Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 Examination of Success Factors for Implementing Performance-Based Budgeting in the Public Sector for Sustainable Development 1 22 24276 10.22034/ijfma.2025.78224.2223 EN Kaveh Parandin Department of Accounting, Payame Noor University, Tehran, Iran Yasser Shirzadi Department of Accounting, Payame Noor University, Tehran, Iran, Effat Akrami Moghadam Department of Accounting, Payame Noor University, Tehran, Iran. Majid Bidoki Master of Management, Payame Noor University, Tehran, Iran. Journal Article 2025 01 19 The budgeting system is one of the most efficient systems that has been widely used in developed and developing countries during the last decade. Budgeting is necessary to estimate and measure the performance of government organizations and is considered a useful management tool. In this research, the success factors of implementing performance-based budgeting in the public sector for sustainable development have been investigated. This research is applied in terms of purpose and is a descriptive-survey type of research. Using the researcher-made questionnaire tool, information was collected from the studied statistical population, and after scoring the received answers, the data were analyzed. The statistical population in the current study was 300 experts and auditors of government organizations and the sampling method was simple random sampling, which according to Morgan's table, the desired sample size was equal to 169 experts and auditors of government organizations. Was considered. In this research, the structural equation model was used and finally, it was analyzed using Amos and SPSS22 software. The results of the research showed that perceived fit, performance expectation, internal dynamics and external motivation have a significant effect on performance-based budgeting and also performance-based budgeting in the public sector has a significant effect on organizational sustainability and organizational resilience.

http://www.ijfma.ir/article_24276_eb8d99edd6f237b1d907626b12a10310.pdf

Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 Sustainability-Driven Financial Stability: Empirical Insights from the Iranian Listed Manufacturing Companies 23 42 24277 10.22034/ijfma.2025.77720.2135 EN Seyyed Rasool Masoumi Department of Accounting Jo. C., Islamic Azad University, Joybar, Iran. 0000-0001-6903-491X Ali Asghar Anvary Rostamy Department of Planning & Management, Tarbiat Modares University, Tehran, Iran. 0000-0002-7495-8276 Journal Article 2024 06 07 Sustainability performance has gained considerable attention in recent years as corporations increasingly highlight their environmental, social, and economic (ESE) achievements to demonstrate their dedication to sustainable practices. However, the impact of such performance on corporate financial performance remains a topic of debate, especially in emerging economies. This study examines the link between ESE sustainability practices and financial stability among manufacturing companies listed on the Tehran Stock Exchange from 2015 to 2022. Using Global Reporting Initiative (GRI) indicators, a dataset from 130 listed manufacturing companies was analyzed through multivariate regression. Fi-nancial stability, represented by the possibility of bankruptcy, is measured using the Z-Score index. Results show that sustainability performance, encompassing environmental, social, and economic aspects, significantly mitigates bank-ruptcy risk and enhances financial stability. These findings support the importance of sustainability performance for investors, encourage management to prioritize sustainability, and guide regulatory bodies and stock exchanges in im-proving sustainability disclosures and practices.

http://www.ijfma.ir/article_24277_eb27b5382e9d6e1ae84947113126b570.pdf

Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 Identifying the factors affecting sports economics in Iranian sports talent search using a grounded theory approach 43 60 24278 10.22034/ijfma.2025.78292.2232 EN Hossein Moshtari Doust Department of Public administration, UAE.C., Islamic Azad University, Dubai, United Arab Emirates Hamed Rahmani Department of Public administration, Qa.C., Islamic Azad University, Qazvin, Iran Hajieh Rajabi Farjad Department of Human Ressources Managment, Amin University of Law Enforcement Sciences, Tehran, Iran Sedighe Tootian Esfahan , Department of Public administration, WT.C., Islamic Azad University, Tehran, Iran Journal Article 2025 02 13 Abstract Talent discovery is a topic that is of particular importance in the world of sports, identifying the factors of success paves the way to reach the peak of glory in this path. Therefore, the process of discovering athletes through talent discovery and participation in an organized training program is one of the most important topics in sports today. The methodology used in this study is qualitative-quantitative, in which the grounded theory method was used in the qualitative part and the FDAHP technique was used in the quantitative part. To identify the components, interviews were conducted with 15 experts using open, axial, and selective coding. The results of this qualitative research also led to the identification of 71 effective components, and after implementing three stages of fuzzy Delphi with a data-driven approach, 30 components factors affecting sports economics in Iranian sports talent, including government support; economic factors; cultural and social factors; location factors; technology; laws and regulations; creating social justice; improving the sports economy; ... and the age of starting sports. Keywords: Talent search, sports talent search, sports economics, grounded theory, fuzzy Delphi

http://www.ijfma.ir/article_24278_46ec3ee8c6ef686a945d04daf92927f3.pdf

Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 Dependencies and Volatility Spillovers between Stock Markets and Futures Markets using Time-Varying Conditional Copula Models and Multivariate GARCH 61 80 24279 10.22034/ijfma.2025.78036.2192 EN Mehdi Khorramabadi Assistant Professor, Department of Accounting, Payame Noor University, Tehran, Iran. 0000-0003-2478-8376 Rezvan Pourmansouri Department of Financial Management, Science and Research Branch, Islamic Azad University, Tehran, Iran 0000-0003-3196-5836 Journal Article 2024 11 01 This study investigates dependencies and volatility spillovers between the Tehran Stock Exchange (TSE) and gold and silver futures markets using time-varying BB7 conditional copula and Dynamic Conditional Correlation (DCC) Multivariate GARCH (MGARCH) models. Analyzing daily returns of futures contracts and TSE-listed equities from 2021 to 2022, a period marked by Iran’s sanction-driven volatility, we test seven hypotheses using autoregressive moving average, vector autoregression, Granger causality, copula-based correlations, and DCC-MGARCH models. Statistical analysis was conducted with Excel 2016, R Studio 4.3.1, and Eviews 13. Results confirm ARCH and GARCH effects in gold futures and equity returns, bidirectional Granger causality between gold futures and equities, unidirectional causality from silver futures to equities, and significant positive correlations with stronger lower-tail dependence. Volatility spillovers indicate gold amplifies equity volatility, while silver stabilizes it, shaped by TSE’s low liquidity and regulatory constraints. These findings, unique to Iran’s sanction-sensitive market, suggest dynamic price-limit calibration for regulators and conditional hedging strategies for investors, enhancing risk management in emerging markets.

http://www.ijfma.ir/article_24279_a768271d1f655cbf30dc6821829cae9b.pdf

Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 Evaluating the Impact of Business Intelligence Tools on Raising the Efficiency of Internal Audit 81 92 24280 10.22034/ijfma.2026.78444.2252 EN Roya Rostamkhani Ph.D. Student, Department of Social and Economic Sciences, Alzahra University Gholamreza Soleymani Amiri Full Professor, Department of Social and Economic Sciences, Alzahra University 0000-0003-1794-7412 Journal Article 2025 05 01 Comprehensive studies have been conducted to update the information system and improve the performance of internal audit. Internal audit can help management make decisions more efficiently and effectively. This research investigates the effect of business intelligence tools on increasing the efficiency of internal audit with a case study in the Middle East. This research used a questionnaire construed on the previous research and the opinion of elites. Its statistical population was the companies in the Middle East with 230 internal audit personnel. 196 employees of these companies were selected as a statistical sample according to Morgan's table. Therefore, this research analyzes the studies and examines their findings. The analysis of the results of the questionnaire reveals that there is a significant relationship between business intelligence tools and an increase in internal audit productivity. Finally, this research shows that the key to business success for many companies is the correct use of data through business intelligence tools to make appropriate decisions.

http://www.ijfma.ir/article_24280_f25f9cde8fd9b4c2e25c79efcf188f22.pdf

Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 Designing a Risk Disclosure Model for Banks Listed on the Iranian Capital Market 93 104 24281 10.22034/ijfma.2025.78550.2262 EN Zahra Safari Department of Financial Management, Ct.C, Islamic Azad University, Tehran, Ira Gholamreza Zomorodian Department of Financial Management, Ct.C, Islamic Azad University, Tehran, Iran Mirfeiz Fallahshams Department of Financial Management, Ct.C, Islamic Azad University, Tehran, Iran 0000-0001-7989-8703 Journal Article 2025 06 03 In financial markets, banks play a fundamental role in providing financial services, managing risks, and maintaining the stability of the financial system. Since banks act as intermediaries between customers and the financial market, the management and disclosure of financial risks are of particular importance. The aim of this study is to design a risk disclosure model for banks listed on the Iranian capital market. The statistical population in the qualitative phase of the research includes managers, academic professors, and experts familiar with banking and capital markets, considered as experts in this field. Nine experts participated in the interviews, and the sample size was determined using the theoretical saturation method. Data were collected and analyzed through interviews. The data collection tool at this stage was MAXQDA software. The results indicated that risk disclosure in Iranian banks contributes to enhancing financial transparency, improving corporate governance, and building public trust. Moreover, factors such as laws and standards, legal interactions, and regulatory oversight influence the risk disclosure process. Ultimately, achieving more effective economic and financial objectives requires increased transparency and improvement of the risk disclosure process in Iranian banks

http://www.ijfma.ir/article_24281_6a1a1d8e23aa39b251d7743df5966118.pdf

Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 Presenting a regulatory governance model for the country's industrial development in medical equipment based on the Fuzzy Multi-Criteria Decision-Making Method (MCDM-Fuzzy) 105 122 24282 10.22034/ijfma.2025.78567.2266 EN Alireza Bashiri Department of Public Administration UAE.C., Islamic Azad University, Dubai, United Arab Emirates Gholamreza Memarzadeh Tehran Department of Public Administration, SR.C., Islamic Azad University, Tehran, Iran Hajieh Rajabi Farjad Department of Human Resources Management, Amin University of Law Enforcement Sciences, Tehran, Iran Zahra Moghimi Department of Public Administration, SE.C., Islamic Azad University, Semnan, Iran Journal Article 2025 06 09 Abstract: The present research studies and prioritizes the components of the country's industrial development regulatory governance in medical equipment . to maintain national health and maintain social health in the domestic and foreign dimensions, determining a model for implementing regulatory governance and achieving these goals can be an effective step in achieving the country's industrial development regulatory governance in medical equipment. The statistical population of this study is managers and experts in the field of regulatory governance and medical equipment production and distribution industries in Tehran. The present study is a survey and applied type, in which 12 experts were identified in the qualitative section and interviews were conducted to identify effective components. In the quantitative part, using the fuzzy ANP technique, the identified components were prioritized based on the experts' views in two stages using pairwise comparisons. The results indicate that the most important factor affecting the governance of medical equipment regulation is political and legal factors, the most important component of which is transparency; in second place are social and technical factors, the most important component of which is culture and public customs; in third place is the structure of the regulatory system, the most important component of which is post-release monitoring and evaluation; in fourth place are structural and technical factors, the most important component of which is medical equipment life cycle management; and in last place are the economy and the market, the most important component of which is market diversity. below

http://www.ijfma.ir/article_24282_8b2a523abd6799a193818c983c2d6154.pdf

Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 Investigating the Effect of Unusual Auditors' Fees on the Divergence of Investors' Opinions on the Tehran Stock Exchange 123 134 24122 10.22034/ijfma.2025.77851.2155 EN Parvaneh Motie Assistant Professor, Department of Accounting, Payame Noor University, Tehran, Iran 0000-0002-4426-6084 Mohammad Hossein Fatheh Assistant Professor, Department of Accounting, Payame Noor University, Tehran, Iran Hashem Valipour Department of Accounting and Finance, Fir.C. Islamic Azad University, Firoozabad, Iran 0000-0002-4830-4711 Journal Article 2024 08 03 Purpose: The basis of decision-making by investors and participants in the capital market is the information published by companies in the form of financial statements. Investors can fully benefit from this information when it is timely, complete, accurate, and understandable. However, if this information is distributed unfairly, unequally, or asymmetrically, it can lead to different results that affect the capital market and investors. Abnormal auditors' fees also impact the quality of financial reporting. Therefore, this study aims to explore the effect of abnormal auditors' fees on investors' opinions on the Tehran Stock Exchange. Method: This study is an applied and methodologically causal correlation. To achieve the research objectives, sample data from 86 companies listed on the stock exchange was collected using the systematic elimination model over a 10-year period from 2013 to 2022. The research hypothesis was tested using a linear multivariate regression model. Findings: The results of the hypothesis test showed that paying abnormal fees to the auditor overshadowed the auditor's independence. This questioning of the ability to validate financial reports intensified the divergence of investors' opinions. Conclusion: When auditors request unexpectedly lower fees, business unit managers may increase the quality of financial reporting. However, if audit firms lose their independence due to unexpected fees, business unit managers may lack the motivation to report high-quality financials. This worsens deviations in financial statements and their impact on users and beneficiaries, eroding trust in the audit community

http://www.ijfma.ir/article_24122_251b4805008712ec04e69c6569bfb189.pdf

Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 The Effects of Management Accounting Systems on Sustainability Reporting Strategies 135 152 24283 10.22034/ijfma.2026.77949.2179 EN Rambod Kaveh Birjandi PhD student in Accounting, Birjand Branch, Islamic Azad University, Birjand, Iran Zohreh Hajiha Department of Accounting, ST.C., Islamic Azad University, Tehran, Iran 0000-0002-3625-2352 Habibollah Nakhaei Department of Accounting, Birjand Branch, Islamic Azad University, Birjand, Iran Journal Article 2024 09 14 The customary management accounting system (MAS) is implemented to perceive the organization's economy-oriented plans, though it overlooks the social and environmental strategies. This research explored the effects of MASs on sustainability reporting strategies. The statistical population to identify the characteristics of the MAS and sustainability reporting techniques comprised 31 academic and professional experts, including professors of management accounting and financial managers of the stock exchange-listed companies, selected through the snowball sampling method. Similarly, the statistical population to validate the identified characteristics and strategies and investigate the correlation between them comprised 384 financial managers of listed companies, with their sample size determined by Cochran's formula. The characteristics of the MAS and sustainability reporting strategies were determined by the fuzzy Delphi (FD) technique, followed by validating the correlation between them using structural equation modeling (SEM) based on the partial least squares (PLS) method. As with the FD results, the MAS's characteristics included influence, relevance, value, and trust. The SEM results confirmed the validity of the identified characteristics and strategies while advocating the significant effect of the MAS on sustainability reporting strategies. Accordingly, the MAS based on the sustainability reporting approach as an information system can pivotally identify the goals of sustainable development. Based on the results, companies need to include sustainability information in and the MAS should remain accountable for delivering this information and ensuring sustainable value for the company's stakeholders.

http://www.ijfma.ir/article_24283_46d09c503b30980ffc325cc243e1c0f5.pdf

Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 Highlighting the Role of Motivational Values in Auditors' Ethical 153 174 24215 10.22034/ijfma.2025.78943.2335 EN Mohsen Haghverdezadeh PhD student, Department of Accounting, Ur.C., Islamic Azad University, Urmia, Iran Asgar Pakmaram Associate Professor, Department of Accounting, Bo.C., Islamic Azad University, Bonab, Iran, 0000-0002-3429-0363 Jamal Bahrisales Associate Professor, Department of Accounting, Ur.C., Islamic Azad University, Urmia, Iran 0000-0002-1692-3294 Saeid Jabbarzadeh Kangarluei Associate Professor, Department of Accounting, Ur.C., Islamic Azad University, Urmia, Iran 0000-0001-6511-0700 Journal Article 2025 11 05 Background: The auditing profession is one of the most organized and disciplined professions in the world, and due to the type and nature of the services it provides, it is also characterized by trust and credibility. The continuation of this credibility and trust and its strengthening also depend on the intellectual and practical adherence of professional members to behavioral and ethical standards. Method: The aim of this study is to validate and measure the auditors' ethical warning model and its constructs. The data collection tool was a questionnaire, and for this purpose, data were collected from 101 experts who were selected using the convenience sampling method. The research data were analyzed using the coding method and using Smart-PLS software. Findings: The results of the research model test show that the path of causal conditions through the phases of emotional intelligence, feelings and thoughts, professional identity, level of expertise, skills and individual orientation to their job, ability to detect violations, sufficient and appropriate experience, information technology skills, strengthening auditors' judgment, cognitive and personal competencies (calculating characteristics, Motivations, systems thinking, strategic thinking, and critical thinking), knowledge-based competencies (general knowledge, auditing knowledge, and performance evaluation knowledge), and skill-based competencies (communication, leadership, team-building, management, and technology-based skills) are factors that influence the development of auditors' alertness.

http://www.ijfma.ir/article_24215_8feeb5ed0776e02943859128347dc015.pdf

Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 Investigating the volatility spillover of macroeconomic variables in the Iranian capital market with the multivariate GARCH approach 175 192 24284 10.22034/ijfma.2025.77910.2184 EN Behnaz Noroozi Department of Economics,SR.C.,Islamic Azad University,Tehran,Iran. Hamidreza Kordloee Department of Financial Management,SR.C.,Islamic Azad University,Tehran,Iran. Abbas Memar Njad Department of Economics,SR.C.,Islamic Azad University,Tehran,Iran Journal Article 2024 09 30 The purpose of this article is to investigate the spillover of volatility of macroeconomic variables in Iran's capital market with the multivariate GARCH approach. Macroeconomic variables include inflation rate, exchange rate, oil price, gold coin price and GDP. Understanding the volatility spillover of macroeconomic variables in the capital market provides important information on the efficiency level of the capital market. In an efficient market, the risk and return of an asset should not be predicted based on the risk and past returns of other assets. For this purpose, monthly data from Farvardin 1386(March 2007) to Esfand 1402 (March 2024) and multivariate GARCH method with BEKK specification have been used to test the hypotheses. The results show that except for the interest rate, there is a significant relationship between the volatility of macroeconomic variables and the total stock market index; Therefore, the spillover of volatility of macroeconomic variables on Iran's capital market is confirmed, which shows the need to pay attention to the stability of economic policies in order to create stability in the capital market.

http://www.ijfma.ir/article_24284_cd370abf1cf7faf99da5daec760de425.pdf

Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 Development of Markowitz Portfolio Optimization Model Considering Time Factor and Skewness and kurtosis of Returns 193 204 24285 10.22034/ijfma.2025.78915.2329 EN Mohammad Ebrahim Raei Ezabadi Department of Accounting and Finance, ST.C, Islamic Azad University, Tehran, Iran. Mehrdad Bakhtiar Dehkordi Department of Accounting and Finance, ST.C, Islamic Azad University, Tehran, Iran Elnaz Sabzei Department of Accounting and Finance, ST.C, Islamic Azad University, Tehran, Iran Journal Article 2025 10 20 The investment portfolio optimization problem is a topic that has always been of interest to financial researchers. The aim of this research is to develop the two-dimensional Markowitz portfolio optimization model into a five-dimensional model considering the mean, variance, skewness, kurtosis, and time factor, and then identify the optimal portfolio for investment. In this regard, the return of each share was identified using daily stock price information. Then, the average return, return variance, skewness, and kurtosis of the stock returns of the companies under study were identified in the short-term, medium-term, and long-term time periods, and then the optimal portfolio was identified based on the calculated values and the efficient utility function. To test the model, five main industries of the Tehran Stock Exchange were used, including chemical industries, petroleum products and coke, basic metals, cement, lime and gypsum, and pharmaceuticals. The most profitable company from each industry was selected, including Persian Gulf Petrochemical Industries with the trading symbol Fars, Isfahan Oil Refining with the trading symbol Shapna, Isfahan Mobarakeh Steel Company with the trading symbol Foolad, Tehran Cement Company with the trading symbol Setran, and Pars Daru Company with the trading symbol Depars. The results indicate that the proposed model is able to identify optimal portfolios in different time periods and investors choose a portfolio consisting of Foolad and Setran stocks to obtain maximum utility in the short term. In the medium term, Foolad and Setran stocks and invest in Fars and Foolad stocks in the long term.

http://www.ijfma.ir/article_24285_d095e9553703cc6e3d058c3b70e8e6ce.pdf

Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 Assessing and managing inflation risk in funding investment projects 205 218 24286 10.22034/ijfma.2025.79025.2346 EN Ali Ahmadi PHD student, Islamic Azad University, Kerman, Iran Sayyed Abdolmajid Jalaee Professor of Economics, Shahid Bahonar University of Kerman, Kerman, Iran Mohsen Zayandehroodi Associate Professor, Islamic Azad University, Kerman, Iran Journal Article 2025 11 29 This research assesses and manages inflation risk and international crises in funding investment projects. Using an analytical-descriptive approach and a case study in a pharmaceutical company and with the help of Python coding, the effects of different inflation rates and cost of capital (WACC) on NPV and IRR metrics were analyzed. The numerical findings of the study showed that with the inflation rate rising from 10% to 20% and then 30%, the internal rate of return (IRR) of the project would increase from 32.55% to 46.40% and 59.54% respectively. Also,in the base scenario with an inflation rate of 20% and a capital cost of 27.25%, the net present value (NPV) of the project amounted to 12,056 million riyals was calculated. The sensitivity analysis confirmed that even in the most pessimistic scenario (inflation = 30% and WACC = 35%), the NPV of the project remains positive and equal to 5,349 million riyals. The results suggest that in projects with inflation-adjusted revenues, the increase in inflation can be accompanied by an increase in NPV and IRR, provided that the IRR exceeds the WACC. This research confirms the need for integrated management of macro and micro risks for the success of long-term investment projects.

http://www.ijfma.ir/article_24286_7b71cd05d1201966672ed91687adaa03.pdf

Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 48 2026 01 01 Explaining the Relationships Between Leader–Member Exchange, Organizational Commitment, and Audit Quality-Reducing Behaviors. 219 232 24293 10.22034/ijfma.2026.78692.2295 EN Niusha Mehrani Department of Accounting, Ka.C., Islamic Azad University, Karaj, Iran. Bahman Banimahd Department of Accounting, Ka.C., Islamic Azad University, Karaj, Iran. Seyed Hossein Hosseini Department of Accounting, Ka.C., Islamic Azad University, Karaj, Iran. Samaneh Refahibakhsh Department of Accounting, Ka.C., Islamic Azad University, Karaj, Iran. Journal Article 2025 08 02 The aim of this study is to examine the relationships between leader–member exchange, organizational commitment, and audit quality-reducing behaviors in private sector of the Iranian auditing market. For this purpose, a sample of 245 auditors working in private audit firms was randomly selected. In this study, we use survey methods to collect data by using a questionnaire. The research hypotheses were tested using structural equation modeling (SEM). The findings indicate that leader–member exchange has a significant positive impact on organizational commitment and a significant negative impact on audit quality-reducing behaviors. Moreover, the results confirm that organizational commitment has a significant and negative effect on audit quality-reducing behaviors. The evidence from this study suggests that enhancing trust-based relationships between managers, supervisors, and staff in audit firms can improve audit quality.the findings offer valuable insights for regulators and policymakers in the auditing profession by highlighting the influence of supervisor–auditor relationships on behaviors that threaten audit quality.

http://www.ijfma.ir/article_24293_69929f09452f582fe0ddc6b518b5d91c.pdf