http://www.ijfma.ir/ International Journal of Finance & Managerial Accounting en daily 1 Sun, 01 Mar 2026 00:00:00 +0330 Sun, 01 Mar 2026 00:00:00 +0330 http://www.ijfma.ir/article_24352.html AbstractThe aim of the present study was to identify the factors influencing the reduction of food waste from a circular economy perspective. This study was quantitative in nature, applied in purpose, and descriptive-analytical in terms of methodology. The statistical population consisted of all managers and owners of food stores in the city of Qazvin, totaling 3,200 individuals. Among them, 384 individuals were selected as the sample using Cochran's formula and a simple random sampling method. A questionnaire was used for data collection. To assess validity, content validity was employed, and for reliability, Cronbach’s alpha coefficient was used. The normality of the variables was confirmed using the Kolmogorov-Smirnov test, and the results of the Friedman test showed that operational management, commercial management, supply management, waste management, and water and energy management were prioritized in that order.Keywords: Circular economy, food waste, entrepreneurship. Introduction The circular economy is one of the emerging economic topics that has garnered increasing attention from experts in recent years http://www.ijfma.ir/article_24154.html This study develops and presents a corporate tax model based on audit quality. The proposed model aims to enhance financial transparency and reduce tax evasion. Additionally, it seeks to gain investor confidence and facilitate compliance with tax regulations. Audit quality refers to the accuracy, comprehensiveness, and reliability of audits, ensuring that companies' financial statements align with reality and adhere to accounting principles and standards. This quantitative study employed a descriptive survey method with a parametric sample. The statistical population comprised 152 experts in accounting, auditing, taxation, and finance, as well as individuals involved in accounting and tax affairs. Data were collected via a questionnaire, validated through prior use in similar organizations, with reliability confirmed via Cronbach’s alpha. The corporate tax model was analyzed through four dimensions: explanatory tax components, causal conditions, underlying conditions, and intervening conditions. Results indicated that all four dimensions significantly influence audit quality. The findings underscore that enhanced audit quality can substantially improve a nation’s tax and economic systems. http://www.ijfma.ir/article_24346.html One of the most significant characteristics of any capital market is its sensitivity to political developments. Political issues, due to their ability to alter economic perspectives, exert a direct and immediate impact on the stock exchange. Today, political risk is a highly complex and multidimensional phenomenon that poses serious challenges to the global business community, particularly in terms of its accurate assessment and effective management. This study aims to identify the indicators affected by political risk in companies listed on the Tehran Stock Exchange and the Iran Fara Bourse.Accordingly, after reviewing the theoretical foundations, indicators influenced by political shocks were extracted. The general framework of the study, including its objectives, was then developed based on an exploratory approach. Subsequently, by analyzing key terms and reviewing relevant empirical studies, and through expert consultation, the most influential indicators related to political shocks in the capital market were identified. Finally, using standardized CVI and CVR questionnaires, the final set of effective indicators was identified and ranked. This research is exploratory-simulation in nature. http://www.ijfma.ir/article_24353.html This study examines the relationship between cosmetic accounting and the risk of litigation with the auditor, moderated by corporate governance. This study examined the association between cosmetic accounting and auditor litigation risk, taking into account the moderating role of corporate governance. The sample consists of financial data from 113 companies listed on Tehran Stock Exchange during 2016-2023 (904 firm-years). The results are based on multivariate regression models. In the current study, board characteristics were considered as an indicator of corporate governance. The results show that cosmetic accounting has a significant positive impact on the risk of legal disputes with the auditor. In addition, board independence has a significant positive effect on the relationship between cosmetic accounting and the risk of litigation with the auditor. However, board size has no significant effect on this relationship. Further tests show that cosmetic accounting plays a crucial role in the risk of litigation with auditors (audit fees) for larger companies compared to smaller companies. In addition, the size of the board of directors is decisive for smaller companies, while the independence of the board of directors is more decisive for larger companies. Further findings suggest that when faced with cosmetic accounting, auditors tend to increase their audit fees to mitigate audit risk, leading to an increase in abnormal audit fees. http://www.ijfma.ir/article_24354.html The role of the board of directors as the main decision-maker in relation to corporate social responsibility and corporate earnings management is very important in the era of corporate governance. In this study, the factors affecting the modeling of the board of directors supporting social responsibility and its impact on earnings management with respect to corporate governance have been identified. This research is of a descriptive-correlation type that initially began with a qualitative method. In the qualitative part, data were collected through semi-structured interviews with 19 experts and specialists related to the subject. The sampling method in this part was non-random, purposeful/snowball. Information related to the influencing factors was extracted from the Kodal site and the Delphi method was used to analyze the data. The results of the study show that various factors such as social responsibility performance, information disclosure, social responsibility strategies, corporate characteristics, and corporate governance structure affect the modeling of the board of directors supporting social responsibility on earnings management. Socially responsible performance in environmental and social dimensions, transparent information disclosure, and social responsibility strategies increase stakeholder trust and reduce non-transparent behaviors such as earnings management. Also, corporate characteristics such as company size and cash flow, along with an appropriate corporate governance structure, enhance financial transparency and greater oversight of board decisions and reduce earnings management behaviors. These factors generally help improve the financial and social sustainability of companies. http://www.ijfma.ir/article_24355.html The COVID-19 pandemic has reshaped financial decision-making by intertwining mental health crises with economic behaviors, yet the mechanisms linking pandemic-induced depression to transactional activities remain underexplored. This study investigates how COVID-19-related psychological distress influences real-world trading behaviors among individual investors, employing a mixed-methods framework integrating behavioral economics, psychometric assessments, and regression analysis. Focusing on 384 traders in the Tehran Stock Exchange, the research reveals that pandemic-driven depression amplifies transactional volumes, particularly among men, driven by heightened liquidity needs and risk-seeking coping mechanisms. Gender emerges as a critical moderator, with women’s financial literacy and work experience buffering anxiety-induced trading volatility, while marital status and age mediate risk aversion differently across demographics. Contrary to expectations, financial education correlates with reduced distress but does not uniformly curb risk-taking, highlighting a paradox where self-confidence and systemic risk awareness coexist. The findings challenge assumptions of homogeneous crisis responses, emphasizing the role of sociocultural norms and resource conservation strategies in shaping financial resilience. By contextualizing transactional behaviors within the “stress proliferation” framework, this study advances behavioral finance paradigms, offering insights into the gendered and cognitive underpinnings of pandemic-era decision-making. http://www.ijfma.ir/article_24356.html The present study was conducted with the aim of identifying and ranking the risks of real estate tokenization in Iran. The present study was a fundamental and mixed study in terms of purpose, in the qualitative part, based on the grounded theory method was used, and in the quantitative part, the structural equation modeling method was used. The statistical population in the qualitative section of the panel of experts in real estate renovation in Iran, 10 of whom were selected as the sample based on the rule of theoretical saturation and by purposive method, and the statistical population in the quantitative section was academic experts, officials and executive actors, 200 of whom were selected as the sample based on Cochran's formula and available method. The data collection tool in the qualitative part was semi-structured interviews and in the quantitative part was a researcher-made questionnaire whose validity and reliability were confirmed. To analyze the data, MAXQDA 13.28 and Smart PLS 3.2 software were used. The indices of goodness of fit and GOF=0.735 showed that the developed model had a good fit with the experimental data. The results also showed that LLR (β=0.749), ECR (β=0.688), SOR (β=0.651), TCR (β=0.617), FER (β=0.574), IOR (β=0.523), CRR (β=0.458) and IR (β=0.369) are the most important risks of tokenization of real estate in Iran (P<0.01). http://www.ijfma.ir/article_24357.html Municipalities are among the most important public institutions that have a great impact on urban order and discipline and have many financial and operational activities. Accountability is of great importance in this institution. Given the importance of accountability, corporate governance components such as internal audit should be considered. The aim of this research is to identify and rank the weaknesses of the internal audit of municipalities using the fuzzy Delphi method and the Analytical Hierarchy Process(AHP). In the first stage, to identify the components, specialized texts were studied and 14 experts familiar with the subject of internal audit and the activities of municipalities were consulted. After mathematical calculations and fuzzification, 20 main weaknesses were identified. Weak knowledge and competence account for the largest share of organizational problems, and weak quality control accounts for the largest share of managerial problems. Municipalities should develop their internal audit department and provide the necessary training in this field. This research has value and innovation in improving the financial and operational accountability of municipalities http://www.ijfma.ir/article_24358.html In recent years, financial markets particularly oil, gold, and stock markets have faced significant structural shifts and regime changes, intensifying risk spillovers and creating challenges for investors and policymakers in their decision-making processes. This study aims to enhance risk management and optimize investment portfolios by exploring the dynamic nature of risk transmission and developing effective hedging strategies over the period 2016–2023. To achieve this, a comprehensive hybrid framework is employed, integrating the Markov-Switching Vector Autoregression (MS-VAR) model, the Fractionally Integrated Asymmetric Power ARCH (FIAPARCH) model, and the Conditional Dynamic Correlation (cDCC) model. This combination allows for a more accurate examination of inter-market dependencies. The findings reveal that the degree of risk spillover varies across different regimes and intensifies notably during turbulent periods, leading to stronger correlations among markets. Moreover, the influence of oil and gold prices on the stock market index exhibits an unstable pattern, heavily shaped by political and economic conditions. Overall, the proposed hybrid model outperforms traditional approaches in detecting risk spillovers and formulating effective risk-hedging strategies, contributing to improved portfolio performance in volatile market conditions. http://www.ijfma.ir/article_24359.html One of the fundamental challenges in capital markets is identifying investor decision-making patterns under uncertainty. Investment decisions are usually analyzed through classical probabilistic models, while numerous studies show that investors often deviate from rational patterns and are subject to behavioral biases, ambiguity, and high volatility. In this context, quantum probability theory, as a novel framework, has been able to explain nonlinear and contradictory patterns of human decision-making better than classical models, through concepts such as superposition, entanglement, and the uncertainty principle. Accordingly, this research aims to design an investor decision-making model in the Tehran Stock Exchange based on quantum probability theory. This study applies a mixed-method approach (qualitative–quantitative). In the qualitative phase, 125 domestic and international studies were systematically reviewed to identify the key indicators affecting investor decisions. In the quantitative phase, fuzzy Delphi was applied with the participation of 18 capital market experts to validate the indicators. Then, the relationships among the indicators were analyzed using DEMATEL and Interpretive Structural Modeling (ISM), and their hierarchical positions in decision-making levels were determined. Findings revealed that “level of uncertainty,” “stock price volatility, and “investor confidence in disclosed information” have the highest impact on investor behavior. The final model showed that under Iranian market conditions, quantum probability theory is capable of explaining phenomena such as overreaction and herding behavior, which cannot be interpreted through classical probability approaches. The results of this study not only extend the frontiers of behavioral finance but also provide practical implications for capital market policymakers, stockbrokers,and individual investors http://www.ijfma.ir/article_24360.html Corporate sustainability is an economic and pragmatic approach with the potential to create both opportunities and risks for business and trade. The impact and possible relationship between the financial dimensions of economic sustainability performance and the non-financial dimensions of environmental, social, and governance (ESG) sustainability performance have not yet been thoroughly and comprehensively investigated. The main objective of this study is to examine the impact and prioritization of corporate sustainability criteria on negative return skewness in the Tehran Stock Exchange. To achieve this goal, data were extracted from the financial statements of 148 companies listed on the Tehran Stock Exchange between 2013 and 2022. The results indicate that the significance level of the t-statistic for corporate sustainability reporting criteria is below the acceptable error threshold of 5%, thus confirming the impact of corporate sustainability reporting on negative stock return skewness. The results indicate that the significance level of the t-statistic for corporate sustainability reporting criteria is below the acceptable error threshold of 5%, thus confirming the impact of corporate sustainability reporting on negative stock return skewness. http://www.ijfma.ir/article_24364.html The present research was conducted with the aim of identifying and prioritizing the constituent factors of the governance system of holdings based on risk appetite. In terms of purpose, this research is applied; in terms of data type, it is sequential mixed (qualitative–quantitative) with an exploratory approach; in terms of data collection method, in the qualitative section, it is qualitative content analysis with a thematic analysis approach, and in the quantitative section, it is descriptive–correlational. In the qualitative section, the statistical population consisted of all theoretical experts (university professors in the fields of financial management, accounting, and economics) and practical experts (senior financial managers of holdings). For calculating the validity of the questionnaires, content validity (Lawshe forms) and construct validity (convergent and discriminant) were applied, and for reliability, Cronbach’s alpha coefficient, composite reliability coefficient, and McDonald’s omega used. The results indicated the instrument was valid and reliable.Finally, data analysis conducted in the qualitative section using thematic analysis with the approach of Braun and Clarke (2012) via Maxqda-2018 software, and in the quantitative section using descriptive and inferential statistics (confirmatory factor analysis) via SmartPLS-V3 software. The findings indicated that the governance system of holdings based on risk appetite comprises the dimensions of organizational structure, decision-making processes, risk management, information transparency, and social responsibility. Prioritization of the dimensions and components of the governance system of holdings based on risk appetite showed that the highest priority among the dimensions, respectively, belonged to decision-making processes, social responsibility, organizational structure, information transparency, and risk management. http://www.ijfma.ir/article_24361.html The present study aims to develop a comprehensive model of financial literacy and examine its role in the decisions, behaviors, and financial well-being of investors in Iran's capital market. Considering the unprecedented growth in public participation in the capital market in recent years and the consequences arising from market fluctuations and instabilities, the need to gain a deeper understanding of the mechanisms affecting financial literacy in guiding financial decisions and behaviors is more evident than ever before. Regarding its objective, this study is applied in nature and descriptive-analytical in terms of research execution. In the first step, using a meta-synthesis method components effective on financial literacy for investors in the capital market including (a) education, skills, and personal development; (b) social, psychological, and cultural factors; (c) environment, demographics, and economic status; (d) laws, regulations, and government policies; and (e) access to informational resources were identified. These components formed the basis for designing a questionnaire to measure the variable of “financial literacy.” To measure the variables of decisions, behaviors, and financial well-being, a researcher-made questionnaire was used, which had a 5-point Likert scale and was distributed electronically and manually among 384 capital market experts. The reliability of the questionnaire was confirmed with a Cronbach's alpha to be higher than 0.70, and its content and construct validity was confirmed as well. Data analysis was conducted using Structural Equation Modeling (SEM) in Smart-PLS software. The findings showed all five components had a positive and significant impact on investors' decisions, behaviors, and financial well-being http://www.ijfma.ir/article_24362.html The purpose of this research is to explain the management of optimal portfolio optimization and adverse risk management using econometric systems. The tool for collecting financial information is the data of top companies listed on the stock exchange, which derive their value from a base asset. Obviously, to enter the market of top companies, an investor needs to predict the future trend of particle swarm optimization to hedge their adverse risk. For this purpose, the present research has proceeded to select a suitable equation for modeling the economy of portfolio optimization and adverse risk management. Portfolio optimization in adverse risk management is shown for the years 2016-2021. In building the models, 65% of the data were used for training, 15% for validation, and 20% for fuzzy testing. The fuzzy model technique had better performance in predicting adverse risk, and the model that simultaneously uses scenario number one and ANFIS provides a more accurate prediction. This is because intelligent techniques provide a better estimate of the future return of adverse risk stocks (Value at Risk and Ultimate Expected Shortfall) compared to the historical average return. http://www.ijfma.ir/article_24363.html This study designs Key Performance and Risk Indicators (KPI/KRI) for a five-layer framework of international financial transfers and proposes an automatable management monitoring model to control performance, operational risk, and compliance risk across the transfer lifecycle. The study addresses how a five-layer architecture can be operationalized into a measurable and managerially monitorable model in banking operations.An applied, mixed-methods (predominantly qualitative) approach was used. First, initial KPI/KRI candidates were derived from qualitative evidence (expert interviews and coding). Next, a multi-round fuzzy Delphi process refined and validated the indicators and established expert consensus. Experts assessed each indicator on both “importance” and “operational implementability” to strengthen content validity and practical deployability. Indicator weights were then computed via normalization of expert scores, and the final indicators were organized by layer.The results produced a finalized KPI/KRI set across the five layers—30 indicators in total (3 KPIs and 3 KRIs per layer): (1) inter-institutional financial exchanges, (2) social/decentralized FX network, (3) digital wallet, (4) stable-value digital currency (conversion and settlement), and (5) connectivity and operations management. Additionally, 12 priority indicators were selected for first-page dashboard monitoring and alert-driven managerial attention. The proposed monitoring model specifies calculation logic, monitoring frequency, control thresholds, and reporting/escalation pathways, enabling dashboard deployment and monitoring automation.Layered KPI/KRI design combined with an automatable monitoring model upgrades the framework from a conceptual architecture to a measurable and controllable system, supporting operational decision-making through improved efficiency, transparency, traceability, and operational/compliance risk management.Keywords: International financial transfers; KPI/KRI; Five-layer model; Automatable management monitoring http://www.ijfma.ir/article_24092.html The audit committee represents a specialized and independent arm of the board of directors, established to reinforce oversight functions within the organization. Its responsibilities span the evaluation of financial reporting quality, the verification of auditor independence and effectiveness, the inspection of internal controls, and the supervision of corporate risk-handling frameworks.This research sets out to construct a model for evaluating firms' financial performance, centering on the configuration of the audit committee and integrating the intermediary effects of intellectual capital, financialization, and moral hazard. The proposed conceptual framework is tested through Partial Least Squares Structural Equation Modeling (PLS-SEM).Financial performance is gauged using metrics such as Return on Assets, Risk-Adjusted Rate of Return and Economic Value Added . Meanwhile, moral hazard is represented by indicators like insufficient investment and inadequate managerial effort. Findings reveal that audit committee attributes specifically its size, degree of independence, and members’ financial expertise play a significant role in enhancing firm financial outcomes. These improvements occur via the expansion of intellectual capital, the rise in financialization activities, and the reduction of moral hazard risks. http://www.ijfma.ir/article_24371.html The aim of this study was to investigate the effect of professional commitment on auditors' attitudes toward marketing activities with the mediating role of ethics. The statistical population includes auditors who are members of the Society of Certified Public Accountants who were considered to be employed in auditing firms. The research questionnaire was distributed and collected among 245 members of the statistical community as a sample. The research questionnaire was distributed and collected among 245 members of the statistical community as a sampleThe data collected by the questionnaires were analyzed by SPSS24 and Smart PLS3 software using structural equation modeling. The results showed that professional commitment has a positive and significant effect on auditors' attitudes toward marketing activities. Professional commitment through ethical orientation has a positive and significant effect on auditors' attitudes to marketing activities. Professional commitment through idealism and relativism has a positive and significant effect on auditors' attitudes to marketing activities. 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_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_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_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_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.