http://www.ijfma.ir/ International Journal of Finance & Managerial Accounting en daily 1 Wed, 01 Jul 2026 00:00:00 +0330 Wed, 01 Jul 2026 00:00:00 +0330 http://www.ijfma.ir/article_24192.html Studies indicate that investor behavior plays a crucial role in equity valuation. Accordingly, their investment decisions are primarily based on accounting earnings information, which can influence stock price and return fluctuations. The main objective of this research is to design an accounting information value Relevance model based on the valuation and earnings selectivity approach. To identify and categorize influential variables affecting accounting information value, opinions from fundamental analysts in the market (as executive experts) and academic experts were considered. Specifically, 120 fundamental analysts contributed to determining the initial variables, and 28 academic experts helped in selecting variables suitable for preliminary models. Moreover, to develop an optimized and localized model, data from 170 publicly traded companies on the Tehran Stock Exchange between 2014 and 2023 were analyzed. The findings show that out of 28 surveyed variables (from fundamental analysts' perspectives), only 23 were deemed essential. Among these, 15 variables (from academic experts' perspectives) were validated and categorized within the framework of valuation and earnings selectivity. Additionally, the optimized models indicate that in the first model (dependent variable: price), four variables were added, and in the second model (dependent variable: return), eight additional variables were introduced compared to the initial model. http://www.ijfma.ir/article_24458.html The aim of the present study was to design a digital accounting model in value-based management based on momentum theory. The method used in this study is a combined method that includes the historical method and the survey method . The population and statistical sample of this study are experts familiar with digital accounting concepts. The sampling method is purposive. The methods used in this study are DEMATEL techniques and interpretive structural model. The software used was EXCEL and MICMAC.9 indicators were identified. These indicators include: digital technologies and accounting transformation, data management and information security, momentum analysis and financial forecasting, value measurement and management, transparent and timely reporting, automation of accounting processes, compliance with regulations and legal changes, support for strategic decision-making based on momentum analysis, and digital learning and training of employees. The model designed in this study, by combining technological, analytical, managerial, and human components, provides a practical model for organizations, financial institutions, and the accounting industry. This model can not only help promote transparency and financial accountability, but also provide a strategic tool for long-term value creation through data-driven and analytical decision-making. Also, from a policy perspective, the findings of this study can be a basis for designing digital transformation strategies in the country's financial system and reviewing accounting education. Finally, this research, while expanding the boundaries of knowledge in the field of digital accounting, provides practical solutions to increase the resilience of organizations to economic fluctuations and environmental changes. http://www.ijfma.ir/article_24459.html Digital currency, particularly cryptocurrency, refers to a form of money that is used electronically for the exchange of goods and services and plays a very important role in today’s world. The concept of digital currency was introduced as encrypted money aimed at facilitating financial transactions and creating a decentralized form of money managed by individuals without intermediaries. Bitcoin, as the world’s first digital currency, allows users to make online payments on various websites. This digital currency is still in its early stages of development, and before purchasing it, one must consider all aspects thoroughly—from price fluctuations to legal and tax issues.Today, we observe an increasing number of payments in businesses being made digitally and cashlessly, based on e-commerce. Many newly established companies are also seeking new ways to expand their available payment methods. The cryptocurrency market is rapidly evolving and growing; a trend that, according to economic experts, heralds the entrance into a new world of business financial transactions in the near future. http://www.ijfma.ir/article_24096.html “Real Earnings Management (REM) presents a significant challenge to aligning corporate practices with Sustainable Development Goals (SDGs) in emerging markets. This study investigates how REM hinders SDG achievement by undermining Environmental, Social, and Governance (ESG) disclosures and sustainable practices. Focusing on a case study in TSE, an emerging market with unique socio-economic and cultural dynamics, the research explores the interplay between REM and SDG-related outcomes. Data from publicly listed firms in TSE (2018-2023) are analyzed to assess how REM affects ESG performance and SDG alignment. Findings reveal REM, through expense manipulation and overproduction, distorts financial transparency, reduces stakeholder trust, and impedes progress toward SDGs, particularly SDG 12 (Responsible Consumption and Production) and SDG 16 (Peace, Justice, and Strong Institutions). Firms engaging in high REM exhibit lower ESG scores and weaker SDG contributions, driven by short-term profit motives. Cultural and regulatory factors in emerging markets exacerbate these effects, creating barriers to sustainable development. The research proposes enhanced regulatory oversight, stronger governance mechanisms, and stakeholder engagement to mitigate REM’s adverse impacts. Integrating agency and stakeholder theories, the study offers a novel perspective on how financial manipulation undermines global sustainability goals. Results have implications for policymakers, corporate leaders, and investors aiming to foster sustainable development in emerging economies. The study also underscores the need for tailored ESG frameworks accounting for local market dynamics. This article links REM to SDG outcomes, offering practical recommendations for aligning corporate strategies with global sustainability agendas in emerging markets.” http://www.ijfma.ir/article_24465.html The ever-increasing spread of digital technologies has significantly changed most economic activities and professions. As a result of the scientific and technological revolution 4.0, organizational structures and business models have changed and new models have emerged.The ever-increasing spread of digital technologies has significantly changed most economic activities and professions. As a result of the scientific and technological revolution 4.0, organizational structures and business models have changed and new models have emergedTherefore, a new model was empirically investigated in this study that assesses the adoption of AI technology in management accounting sustainability reporting using structural equation modeling (SEM) based on partial least squares (PLS) among 120 knowledge-based company managers. The results of this study showed that perceived usefulness and perceived ease have a significant effect on the adoption of AI solutions in management accounting. It was also found that behavioral intention has a significant effect on the actual use of AI solutions in management accounting http://www.ijfma.ir/article_24460.html Forward-looking information disclosure is for meeting the growing informational demands of investors which gives them extra tools for assessing the perspective, the venture and the current concerns of the company. Based on this fact, the purpose of the research at hand is to assess the current state of level, subject and tone of forward-looking information disclosure in Iranian companies. The content analysis technic was used to evaluate forward-looking information disclosure. This research is practical in terms of purpose and descriptive in terms of execution. The statistical population used includes all the accepted companies in the Tehran Securities Exchange in the time period of 2018-2022. Considering the implemented restrictions, 116 companies were studied. The applications used for data analysis include Excel and SPSS software. The findings of this research show that forward-looking information disclosure is becoming increasing in Iranian companies and that most of the disclosure is in the food and beverage industry. In the aspects of subject, most of forward-looking information disclosure is focused on the matter of income statement. It is also concluded that the Iranian companies prefer to implement a positive tone whilst publishing forward-looking information in their annual reports. http://www.ijfma.ir/article_24461.html The purpose of this research is to design a model to integrate the integration capabilities, agility and financial performance of the supply chain with an emphasis on digital technology. The current research community was formed by the experts of the mining and academic complex. In this research, using the objective judgment method, the opinions of 15 experts were used, and in the statistical part of the research, based on Cochran's formula and sampling method, the opinions of 384 experts related to the research topic were used. The process of data analysis was carried out in two stages, which includes the identification of the factors affecting the integration, agility, and financial performance of the supply chain of the mining industry through interview tools and using thematic analysis method, and then evaluating the models. The measurement and structural model of the research is by using the questionnaire tool (made by the researcher) and the partial least squares method. The research results showed that the research model is divided into four main parts including data sharing, data awareness, partnership and agility with key supply chain partners. In addition, the integration of the supply chain has a positive and direct effect on the financial performance of the supply chain, and the factors related to digital technology in the supply chain have a direct and positive effect on the integration and agility of the supply chain, and thus And indirectly, it will facilitate the improvement of the financial performance of the supply chain. http://www.ijfma.ir/article_24462.html The gap between professional and academic expectations is a hot topic in the accounting and auditing field in Iran. The boom in new innovations and the development of new technologies, such as artificial intelligence, data mining and big data, and the changes in the business environment require that accounting graduates have sufficient knowledge and skills to meet the changing expectations of stakeholders. On the other hand, the curriculum for the Master of Auditing was approved in 2016 and should have been updated after 5 years, which has not been done so far, so the present qualitative research was conducted with the aim of updating this curriculum. In this study, using the meta-synthesis method (Sandolowski and Barroso model), and content analysis of 45 previous domestic and foreign related articles from 1976 (1355 AH) to 2024 (corresponding to 1403 AH), as well as reviewing the curricula of 11 foreign universities offering this field in the world, 65 course titles that need to be included in the curriculum of the Master of Auditing have been identified. The most important frequently repeated courses suggested based on Shanon entropy analysis are; data mining and analysis and big data, analytical thinking and problem-solving skills, and IT auditing. The findings of this study can be used by those involved in updating the curriculum in the Ministry of Science. http://www.ijfma.ir/article_24463.html This study investigates the role of Markov switching in predicting volatility in the Tehran Stock Exchange (TSE), incorporating the influence of international market fluctuations (with a focus on regional markets) using Heterogeneous Autoregressive (HAR) models. The research employs 30-minute interval data from the TEPIX index and international indices (including Saudi Arabia, Russia, Dubai, and Turkey) over the period 2022–2024 to model volatility through a Markov regime-switching approach. Key findings reveal that volatility regime shifts in the TSE follow a persistent pattern: a low-volatility regime exhibits a 92% probability of persistence, whereas a high-volatility regime shows only a 25–35% chance of stability. Regional stock market fluctuations play a moderating role during high-volatility regimes, mitigating the amplification of domestic volatility. Negatively correlated markets (e.g., Saudi Arabia) highlight geopolitical influence. The results indicate that Markov regime-switching models, combined with international variables, serve as an effective tool for forecasting TSE volatility. These insights can assist policymakers in risk management and help investors optimize trading strategies. http://www.ijfma.ir/article_24410.html The purpose of current research is to identify and analyze core phenomena, causal, contextual, and intervening conditions and mechanisms shaping decentralized finance structure in Iran. Qualitative research approach was deployed based on Grounded Theory, and data was collected trough semi-structured interviews with 17 experts in financial management, fintech, accounting and economics The results of this study show that much of the opportunity to build trust, and thereby increase transparency and legitimacy goes through risk management and financing. In addition, the trust structure has shifted from an institutional level to a technology level. Financial control mechanism operates in a self-organized and participatory way. The main reason for the change of the trust structure included institutional pressures, market volatility, block-chain infrastructure developments, and managers' digital financial literacy. Core mechanisms included smart contracts with risk management characteristics, self-regulatory mechanisms, and decentralized insurance funds, which brought down costs and system risks while improving sustainability. http://www.ijfma.ir/article_24464.html Green management and environment are so crucial in recent years and paying attention to ESG performance has become a necessary issue in organizations. This research aims to investigate impact of green finance on ESG performance with an emphasis on green entrepreneurship and corporate social responsibility. The research method is based on the objective, applied, and in terms of the implementation method, it is a descriptive survey, and the statistical population includes employees and managers of knowledge-based companies in Tehran, and a sample of 384 people was selected using available sampling method. To collect data of the research, a questionnaire tool was used and after confirming the validity and reliability, it was distributed among the sample size. Structural equation modeling and Smart PLS software were used to test the research hypotheses, and the results indicate that green finance has a significant impact on ESG performance, green entrepreneurship and corporate social responsibility. In addition, the impact of green entrepreneurship and corporate social responsibility on ESG performance is accepted. Also, by the use of Sobel's test, it was determined green entrepreneurship and corporate social responsibility play a mediating role in the impact of green finance on ESG performance. http://www.ijfma.ir/article_24484.html This study was conducted with the aim of developing and validating the Integrated Costing–Forecasting–Analysis Model (ICCPM), a framework that simultaneously addresses the three core tasks of industrial management: accurate cost calculation, forecasting future changes, and agile analysis of cost responsiveness to environmental variables. In this model, activity based costing was designed using actual cost drivers, and the results demonstrated a significant improvement in cost calculation accuracy compared to traditional methods. The statistical population of this study covers the period from 2019 to 2024For the forecasting component, two approaches—multiple regression and random forest—were employed. The substantial reduction in error metrics such as MAE, RMSE, and MAPE confirmed the efficiency and robustness of these models.To analyze the impact of environmental changes, a set of scenarios (S0 to S8) was developed. Findings revealed that feedstock price is the most influential cost driver, generating the highest level of cost fluctuation. Furthermore, agility indicators showed that ICCPM’s technological infrastructure and integrated data flow led to a noticeable decrease in execution time and enhanced model responsiveness in dynamic conditions.Additionally, operational mechanisms—including energy consumption forecasting, a MILP-based optimization model, and the DRAO mechanism—facilitated the practical implementation of ICCPM in real-world environments.Overall, the results indicate that ICCPM provides a comprehensive and reliable framework for cost management, forward looking planning, and rapid decision making in process industries and volatile environments, delivering an accurate, dynamic, and trustworthy representation of cost behavior. http://www.ijfma.ir/article_24225.html The most important concern of financial managers is value creation in the supply chain process. The emergence of new technologies such as blockchain in this field requires more detailed studies. The purpose of this research is to express the scenario planning 20-year of financial managers on the role of blockchain in the supply chain with a collective agreement approach in listed companies. The present research is of exploratory and mixed type. For this purpose, the research questions were first answered by studying specialized texts and soliciting opinions from 20 experts. The first research question show that drivers are divided into 12 main axes: governance; technology; economic; financial; political, cultural and legal; social and demographic; Environment, Energy and Resources; Companies and Organizations; Education and Research; Management Accounting; Auditing and finally Supply Chain were categorized. Based on Fuzzy Delphi calculations, drivers were approved with an acceptance threshold score of 0.7. Based on collective agreement of experts, Probable, desirable, and possible futures and desirable future scenarios include familiarity with prerequisites, skills related to blockchain security, programming requirements for blockchain, smart contracts, blockchain platforms, non-technical skills (finance and etc.). Based on collective agreement of experts and analytical hierarchy process strategies and programs were respectively Comparative studies and feasibility research; Creating infrastructure; Formulating the necessary laws and regulations; Educational programs and finally updating new technologies. The supply chain plays a fundamental role in the financial management of listed companies, and modern technologies are essential for this. http://www.ijfma.ir/article_24229.html Identifying Politically Exposed Persons (PEPs) and managing the associated risks is a crucial element of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) strategies. Asset disclosure for political officials, aimed at fostering transparency, preventing corruption, and reducing the risk of power abuse, has become a major tool for national policymakers and supervisory bodies. However, institutional, cultural, and technical complexities pose significant challenges to the effective implementation of asset disclosure and PEP identification.This article, using an analytical-comparative method, expands on the theoretical foundations of political risk, critiques international practical experiences (such as those of Estonia and Georgia), and analyzes domestic and international regulations. It demonstrates that the effectiveness of an asset disclosure system hinges on the simultaneous realization of three fundamental pillars: (1) establishing an integrated system connected to financial institutions for active monitoring, (2) designing independent and technical mechanisms for verifying declared assets, and (3) strengthening robust enforcement measures alongside institutional culture-building.The findings indicate that in the absence of any of these pillars, the asset disclosure system becomes a formalistic and ineffective tool, and merely imitative solutions will prove inadequate. Consequently, this research proposes the native strategy of "Integrated Smart Monitoring." This strategy involves enhancing data infrastructure, mandating digital verification, and establishing progressive enforcement mechanisms, all designed in consideration of Iran's legal and cultural requirements. Comparative experience confirms that genuine transparency and effective PEP risk management can only be achieved through such a comprehensive and coordinated approach. http://www.ijfma.ir/article_24288.html This study explores the dynamics of sustainable banking and evaluates how financial and environmental policies shape bank performance. A system dynamics model was developed and simulated using Vensim software to capture the internal feedback structure of banking operations. Empirical and secondary data from 2018–2024 (1397–1403 in the Persian calendar) were used to construct and validate the model. The framework centers on two interconnected components—financial performance and sustainability—linked through a reinforcing profitability loop and a balancing sustainability–return trade-off loop.After validation, the model was employed to forecast behavior for 2025–2031 (1404–1410) under three policy scenarios: (1) investment in technology, (2) expansion of green financing, and (3) stronger adherence to ESG principles. The simulation results show that sustainability-driven strategies guide banking performance toward steady growth and continuous improvement. Combined policies yield more stable and synergistic outcomes compared to isolated interventions. Sensitivity analysis confirms the robustness and flexibility of the model against parameter variations.Overall, the findings demonstrate that integrating technology investment, green finance development, and ESG commitment offers the most effective approach for achieving sustainable banking. Such integrated strategies not only improve profitability and resilience but also enhance public confidence and reduce risk. The study underscores the critical role of simulation and scenario analysis in crafting efficient policy frameworks and supporting strategic decision-making in the banking sector. Future research may advance this field by expanding dynamic models, applying multi-bank datasets, and integrating behavioral dimensions of sustainability. http://www.ijfma.ir/article_24291.html This study conducts a comparative analysis of factors influencing capital market efficiency in Iran, Russia, Turkey, and Poland from 1975 to 2020. Data were sourced from the Tehran Stock Exchange, World Bank, World Federation of Exchanges database, and Global Economy website. Stock market efficiency was measured using Data Envelopment Analysis (DEA). Efficiency levels were compared with Iran’s market via Mann–Whitney and Kruskal–Wallis non-parametric tests. Multiple regression analysis identified key factors affecting efficiency. Findings reveal that Iran’s capital market ranks below Russia and Poland but above Turkey. While Iran lags in indicators such as stock market capitalization to GDP (SMC) ratio, stock market turnover (SMTR) ratio, and Stock Market Value Traded percent of GDP (SMVT), it leads in the stock market capitalization of the top ten companies (SMC10). Iran also outperforms Poland and Russia in stock market return percent (SMR) and stock market value traded of the top ten companies (SMVCT10), and surpasses Russia and Turkey in the number of listed companies (NC). This study contributes to theoretical foundations by elucidating Iran’s capital market efficiency relative to similar emerging markets, highlighting its unique strengths and weaknesses across diverse metrics. http://www.ijfma.ir/article_24345.html One of the requirements of the structuralist and critical thinking approach in the role of the auditor is adherence to audit values to ensure goals such as skepticism and impartiality in the audit process. The purpose of this research is determination relationship between audit operations indicators and critical thinking with audit quality. The present study is descriptive and correlational in nature and is applicable to audit organizations and audit firms. The statistical population of the study is accounting and auditing professors, certified public accountants, and doctoral students who are employed in accounting and auditing and the sample size was 384 people. In order to collect information, a researcher-made questionnaire was used, the validity and reliability of which were examined and confirmed. In order to analyze the information, a structural equation model was used with the help of smart pls software. The results showed that audit operation indicators and critical thinking have a significant relationship with audit quality, meaning that (1) audit operation input indicators have a significant relationship with audit quality. (2) Audit process indicators have a significant relationship with audit quality. (3) Audit output indicators have a significant relationship with audit quality. (4) Critical thinking has a significant relationship with audit quality. This indicates that auditing is a multidimensional process that requires integration across all processes from planning to operations and reporting to improve its quality. http://www.ijfma.ir/article_24372.html This study examines the causal relationship between permutation entropy (PE) and financial market crises through a Granger causality framework. Time series data from several major global indices are analyzed to assess whether permutation entropy can effectively serve as a predictor of financial instability. The results indicate that permutation entropy significantly Granger-causes crises in selected markets such as the DAX, Nasdaq 100, and Nikkei 225, suggesting its value as an early warning indicator in those regions. However, no significant predictive relationship is observed for indices including the Dow Jones, S&P 500, Shanghai Composite, SZSE Composite, and TSX Composite. These findings highlight regional differences in the predictive power of permutation entropy , likely shaped by market-specific dynamics and regulatory structures. This research underscores the potential applications and inherent limitations of permutation entropy in crisis forecasting and encourages future studies to incorporate additional nonlinear indicators and localized market factors to improve predictive accuracy.Keywords: Permutation entropy, Financial crises, Granger causality, Time series, Early warning indicator. http://www.ijfma.ir/article_24376.html Banking system stability is a cornerstone of economic resilience. This paper investigates the role of banks’ Phantom (Unrealized) profits—a hidden source of vulnerability—in shaping financial instability and credit cycles in Iran. The sample covers 21 banks and credit institutions listed on the Tehran Stock Exchange during 2011–2023. The Phantom profit index is defined as the gap between realized profits and reported profits, adjusted for accrual-based items. Using a system of simultaneous equations estimated via the two-stage least squares (2SLS) method in EViews 13, the results show that Phantom profits have a positive and significant effect on both financial instability and the amplitude of credit cycles. These profits increase systemic fragility and intensify credit expansions beyond sustainable levels. Control variables—bank size, leverage, and capital adequacy—also influence these dynamics, with mixed effects on stability and systemic risk. Overall, the findings suggest that Phantom profits not only magnify instability but also trigger artificial credit booms, followed by sharp contractions as systemic risk rises. Restricting and monitoring such profits emerges as a critical policy tool for enhancing financial stability and sustaining healthy credit flows in Iran’s banking sector. http://www.ijfma.ir/article_24395.html Management accounting plays a vital role in organizations by designing and utilizing financial and nonfinancial information to support internal decision-making and strategic objectives. This study examines the evolution of management accounting research, focusing on methodological shifts through the lens of data–theory confrontation, and assesses whether the field has kept pace with theoretical and empirical advancements.The study employed archival research to evaluate trends in research methodologies, particularly how data and theory interact in shaping management accounting scholarship.The analysis revealed that management accounting research has not significantly evolved from a data–theory confrontation perspective. Studies continue to prioritize data-derived results over theoretical testing, largely due to the field’s foundational role in organizational economic decision-making. Interestingly, while management accounting research no longer strictly adheres to a positivist paradigm, it has shifted toward alternative approaches, including critical theory and functionalism.This study enriches the accounting literature by offering a systematic examination of methodological evolution in management accounting research, particularly through the lens of data–theory confrontation. It reveals a persistent reliance on data-centric approaches at the expense of theoretical rigor, despite the field’s shift away from positivism toward critical and functionalist paradigms. By synthesizing five decades of research, the paper not only underscores the methodological stagnation in the discipline but also challenges scholars to bridge the gap between empirical findings and theoretical advancement. The insights call for a more balanced integration of theory-driven inquiry in future studies, advocating for methodological pluralism to align management accounting research with the complex, dynamic needs of modern organizations. http://www.ijfma.ir/article_24405.html Digital sustainability reporting, integrating digital technologies into ESG disclosure processes, has emerged as a key mechanism to enhance data accuracy, comparability, and timeliness. However, prioritizing and weighting relevant ESG indicators remains a significant challenge, particularly for platform-based companies in emerging economies characterized by data-intensive models and regulatory uncertaintyAddressing this gap, this study employs a sequential mixed-methods approach to systematically prioritize digital sustainability reporting indicators for platform-based companies in Iran. The research integrates Fuzzy Multi-Criteria Decision-Making (MCDM) techniques—including Fuzzy DEMATEL, Fuzzy Best-Worst Method (BWM), Fuzzy Analytic Network Process (ANP), and Fuzzy VIKOR—with fuzzy-set Qualitative Comparative Analysis (fsQCA). Expert judgments from ten industry specialists were collected and analyzed.Findings identify economic barriers, XBRL adoption, and digital accounting infrastructure as the most influential causal drivers and highest-weighted criteria. Fuzzy VIKOR results designate Strategy A—emphasizing phased digital infrastructure investment and standardization—as the optimal compromise solution. Furthermore, fsQCA reveals three equifinal pathways to successful implementation: a technological path, a governance-environmental path, and a hybrid practical path.The study contributes a robust, context-sensitive framework for prioritizing digital sustainability indicators. It offers actionable insights for managers and policymakers, highlighting the need to address economic and technological constraints while enabling flexible, multi-path implementation approaches tailored to platform-based business models in emerging digital economies http://www.ijfma.ir/article_24407.html This study aims to develop a comprehensive framework for the development of intelligent auditing within the context of Industry 4.0. Given the rapid advancement of technologies such as artificial intelligence, big data analytics, blockchain, and automation, the auditing profession is undergoing fundamental transformations that traditional maturity models are unable to explain or guide effectively. In this research, using a value focused thinking approach, the core values and fundamental objectives of intelligent auditing were first identified. Subsequently, employing interpretive structural modeling (ISM) and MICMAC analysis, the causal and hierarchical relationships among the influential factors were explained. Data were collected through a systematic literature review and the judgments of 12 experts in auditing and digital transformation. The results indicate that institutional and regulatory, human and skill based, and organizational and cultural factors play a driving and foundational role, while intelligent technologies are largely dependent on the maturity of these underlying layers. The proposed framework provides an analytical roadmap for the gradual transition from traditional auditing to intelligent auditing and can serve as a basis for strategic decision making by auditing managers and professional policymakers. http://www.ijfma.ir/article_24443.html Iran’s banking sector is dominated by short-term lending practices, limited risk appetite, and regulatory fragmentation, which collectively hinder the financing of strategic development projects. Moreover, international sanctions have restricted Iran’s access to global capital markets, further worsening the investment gap in critical sectors such as renewable energy, transport, digital infrastructure, and SME development. While Iran hosts several quasi-development financing institutions (DFIs)—including the Export Development Bank of Iran, Bank of Industry and Mine, Tose’e Ta’avon Bank, Maskan Bank and Agriculture Bank—these banks operate with limited mandates, fragmented governance structures, and insufficient capitalization. Their focus is narrow lacking the institutional autonomy and strategic alignment required to drive transformative development outcomes. In contrast, global DFIs such as Germany’s KfW, India’s SIDBI, Brazil’s BNDES, and the Islamic Development Bank have demonstrated the capacity to mobilize blended finance, de-risk private investment, and support inclusive development through robust governance, sectoral specialization, and alignment with national priorities.This paper investigates the feasibility of establishing a full-fledged DFI in Iran institutionally independent, strategically aligned with Iran’s development plans capable of mobilizing both domestic and international capital. The findings suggest that a well-capitalized, independently governed DFI could play a catalytic role in Iran’s economic transformation, provided it is supported by legal reform, international compliance, and phased implementation. This institution could offer long-term project finance, credit guarantees, and technical assistance to priority sectors. The paper concludes with a strategic roadmap for launching the DFI, emphasizing the importance of stakeholder engagement, institutional transparency, and alignment with global development finance standards. http://www.ijfma.ir/article_24455.html Stock price synchronization is an indicator of the degree to which stock price changes in common with changes in market returns, which indicates the degree to which market information is reflected in stock prices relative to company-specific information, and has many applications. Existing market conditions and existing risks indicate that risk management is effective in estimating stock price synchronization. Therefore, the purpose of the present study is to predict the regression model of stock price synchronization with risk management in companies listed on the Tehran Stock Exchange. The relevant research is applied and correlational. Data related to 122 companies in the period 2018-2023 were analyzed in econometric software to predict the regression model of stock price synchronization with risk management. Finally, regression analysis showed that risk management has the ability to predict stock price synchrony. In today's volatile conditions, risk management should be considered as the most important predictive variable of regression models. This research has predictive value for analysts and investors. http://www.ijfma.ir/article_24480.html Objective: Despite the theoretical potential of Strategic Management Accounting (SMA), its practical adoption remains constrained by a lack of cohesive, structured frameworks that systematically integrate its diverse tools. Total Quality Management (TQM), characterized by customer-oriented philosophies and continuous improvement, offers an ideal operational platform for SMA capabilities. However, integrated models tailored to the socio-economic and structural realities of developing markets—specifically the sanction-impacted, inflationary, and highly institutionalized environment of Iran—are non-existent. Methodology: Employing an exploratory qualitative approach, we utilized Strauss and Corbin’s (1998) systematic Grounded Theory methodology. In-depth, semi-structured interviews were conducted with 15 purposively selected academic experts, financial directors, and quality management specialists in Iran. Theoretical saturation was determined through constant comparative analysis and code-yield tracking. Methodological rigor was validated using Lincoln and Guba’s trustworthiness criteria alongside an inter-coder reliability agreement of 87%.Findings: Data analysis yielded 72 open concepts, which were synthesized into 25 axial categories and organized into a comprehensive six-component paradigm model: (1) Causal Conditions (macro-competitive pressures, strategic decision-making mandates, corporate governance and disclosure requirements, product/process innovation needs, and environmental volatility); (2) Core Phenomenon (the systematic design and implementation of a contextualized, integrated SMA-TQM framework); (3) Contextual Conditions (technological infrastructure, human capital competency, organizational readiness, senior leadership commitment, and institutional legacy); (4) Intervening Conditions (socio-cultural resistance to transparency, macroeconomic and funding constraints under sanctions, rigid bureaucratic structures, and specialized knowledge deficits); (5) Action/Interaction Strategies (Conclusion: This study presents the first empirically grounded, indigenous framework integrating SMA and TQM in an emerging economy. http://www.ijfma.ir/article_24483.html Business Intelligence (BI), as one of the emerging information management technologies, integrates, processes, and analyzes organizational data to provide accurate, timely, and reliable information for managerial decision-making. Despite the widespread adoption of BI, identifying and prioritizing the critical factors influencing its successful implementation to enhance the quality of management accounting reports remains a significant research challenge. Accordingly, this study aimed to identify and prioritize the factors affecting the implementation of Business Intelligence for improving the quality of management accounting reporting. The research is applied in terms of purpose and adopts a mixed-methods (qualitative–quantitative) approach. In the qualitative phase, the initial factors were identified through a comprehensive literature review and semi-structured interviews with ten experts and analyzed using the Grounded Theory approach. In the quantitative phase, the identified factors were refined through the Fuzzy Delphi Method and subsequently prioritized using the Fuzzy Delphi Analytic Hierarchy Process (FDAHP). The findings revealed that the lack of information systems integration, data fragmentation, information technology maturity, top management support, data governance, Business Intelligence implementation, and the Extract, Transform, and Load (ETL) process are the most influential factors for successful BI implementation. Furthermore, improved managerial decision-making, enhanced reporting accuracy and timeliness, greater financial information transparency, the development of data-driven decision-making, and improved organizational performance were identified as the most significant outcomes of BI implementation. The findings provide a practical framework for managers and policymakers seeking to implement Business Intelligence systems and improve the quality of management accounting reporting within organizations. http://www.ijfma.ir/article_24491.html A sustainable supply chain entails incorporating social, economic, and environmental considerations into all organizational processes, spanning the entire supply chain lifecycle. Given that such a chain influences sustainability reporting, the aim of this research is to propose a sustainable supply chain assessment model based on sustainability reporting. The study employed the Grounded Theory method and covered the years 1404 and 1405 (Solar Hijri). During the Grounded Theory phase, interviews were conducted with 20 experts familiar with the various stages of the supply chain in cement companies. The findings from the grounded theory phase were categorized into six main axes and fifteen sub-axes. The six main axes comprised research and development, operational factors, the current situation, planning factors, company growth factors, and final performance. Specifically, research and development represented the causal conditions; operational factors, the core phenomenon; the current situation, the contextual conditions; planning factors, the intervening conditions; company growth factors, the strategies; and final performance, the consequences. To achieve sustainable reporting, companies must address the key axes of the sustainable supply chain, and these factors must be implemented simultaneously. This model is applicable to cement companies for improving their sustainability reporting.Keywords: Sustainable supply chain, sustainability reporting, grounded theory. http://www.ijfma.ir/article_24492.html Portfolio optimization is a cornerstone of financial engineering, focusing on the optimal allocation of assets to achieve an appropriate balance between risk and expected return. The Mean–Variance model, introduced by Markowitz, provides a fundamental framework for addressing the portfolio optimization problem. The model aims to construct an efficient frontier that represents the optimal trade-offs between the two conflicting objectives of minimizing portfolio risk and maximizing expected return. The problem of determining an efficient frontier is known to be NP-Hard. Due to the complexity of the problem, a wide range of metaheuristic algorithms has been widely applied to obtain high-quality solutions within a reasonable computational time. In this study, we employed metaheuristic algorithms, including particle swarm optimization (PSO), the imperialist competitive algorithm (ICA), grey wolf optimization (GWO) and weIghted meaN oF vectOrs (INFO), to solve this problem. To demonstrate the effectiveness of the proposed method, monthly price data of companies listed on the Tehran Stock Exchange over the period from December 1, 2023, to December 31, 2025, were utilized. Experimental results indicate that the INFO optimizer outperformed the other algorithms, achieving higher returns at a given level of risk. http://www.ijfma.ir/article_24496.html By raising capital, corporate managers secure the necessary resources to finance projects with a positive net present value, taking into account the company's prevailing conditions; however, numerous factors influence this process. The aim of this study is to present a decision-making model for investors in the financing market—accounting for information distortion—based on a review of specialized literature and a consensus-based consultation with 20 experts conducted in the years 2025 and 2026. Findings from the grounded theory phase revealed the components of the investor decision-making model within the financing market: political/institutional uncertainty as the causal condition (encompassing policies, sudden regulatory changes, geopolitical tensions, and regulatory weaknesses); macroeconomic factors as the core phenomenon (representing interest rates, inflation, exchange rates, and economic growth); and informational and structural factors as strategies (reflecting information asymmetry, transaction costs, and market structure). Fundamental and financial factors represent the contextual conditions—including expected returns, risk, liquidity, and financial ratios. Sustainable development factors serve as intervening variables, encompassing environmental, social, governance, and economic elements. Behavioral and emotional factors—such as herd behavior, loss aversion, overconfidence, and market sentiment—represent the outcomes. Investment decisions made within a poor information environment require attention to a range of factors alongside potential risks. http://www.ijfma.ir/article_24498.html Income diversification plays a decisive role in improving the performance of banks and insurance companies. Income diversification is more widespread in banking and insurance activities than in other stock exchange industries. The purpose of this research is to present an optimal model for income diversification in banks and insurance companies. The present research is exploratory. For this purpose, first, the components affecting income diversification were identified using the fuzzy Delphi method, and then the final conceptual model was presented. In the fuzzy Delphi stage, the opinions of 20 financial experts working in the insurance and banking industries were used. This research was conducted in 2026. Fuzzy Delphi responses also showed that the most important items in the research model were fee-based revenues and digital services of banks and diversification of product portfolio and risk management in insurance companies, which were considered as independent variables. Banks should increase fee-based revenues and digital services, and insurance companies should include diversification of product portfolio and risk management in their plans. http://www.ijfma.ir/article_24508.html Implementing green accounting leads to greater transparency in reporting, reduced environmental costs, improved risk management, increased social responsibility, improved brand image, and strengthened stakeholder trust and finally improvement of performance of banks. The purpose of this research is survey of effects of the dimensions and components of green management accounting practices on the sustainability performance of banks. For this purpose, a researcher made 5-option questionnaire was distributed among 293 people of bank managers at different levels at 2025 and 2026 years. This research is practical and quantitative. Research hypothesis were examined using structural equations. The study concludes that dimensions and components of green management accounting practices positively influence the sustainability performance of Iranian commercial banks in Hamedan province. The results of the study were largely consistent with previous research in the research literature. Banks should Develop a green strategy, Train employees, Establish information systems, Cooperation with regulatory bodies and Continuous assessment.