and Girvan-Newman, we construct a stock network. Subsequently, we compute five Centrality Metrics, including Degree Centrality, Closeness Centrality, Eigen Centrality, Betweenness Centrality, and PageRank, for these companies. By formulating a similarity matrix based on these criteria for the remaining stocks in the network, we determine a portfolio of 25 stocks suitable for investment, derived from the ranking of stocks according to the Centrality Metricshttps://fbarj.ihu.ac.ir/article_208657_60eaee925bfe6700242831164cd2851a.pdfImam Hossein UniversityBudget and Finance Strategic Research2717-18094420231122Reaction of Capital Markets on the Quality of Financial Information after Financial Statements Restatement in Companies Listed on Tehran Stock ExchangeReaction of Capital Markets on the Quality of Financial Information after Financial Statements Restatement in Companies Listed on Tehran Stock Exchange6391208644FAMohsen LotfiAssistant Prof, Faculty of Industrial Engineering and Management, Shahroud University of Technology, Shahroud, Iran0000-0003-3015-576XAfsaneh DelshadAssistant Professor of Financial Management, Department of Management, Economics and Accounting, Faculty of Humanities and Social Sciences, Golestan University, Gorgan, Iran.0009-0005-2168-1372Marzieh AsaadiAssistant Prof of Economics, Department of Management and Economics, Faculty of Humanities and Social Sciences, Golestan University, Gorgan, Iran.0000-0002-4452-7555Journal Article20231019In this research the status of the quality of financial information in the period after the financial statements restatement has been studied. Also, the reaction of the capital market to the restatement and the effect of this reaction on the quality of financial information after the financial statements restatement have been studied. In this regard, the information of 86 companies admitted to the Tehran Stock Exchange was extracted in the period of 2012 to 2022. The results of investigations using multivariate regression and combined data analysis method show that financial statements restatement has an effect on improving the quality of financial information. Other results show that the negative reaction of the capital market to the restatement, has not affected the relationship between the financial statements restatement and the quality of financial information. Therefore investors are advised to consider the occurrence of financial statements restatement as a sign of the quality of the company's financial information which has directly had significant effects on reducing the cost of capital and company risk and increasing the liquidity of shares and Avoid investing in companies with repeated financial statements restatement due to its negative consequences on the quality of their financial information.In this research the status of the quality of financial information in the period after the financial statements restatement has been studied. Also, the reaction of the capital market to the restatement and the effect of this reaction on the quality of financial information after the financial statements restatement have been studied. In this regard, the information of 86 companies admitted to the Tehran Stock Exchange was extracted in the period of 2012 to 2022. The results of investigations using multivariate regression and combined data analysis method show that financial statements restatement has an effect on improving the quality of financial information. Other results show that the negative reaction of the capital market to the restatement, has not affected the relationship between the financial statements restatement and the quality of financial information. Therefore investors are advised to consider the occurrence of financial statements restatement as a sign of the quality of the company's financial information which has directly had significant effects on reducing the cost of capital and company risk and increasing the liquidity of shares and Avoid investing in companies with repeated financial statements restatement due to its negative consequences on the quality of their financial information.https://fbarj.ihu.ac.ir/article_208644_04538405eb85a4d887177f91b07c3fa3.pdfImam Hossein UniversityBudget and Finance Strategic Research2717-18094420231122The Impact of Risk Tolerance, Capital Adequacy, Corporate Governance on the Performance of Tse's BanksThe Impact of Risk Tolerance, Capital Adequacy, Corporate Governance on the Performance of Tse's Banks93116208658FAعلیرضا هاشمیMaster's degree in Industrial Engineering, Financial Systems, Faculty of Industrial Engineering, Khatam University, Tehran, IranSeyyed Kazem ChavoshiAssistant Professor, Department of Banking, Insurance and Customs, Faculty of Management, Kharazmi University, Tehran, IranJournal Article20231127Although banks and financial institutions always face problems and challenges during their activities for various reasons, the main reasons for banking problems are the lack of standards, regulations and single requirements in the world banking industry, lack of attention to risk management and non-compliance with developments. It has been economic and environmental. Bank performance and risk control in banks is one of the most important issues in the banking sector. Considering the importance of bank performance and risk control and the necessity of its correctness, the present research examines the impact of risk tolerance as well as the effects of capital adequacy and corporate governance on Iranian banks. The results of this research, with a linear regression model It has been shown that credit, operational, liquidity and market risks have a significant impact on the bank's performance, and the higher the capital adequacy, the better the bank's performance, and in addition, Paying attention to corporate governance has a significant impact on the bank's performanceAlthough banks and financial institutions always face problems and challenges during their activities for various reasons, the main reasons for banking problems are the lack of standards, regulations and single requirements in the world banking industry, lack of attention to risk management and non-compliance with developments. It has been economic and environmental. Bank performance and risk control in banks is one of the most important issues in the banking sector. Considering the importance of bank performance and risk control and the necessity of its correctness, the present research examines the impact of risk tolerance as well as the effects of capital adequacy and corporate governance on Iranian banks. The results of this research, with a linear regression model It has been shown that credit, operational, liquidity and market risks have a significant impact on the bank's performance, and the higher the capital adequacy, the better the bank's performance, and in addition, Paying attention to corporate governance has a significant impact on the bank's performancehttps://fbarj.ihu.ac.ir/article_208658_b09b49ac3c1aebea6db2b154807d57df.pdfImam Hossein UniversityBudget and Finance Strategic Research2717-18094420231122Investigating the Effectiveness of Specialized Budget Supervision in the Control and Supervision System from the Viewpoint of Stakeholders(General Managers)Investigating the Effectiveness of Specialized Budget Supervision in the Control and Supervision System from the Viewpoint of Stakeholders(General Managers)117146208630FAHossien Abedini ChijanFaculty of Management and Economics, Imam Hossein Comprehensive University, Tehran, Iran0009-0004-8712-2664Mohammad SolgiFaculty of Management and Economics, Imam Hossein Comprehensive University, Tehran, Iran0000-0002-7652-6805Journal Article20231016Objective: Considering the development of specialized monitoring models, the effectiveness of these monitoring is a significant issue. Therefore, the present study seeks to investigate the effectiveness of specialized budget supervision from the perspective of managers (general managers).<br /><br /><br /><br />Method: This research is a mixed exploratory mixed method and an exploratory application in terms of purpose. In qualitative section, using deep interview technique and thematic analysis method, using purposeful sampling and theoretical sampling method. In the quantitative section, using collected data and a questionnaire and structural equation modeling (SEM) method has been fitted.<br /><br /><br /><br />Results:The final model of research in the society of general managers has 1 dimension, 4 components and 23 indicators. Based on the findings, the effectiveness of specialized supervision in dimensions and components and indicators is confirmed from the viewpoint of the community of the managers and the components of the research model has an effectiveness at the community level and has a positive and significant effect.<br /><br /><br /><br />Conclusion: In this way, components in the society of general managers including (evaluation and control, planning, motivation, corrective action) as well as indicators of the community of general managers (determining strengths and weaknesses of performance, improving managerial decisions) have the greatest impact on effectiveness. One of the prominent features of an efficient system of management controls is the ability to control the situation and the future. These capabilities reduce the likelihood of financial indiscipline by predicting and detecting in a timely manner. Establishing effective internal control system reduces the risk of financial.Objective: Considering the development of specialized monitoring models, the effectiveness of these monitoring is a significant issue. Therefore, the present study seeks to investigate the effectiveness of specialized budget supervision from the perspective of managers (general managers).<br /><br /><br /><br />Method: This research is a mixed exploratory mixed method and an exploratory application in terms of purpose. In qualitative section, using deep interview technique and thematic analysis method, using purposeful sampling and theoretical sampling method. In the quantitative section, using collected data and a questionnaire and structural equation modeling (SEM) method has been fitted.<br /><br /><br /><br />Results:The final model of research in the society of general managers has 1 dimension, 4 components and 23 indicators. Based on the findings, the effectiveness of specialized supervision in dimensions and components and indicators is confirmed from the viewpoint of the community of the managers and the components of the research model has an effectiveness at the community level and has a positive and significant effect.<br /><br /><br /><br />Conclusion: In this way, components in the society of general managers including (evaluation and control, planning, motivation, corrective action) as well as indicators of the community of general managers (determining strengths and weaknesses of performance, improving managerial decisions) have the greatest impact on effectiveness. One of the prominent features of an efficient system of management controls is the ability to control the situation and the future. These capabilities reduce the likelihood of financial indiscipline by predicting and detecting in a timely manner. Establishing effective internal control system reduces the risk of financial.https://fbarj.ihu.ac.ir/article_208630_c1718c63226b33da59d7d2d2e5345674.pdfImam Hossein UniversityBudget and Finance Strategic Research2717-18094420231122Firm-Specific Uncertainty and R&D Investment under Competition: Two-Step System Generalized Method of MomentsFirm-Specific Uncertainty and R&D Investment under Competition: Two-Step System Generalized Method of Moments147177208629FAMohammad HassaniAssistant Professor in Accounting, Department of Accounting & Auditing, Faculty of Management, North Tehran Branch, Islamic Azad University, Tehran, Iran0000-0002-0723-6222Rebwar Hussein SalihMaster in Accounting, Department of Accounting, Faculty of Management & Economics, Science & Research Branch, Islamic Azad University, Tehran, Iran.Journal Article20231014This study investigated the effect of firm-specific uncertainty on research & development investment; and the role of product market competition in this regard. The statistical research population includes 156 firms listed in Tehran Securities and Exchange from March 2015 to March 2022. It is used the multivariate regression models applying the dynamic panel data technique to test the hypotheses. Controlling for the endogeneity problem, it use the two-step system Generalized Method of Moments estimator to estimate the models. The findings showed that firm-specific uncertainty has a negative and significant effect on research & development investment; so, firms reduce research & development investment when firm-specific uncertainty increases, which is consistent with the real option theory. Therefore, considering the irreversible nature of R&D investment, firms reduce research & development investment under high uncertainty. On the other hand, product market competition has a positive and significant effect on research & development investment. In addition, product market competition significantly modulates the negative impact of firm-specific uncertainty on research & development investment, so leads to weakening the intensity of negative relationship between research & development investment and firm-specific uncertainty. These results are consistent with the theory of strategic growth options. According to this view, in a competitive environment under high uncertainty, firms face more pressure to survive in the market and invest heavily in research and development projects in order to gain a competitive advantage over competing firms; so, competition reduces the effect of uncertainty on research and development investment.This study investigated the effect of firm-specific uncertainty on research & development investment; and the role of product market competition in this regard. The statistical research population includes 156 firms listed in Tehran Securities and Exchange from March 2015 to March 2022. It is used the multivariate regression models applying the dynamic panel data technique to test the hypotheses. Controlling for the endogeneity problem, it use the two-step system Generalized Method of Moments estimator to estimate the models. The findings showed that firm-specific uncertainty has a negative and significant effect on research & development investment; so, firms reduce research & development investment when firm-specific uncertainty increases, which is consistent with the real option theory. Therefore, considering the irreversible nature of R&D investment, firms reduce research & development investment under high uncertainty. On the other hand, product market competition has a positive and significant effect on research & development investment. In addition, product market competition significantly modulates the negative impact of firm-specific uncertainty on research & development investment, so leads to weakening the intensity of negative relationship between research & development investment and firm-specific uncertainty. These results are consistent with the theory of strategic growth options. According to this view, in a competitive environment under high uncertainty, firms face more pressure to survive in the market and invest heavily in research and development projects in order to gain a competitive advantage over competing firms; so, competition reduces the effect of uncertainty on research and development investment.https://fbarj.ihu.ac.ir/article_208629_740807ba8408cdb565520f877970fae5.pdf