دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 10 4 2022 12 22 The Moderating Role of Firm’s Size and Age in the Relationship of Managerial Ownership with Liquidity and ‎Investment Constraints ‎ نقش تعدیلگر اندازه و عمر شرکت بر ارتباط بین مالکیت مدیریتی با محدودیت‌های نقدینگی و سرمایه‌گذاری 1 24 26605 10.22108/amf.2022.128050.1648 FA امیر محمدزاده دانشیار، گروه‎ ‎مدیریت‎ ‎مالی،‎ ‎دانشکدۀ‎ ‎مدیریت‎ ‎و‎ ‎حسابداری،‎ ‎دانشگاه‎ ‎آزاد‎ ‎اسلامی‎ ‎واحد‎ ‎قزوین،‎ ‎قزوین،‎ ‎ایران سجاد بحری دانشجوی دکتری، گروه‎ ‎مدیریت‎ ‎مالی،‎ ‎دانشکدۀ‎ ‎مدیریت‎ ‎و‎ ‎حسابداری،‎ ‎دانشگاه‎ ‎آزاد‎ ‎اسلامی‎ ‎واحد‎ ‎قزوین،‎ ‎قزوین،‎ ‎ایران Journal Article 2021 04 07 Ownership of management through shares aligns the shareholders’ interests with those of managers. Thus, whenever manager’s ownership increases, the company performance increases, leading to a reduction in agency costs related to investment decisions. Companies do this through better managerial agreement with shareholders' motivations. This study investigated the effects of managerial ownership on liquidity and investment constraints and examined the effects of moderating the role of a firm’s size and age on this relationship among companies listed on Tehran Stock Exchange (TSE). To this end, the index of investment sensitivity to cash flow was employed for calculating the liquidity constraint. The research was conducted on 82 companies listed on TSE from 2010 to 2019. The hypotheses were tested by using linear regression and Eviews software. There was a significant relationship between managerial ownership and investment, but the firm’s size and age did not affect this relationship. There was no significant relationship between managerial ownership and liquidity constraints and the firm’s size did not affect this relationship either; however, the firm’s age had a significant effect on this relationship. اهداف: مالکیت سهام مدیریت، منافع سهامداران و مدیران را هم‌راستا می‌‌کند. به این ‌ترتیب، هر زمان مالکیت مدیران افزایش یابد، عملکرد شرکت نیز افزایش می‌‌‌یابد؛ درنتیجه باعث کاهش هزینه‌‌های نمایندگی در رابطه با تصمیمات سرمایه‌‌گذاری می‌شود؛ شرکت‌‌ها این کار را با همسوسازی بهتر انگیزه‌های مدیریت با سهامداران انجام می‌دهند. هدف، بررسی تأثیر مالکیت مدیریتی بر محدودیت‌های نقدینگی و سرمایه‌گذاری و بررسی تأثیر نقش تعدیلگر اندازه و عمر شرکت بر این ارتباط بین شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران است. روش: برای دستیابی به این هدف، در محاسبۀ محدودیت نقدینگی از شاخص حساسیت سرمایه‌گذاری به جریان وجه نقد استفاده شد. این پژوهش برای 82 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی سال‌های 1389 تا 1398 انجام شد. آزمون فرضیه‌ها با استفاده از رگرسیون خطی و نرم‌افزار ایویوز اجرا شد. یافته‌ها: بین مالکیت مدیریتی و سرمایه‌گذاری ارتباط معناداری وجود دارد؛ ولی اندازه و عمر شرکت بر این ارتباط تأثیری ندارد. بین مالکیت مدیریتی و محدودیت نقدینگی ارتباط معناداری نیست و اندازۀ شرکت نیز بر این ارتباط تأثیری ندارد؛ ولی عمر شرکت بر این ارتباط اثر معنادار دارد.

https://amf.ui.ac.ir/article_26605_5598e429c0c1b9b63fcfb25897d5a39f.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 10 4 2022 12 22 Asset Allocation Based on Cyclical Behavior of Commodities: Regime-Switching Approach تخصیص بهینه دارایی با استفاده از رفتار سیکلی کالاهای اساسی؛ رویکرد رژیم سوئیچینگ 25 46 26994 10.22108/amf.2022.129809.1684 FA محمدرضا رستمی استادیار، گروه مدیریت، دانشکدۀ علوم اجتماعی و اقتصاد، دانشگاه الزهرا، تهران، ایران. زاهره گدازگر دانشجوی کارشناسی ارشد، گروه مدیریت، دانشکدۀ علوم اجتماعی و اقتصاد، دانشگاه الزهرا، تهران، ایران. Journal Article 2021 12 21 The purpose of the current study was the optimal allocation of assets using the cyclical behavior of commodities. For this purpose, the three commodities of copper, aluminum, and steel, along with gold and foreign exchange rate, were studied and their price data, along with the Tehran Stock Exchange (TSE) index during the period of January 2, 2009, to September 26, 2020, were analyzed. To examine the data, cluster analysis was used based on regime change behavior and Markovian state transition models were fitted to the data. Homogeneous and heterogeneous portfolios were constructed in terms of regime change behavior in both ascending and descending market regimes and the performance evaluation criteria of the portfolios were calculated. The results showed that portfolio diversification through the assets in the homogeneous cluster led to the best portfolio performance in the descending trend, while diversification by using commodity metals in the heterogeneous cluster might become the best performance in the ascending trend. In general, the results demonstrated that the use of commodities to diversify the portfolio led to better results in portfolio performance. Introduction Diversification of financial investments is an important principle that is widely accepted. However, for years, asset allocation decisions have been limited to bonds and stocks. Low risk-free interest rates and bearish markets, which have characterized the beginning of the new millennium, have strengthened investors' interests in new types of asset classes. Previously, commodities provided high returns that attracted the investors’ attention. In addition, research has shown that investing in commodities may protect the values of investor's assets against inflation because commodity prices follow the inflation rate. Therefore, investment in this asset class has been gradually taken into consideration based on a series of securities, including future contracts and option contracts in the stock market. As a result, the methods of diversifying asset portfolio by using commodities have attracted the researchers and investors’ attention. However, goods show a cyclical behavior and experience intermittent and generally irregular upward and downward trends under the influence of environmental conditions. Thus, identifying the cyclical behavior of commodity prices has been one of the requirements of research in this field. Accordingly, in the current research, portfolio diversification through basic goods was discussed about their cyclical behavior and the Markov feature of state transfer was taken into consideration to control the cyclical behavior of the data. Markov switching-regime models act as a filtering process that takes outlier data into account and depicts the output of the cyclic behavior of fluctuations. In this research, first, portfolio diversification was discussed by using asset clustering in the investment portfolio. Then, by relying on Markov switching models, the cyclical behavior of prices was analyzed in each asset. Finally, the performance of the portfolio composed of these assets was compared through the two methods of Markowitz and Tangency Method and Data In terms of method, this study was a descriptive research based on cluster analysis, posterior probabilities, and Markov switching-regime regression models, in which the time series data analysis method was used. Analysis of the research data was done using R software. The data studied in this research included the values of the total stock market index (as a representative of the overall performance of companies in the stock market), free exchange rates (dollars), coin prices, and the prices of basic commodities, such as aluminum, copper, and steel. The value of the total index was collected from the website of Tehran Stock Exchange Technology Management Company, prices of the metals were collected from the London Metal Exchange, and the daily prices of coins and currencies were collected from the website of Rahavardnovin. Findings The set of 6 studied variables could be classified into 2 clusters. The first cluster included the stock market index (index), exchange rate (Ex), and coin (gold) and the second cluster consisted of basic commodities, i.e., copper (Cu), steel (steel), and aluminum (Al). The second stage of variable clustering showed that the stock market index, coin, and exchange rate had similar upward and downward regimes in the first cluster and the basic commodities of copper, aluminum, and steel had similar upward and downward regimes in the second cluster as well. Adding currency, gold, and basic commodities to the investment portfolio in the downward and upward trends of the market (Markov regime) led to a change in the return of investment in the stock market and thus diversified the portfolio. Conclusion and discussion In declining market conditions, combination of investment in the index and the basic commodities of copper, aluminum, and steel can lead to an increase in portfolio returns, while combination of assets in a rising market should be based on investing in the index, currency, and gold. هدف: هدف پژوهش حاضر، تخصیص بهینۀ دارایی با استفاده از رفتار سیکلی کالاهای اساسی، رویکرد رژیم سوئیچینگ است. روش: برای این منظور 3 فلز اساسی مس، آلومینیوم و فولاد کنار طلا و ارز به‌عنوان کالاهای اساسی و داده‌های قیمت آنها به‌همراه شاخص بورس اوراق بهادار تهران طی دورۀ زمانی 3 دی 1387 تا 5 مهر 1399 تجزیه‌وتحلیل شد. به‌منظور تجزیه‌وتحلیل داده‌ها از تحلیل خوشه‌ای مبتنی بر رفتار تغییر رژیم داده‌ها استفاده و مدل‌های انتقال وضعیت مارکوفی بر روی داده‌ها برازش داده شد. سبدهای همگون و ناهمگون ازنظر رفتار تغییر رژیم، در دو رژیم صعودی و نزولی بازار تشکیل و معیارهای ارزیابی عملکرد سبد‌ها محاسبه شد. نتایج: نتایج نشان‌دهندۀ آن بود که متنوع‌سازی سبد از طریق نمادهای موجود در خوشۀ همگون، به بهترین عملکرد سبد در روندهای نزولی منجر می‌شود؛ در حالی که در روندهای صعودی، متنوع‌سازی با استفاده از فلزات اساسی در خوشۀ ناهمگون، باعث بهترین عملکرد می‌شود. به‌طور کلی نتایج حاکی از این است که استفاده از کالاهای اساسی به‌منظور متنوع‌سازی سبد، به حصول نتایج بهتری در عملکرد منجر می‌‌شود.

https://amf.ui.ac.ir/article_26994_edbe5af6ba85eda7fe30c984ecde4b2c.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 10 4 2022 12 22 Reduction of Liquidity Proxies by Using Principal Component Analysis in Tehran Capital Markets داده‌کاهی متغیرهای نمایندۀ نقدشوندگی با استفاده از روش تحلیل مؤلفه‌های اصلی در بازار اوراق بهادار تهران 47 66 27007 10.22108/amf.2022.133181.1735 FA ایرج اصغری دانشجوی دکتری، گروه حسابداری، دانشکدۀ مدیریت و حسابداری، دانشگاه علامه طباطبائی، تهران، ایران جواد شکرخواه دانشیار، گروه حسابداری، دانشکدۀ مدیریت و حسابداری، دانشگاه علامه طباطبائی، تهران، ایران محمد مرفوع استادیار، گروه حسابداری، دانشکدۀ مدیریت و حسابداری، دانشگاه علامه طباطبائی، تهران، ایران محمد جواد سلیمی استادیار، گروه حسابداری، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبائی، تهران، ایران. Journal Article 2022 05 08 The purpose of this study was to investigate the possibility of using principal component analysis method as a tool for data reduction of the proxies of stock liquidity in Tehran Stock Exchange (TSE). First, the initial set of proxies of stock liquidity (8 variables) was identified and after the initial validation tests, the method was implemented at 2 levels: 1) all companies and 2) companies with much data. According to the obtained results, applicability of using this method to reduce the initial set of variables was concluded. The results showed that in both levels of analysis, the method could be used successfully for data reduction of liquidity proxies. Depending on the purpose of different researches, the initial set of liquidity proxies could be appropriately reduced by extracting 2 or 3 main components, while explaining the acceptable part of the total data variance. Introduction So far, many variables have been introduced as proxies of stock liquidity in the research literature of capital market. It is impossible to use all these variables in regression models for several reasons, such as excessive reduction of the degree of freedom or high correlation of the variables; thus researchers are forced to choose among them. When selecting among the variables, researchers are faced with some econometric problems like the problem of omitted variables. Therefore, data reduction methods, which have fewer econometric problems, are highly regarded in the research literature. The “principal components analysis” is one of the most reliable data reduction methods that have been introduced. The purpose of this research was to investigate the possibility of using the “principal component analysis” method as a tool to reduce the proxies of stock liquidity in Tehran Stock Exchange (TSE). Method and Data To carry out this research, first, the initial set of variables introduced as proxies of the stock liquidity (8 variables) were created by deeply studying the professional research literature. For more validity, the analyses were performed at two different levels. In the first level, all the companies (515 companies with 47.153 months of data) were used in the analysis. In the second level, the companies that did not have much data were excluded from the analysis and only those with 100 months of data and more were analyzed. The second category of companies included 312 companies (38.458 months of data). By creating correlation matrices and performing Bartlett and MSA tests, the dataset suitability for implementing the “principal component analysis” was tested, and then the “principal component analysis” method was implemented on the two datasets. Finally, sensitivity analyses were carried out to confirm the validity of the obtained results. According to the results, a conclusion was drawn about the possibility of using "principal component analysis" in reducing the proxies of stock liquidity. Findings In the validation phase, Bartlett and MSA statistics confirmed appropriateness of the data correlation for implementing the “principal component analysis” method. The MSA statistics of both levels was about 66%, which was interpreted as the data appropriateness for analysis. The results of the implementation of the “principal components analysis” method at the level of ‘all companies’ showed that this method could be successfully used for reducing the liquidity proxies. By forming 3 components (one component had a borderline significance level), the initial set of liquidity proxies could be reduced appropriately, while explaining an acceptable part of the total data variance. Similar to analysis of the first level, the results obtained for companies with more than 100 months of data also confirmed usefulness of the "principal component analysis" method in the reduction of liquidity proxies. In the validation dimension, there was not much difference between the results of the two levels, but only two components were extracted in the implementation dimension. The sensitivity analysis also showed that the correlation matrix of the investigated variables was stable over time and the results could be extended to all studied periods. Conclusion and discussion Considering the multitude of variables introduced as the proxies of stock liquidity and the econometric issue of choosing among them, this research used the method of "principal component analysis" as an efficient tool with strong theoretical foundations for data reduction of liquidity proxies and reported the results of its application. By confirming applicability of the “principal component analysis” and stability of the correlation matrix over time, it was claimed that this method, regardless of time and topic, could be used for reducing liquidity proxies and helping avoid the econometric issues related to the unsystematic selection of variables. Comparison of the method implementations in the two levels of companies showed that it was possible to perform the analyses by extracting fewer components when the “principal components analysis” was performed on the companies with lots of data.. هدف: هدف پژوهش حاضر، بررسی امکان به‌کارگیری روش تحلیل مؤلفه‌های اصلی به‌عنوان ابزاری برای داده‌کاهی متغیرهای نمایندۀ نقدشوندگی سهام در بازار اوراق بهادار تهران است. روش: ابتدا مجموعۀ اولیۀ متغیرهای نمایندۀ نقدشوندگی سهام (8 متغیر) مشخص شده و ضمن آزمون‌های اعتبارسنجی اولیه، روش مذکور بر روی آنها در دو سطح: 1. همۀ شرکت‌ها؛ 2. شرکت‌های دارای دادۀ زیاد اجرا شده است. نتایج: نتایج پژوهش نشان‌‌دهندۀ آن است که در هر دو سطح از تحلیل‌ها از روش مذکور برای داده‌کاهی متغیرهای نمایندۀ نقدشوندگی با موفقیت استفاده و بسته به هدف پژوهش‌های مختلف، با استخراج 2 یا 3 مؤلفۀ اصلی، ضمن توضیح بخش مقبولی از واریانس موجود در داده‌ها، مجموعۀ اولیۀ متغیرهای نمایندۀ نقدشوندگی به میزان مناسبی کاهش داده می‌شود.

https://amf.ui.ac.ir/article_27007_6a3bb96e98d01c36a2e8addd7577fd35.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 10 4 2022 12 22 Legal-Jurisdictional Barriers to Financing Technological Entrepreneurship with an Institutional Approach: A Mixed Method Study موانع حقوقی - قانونی تأمین مالی کارآفرینی فناورانه با رویکرد نهادی (یک پژوهش آمیخته) 67 94 27397 10.22108/amf.2022.129739.1687 FA محسن مطیعی استادیار، گروه مدیریت فناوری و کارافرینی، دانشکده مدیریت و حسابداری دانشگاه علامه طباطبائی، تهران Journal Article 2021 11 21 Abstract This study sought to analyze the legal-jurisdictional barriers and challenges in providing financial resources for technological entrepreneurship using an institutional approach and mixed method. By applying a mixed method of qualitative (content analysis) and quantitative (descriptive-survey) approaches, financing barriers for technological entrepreneurship were identified. The statistical population in the qualitative section included 16 elite people and financial managers of technology companies, who were selected by the criterion-based snowball approach. The statistical population in the quantitative sector included financial managers. A number of 125 persons were selected as the statistical sample by using a random sampling method and doing availability analysis. To process the data, SPSS19 software and confirmatory factor analysis and structural equations modeling in Smart PLS software were applied. In this study, a model was developed to show the significant relationship between “the rules and regulations of financing technological entrepreneurship” and “deviation from the rules and regulations, intellectual and industrial property, and long financing time of technology companies.” The results revealed that the most important obstacles were deviations from laws and regulations, intellectual and industrial property, and long financing time of technology companies, respectively. Keywords: Legal-Jurisdictional Barriers, Technological Entrepreneurship, Mixed Method, Institutional Approach. Introduction Financial resources are essential in supporting entrepreneurship and small and medium businesses. Obtaining the necessary funds to start businesses has always been challenging for entrepreneurs. Access to financial resources is one of the main concerns for entrepreneurs in the entrepreneurial process since it enables them to implement the identified opportunities (Arbolino, 2017). Using the suitable financing methods to implement profitable projects can play an essential role in increasing shareholders’ wealth in companies. One of the decisions that business managers have to make for maximizing shareholders' wealth is financial provision (Moutmani & Tabgian, 2015). Unfortunately, the country's structures and laws in financing and granting facilities in the business sector, especially in small and medium businesses, have not been architected. This means that the economy's financial sector should serve as the real sector of the economy, the result of which is creating an informational symmetry and directing resources to increase efficiency in the entrepreneurial sector (Cooray, 1999). Perhaps, one of the main issues in the country's progress is the issue of financing entrepreneurship, especially technological entrepreneurship. Therefore, this research analyzed legal-legitimate obstacles and challenges in providing financial resources in technological entrepreneurship with an institutional and mixed-method approach. Method and Data This research was conducted in Tehran Province during the period of 2019-2020. The sample in the qualitative section was formed by 16 elites in the field of technological entrepreneurship. They participated in the research with a snowball opinion. In the quantitative part, a survey was carried out by designing a questionnaire extracted from the qualitative part of the research for 125 experts. The sample of this section was chosen by academic and industrial experts, including faculty members and experts in the field of financial information with at least 3 years of experience and activity. The Structural Equation Modeling (SEM) technique was used to analyze the data obtained from the respondents according to the first method of Barclay et al. (1995). In this method, Number 10 was a cross number and the indices of 1 were changed. According to this rule, 80 samples from the above sample were enough. Also, 125 stratified samples were selected for the survey about the research results. Findings The organizing theme of the legal dimensions of financing included the primary themes of legal institutions, the role of cultural background in legalism, law enforcement, lawlessness, intellectual property, legal issues of crime prevention, financing laws, laws and regulations, and the role of law. The dimension of entrepreneurial financing processes was one of the organizer’s primary themes of the effects of informal relationships in facilitating processes, difference between bank processes and funds, patenting before financing, uncertain processes, long judicial processes, informal processes (lobbying), and certain documents. For some technologies the legal way of financing was also included. These themes were obtained from the qualitative analysis of interviews, documents, laws, and regulations of the field of study. By coding these themes in ATLAS. ti software, a network of themes could be drawn from them. Chart No. 2 showed the theme network extracted from analysis of the themes. In the section of quantitative analysis, the minimum acceptable values of the indicators of CA, CR<0.7, AVE<0.5, factor loadings<0.5, OBrien (2007) factor loadings<1.96 significance, and Fornell & Larcker (1981) divergent validity (AVE>MSV) by using the PLS method showed the high reliability and validity of the questionnaire. Conclusion and discussion From the points of view of the studied community, deviation from laws and regulations, including the deviation of loans from their legal path, costs of loans in places other than banks, lack of seriousness in applying the law, cumbersome rules and regulations for entrepreneurs, legal issues for the prevention of financial crimes, and information and transparency of the legal financing path for entrepreneurs, was the biggest obstacle in technological financing businesses. The second obstacle in financing technological entrepreneurship was intellectual and industrial property, which included protection of property rights, legal protection of producers, protection of intellectual property, the need for a patent for financing, and a non-disclosure agreement. The third legal obstacle from the points of view of the elites of technological businesses was the longtime of funding for entrepreneurs, which included lacking a program for the developments of entrepreneurship and entrepreneurs in terms of scale, long time processes of the cases, time-consuming nature of registration, priority of reviews, and time-consuming nature of the evaluation. In the discussion about the proposals, it is suggested that the government carry out institutional reforms instead of directly interfering by establishing several funds or granting facilities without policy. By creating the necessary infrastructure for developing cultural variables and informal institutions, as well as environmental and interventionist conditions, mutual trust is created and the motivation to invest and accept capital is strengthened. Among the practical cases, it is possible to strengthen and develop financial markets to help clarify the valuation of shares, create the possibility of an initial supply of shares and other tools for exiting an investment, organizing the formation of specialized syndicates, creating a platform to benefit from the advantages of investment risk reduction strategies, including providing the possibility of multi-stage investment, stock trading options, the possibility of using convertible securities through revision of existing laws, revising accounting standards, tax laws, labor laws, and bankruptcy laws in line with the goals of new technology businesses, and strengthening laws to protect intellectual property rights and favorable legal structures pointed out. While allocating bank loans with a lower interest and a more extended repayment period for such companies, receiving these loans will be shortened to make them available to these people at the right time. Concerning the direction of future research, it is recommended to conduct studies in the field of intellectual property rights, intellectual property evaluation models, labor laws, tax policies, and accounting standards by investment requirements. Furthermore, the studies related to the developments of educational systems and cultural variables can be of great help to improve the performance in this area. هدف: این پژوهش به‎دنبال تجزیه‌وتحلیل موانع و چالش‌های حقوقی - قانونی موجود در تأمین منابع مالی در کارآفرینی فناورانه با رویکردی نهادی و روش آمیخته است. روش: با استفاده از دو روش کیفی (تحلیل مضمون) و کمی (توصیفی – پیمایشی) موانع تأمین مالی برای کارآفرینی فناورانه شناسایی شدند. جامعۀ آماری پژوهش در بخش کیفی 16 تن از خبرگان و مدیران مالی شرکت‌های فناورانه بود که با رویکرد گلوله‌برفی ملاک‌محور انتخاب شد و مصاحبه‌های نیمه ساختاریافته براساس چارچوب نظری تحلیل توسعۀ نهادی صورت پذیرفت و با نرم‌افزار Atlas Ti تحلیل شد. جامعۀ آماری در بخش کمی مدیران مالی بودند. برای نمونه‌گیری از روش تصادفی و در دسترس استفاده‌ شد که تعداد 125 نفر به‌عنوان نمونۀ آماری انتخاب شدند. به‌منظور پردازش داده‌ها از روش تحلیل عاملی تأییدی و معادلات ساختاری در نرم‌افزار Smart PLS استفاده ‌شده است. یافته‌ها: در این پژوهش به ایجاد مدل مبادرت شده است که نشان می‌دهد، بین قوانین و مقررات تأمین مالی کارآفرینی فناورانه و انحراف از قوانین و مقررات، مالکیت فکری و صنعتی و زمان طولانی تأمین مالی شرکت‌های فناور رابطۀ معناداری وجود دارد. نتایج: مهم‌ترین موانع به‌ترتیب انحراف از قوانین و مقررات، مالکیت فکری و صنعتی و زمان طولانی تأمین مالی شرکت‌های فناور بود.

https://amf.ui.ac.ir/article_27397_ff5d292ed60f9ddfcea56159adc1a976.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 10 4 2022 12 22 The Role of Enterprise Risk in the Relation between the CEO's Skills and the Firm's Free Cash Flow نقش ریسک سازمانی در رابطه بین مهارت‌های مدیرعامل با جریان نقد آزاد شرکت 95 114 27400 10.22108/amf.2023.133259.1736 FA فهیمه کاظمی حاجی دانش آموخته کارشناسی ارشد حسابداری، دانشکده اقتصاد، مدیریت و علوم اداری، دانشگاه سمنان، سمنان، ایران. محمد امری اسرمی استادیار، گروه حسابداری، دانشکده اقتصاد، مدیریت، و علوم اداری، دانشگاه سمنان، سمنان، ایران. فاطمه جلالی مربی، گروه حسابداری، دانشکده اقتصاد، مدیریت و علوم اداری، دانشگاه سمنان، سمنان، ایران. Journal Article 2022 05 07 This study examines the role of Enterprise Risk (ER) in the relation between the CEO's skills, including financial knowledge and his power, and the Free Cash Flow (FCF). If the CEO is a member of the board of directors, it shows his power. A sample of 102 companies during 2014 to 2020 was selected from the firms listed on the Tehran Stock Exchange (TSE). The screening method was used for sampling and the tests ran by using multiple regression based on the panel data model with fixed effects. The results showed that there was an insignificant relation between CEO's power and FCF, but ER moderated the relation between CEO's power and FCF positively and significantly. Therefore, just having dual duties and being a member of the board of directors had no effects on FCF. Hence, in the context of increasing ER, there was a positive relation between CEO's power and FCF. There was no significant relation between financial knowledge and ER with FCF, while ER negatively and significantly moderated the relation between CEO's financial knowledge and FCF. Therefore, ER increased the impact of the CEO's power and weakened the effect of the CEO's financial knowledge and with the presence of the ER, the CEO's power was more effective in the firm's FCF compared his financial knowledge. Keywords: CEO's Power, CEO's Financial Knowledge, Enterprise Risk, Free Cash Flow (FCF). Introduction A good firm's performance leads to the creation of cash inflow and proper cash management provides a basis for the company's future profits. Risk management through risk reduction provides the basis for achieving the organization's strategic goals, such as efficient investment and optimal use of cash flows (Kokobe & Gemechu, 2016). The contribution of this study is whether enterprise risk affects the relationship between the CEO's skills and the free cash flow. Managers with dual roles have more power than other stakeholders, thus their ability to earn higher rents is evident. CEOs use their power to determine the company's payment policies to serve their interests, thus they retain more excess cash (Tian, & Yang, 2014). Enterprise risk management increases the value of the company and therefore can reduce the negative net cash flow or increase the net cash flow (Tahir and Razali, 2011). Custodio and Metzger (2014) found that companies that hired CEOs with financial knowledge retained less cash and less free cash flow. Matsunaga, Wang, & Yeung (2013) showed that Companies with more cash outflows are facing a shortage of cash, and published conservative reports. Method and Data To test the research hypotheses, 102 companies were selected from the companies listed on the Tehran Stock Exchange (TSE) during the years 2014-2020. Based on Chow and Hausman’s tests, the panel data model with fixed effects is suitable for all research models. In this study, the panel regression models with Generalized Least Squares (GLS) were used. Findings The results showed that the CEO's power, financial knowledge, and Enterprise Risk (ER) have no significant relations with the firm's FCF. ER positively and significantly moderated the relation between the CEO's power and the firm's FCF. ER negatively and significantly moderated the relation between the financial knowledge of CEOs and the firm's FCF. According to the results of the 4th and 5th hypotheses, ER had an effective role in the relation between the power and financial knowledge of CEOs and the firm's FCF. Conclusion and discussion Managers use their power to advance their own personal goals and motivations. In this study, no direct relation between Enterprise Risk (ER) and Free Cash Flow (FCF) was found because the cash from sales was used for different purposes and programs and the mediating variables could be effective in this relation. Managers' opportunistic motives to secure their own personal interests increase the firm's risk. In this situation, they have a great incentive to increase FCF. With the presence of the ER, powerful managers maintain more FCF. Therefore, ER weakens the relation between the financial knowledge of the CEO and the firm's FCF. ER reduces the CEOs' power so that they cannot use their knowledge to achieve enterprise goals. On the other hand, to reduce the effect of risks facing the company, they keep more surplus cash. Managers with a dual role in Iran are often representatives of the majority-owned stockholders, who act in the interests of their respective stockholders. According to the research findings, ER and CEOs' power and financial knowledge were the factors affecting the FCF. Paying attention to the managers’ professional characteristics and environmental conditions, including ER created favorable corporate governance, decreased information asymmetry, reduced the risk of inefficiency, alleviated the managers’ opportunistic behaviors, and enhanced investment efficiency or lowered inefficiency. Therefore, the participants in the Iranian economic markets should pay attention to managers’ characteristics and organizational risks, as well as the strategies of companies for managing FCFs. اهداف: در پژوهش حاضر، نقش ریسک سازمانی در رابطۀ بین مهارت‌های مدیرعامل شامل دانش مالی و قدرت وی، بر جریان نقد آزاد بررسی می‌‌شود. چنانچه مدیرعامل یکی از اعضای هیئت‌مدیره باشد، نشان‌دهندۀ قدرت وی است. روش: نمونه‌ای شامل 102 شرکت طی سال‌های 1393 تا 1399 از شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران انتخاب شد. نمونه‌گیری به روش غربالگری و آزمون‌ها به کمک رگرسیون چندگانه با الگوی داده‌های تابلویی با اثرات ثابت انجام شد. نتایج: نتایج نشان می‌دهد که قدرت مدیرعامل با جریان نقد آزاد رابطۀ معنادار ندارد؛ اما ریسک سازمانی رابطۀ بین قدرت مدیرعامل را با جریان نقد آزاد به‌طور مثبت و معناداری تعدیل می‌کند؛ بنابراین وظایف دوگانۀ مدیران عامل و به صِرف عضو هیئت‌مدیره‌بودن آنها بر جریان نقد آزاد تأثیری ندارد. در شرایط افزایش ریسک سازمانی، بین قدرت مدیرعامل با جریان نقد آزاد رابطۀ مثبت ایجاد می‌شود. بین دانش مالی و ریسک سازمانی با جریان نقد آزاد رابطۀ معناداری یافت نشد و ریسک سازمانی رابطۀ بین دانش مالی مدیران عامل را با جریان نقد آزاد به‌طور منفی و معناداری تعدیل می‌کند؛ بنابراین ریسک سازمانی تأثیر قدرت مدیرعامل را افزایش و تأثیر دانش مالی مدیرعامل را تضعیف می‌کند و با وجود ریسک سازمانی، قدرت مدیرعامل بیشتر از دانش مالی آنها بر جریان نقد آزاد شرکت مؤثر است.

https://amf.ui.ac.ir/article_27400_7e62ebb2d5ff2259e15eecbd564b84df.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 10 4 2022 12 22 Applying the Meta-Synthesis Method in Banking Operational Risk Management Methodology به‌کارگیری روش فراترکیب در روش‌شناسی مدیریت ریسک عملیاتی بانکی 115 132 27415 10.22108/amf.2023.135765.1767 FA حامد نادری دانشجوی دکتری، گروه مدیریت سیستم و بهره‎‌وری، دانشکده مهندسی صنایع و سیستم‌ها، دانشگاه تربیت مدرس، تهران، ایران محمد علی رستگار استادیار، گروه مدیریت سیستم و بهره‎‌وری، دانشکده مهندسی صنایع و سیستم‌ها، دانشگاه تربیت مدرس، تهران، ایران. Journal Article 2022 11 19 In recent years, after the economic crises, the value of operational risk assessment has been observed in the financial industry, while the biggest impact of operational risk has been on the banking industry. As a result, more attention has been paid to operational risk assessment in the banking industry after the financial crisis. Operational risk is defined as the risk of loss caused by the inadequacy or inefficiency of internal processes, people, systems, or external events. In this regard, institutions and banks have been looking for operational risk assessment by taking different approaches, including the approaches of the Basel Committee. The current research aimed to review operational risk management in the banking industry. Using the meta-synthesis method, 643 related research documents between 2000 and 2022 were gathered from among reliable scientific databases. By using this method, 43 final documents made the basis for extracting the findings. Finally, this method identified 5 main categories, including operational risk, risk assessment, risk quantification methods, risk analysis, and risk management, as well as 10 subcategories consisting of 43 concepts and 169 codes. The results were confirmed based on the experts’ opinions with a kappa index of 0.756. Keywords: Operational risk, Advanced Measurement Approach, Basic Index Approach, Standard Approach, Risk Management. Introduction The significant losses suffered by financial and non-financial institutions from various non-credit and non-market processes and factors have made many managers and decision-makers of these organizations pay attention to the field of "operational risk". Operational risk and its management methods are significant topics in the banking industry. They have potential effects on the performance of banks and financial institutions. According to the conducted research, authors have looked at risk from different perspectives. The relevant groups have focused on the definition of risk, classification of operational risk events, measurement and characteristics of operational risk management, and comparative analysis of different estimates (Barakat & Hussainey, 2013). Method and Data The current study was an applied research based on collecting documentary information. Using the meta-combination method, 643 related research documents between 2000 and 2022 were gathered from reliable scientific databases. By using this method, 43 documents finally made the basis for extracting the findings. Findings Using the meta-synthesis method, 643 related research documents between 2000 and 2022 were gathered from reliable scientific databases. By using this method, 43 documents made the basis for extracting the findings. Finally, this method identified 5 main categories, including operational risk, risk assessment, risk quantification methods, risk analysis, and risk management, as well as 10 subcategories, 43 concepts, and 169 codes. The results were confirmed based on the experts’ opinions with a kappa index of 0.756. Discussion of results & Conclusion In this research, the studies conducted in the field of operational risk were classified by using the meta-synthesis method. The meta-synthesis method was consisted of 7 steps. First, the questions related to the research were designed. In the second stage of the systematic literature review, 643 related articles in the field of operational risk from 2000 to 2022 were collected. In the next step, the related articles were selected based on title, abstract, and text. Then, 43 related articles were identified and 169 codes were extracted. Afterwards, the data analysis and data synthesis were done and the numbers of main categories, subcategories, and concepts were identified. In the sixth stage, quality control was performed and used to determine the value of Cronbach's alpha from the experts’ points of view. In the last stage, the relationships between the research findings were shown by using a tree diagram. In the field of operational risk, the meta-synthesis method had not been used for systematic review, classification, and categorization of the results of the articles. In this research, unlike the previous research, the related articles were classified by using the meta-synthesis method. Then, the categories and concepts were extracted and the relationships between them were shown in the form of a tree diagram. اهداف: در سال‌های اخیر بعد از بحران‌های اقتصادی به‌وجودآمده، ارزش ارزیابی ریسک عملیاتی در صنعت مالی مشاهده شد که بیشترین تأثیر ریسک عملیاتی بر صنعت بانکداری بود؛ درنتیجه بعد از بحران مالی توجه بیشتری به ارزیابی ریسک عملیاتی در صنعت بانکی شد. ریسک عملیاتی به‌عنوان ریسک زیان ناشی از نبودِ کفایت یا ناکارآمدی فرآیندهای داخلی، افراد و سیستم‌ها یا حوادث خارجی تعریف می‌شود. در این راستا مؤسسات و بانک‌ها با استفاده از رویکرد‌های مختلف ازجمله کمیتۀ بازل در پی ارزیابی ریسک عملیاتی بودند. هدف، مروری بر مدیریت ریسک عملیاتی در صنعت بانکی است. روش: پژوهش حاضر، کاربردی و از منظر گردآوری اطلاعات اسنادی فراترکیب است. با استفاده از روش فراترکیب، 643 سند پژوهش مرتبط بین سال‌های 2000 تا 2022 از پایگاه‌های علمی معتبر فراخوانی شده است که با به‌کارگیری این روش، 43 سند نهایی مبنای استخراج یافته‌ها قرار گرفت. نتایج: با این روش درنهایت، 5 مقولۀ اصلی که عبارت است از ریسک عملیاتی، ارزیابی ریسک، روش‌های کمی‌سازی، تحلیل و مدیریت ریسک، 10 مقولۀ فرعی، 43 مفهوم و 169 کد شناسایی شد. نتایج براساس نظر متخصصان با شاخص کاپای 756/0 تأیید شد.

https://amf.ui.ac.ir/article_27415_64dd372218d6d383b0672d758ff99db8.pdf