Iranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-4379103820250601Common Stocks as a Hedge Against Inflation through the Shares of Tehran Stock Exchange Member Companies1112355010.30495/ijfma.2023.68856.1892ENYazdanGudarzi FarahaniAssistant Professor Department of Islamic Economics, Faculty of Economics and Management, University of Qom, Qom, Iran.0000-0002-6551-776XOmidaliAdeliAssociate Professor Department of Islamic Economics, Faculty of Economics and Management, University of Qom, Qom, Iran.LeilaBaratiPhD in finance management in Islamic Azad UniversityJournal Article20220804According to The Fisher (1930) hypothesis implies that broadly selected common stocks should be a hedge against inflation in the long run, in the sense that a change of expected inflation leads to a proportional change in nominal stock return. The goal of this paper was to study hedging against inflation using the shares of member companies of Tehran Stock Exchange. The statistical population includes companies listed on Tehran Stock Exchange. As a statistical sample, 18 companies were selected whose market value at the beginning of 2021 was at least 50% of the total stock market value. The research method is causal and the method of data collection in the field of theoretical literature is based on library studies and in the field of testing the research hypotheses is documentary. The empirical method used is the mixed data sampling (MIDAS) regression model. The results show that the stock prices of companies react differently to the inflation, and therefore it is possible to hedge against inflation by investing in these companies. Also the econometrics model reporting significant relation between nominal stock return and inflation. Moreover, the results show that the ability of companies to hedge against inflation is different, and the stock price changes for portfolios of companies differ in their degree of being explained with respect to inflation beta quantiles.http://www.ijfma.ir/article_23550_a40dd893c0c55a729d56d7b96c2d1963.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-4379103820250601Identification and Modeling of Crowdfunding Risk Indicators in FinTech-Based Businesses Based on the Combined Approach of Thematic Analysis and Partial Least Squares in SEM13242355110.30495/ijfma.2023.71837.1980ENAliMohammadiPhD student of Financial Engineering, Department of Accounting and Management, Roudehen Branch, Islamic Azad University, Roudehen, Iran.FraydoonRahnamay RoodposhtiProfessor, Department of Accounting and Finance, Islamic Azad University, Faculty of Science and Research, Iran.
founder and head of the Bazarsaz Financial Engineering and Investment Research Center.(HodaHemmatiAssistant Professor, Department of Accounting and Management, Roudehen Branch, Islamic Azad University, Roudehen, Iran.NargesYazdanianAssistant Professor, Department of Accounting and Management, Roudehen Branch, Islamic Azad University, Roudehen, Iran.Journal Article20230206The purpose of this research is to identify and model crowdfunding risk indicators in FinTech-based businesses based on the combined approach of thematic analysis and partial least squares in SEM. The research population consists of the professors and experts of the certified crowdfunding platforms of Iran, including Pars Funding, Karnekrad, Dungi, Hamafarin, Phoenix, and IBkrad. In the qualitative part, the opinions of 12 experts were used using the purposive judgment method. In the statistical part and based on the power analysis method, the opinions of 290 experts related to the research topic were used in the mentioned platforms. The process of data analysis was carried out in two stages, which includes identifying the risk of crowdfunding in FinTech-based businesses through interviews and using theme analysis method and relations evaluation, fitting, testing the research model, and achieving the final model through questionnaire and modeling tools of structural equations. The research results showed that the risk of crowdfunding in FinTech-based businesses is divided into two main parts. The risk of internal factors, including lack of quick liquidity, conflict of interests between entrepreneurs and investors, high failure rate, equity dilution, lack of control over all aspects of investment, lack of transparency, limited information, possibility of fraud and corruption, risk of contracts and transactions, improper valuation, operational risk, and the risk of external factors, including market risk, macroeconomic risk, and lack of coordination in regulations.http://www.ijfma.ir/article_23551_98e027c8af4d8f61c337182944256a87.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-4379103820250601Designing a biorhythm cycle model in investigating the biorhythm of capital market investors25402331210.30495/ijfma.2023.69398.1919ENMortezaSedaghaty FardGraduated from the doctoral course in accounting, Zanjan Branch, Islamic Azad University, Zanjan, IranVahabRostamiAssistant Professor of Accounting Department, Zanjan Branch, Islamic Azad University, Zanjan, IranMohammadImani BarandaghAssociate Professor of Accounting Department, Zanjan Branch, Islamic Azad University, Zanjan, IranJournal Article20220908The purpose of the current research was to draw and test an analytical model to explain the impact of the biorhythm cycle on capital market investment and to examine and explain the relationship between the biorhythm cycle and the cognitive characteristics of capital market investors. The main question has been whether the state of the human biorhythm is related to their decision making in the stock market and whether it follows a certain pattern or not. The research method, from the perspective of the result of the implementation, was an applied research, and from the perspective of the implementation process, it was quantitative and survey. The subject area of the research was to investigate the relationship between the biorhythm of capital market investors and their cognitive functions, the spatial area of Tehran capital market investors and the time area of 2018-2019.Keywords: biorhythm, biorhythm cycle model, investor biorhythm, capital market. The statistical population included all the investors of the capital market of Tehran and the research sample included 384 investors of the capital market of Tehran. After collecting the biorhythm status questionnaire, Kolmogorov-Smirnov test, ANOVA test and Pearson correlation were used to analyze the data. The findings of the research show that there is a significant relationship between the physical, mental and emotional dimensions of biorhythm with the decisions of capital market investors. In sum, a significant relationship was observed between capital market investors' decisions and their biorhythm status, which is in line with the results of previous research.http://www.ijfma.ir/article_23312_f43b42179344b1dc12e03a961d7a61a6.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-4379103820250601Impact of Internal Control Regulations on the Financial Reporting Quality41602355210.30495/ijfma.2024.71137.1955ENSeyed EbrahimMahdavianPh.D. Candidate., Department of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran.ZahraLashgariAssistant Prof., Department of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran.0000-0001-8567-7720NegarKhosravipourAssistant Prof., Department of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran.AliEsmaelzadehAssociate Professor, Department of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran.MohammadrezaYeganegiAssistant Professor, Department of accounting, Central Tehran Branch Islamic Azad University, Tehran, Iran.Journal Article20221226An Effective Internal Control System Features that Demonstrate the Evaluation and Improvement of Existing Internal Control Systems by Highlighting Areas Where the Practical Application of Such Guidelines often Fails in many Organizations. Lack of Organizational Success Leads to the Requirements of Internal Controls to Support the Organization to Achieve its Goals, While Adhering to the Rules and Regulations and Organizational Policies. Hence, in This Study, The Effect of Internal Controls Regulation in order to Prevent the Occurrence of Mistakes and Deviations on the Quality of Financial Reporting.For this purpose, this study was conducted with 90 companies in a period of 12 years from 2007-2018 . In order to evaluate the strength and reliability of the research results from the sensitivity analysis test AND direction investigate the differences between the coefficients for determining a pattern between the two groups before and after the regulation of internal controls , the cramer z-test was conducted at the level of sample companies.The results showed that the regulation of current internal controls has not been able to improve the quality of financial reporting. The results of this study can highlight the need for the competent authorities to pay attention to the review of internal control regulations.http://www.ijfma.ir/article_23552_9338acdf75d9aba376431a59973effaa.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-4379103820250601An Optimal Multi-price Simultaneous Estimation Approach Based on Deep Learning and Genetic Algorithms61722355310.30495/ijfma.2023.69021.1903ENShivaGhasempourPhD. Student in Financial Engineering, Department of Financial Management, Faculty of Management and Economy, Science and Research Branch, Islamic Azad University, Tehran, IranShadiShahverdianiAssistant Professor, Department of Financial Management, Faculty of Humanities, Shahr-e-Qods Branch, Islamic Azad University, Tehran, Iran and Visiting professor of Science and Research Branch, Islamic Azad University, Tehran, Iran.Amir RezaKeyghobadiAssistant Professor, Department of Accounting, Faculty of Economics and Accounting, Central Tehran Branch, Islamic Azad University, Tehran, IranMahdiMadanchi ZajAssistant Professor, Department of Financial Management, Faculty of Management, Electronic Campus, Islamic Azad University, Tehran, Iran0000-0003-0950-6545Journal Article20220816There has been an increase in the development of automated trading systems in numerous countries, including Iran. The greatest advantage of such systems is that they allow traders to make trading decisions at an increased pace and with more accuracy without having to rely on emotions. Estimating price is one of the most important aspects of algorithmic trading. Deep neural networks are preferred for estimation. Additionally, investors who rely on algorithmic trading have a huge advantage by having a model that estimates opening, maximum, minimum, and closing prices simultaneously. In this study, using short-term LSTM deep-long-term memory neural networks, and the genetic algorithm, these four prices are estimated simultaneously. In addition, the optimal feature was selected by considering 40 price, volume, volumetric and volumetric indicators. The proposed model is evaluated using five shares from the Tehran stock exchange during the period 2012-2021, namely Isfahan oil refining, Iran Khodro, and Amirkabir Kashan Steel, Eqtesad Novin Bank, Chin-Chin Industry and Cultivation, and Exir Pharmacy. Based on the results of this study, the proposed model has excellent simultaneous estimation performance and the average estimation error of all 4 prices is less than 8%, demonstrating that the proposed method has a lower estimation error.http://www.ijfma.ir/article_23553_3febd22e349dbe5be9b3a996b1151039.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-4379103820250601Modified systemic risk model with ∆CoVaR approach in banking system with an Emphasis on Bank Indicators73862355410.30495/ijfma.2023.72208.1987ENAmirRoudgarPhD Student, Department of Financial Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran.Gholam RezaZomorodianAssistant Professor Department of Financial Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran.MirfeizFallah ShamsAssistant Professor Department of Financial Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran.0000-0001-7989-8703Journal Article20230226The present study presents the revised systemic risk model with the Changing conditional value-at-risk (∆CoVaR) approach in banking network with an emphasis on bank indicators. Systemic risk investigates the potential capacity of financial crisis spread among banks and ultimately the real sector of the economy through simultaneously increasing the fat tail of loss distribution. This is a descriptive-analytical research in terms of method and a developmental/applicative study in terms of purpose. The research time zone is 2009/03/21-2021/01/19. The research data includes the weekly average stock price of seven banks (Mellat, Tejarat, Saderat, EN Bank, Parsian, Karafarin, and Sina) listed in stock exchange and the weekly average of the general stock market index from Rahavardnovin system, and data related to the banks’ financial metrics are extracted from the financial statements of the banks in the Codal website.<br />To measure each bank’s share in systemic risk, the measure (∆COVaR) is employed. We show the better fit of ∆CoVaR for measuring risk compared to VaR and CoVaR models. The ratings of the investigated banks are tested by means of two criteria (RMSE) and (MAE) and it is concluded that in some banks, the crisis has higher destructive effects on the entire financial system than that in other banks. Finally, the association between systemic risk and the financial parameters of the investigated banks is reviewed and it is concluded that the improvement of the capital adequacy ratio (CAR) has an inverse and significant relationship with systemic risk.http://www.ijfma.ir/article_23554_5bb352aa0983fe81d1ab84a49b7a902f.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-4379103820250601Cross Hedging of Stock Returns and Gold Coin Futures Contracts with Approach BEKK-GARCH and CCC-GARCH87942355510.30495/ijfma.2023.70774.1947ENSadafSalimiPhD. Student in Financial Engineering, Department of Financial Management, Tehran North Branch, Islamic Azad University, Tehran-Iran.AliSaeediAssociate Professor, North Tehran Branch, Islamic Azad University, Tehran, Iran.0000-0001-9258-686XAlirezaHeidarzadeh HanzaeiAssistant Prof. Dr. , Department of Financial Management, Tehran North Branch, Islamic Azad University, Tehran-IranGhdratollahEmam VerdiAssistant Prof. Department of Economics, Tehran Central Branch, Islamic Azad University, Tehran-Iran.Journal Article20221204This study has attempted to calculate the optimal hedge ratio for investment in the stock market by investing in the futures market, with CCC -GARCH and BEKK-GARCH approach. The purpose of this study is to cover the cross risk of stock returns and coin futures in Tehran Securities Exchange using daily data during 2013-2019. Therefore, the researcher has used the BEKK-GARCH model and the CCC GARCH model to determine the effectiveness of different GARCH models for cross-covering the risk of the stock market return using the coin futures contract. According to the estimation of symmetric GARCH models in the present research, it was found that there is a possibility of cross hedging the risk of the stock yield market, and symmetric GARCH models are effective for hedging the risk in the stock market using the coin futures contract. On the other hand, considering that the coefficient of determination in the VAR-BEKK model is larger than the coefficient of determination in the CCC-GARCH model, therefore the VAR-BEKK model is more efficient than the CCC-GARCH model. Also, based on the coefficients obtained in these two models, considering that in the second equation of the CCC-GARCH model and the non-significance of the coefficients of the stock market return in the previous period and the two previous periods and its lack of effect on the return of the coin futures contract, it can be concluded that the model VAR-BEKK is more efficient than CCC-GARCH model.http://www.ijfma.ir/article_23555_fbc6b5820361c8821a48b26843548b34.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-4379103820250601Analysis of the role of managers' characteristics in the relationship between Classes of cash flow statement and capital structure adjustment speed951102355610.30495/ijfma.2023.69324.1916ENAtefehGhaemianPh.D. Student, Department of Accounting, Babol Branch, Islamic Azad University, Babol, Iran.BahramMohseni Maleki RastaghiDepartment of Accounting, Faculty of Economic and Administrative Sciences, university of mazandaran Babolsar, Iran.ImanDadashiAssistant Professor of Accounting, University of qom, qom, IranMaryamShafiee KakhkiDepartment of Economic, Babol Branch, Islamic Azad University, Babol, Iran.Journal Article20220904The purpose of this research is to investigate the role of managers' characteristics in the relationship between the Classes of the cash flow statement and the speed of capital structure adjustment. To achieve this purpose, the information of 106 companies from the member companies of Tehran Stock Exchange in the period of 1385 to 1398 was selected as a screening sample.<br />First, the effect of each cash flow statement class on adjustment speed in high and low leverage companies was tested through rolling regression. Then, in order to test the moderating role of managers' characteristics on the relationship between each of the classes of the cash flow statement and the speed of capital structure adjustment in companies with high and low optimal leverage, the sample was first divided into two groups of high and low characteristics based on the characteristics of managers. Then, the models were tested for each group separately. To examine the moderating role of managers' characteristics, Paternoster et al.'s (1998) approach has been used. The results show that firstly, the speed of reaching the optimal leverage is higher in companies with low optimal leverage than in companies with high optimal leverage. Secondly, the cash flow from operations is a moderating factor in the adjustment speed of optimal leverage for companies with high optimal leverage. In addition, the results showed that the characteristics of CEOs are only moderators on the relationship between operational activities and the speed of capital structure adjustment in highly leveraged companies.http://www.ijfma.ir/article_23556_05a99c00b975ff15c51fe48e9fac2f2a.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-4379103820250601Development of Credit Rating Scales in Investment Industry Companies1111262355710.30495/ijfma.2024.72482.1996ENSamanehPahlavanDepartment of Accounting, Damavand Branch, Islamic Azad University, Damavand, IranMohammadhamedKhanmohammadiDepartment of Accounting, Damavand Branch, Islamic Azad University, Damavand, Iran.ShohrehYazdaniDepartment of Accounting, Damavand Branch, Islamic Azad University, Damavand, IranJournal Article20230317Knowledge about the credit status of the company helps users to make decisions with less risk. The ability and willingness to fulfill obligations indicates the credit status of companies, which is determined by the credit rating index. The company's credit rating shows an independent assessment of the company's ability to pay debts on time, and in fact, the main and appropriate task of credit rating is to help strengthen the efficiency and transparency of capital markets by reducing information asymmetry between borrowers and lenders. The purpose of the research is to develop credit rating scales for investment industry companies. In line with the above goal, the present study conducted interviews with experts and analysts according to the study of theoretical literature and the guidelines of Moody's rating agency and extracting the primary factors of credit rating of companies active in the investment industry, and using binomial and Friedman tests, the indicators The final credit ranking of pharmaceutical companies, prioritization and importance of these indicators were discussed.http://www.ijfma.ir/article_23557_e674ecbaf6823de1eefc36451d5b7fb7.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-4379103820250601The Role of Transformational Leadership in Auditor Knowledge Management and Judgment Processes1271382355810.30495/ijfma.2023.73272.2016ENSirousZarifradDepartment of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, IranZahraPourzamaniDepartment of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, IranJournal Article20230517Auditors are the pillars of audit firms in which knowledge is created and shared among auditors. Transformational managers and leaders determine the quality of the knowledge and judgments (decisions) that are shared between them and auditors. In this study, we explore the role of transformational leadership in auditor knowledge management (KM) and judgment processes. The required data were collected from the responses of 297 certified accountants and professional managers of audit firms, with IACPA membership, to a questionnaire sent to them via email. The obtained data were analyzed, using partial least squares (PLS) and variance-based structural equation modeling (SEM). The data analysis showed that transformational leadership had a positive and significant effect on the KM processes (knowledge creation, transfer, utilization, and retention) of the auditors, and the auditor KM processes, in turn, had a positive and significant effect on audit decision making and judgment. Among the limitations of this study are the exclusive use of cross-sectional analysis and the absence of moderating factors. This study gives insight into the role of transformational leadership in auditor KM and judgment processes and helps to identify the conditions (criteria) which are to be considered in appointment of auditors and can make sure that auditors share their knowledge for the benefits of the community at large, inside and outside the country.http://www.ijfma.ir/article_23558_73ed442a8eafbb129543b88781c73b74.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-4379103820250601Prioritizing the use of parachain technology and presenting the pattern of using this technology in the banking industry using theme analysis1391502350510.30495/ijfma.2023.75093.2060ENNaderEynollahePhD student in financial engineering, finance department, Ilam branch, Islamic Azad University, Ilam, IranFatemehAhmadyAssistant Professor of Accounting Department, Ilam Branch, Islamic Azad University, Ilam, IranRahmatollahMohamadiporAssistant Professor of Accounting Department, Ilam Branch, Islamic Azad University, Ilam, IranMohamdbaqerArayeshAssistant Professor, Department of Management, Ilam Branch, Islamic Azad University, Ilam, IranJournal Article20230904Parachain can be considered a type of blockchain network, which is a special structure for managing data and information. Using parachains are smart contracts provided by projects that enable Ethereum developers to transfer their own contracts to Polkadata. Blockchain-based projects are created to achieve goals such as security, scalability, and decentralization. Achieving these three qualities at the same time is very difficult, however Polkadat and Kusama are projects that strive to achieve it every day. In addition, the Polkadata ecosystem (a multi-chain, scalable technology that provides communication between different blockchain platforms) provides a place for projects that take advantage of specific use cases. The purpose of this research is to prioritize the benefits of using Parachain technology and provide a pattern of using this technology in the banking industry using theme analysis. In terms of the practical purpose and in terms of the quantitative-qualitative implementation method, the present research is Friedman's method and theme analysis. The community of the present research includes experts and experts in the field of banking. number of people was determined and therefore, the number of questionnaires was used by 50 people for data analysis using SPSS software, according to the obtained results, the indexes (scalability, 6.40) and (slot rent, 2.64) respectively have are the highest and lowest rankshttp://www.ijfma.ir/article_23505_f8ee3bdb4999cd30c1d8931585db1a7b.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-4379103820250601Fraud Prediction in Financial Statements through Comparative Analysis of Data Mining Methods1511662355910.30495/ijfma.2023.71866.1981ENZahraNematiDepartment of Accounting, Zanjan Branch, Islamic Azad University, Zanjan, Iran.AliMohammadiDepartment of Accounting, Zanjan Branch, Islamic Azad University, Zanjan, Iran.AliBayatDepartment of Accounting, Zanjan Branch, Islamic Azad University, Zanjan, IranAbbasMirzaeiDepartment of Computer Engineering, Ardabil Branch, Islamic Azad University, Ardabil, Iran.Journal Article20230207Fraud increases business risks and costs, creates investor distrust, and questions the professional competence and credibility of accounting. Hence, this study aims to employ data mining methods for fraud risk prediction at the companies listed in the Tehran Stock Exchange within the 2014–21 period. For this purpose, 96 financial ratios were collected by reviewing theoretical foundations and research literature. The proposed classifiers such as the k-nearest neighbors algorithm, Bayesian network, support vector machine, and bagging classifier were adopted for fraud prediction. The performance of all classifiers were evaluated relatively poor . Therefore, financial ratios were reduced to enhance the proposed classifiers through the particle swarm optimization algorithm. In fact, 11 effective financial ratios were extracted with a precision of 72.92% and a prediction accuracy validity of 84,82 %. The extracted ratios were then reevaluated by the proposed classifiers for fraud prediction. According to the reevaluation results, all of the proposed methods improved with the extracted financial ratios. The research results indicated that the bagging classifier yielded the highest precision and accuracy, i.e., 84.28% and 76.85%, respectively, and the lowest prediction error, i.e., 23.15%. It was also 87% efficient in fraud prediction.http://www.ijfma.ir/article_23559_14345de2c2aa45d0b4fc51adc3ffe30a.pdfIranian Financial Engineering Association(IFEA)International Journal of Finance & Managerial Accounting2588-4379103820250601Clarifying the Professional Audit Supervision Pattern1671782356010.30495/ijfma.2024.76135.2078ENZahraValiDepartment of Accounting, Qom Branch, Islamic Azad University, Qom, Iran.EsfandyarMalekianDepartment of Accounting, Mazandaran University, Sari, Iran.0000-0003-3105-539XRezaGholami-JamkaraniDepartment of Accounting, Qom Branch, Islamic Azad University, Qom, Iran.0000-0003-1895-6660AzadehMaddahiDepartment of Accounting, Al-Zahra University, Tehran, Iran.Journal Article20231106The aim of this research is to provide an optimal model for professional auditing oversight in the Iranian Association of Certified Public Accountants. To achieve this research goal, research data were collected by consulting experts in the field of auditing. The research population consists of knowledgeable experts in the field of auditing, and in line with the research objective, they were selected for interviews using a snowball or chain sampling method. In addition to the conducted interviews, in order to enhance the credibility and comprehensiveness of the research, documents and materials related to professional auditing oversight were carefully studied, examined, and analyzed. The results of the research indicate that monitoring compliance with laws has been identified as the primary and initial causal factor in controlling the quality of auditing institutions.<br />In addition to the conducted interviews, in order to enhance the credibility and comprehensiveness of the research, documents and materials related to professional auditing oversight were carefully studied, examined, and analyzed. The results of the research indicate that monitoring compliance with laws has been identified as the primary and initial causal factor in controlling the quality of auditing institutions.http://www.ijfma.ir/article_23560_befa130dcb31961fa251d61e1e6ba0e1.pdf