دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 12 3 2024 12 21 Designing a Future Study Model: Examining Bank Employees’ Attitudes Towards Job Security in the Era of Blockchain Technology (Horizon 2031) طراحی مدل آینده‌پژوهی نگرش کارکنان بانک ازلحاظ امنیت شغلی در مواجهه با بلاک‌چین در افق 2031 1 22 28417 10.22108/amf.2024.139968.1844 FA سعید قاضی نژاد دانشجوی دکتری، گروه مدیریت دولتی، دانشکدۀ مدیریت و اقتصاد، واحد علوم و تحقیقات، دانشگاه آزاد اسلامی، تهران، ایران حسن درویش دانشیار، گروه مدیریت دولتى، دانشگاه پیام نور، تهران، ایران محمد محمودی میمند دانشیار، گروه مدیریت بازرگانی، دانشگاه پیام نور، تهران، ایران Journal Article 2023 12 03 Blockchain technology has emerged as a crucial factor impacting the banking sector. This study aimed to design and elucidate a future research model that explored bank employees’ attitudes towards job security in the context of blockchain technology by the year 2031. Through a comprehensive review of relevant studies, this research identified the future research factors and drivers that influenced bank employees’ attitudes regarding job security in the face of blockchain technology. Indicators were identified and subjected to coding and theming processes. The dimensions and indicators were then selected based on expert opinions and distributed in a questionnaire format. Subsequently, a self-interaction matrix, initial achievement matrix, and final achievement matrix were developed followed by dimension leveling and model presentation. The key factors in the model encompassed the employees' understanding of usefulness and ease of use, behavioral intentions, beliefs, norms, values, and organizational culture, provision and updating of infrastructure, cost considerations, financial and banking market structure, technical challenges, and the benefits associated with blockchain technology. Keywords: Blockchain, Employee’s Attitude, Job Security, Benefits of Blockchain Introduction The monetary-financial system today operates within a complex and interconnected structure, involving multiple actors, varying levels of trust, and continuous information flows. However, this current structure has gradually experienced a decline in reliability, efficiency, transparency, and certainty over time. While the use of technology in financial services is not a new phenomenon, recent years have witnessed a remarkable transformation in the provision of financial services due to the integration of advanced technologies, such as the Internet of Things, artificial intelligence, and blockchain (Edwards et al., 2019). Adoption and development of blockchain and distributed ledger technology in the banking industry are still in the early stages, encountering several challenges along the way. Nevertheless, industry experts anticipate that this innovation holds significant potential to create new opportunities across various banking domains. Rapid evolution and introduction of new concepts within blockchain technology make it challenging to discern its specific features and characteristics (Carson et al., 2018). In tandem with digitization of banking services and growth of electronic and digital banking, financial institutions are grappling with excess human resources and seeking ways to reduce financial costs. According to the 1401 financial statements of banks, the number of bank employees in Iran has increased from 34,076 to 32,470 (Ebrahimian & Mirsepasi, 2017). Against this backdrop, the present research aimed to design and elucidate a future study model that could explore employees' attitudes towards job security in the face of blockchain technology by the year 2031. This investigation held significant importance and necessity from multiple perspectives, particularly considering that blockchain is a relatively new field in Iran with limited prior research. The existing studies on blockchain have predominantly focused on theoretical descriptions rather than practical applications. Materials & Methods The future study factors and drivers influencing bank employees’ attitudes towards job security in the context of blockchain technology by the year 2031 were identified based on the existing studies. Following identification of indicators, a coding and theming process was undertaken, utilizing the symbols EP for foreign articles and FP for Persian articles. Factors and drivers were then coded and themed based on expert opinions and the indicators and dimensions were subsequently selected. The expert panel for this study comprised banking executives, academic experts, and managers with notable qualifications. These individuals possessed relevant experience, having served as deputy or chief managers in banks and financial institutions or had a minimum of 4 years of teaching experience as university faculty members. In addition, bank managers and consultants with at least 10 years of industry experience were included. Selection of the 16 experts was based on theoretical saturation. The dimensions derived from the coding and theming processes were distributed among the experts in the form of a questionnaire. The experts were selected using the judgment method, resulting in a panel of 16 individuals. Subsequently, the self-interaction matrix, initial achievement matrix, and final achievement matrix were determined to facilitate dimension leveling. The initial model underwent a thorough review and revision, taking into account the background information and logical reasoning. Research Findings To identify the factors influencing the bank employees’ attitudes towards job security in the face of blockchain technology on the horizon of 2031, the following steps were undertaken: 1) Research question formulation: The research questions were developed in line with the main objective of the study. They aimed to explore the dimensions and indicators necessary to identify the factors affecting bank employees' attitudes towards job security in the context of blockchain technology by the year 2031. 2) Literature search: A comprehensive search was conducted to gather relevant domestic and international scholarly articles and books. Keywords, such as "blockchain in the horizon of 2031", "job security", and "blockchain adoption", were utilized to identify authoritative sources. 3) Research content analysis: The directed content analysis technique, specifically the directed approach, was employed in this research. 4) Coding process: After collecting the articles and books, an open coding process was employed. Latin articles were indexed with the symbol EP, while Persian articles were indexed with the symbol FP. The numbers assigned during the coding process indicated the number of articles. The coded data were then categorized into themes. This categorization was done within the framework of potential themes, resulting in the establishment of 11 themes. It is important to note that the identification of these 11 themes was the result of an iterative process over an extended period with validation from experts. 5) Determination of the levels of indicators: To prioritize the variables, separate sets were established for the achieving the predecessor of each variable. The attainable set represented the set of values, where the numerical value in the rows of the matrix was 1, while the predecessor set indicated the columns marked as 1. By intersecting these two sets, a common set was obtained. The variables that matched between the common set and the attainable set were considered priorities. These variables were then removed from the table and the process was repeated with the remaining variables to generate subsequent tables. This process continued until the priorities of all variables were determined. Discussion & Conclusion In this study, the key drivers were extracted and classified using the qualitative content analysis method and incorporating expert opinions. Drawing upon the obtained results and comparison with other studies, the following suggestions are presented: 1) Bank managers should explore the theoretical and practical benefits of blockchain technology both globally and within Iran. This knowledge will enable them to understand the advantages, not only for bank employees, but also for the bank itself, society, and other stakeholders. 2) Bank managers should educate bank employees about the benefits of blockchain technology by creating educational content and disseminating it through online platforms and social campaigns. 3) Bank managers should deepen their understanding of the nature and characteristics of blockchain technology, particularly in terms of security and reliability. 4) Given that employee trust in blockchain technology significantly influences their behavior, it is advisable to examine the results of tests and experimental implementations conducted worldwide to assess the technology's security. This information can also be utilized to enhance employee trust in blockchain. 5) Managers and bank officials, who intend to adopt blockchain technology, should collaborate with prominent universities and professors to conduct challenges and evaluations. These initiatives should address any uncertainties, potential security issues, and theoretical and practical concerns, thereby fostering higher levels of user trust. Bank officials should establish support mechanisms for bank employees by forming joint working groups and evaluating the necessary infrastructure for blockchain implementation. Bank managers should prioritize the potential of emerging technologies, such as blockchain, and take steps towards their adoption. Considering the benefits observed in other industries and countries, managers should strive to create favorable conditions for incorporating blockchain technology within their organizations. This can begin by providing free educational resources about blockchain technology to the employees, exploring its motivations and benefits and considering its strengths and limitations through the SWOT matrix. By doing so, they can harness the advantages of blockchain technology, seize opportunities, and mitigate potential threats and resistance. Given the ongoing digitization of the financial market, managers should consider implementing blockchain technology on a trial basis. The decision to fully adopt the technology should be based on the results and advantages derived from the trial period. Considering the impacts of blockchain adoption factors on employees' attitudes, managers should give special attention to these factors and strengthen the necessary infrastructure for successful implementation. Adequate investment should be made in training employees to enhance their understanding, attitude, acceptance, and application of blockchain technology within the bank. Organizing training workshops for employees and encouraging them to acquire skills related to blockchain technology, as well as improving management and information skills, is highly recommended. Investing in employees to increase their understanding and application of blockchain technology should be prioritized. هدف: دیجیتالی‌شدن خدمات بانکی و رشد بانکداری الکترونیکی و دیجیتالی سبب شده است، بانک‌ها با مازاد منابع انسانی روبه‌رو شوند و برای کاهش هزینه‌های مالی سعی بر تعدیل نیروهای خویش کنند؛ بنابراین، رشد فنّاوری و عرضۀ خدمات بانکی، صرف نظر از مزایای مثبتی که برای عملکرد بانک داشته است، این اثر منفی را نیز می‌تواند بر کارکنان اعمال کند که کارکنان ادراک کنند به‌واسطۀ تغییر روش خدماتی بانک، جایگاه شغلی آنها تهدید شده است. یکی از مهم‌ترین فنّاوری‌هایی که در خدمات بانکی تأثیرگذار است، فنّاوری بلاک‌چین است. هدف پژوهش حاضر طراحی و تبیین الگوی آینده‌پژوهی نگرش کارکنان بانک ازلحاظ امنیت شغلی در مواجهه با بلاک‌چین در افق 2031 است. روش: با عطف بر مطالعات صورت‌پذیرفته، عوامل و پیشران‌های آینده‌پژوهی نگرش کارکنان بانک ازلحاظ امنیت شغلی در مواجهه با بلاک‌چین در افق 2031 شناسایی شده است. پس از مشخص‌شدن شاخص‌ها، کدگذاری و تم‌بندی صورت پذیرفت. پس از آن براساس نظر خبرگان، شاخص‌ها و ابعاد انتخاب شد. آنگاه این ابعاد در فرمت پرسش‌نامه در میان خبرگان توزیع شد. در ادامه، ماتریس خودتعاملی، ماتریس دستیابی اولیه و ماتریس دستیابی نهایی مشخص و سطح‌بندی ابعاد انجام و نهایتاً مدل ارائه شد. نتایج: درک سودمندی توسط کارکنان، درک استفادۀ آسان، قصد و نیت رفتاری کارمند، باورها، هنجارها، ارزش‌ها و فرهنگ‌ها، تهیه و به‌روزرسانی زیرساخت‌ها، هزینه، ساختار بازار مالی و بانکی، مشکلات فنی و مزایای بلاک‌چین عوامل اصلی تشکیل‌دهندۀ مدل است. نوآوری: ازآنجایی‌که تاکنون باتوجه‌به مطالعات صورت‌گرفته و بررسی پیشینۀ پژوهش از حیث اهداف و ازحیث موضوع پژوهش مشابهی به طراحی و تبیین الگوی آینده‌پژوهی نگرش کارکنان بانک ازلحاظ امنیت شغلی در مواجهه با بلاک‌چین در افق 1410 در ایران نپرداخته است، دارای نوآوری است.

https://amf.ui.ac.ir/article_28417_501e4c29f4a2530ff2ddb838193bddab.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 12 3 2024 12 21 Investigating the Effects of Debt Convergence of Companies on the Speed of Capital Structure Adjustment Considering the Time Horizon بررسـی اثر همگرایی بدهی شرکت‌ها بر ســرعت تعدیل ســاختار ســرمایه با در نظر گرفتن افق زمانی 23 40 28476 10.22108/amf.2024.140084.1848 FA سید مجتبی احمدی دانشجوی دکتری، گروه حسابداری، واحد اصفهان (خوراسگان)، دانشگاه آزاد اسلامی، اصفهان، ایران مهدی آقابیک زاده استادیار، گروه حسابداری، واحد اصفهان (خوراسگان)، دانشگاه آزاد اسلامی، اصفهان، ایران افسانه سروش یار استادیار، گروه حسابداری، واحد اصفهان (خوراسگان)، دانشگاه آزاد اسلامی، اصفهان، ایران Journal Article 2023 12 13 This study examined the capital structure adjustment speed between converged and non-converged companies in terms of financial leverage according to the timing of capital structure adjustment using data from companies listed on the Tehran Stock Exchange (TSE). The aim of the study was to investigate whether corporate debt convergence and timing of capital structure adjustment had a significant effect on the capital structure adjustment speed. This study was unique in that it investigated the effect of debt convergence on capital structure adjustment speed, comparing adjustment timing between converged and non-converged companies - an approach not previously explored in domestic research. The relevant data for companies listed on the TSE from 2015 to 2021 were collected. First, the converged and non-converged companies were identified using the Phillips and Sul’s (2007) method. Then, the estimation results were analyzed using the generalized method of moments regression. The results indicated that the capital structure adjustment speed was higher for the converged companies (in terms of leverage) compared to the non-converged companies. Additionally, the capital structure adjustment speed was lower in the earlier years of the adjustment period compared to the later years. There was a significant difference in the capital structure adjustment speed between the beginning and the end of the adjustment period for the converged versus non-converged companies. Keywords: Capital Structure Adjustment Speed, Debt Convergence, Capital Structure Adjustment Time, Converged Companies, Non-Converged Companies. Introduction Extensive research has examined the speed at which companies adjust their financial leverage towards an optimal capital structure. The idea is that there exists an optimal debt-to-equity ratio that maximizes a company's value and when companies deviate from this optimal level, they will make adjustments to return to the target capital structure. The phenomenon of mean reversion in leverage was first highlighted by Chen and Zhao (2007), which complicates the assessment of adjustment speed. This mean reversion effect can create contradictions in financial policies and leverage changes - for instance, a company may have an explicit policy to increase debt, yet its debt ratio still decreases and vice versa. The fact that leverage ratios are bounded between 0 and 1 contributes to this mean reversion tendency. Studies on capital structure adjustment speed have generally found that companies adjust their leverage gradually over a long period of time. Specifically, the adjustment tends to start off at a slower pace in the beginning and then accelerate in the later years of the adjustment process. Given these considerations, we investigated whether the convergence of corporate debt levels affected the speed of capital structure adjustment and whether the adjustment speed varied over the course of the adjustment period. In other words, the study sought to examine if debt convergence impacted the dynamics of the capital structure adjustment process for companies listed on the Tehran Stock Exchange (TSE). Materials & Methods The study period spanned from 2016 to 2021. The first step was to distinguish between convergent and non-convergent companies using the Phillips and Sul’s (2007) method. Then, the generalized method of moments regression was employed to estimate the results. Findings This study examined debt convergence as a key factor influencing the capital structure speed of adjustment. The results supported the hypothesis that debt convergence affects the adjustment speed. The second hypothesis was also confirmed - the capital structure speed of adjustment was lower in the initial years of the adjustment period compared to the later years. This was likely because adjusting the capital structure incurred costs and given the significant gap between actual and target leverage in the early adjustment years, the companies tended to adjust their leverage more slowly during this phase. Finally, the third hypothesis was supported as well - the capital structure speed of adjustment differed between the convergent and non-convergent companies both in the early and later stages of the adjustment process. This suggested that the dynamics of the adjustment path varied depending on whether a company's debt level had converged towards an industry average or not. Discussion & Conclusions Numerous domestic and international studies have examined the factors affecting the capital structure speed of adjustment. However, two factors that have received relatively less attention are the impacts of corporate debt convergence and timing of the adjustment process. This study aimed to investigate the influence of these two variables on the capital structure speed of adjustment with greater rigor and precision. The findings provided important insights; the results indicated that the speed of adjustment was higher for companies whose debt levels had converged compared to those that had not. Additionally, the adjustment speed was lower in the initial years of the process compared to the later stages. These insights could enhance our understanding of how companies selected their optimal capital structure mix of equity and debt. The results suggest that researchers should pay close attention to both factors of timing and debt convergence when examining companies' decisions on their optimal capital structure compositions. In fact, the optimal capital structure for a company cannot be assessed in isolation. It is essential to evaluate the optimal composition based on the convergence of a company's capital structure with its industry peers or other comparable companies in the same geographic region or country. This contextual perspective is crucial for accurately determining a company's optimal financing mix. In conclusion, this study contributes to the existing literature by shedding light on the dynamic and nuanced nature of the capital structure adjustment process, underscoring the importance of considering debt convergence and adjustment timing when investigating these decisions. اهداف: در این پژوهش، با استفاده از داده‌های شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران، سرعت تعدیل ساختار سرمایه بین شرکت‌های همگرا و غیرهمگرا ازنظر اهرم مالی باتوجه‌به زمان شروع اصلاح ساختار سرمایه بررسی می‌شود. هدف این پژوهش این است که آیا همگرایی بدهی شرکت‌ها و زمان اصلاح ساختار سرمایه شرکت‌ها تأثیری بر سرعت اصلاح ساختار سرمایه می‌گذارد یا خیر. روش: داده‌های مرتبط برای شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی سال‌های 1394 تا 1400 جمع‌آوری شد. در ابتدا با استفاده از روش فیلیپس و سول (2007) شرکت‌های همگرا و غیرهمگرا از هم تفکیک شدند؛ سپس، تخمین نتایج با استفاده از رگرسیون گشتاورهای تعمیم‌یافته انجام شد. نتایج: نتایج پژوهش نشان داد که سرعت تعدیل ساختار سرمایه در شرکت‌های همگرا (ازنظر اهرم) بیشتر از شرکت‌های غیرهمگرا بوده و سرعت تعدیل ساختار سرمایه در سال‌های شروع اصلاح، کمتر از سرعت تعدیل در سال‌های پایان اصلاح است. نتایج دیگر نشان داد که سرعت تعدیل ساختار سرمایه در سال‌های شروع اصلاح و سال‌های پایانی بین شرکت‌های همگرا و شرکت‌های غیرهمگرا متفاوت است. نوآوری: بررسی تأثیر همگرایی بدهی بر سرعت تعدیل ساختار سرمایه باتوجه‌به مقایسۀ زمان اصلاح به طریقی که در این پژوهش انجام پذیرفته است، در هیچ‌یک از پژوهش‌های داخلی انجام نشده است.

https://amf.ui.ac.ir/article_28476_4bce6fe7b6f9a92bca0a8808848ce727.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 12 3 2024 09 22 Identification and Prioritization of Solutions for Restoring Investors' Confidence in the Capital Market of the Islamic Republic of Iran شناسایی و اولویت‌بندی راهکارهای بازیابی اعتماد سرمایه‌گذاران به بازار سرمایۀ جمهوری اسلامی ایران 41 60 28418 10.22108/amf.2024.139517.1831 FA یاسر شریفی کارشناس ارشد، گروه مدیریت مالی، دانشکده معارف اسلامی و مدیریت، دانشگاه امام صادق (ع)، تهران، ایران محمد توحیدی دانشیار، گروه مدیریت مالی، دانشکده معارف اسلامی و مدیریت، دانشگاه امام صادق (ع)، تهران، ایران میثم حامدی رئیس مرکز پژوهش، توسعه و مطالعات اسلامی، سازمان بورس و اوراق بهادار، تهران، ایران Journal Article 2023 10 19 The loss of investor confidence in financial markets can result in liquidity outflows and market collapse. Restoring investor trust requires identifying the factors that have eroded trust. This research aimed to identify the factors influencing the decline of the Tehran Exchange Price Index (TEPIX) in 2019 and the subsequent loss of investor confidence. Furthermore, it aimed to extract and prioritize solutions to restore investor confidence. Expert interviews were conducted to collect data, which were then analyzed using thematic analysis. Friedman's non-parametric test was utilized to prioritize the solutions. The study identified 26 significant factors contributing to the decline of the stock market and the loss of investor confidence. These factors were categorized into 4 groups: macroeconomic governance, capital market, macroeconomics, and media. Additionally, 27 solutions to restore investor confidence were identified within the same four categories. According to the experts’ opinions, the most crucial solutions included preventing government intervention and non-expert comments by government officials in the capital market, reforming the economic system to enhance economic stability, increasing transparency in information and decision-making processes, and improving the performance of the Securities and Exchange Organization of Iran in detecting and addressing violations. اهداف: سلب اعتماد سرمایه‌گذاران به بازارهای مالی می‌تواند منجر به خروج نقدینگی و سقوط بازار شود. به‌منظور بازیابی اعتماد سرمایه‌گذاران ابتدا باید مشخص کرد چه عواملی در سلب اعتماد سرمایه‌گذاران اثرگذار بوده است. هدف از پژوهش حاضر این است که ابتدا عوامل مؤثر بر سقوط شاخص بازار سهام ایران در سال 1399 و سلب اعتماد سرمایه‌گذاران شناسایی و سپس راهکارهای بازیابی اعتماد سرمایه‌گذاران استخراج و اولویت‌بندی شود. روش: برای گردآوری داده‌ها از مصاحبه با خبرگان و برای تحلیل آنها از روش تحلیل مضمون استفاده شده است. برای اولویت‌بندی راهکارها نیز از آزمون ناپارامتریک فریدمن استفاده شده است. نتایج: در این پژوهش بیست‌ و‌ شش عامل مؤثر در سقوط بازار سهام و سلب اعتماد سرمایه‌گذاران ذیل چهار دسته حکمرانی کلان کشور، بازار سرمایه، مؤلفه‌های اقتصاد کلانی و رسانه و بیست و هفت راهکار در بازیابی اعتماد سرمایه‌گذاران ذیل چهار دستۀ پیش‌گفته شناسایی شد. از منظر خبرگان، راهکارهای جلوگیری از مداخلۀ دولت و اظهارنظرهای غیرکارشناسی مسئولان دولتی در بازار سرمایه، اصلاح نظام اقتصادی و ایجاد ثبات اقتصادی، افزایش شفافیت اطلاعاتی و شفافیت در تصمیم‌گیری‌ها و بهبود عملکرد سازمان بورس در کشف و مقابله با تخلفات دارای بیشترین اهمیت شناخته شد.

https://amf.ui.ac.ir/article_28418_8b0ee2135c6043fbd30fb1a78995ea81.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 12 3 2024 09 22 Influence of Investors' Sentiment on Bitcoin Returns تأثیر احساسات سرمایه‌گذاران بر بازدهی بیت‌کوین 61 84 28669 10.22108/amf.2024.140131.1850 FA مهدیه رضاقلی زاده دانشیار گروه اقتصاد، دانشکده علوم اقتصادی و اداری، دانشگاه مازندران، بابلسر، ایران محمد عبدی سیدکلایی استادیار گروه اقتصاد، دانشکده علوم اقتصادی و اداری، دانشگاه مازندران، بابلسر، ایران زهرا محسنی کلاگر دانش آموخته کارشناسی ارشد اقتصاد، دانشکده علوم اقتصادی و اداری، دانشگاه مازندران، بابلسر، ایران Journal Article 2023 12 19 While cryptocurrency trading is often based on various analyses and strategies, studies show that a significant portion of traders make decisions driven by emotions. This study evaluated the impact of investor sentiment on Bitcoin returns from 2019 to 2020 using daily time-series data. We employed Vector Auto-Regression (VAR), Impulse Response Functions (IRF), Variance Decomposition (VD), and Cointegration tests to analyze the relationship between sentiment indices, including the Fear and Greed index, Google Search index, Investor Happiness index, Bitcoin Trading Volume index, and American Association of Individual Investors (AAII) index, and the Euro-Dollar price, gold price, and S&P 500 index with Bitcoin returns. The findings indicated a negative relationship between the Fear and Greed index, Euro-Dollar price, gold price, Google Search index, and S&P 500 with Bitcoin returns. Conversely, there was a positive relationship between the AAII index, Investor Happiness index, and Bitcoin Trading Volume index with Bitcoin returns. Keywords: Investor Sentiment, Cryptocurrency, Bitcoin, Vector Auto-Regression (VAR) Model Introduction In recent years, cryptocurrencies have attracted widespread interest as an investment asset. While cryptocurrency trading often involves various analyses and strategies, studies have shown that a significant portion of traders make decisions based on emotions (Guler, 2021; Eom et al., 2018). Bitcoin sentiment analysis tools can be powerful in identifying market trends if used effectively. This study examined the role of investor sentiment in the cryptocurrency market, specifically evaluating the impact of sentiment on Bitcoin returns from 2019 to 2020. We utilized a wide range of sentiment indicators, including the Fear and Greed index, Google Search index, Investor Happiness index, Bitcoin Trading Volume index, and American Association of Individual Investors (AAII) index. Analyzing the relationship between these sentiment measures and Bitcoin returns can provide insights into the various dimensions of investor sentiment in the cryptocurrency market. Materials & Methods This study evaluated the impact of investor sentiment on Bitcoin returns from 2019 to 2020 using daily time-series data. We employed Vector Auto-Regression (VAR), Impulse Response Functions (IRF), Variance Decomposition (VD), and cointegration tests to examine the short-term and long-term relationships among the variables. The model for analyzing the impact of investor sentiment indices and other independent variables on Bitcoin returns was specified as: (1) where represents Bitcoin returns, which are obtained through Eq. 2: (2) where Pt is the price on day t and Pt-1 is the price on the previous day. Forex represents the Euro-Dollar price in the Forex market, Gold is the price of an ounce of gold, and SP500 is the United States stock market index (S&P 500). The investor sentiment indices used in the model include FG (Fear and Greed index), Happy (Investor Happiness index), Vol (Bitcoin Trading Volume index), AAII (American Association of Individual Investors index), and Google (Google Search index). The Google Search index is derived from the data on the number of searches for the term "Bitcoin price" on Google Trends. This model allowed us to evaluate the relationship between the investor sentiment indices and Bitcoin returns based on the existing theories and prior research in this field. Research Findings The results indicated several significant long-term relationships: The American Association of Individual Investors (AAII) index had a positive long-term relationship with Bitcoin returns. According to the impulse response functions, increases in the AAII index led to higher Bitcoin returns. The Fear and Greed index had a negative long-term relationship with Bitcoin returns. Increases in this index resulted in lower Bitcoin returns. The Euro-Dollar exchange rate had a negative long-term relationship with Bitcoin returns. Higher Euro-Dollar prices led to decreased Bitcoin returns. The gold price had a negative long-term relationship with Bitcoin returns. Increases in gold prices corresponded with lower Bitcoin returns. The Google Search index had a negative long-term relationship with Bitcoin returns. Higher search volumes for "Bitcoin price" were associated with decreased Bitcoin returns. The Investor Happiness index had a positive long-term relationship with Bitcoin returns. Increases in this index led to higher Bitcoin returns. The S&P 500 index had a negative long-term relationship with Bitcoin returns. Higher S&P 500 levels corresponded with lower Bitcoin returns. The Bitcoin Trading Volume index had a positive long-term relationship with Bitcoin returns. Increased trading volume was associated with higher Bitcoin returns. These findings provided insights into the multi-dimensional relationships between investor sentiment, macroeconomic factors, and Bitcoin returns over the long term. Discussion & Conclusion The findings of this study revealed several important insights about the relationship between investor sentiment and Bitcoin returns: 1) The Fear and Greed index, Euro-Dollar exchange rate, gold prices, Google search volume for "Bitcoin price", and S&P 500 index all had negative long-term relationships with Bitcoin returns. Increases in these variables corresponded with decreases in Bitcoin returns. 2) The American Association of Individual Investors (AAII) index, Investor Happiness index, and Bitcoin Trading Volume index had positive long-term relationships with Bitcoin returns. Increases in these sentiment indicators were associated with higher Bitcoin returns. These results demonstrated the significant influence of investor sentiment on the cryptocurrency market. Emotions and perceptions appeared to play a crucial role in driving Bitcoin returns over the long term. Investors reflected their sentiment in their trading decisions, which in turn impacted price dynamics in the Bitcoin market. This underscored the importance of understanding how various sentiment indicators affected financial markets, including cryptocurrencies. Investor sentiment analysis can provide valuable insights that inform investment decision-making. By monitoring sentiment metrics, investors can make more informed decisions and adjust their portfolios accordingly as sentiment shifts. In conclusion, this study highlighted the multifaceted relationship between investor sentiment and Bitcoin returns. The findings emphasized the need for investors to closely track sentiment indicators when participating in the cryptocurrency market. Further research in this area can yield additional insights into the behavioral aspects of cryptocurrency investment. با وجود اینکه معامله در بازار رمزارزها براساس تحلیل و راهبرد‌های مختلف است، نتایج مطالعات مختلف نشان می‌دهد که بخش عمده‌ای از معامله‌گران، براساس احساسات تصمیم می‌گیرند. در پژوهش حاضر تأثیر احساسات سرمایه‌گذاران بر بازدهی رمزارز بیت‌کوین از ابتدای 2019 تا پایان 2020 و با استفاده از داده‌های سری زمانی روزانه ارزیابی می‌شود؛ بدین منظور با استفاده از الگوی خودرگرسیون برداری (VAR) و توابع واکنش آنی (IRF) و تجزیۀ واریانس (VD) و آزمون هم‌انباشتگی، رابطۀ میان شاخص‌های احساسات سرمایه‌گذاران شامل شاخص ترس و طمع سرمایه‌گذاران، شاخص جست‌وجوی گوگل، شاخص شادی سرمایه‌گذاران، شاخص حجم معاملات بیت‌کوین و شاخص انجمن انفرادی آمریکا و نیز متغیرهای قیمت یورو دلار، قیمت اونس طلا، شاخص S&P500 با بازدهی بیت‌کوین تجزیه‌و‌تحلیل شد. نتایج حاصل از یافته‌های این پژوهش بیانگر وجود رابطۀ منفی بین شاخص ترس و طمع، قیمت یورو دلار، قیمت اونس طلا، شاخص جست‌وجوی گوگل و S&P500 با بازدهی بیت‌کوین است و رابطۀ مثبت بین شاخص انجمن انفرادی آمریکا، شاخص شادی سرمایه‌گذاران و شاخص حجم معاملات بیت‌کوین با بازدهی بیت‌کوین را نشان می‌دهد.

https://amf.ui.ac.ir/article_28669_0a3e0ebc75c6f5b74e47d11881036a28.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 12 3 2024 09 22 The Mediating Role of Cash Flow Statement Indicators in the Relationship between Stock Mispricing and Corporate Cash Holding اثر میانجی شاخص‎‌های صورت جریان وجوه نقد در رابطۀ بین قیمت‌گذاری اشتباه سهم و تمایل شرکت به نگهداشت وجه نقد 85 102 28600 10.22108/amf.2024.140245.1854 FA علی مجید عکله دانشجوی دکتری، گروه حسابداری و مدیریت مالی، دانشکدۀ اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، اﯾﺮان حمزه دیدار دانشیار، گروه حسابداری و مدیریت مالی، دانشکدۀ اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، اﯾﺮان غلامرضا منصورفر دانشیار، گروه حسابداری و مدیریت مالی، دانشکدۀ اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، اﯾﺮان Journal Article 2024 01 06 This study investigated how Tehran Stock Exchange (TSE) firms made cash holdings decisions when their stocks were mispriced in the market. The research also examined the mediating role of cash flow statement indicators in the relationship between stock mispricing and corporate cash holdings. The dataset comprised information from 106 companies listed on the TSE over an 11-year period from 2012 to 2022. The analysis was conducted using EViews and Stata software. The results of the first hypothesis test showed that stock mispricing had a positive and significant effect on a company's propensity to hold cash. The statistical models for the second and third hypotheses confirmed the mediating effects of cash flow statement indicators in the relationship between share mispricing and corporate cash holdings. However, further analysis revealed that the effects of mispricing were primarily transmitted through the channel of financing activities on a company's cash holdings decisions. The findings suggested that the firms tended to maintain higher cash reserves when their stocks were mispriced, so they could utilize these funds for investment or other purposes as needed. This underscored the importance of cash flow information in understanding how firms managed their cash holdings in response to share mispricing. The study provided insights for both corporate managers and investors regarding the drivers of corporate cash policies. Keywords: Cash Holding, Mispricing, Cash Flow, Financing. JLE: D25, D53, M41 Introduction Corporate cash flows are a critical factor in business decision-making and financial evaluations (Mashayekh & Razani, 2021). In imperfect markets, stock mispricing can encourage firms to hold higher cash reserves to manage volatile conditions and reduce risk. Firms may maintain cash for various reasons, such as avoiding cash shortages, benefiting from tax incentives, exercising managerial discretion, and addressing agency issues (DeAngelo et al., 2010; Faulkender et al., 2019; Foroughi & Farzadi, 2014; Nanda & Vadilyev, 2023). Stock mispricing can present both opportunities and challenges, potentially leading to fluctuations in a company's cash and investment levels. From a theoretical perspective, stock mispricing can affect a firm's financial and investment decisions, prompting managers to adjust cash holdings based on the perceived misevaluation of the company's stocks. Drawing on reception theory and market timing theory, the effects of stock mispricing are primarily transmitted through a firm's financing and investment activities, which then shape its cash reserve decisions (Polk & Sapienza, 2009; Chen et al., 2021). This study investigated whether stock mispricing influenced a firm's willingness to hold cash and the specific channels, through which this effect occurred. The key research questions were: Do companies tend to increase their cash holdings in response to stock mispricing? If so, how does mispricing primarily shape a firm's desire to maintain cash reserves? Based on the theoretical foundations, the study focused on net cash flows from investment and financing activities as the potential channels, through which the effects of stock mispricing might be transmitted to the firm's cash holdings decisions. Materials & Methods The data pertaining to the study's variables were collected from the Tehran Stock Exchange (TSE) and Securities Exchange Organization (SEO) databases, the Rahvard Navin software, and the financial statements of the companies. The research period spanned an 11-year timeframe, covering the financial statements from 2013 to 2022. The statistical sample comprised 106 companies, representing a total of 1,166 observations. The data analysis was conducted using EViews and Stata software. By adopting a quantitative approach and leveraging post-event observations, the study ensured that the variables could not be manipulated, enhancing the reliability and validity of the findings. The use of established databases and financial statements as data sources further strengthened the credibility of the research. The analysis powered by well-regarded statistical software enabled a rigorous examination of the research hypotheses. Findings The analysis results of the first hypothesis indicated that stock mispricing had a positive and significant effect on a company's willingness to hold cash. This suggested that when a firm's stock value was higher than its intrinsic worth, the company tended to seize the opportunity to increase its cash reserves. The Sobel test results for the second hypothesis revealed that net cash from financing activities had a mediating effect on the relationship between mispricing and the company's desire to maintain cash. The regression analysis for the second hypothesis, in line with market timing theory, demonstrated that mispricing positively and significantly impacted net cash from financing activities. Moreover, when the mediating variable of net cash from financing activities was included in the relationship between mispricing and the company's cash holdings, the coefficient of the independent variable (mispricing) decreased slightly compared to its direct effect in the first hypothesis, but remained significant. This evidence supported the notion that, in accordance with market timing theory, companies leveraged the financing opportunities created by mispricing and tended to save and retain cash for their expenditures. The Sobel test results for the third hypothesis also aligned with the theoretical foundations, indicating that net cash from investment activities had a mediating effect on the relationship between mispricing and the company's desire to hold cash. The findings further showed that mispricing had a negative and significant impact on net cash from investment activities. This was consistent with the theoretical underpinnings and suggested that when a company's stock price was higher than its intrinsic value, the firm tended to increase its capital expenditures, leading to a negative net cash flow from investment activities. Conversely, when the stock value was lower than its real value, companies might reduce their capital expenditures, preventing cash outflows through investment activities. In some cases, the firms whose shares were priced lower than their intrinsic values might be forced to sell their capital assets due to financial difficulties and this could explain the observed negative impact. In summary, findings indicated that stock mispricing could significantly influence a company's willingness to maintain cash reserves, with the effects being primarily transmitted through the firm's financing and investment activities. Discussion & Conclusion A comparison of the Sobel test statistics for the second and third hypotheses, which were 2.504 and 2.137, respectively, indicated that the effects of stock mispricing were more pronounced through the channel of financing activities. This suggested that the company's desire to maintain cash reserves was primarily channeled through financing activities. This result highlighted the precautionary motives of the companies. The results demonstrated that these firms had paid greater attention to their financing activities and less emphasis on investment activities when their stock prices were mispriced. In other words, companies tended to accumulate cash reserves under mispricing conditions so that they could subsequently utilize these saved funds for investment or other purposes as needed. This behavior could be interpreted as a strategic response by the firms to the market timing opportunities created by stock mispricing. When a company's shares were overvalued, the firm was inclined to exploit the favorable financing conditions by increasing its cash holdings. Conversely, when the stock was undervalued, the company might scale back its investment activities to preserve cash. The mediating role of net cash from financing and investment activities in the relationship between mispricing and the firm's cash holdings further underscored the importance of these channels in the overall cash management strategy of the organizations. Companies appeared to be actively managing their cash flows and capital expenditures to capitalize on the market timing opportunities presented by stock mispricing. In conclusion, this study provided empirical evidence that stock mispricing significantly influences a company's willingness to maintain cash reserves, with the effects primarily channeled through the firm's financing and investment activities. These findings contribute to the understanding of how companies navigate the complex dynamics of stock valuation and cash management in their strategic decision-making. هدف مطالعۀ حاضر در وهلۀ نخست، بررسی نحوۀ تصمیم‌گیری شرکت‎‌های پذیرفته‌شده در بورس اوراق بهادار تهراندربارۀ ذخایر وجوه نقدشان در زمانی که سهم آنها در بازار به اشتباه قیمت‌گذاری شده است؛ علاوه‌براین، پژوهش حاضر اثر میانجی شاخص‌های جریان وجوه نقد در رابطۀ بین قیمت‎‌گذاری اشتباه سهم و تمایل شرکت به نگهداشت وجه نقد را بررسی کرده است. در این پژوهش از اطلاعات 106 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران در طی دورۀ زمانی 11ساله از سال ۱۳۹۱ تا 1401 استفاده شده است. افزون بر این جهت تجزیه‌وتحلیل داده‌های مربوط به فرضیه‌های پژوهش از نرم‎‌افزار ایویوز و استاتا استفاده شده است. نتایج فرضیۀ اول نشان داد که قیمت‌گذاری اشتباه بر تمایل شرکت به نگهداشت وجه نقد اثر مثبت و معناداری گذاشته است و برازش رابطه‌های آماری فرضیۀ دوم و سوم نیز بیانگر تأیید اثر میانجی شاخص‌های صورت جریان وجوه نقد در رابطۀ بین قیمت‌گذاری اشتباه و تمایل شرکت به نگهداشت وجه نقد است. نتایج نشان می‎‌دهد که شرکت‎‌ها در شرایط قیمت‌گذاری اشتباه سهم تمایل به نگهداشت وجه نقد دارند، تا در مواقع ضرورت از این وجوه ذخیره‌شده جهت سرمایه‎‌گذاری یا مصارف دیگر استفاده کنند. استراتژی نگهداشت وجوه نقد توسط شرکت‌ها آینده و سرنوشت آنها را تعیین خواهد کرد. دربارۀ ایران به‌عنوان کشوری درحال‌توسعه، بررسی تأثیر قیمت‌گذاری اشتباه سهم بر فعالیت‌های سرمایه‌گذاری و تأمین مالی اهمیت زیادی دارد. این بدین علت است که هر اقتصاد درحال‌توسعه‎‌ای به سرمایه‌گذاری و تأمین مالی برای این سرمایه‌گذاری‌ها نیاز دارد.

https://amf.ui.ac.ir/article_28600_fcc1090a4dbbe60bb3bf20c4d3a7d4b5.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 12 3 2024 09 22 The Relationship between Corporate Social Responsibility (CSR) Reporting and Financing (Bank Loans and Debt Securities) گزارشگری مسئولیت اجتماعی شرکت‌ها و تأمین مالی (تسهیلات بانکی و اوراق بدهی) 103 118 28601 10.22108/amf.2024.139579.1833 FA اعظم ولی زاده لاریجانی استادیار، گروه حسابداری، دانشکدۀ علوم اجتماعی و اقتصادی، دانشگاه الزهرا (س)، تهران، ایران سارینا مفاخری باشماق کارشناس ارشد، گروه حسابداری، دانشکدۀ علوم اجتماعی و اقتصادی، دانشگاه الزهرا (س)، تهران، ایران Journal Article 2023 10 25 A critical concern for companies is securing the necessary financial resources to conduct business operations and achieve appropriate performance. Various factors can influence a company's access to financial resources, including those that can reduce information asymmetry between the company and its creditors. Given the importance of Corporate Social Responsibility (CSR) and its significant impact on public trust in companies, the purpose of this research was to investigate the relationship between CSR reporting and financing from both the money (bank loans) and capital (debt securities) markets. The sample included 134 companies listed on the Tehran Stock Exchange (TSE) from 2014 to 2020. The results showed a positive and significant relationship between CSR reporting and the amount of financing obtained from both the capital market (through debt securities issuance) and the money market (bank loans). While past research had examined the relationship between social responsibility and debt ratio or the cost of debt, the connection between CSR and debt securities issuance had not been previously considered. یکی از مهم‌ترین دغدغه‌های شرکت‌ها در فرایند کسب‌وکار، چگونگی تأمین منابع مالی لازم برای انجام فعالیت‌های شرکت و دستیابی به عملکرد مناسب است. عوامل مختلفی می‌تواند بر سهولت دسترسی شرکت‌ها به منابع مالی اثرگذار باشد که یکی از آنها عواملی است که بتواند عدم تقارن اطلاعاتی بین شرکت و اعتباردهندگان را کاهش دهد. باتوجه‌به اهمیت ایفای مسئولیت اجتماعی شرکت‌ها و تأثیر چشمگیر آن بر اعتماد عمومی به شرکت‌ها، هدف پژوهش حاضر بررسی رابطۀ بین گزارشگری مسئولیت اجتماعی شرکت‌ها با تأمین مالی از بازارهای پول (تسهیلات بانکی) و سرمایه (اوراق بدهی) است. روش پژوهش حاضر از نوع پژوهش‌های کاربردی و در گروه پژوهش‌های توصیفی _ همبستگی است. جامعۀ آماری این پژوهش، شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران طی دورۀ زمانی 1393 الی 1400 است. براین‌اساس، داده‌های مربوط به 134 شرکت‌ ازطریق رگرسیون تجزیه و تحلیل شد. نتایج پژوهش نشان داد بین گزارشگری مسئولیت اجتماعی شرکت‌ها با میزان تأمین مالی از بازار سرمایه (ازطریق انتشار اوراق بدهی) و میزان تأمین مالی از بازار پول (تسهیلات بانکی) رابطۀ مثبت معنی‌داری وجود دارد. تحقیقات گذشته در حوزۀ مسئولیت اجتماعی بعضاً به موضوع بررسی رابطۀ بین مسئولیت اجتماعی و نسبت بدهی یا هزینۀ بدهی پرداخته‌اند، اما تاکنون به ارتباط موضوع مذکور با تأمین مالی از محل انتشار اوراق بدهی توجه نشده است.

https://amf.ui.ac.ir/article_28601_f65db3af8fcd11ee2b1702152415d37f.pdf