https://fbarj.ihu.ac.ir/ Budget and Finance Strategic Research en daily 1 Fri, 22 May 2026 00:00:00 +0330 Fri, 22 May 2026 00:00:00 +0330 https://fbarj.ihu.ac.ir/article_210795.html Financial Financial stability refers to a condition in which the financial system avoids crises and maintains its ability to perform its core functions. Today, economists agree that a stable financial system is a prerequisite for sustainable economic growth. Furthermore, ensuring the stability of the banking system—through regulatory and supervisory adjustments to reduce the likelihood of bank failures—is a fundamental requirement for financial stability.The purpose of this study is to identify and prioritize the factors influencing financial stability at the bank level. This is an applied research in terms of objective, and it employs a descriptive method using a questionnaire as the primary data collection tool. The statistical sample consists of 15 experts familiar with the relevant criteria and the subject of the study in the banking sector, selected through a purposive-judgmental sampling method.First, a conceptual model was developed based on a review of the literature. Then, the model was enriched using expert opinions through the Delphi technique. Finally The DEMATEL method was applied to validate the model, rank the factors, and extract the relational pattern. The results indicate that management quality and asset quality have the greatest impact on the financial stability of banks. https://fbarj.ihu.ac.ir/article_210796.html In recent years, the expansion of entrepreneurship activities by banks has become one of the major challenges of the Iranian banking system. This study was conducted with the aim of examining the impact of entrepreneurship by banks on the inflation rate in the country. The main research question is whether and how do non-financial activities of banks affect the increase in the general level of prices? The present study is of an applied type and was conducted with a quantitative method and used panel data. The statistical population of the study included private banks active in the field of entrepreneurship, and four banks, Mellat, Saman, Pasargad, and Parsian, were purposefully selected as samples. The required data were collected from official sources such as the Central Bank and analyzed using EViews software. The findings show that entrepreneurship by banks has a positive and significant effect on the inflation rate; Thus, the entry of banks into unproductive investments has increased liquidity, reduced the allocation of resources to productive activities, and ultimately intensified inflationary pressures. Accordingly, it is suggested that inflation growth be prevented by amending banking laws, restricting banks' non-financial activities, and strengthening liquidity management tools. https://fbarj.ihu.ac.ir/article_210797.html Paying taxes reduces the profits and cash left over for other stakeholders, including shareholders. It is therefore natural for companies and their shareholders to take steps to avoid paying taxes. Also, when companies are in financial distress, the benefits of tax avoidance outweigh the costs. The present study analyzed the relationship between financial leverage and ownership structure in financially distressed companies; with respect to the cash and accrual tax avoidance approach. For this purpose; information on 64 companies listed on the Tehran Stock Exchange for a ten-year period (from the beginning of 2015 to the end of 2024) , extraction, calculation of research variables, and necessary statistical tests were performed. The present research method is descriptive-correlational and its design is experimental and uses a ex-post facto approac h. In order to test the research hypotheses, multivariate linear regression was used. The research findings indicated that in financially distressed companies; there is a negative and significant relationship between ownership structure and financial leverage, cash tax avoidance has no effect on the relationship between ownership structure and financial leverage, and accrual tax avoidance has an effect on the relationship between ownership structure and financial leverage. https://fbarj.ihu.ac.ir/article_210469.html This study introduces a two-stage non-parametric framework for portfolio optimization in the Iranian capital market. In the first stage, efficient assets are identified using the Slacks-Based Measure Data Envelopment Analysis (SBM-DEA) model. In the second stage, the constructed portfolios are evaluated through the Segmented DEA model, which assesses their efficiency relative to a piecewise efficient frontier under cardinality constraints. Based on data from 126 publicly traded companies between 2019 and 2023, the proposed hybrid model demonstrates superior performance in terms of Sharpe ratio, standard deviation, and proximity to the efficient frontier compared to benchmark approaches such as the Markowitz model, equal weighting, and PCA-based methods. Sensitivity analysis across different weighting schemes, asset counts, and market periods further confirms the robustness of the model. The findings support the practical applicability of the DEA–Segmented DEA framework in emerging markets and underscore its potential utility for portfolio managers and financial institutions.The findings support the practical applicability of the DEA–Segmented DEA framework in emerging markets and underscore its potential utility for portfolio managers and financial institutions. https://fbarj.ihu.ac.ir/article_210798.html Objective: Economic capital serves as a crucial tool for risk management and covering unexpected losses. The level of banking capital represents a balance between profitability and risk coverage capacity. The objective of this research is to determine banking economic capital (buffer surplus over Basel regulations) using the DSGE model and examine the impact of economic shocks on this capital.Method: This research was conducted using a quantitative approach and DSGE modeling. The model includes five sectors (banks, households, firms, capital market, and central bank) and incorporates liquidity, productivity, and monetary policy shocks. The central bank follows a Taylor rule augmented with a financial stability objective (macroprudential policy). Economic welfare criteria were used to evaluate the optimal balance between profitability and financial stability. The model accounts for the specific characteristics of Iran's banking system, including limited bank exit mechanisms and central bank support for distressed banks. Findings The results showed that the optimal capital level for banks was estimated at 12.9 percent in steady state, indicating the necessity of a buffer surplus over Basel III requirements. The model demonstrates that in the absence of effective exit mechanisms and with continuous central bank support, maintaining suboptimal banks imposes significant welfare costs through increased liquidity injection and inflation (estimated at 4-6 percentage points annually). Liquidity shocks have substantial impact on the banking sector dynamics and required capital.Conclusion: Iranian banks need approximately 13 percent capital to maintain financial stability under current institutional arrangements, which is higher than Basel international standards. https://fbarj.ihu.ac.ir/article_210799.html One of the main issues in holding companies is the issue of optimizing the investment portfolio, and the success of these companies depends on making optimal decisions at three levels of industry, product, and company selection. The aim of this research is to present an industry selection model in the issue of selecting and optimizing the investment portfolio of holding companies. In this regard, first, by analyzing the content of upstream documents, studying the literature, and applying the Delphi technique, the indicators effective on industry selection are identified, and then using the DEMETEL technique, the internal relationships between these indicators are quantified, and finally, by applying the Analytic Network Process (ANP) method, the indicators effective on industry selection and target industries are prioritized. To achieve the optimal model, a set of indicators including exchange rate changes, rapid technological changes, the effects of government laws and regulations, market outlook in terms of growth and market size, the existence of required infrastructure, the intensity of competition in the industry, ease of access to raw materials, ease of selling products, export orientation of the industry, pricing in the industry, strategic importance of the industry, knowledge-based nature of the industry, resilience against sanctions, and ease of entry into the industry were considered. The results of the study indicate that among the target industries, the oil, gas, and petrochemical, mining, and minerals, and pharmaceutical industries have the highest weight in the portfolio. https://fbarj.ihu.ac.ir/article_210800.html This study was designed and implemented to investigate the impact of government spending on the budget gap in Iran and to explore the nonlinear and dynamic relationships between these two variables. For this purpose, quantile regression based on wavelet transform was used, using Haar and Dabchez wavelets. The findings of the study indicate that the impact of government spending on the budget deficit is positive and significant in all time horizons and quantiles, but the intensity of this impact depends on the time horizon and quantile under study. In addition, the aforementioned models performed better in the short-term time horizons (D1 and D2) than in the long-term time horizon (D3). Analysis of the results showed that in the short-term, government spending has a greater impact on the middle deciles of the income distribution, while in the medium and long term, these effects also extend to the middle and upper deciles of the income distribution. Tests of slope equality and quantile symmetry also confirmed the accuracy and precision of the models used. According to the results, it is suggested that short-term and long-term fiscal policies be formulated and implemented taking into account the different needs of income deciles.