دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 13 2 2025 06 22 Examining the Influence of the Shadow Economy on the Performance of Financial Markets and the Banking Sector in BRICS Countries: A Panel SUR Approach بررسی تأثیر اقتصاد سایه بر عملکرد بازار مالی و بخش بانکی کشورهای عضو BRICS (رویکرد Panel SUR) 1 28 29048 10.22108/amf.2024.142315.1905 FA جابر حسن مهیجر دانشجوی دکتری، گروه اقتصاد، دانشکدۀ اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران صمد حکمتی فرید دانشیار، گروه اقتصاد، دانشکدۀ اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران علی رضازاده دانشیار، گروه اقتصاد، دانشکدۀ اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران یوسف محمدزاده دانشیار، گروه اقتصاد، دانشکدۀ اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران Journal Article 2024 08 01 The performance of the financial and banking sectors in countries is vital for achieving economic growth and development objectives. The size of the informal economy can significantly influence the effectiveness of financial markets and institutions; however, this issue has received relatively limited attention in prior research. This study investigates the impact of the shadow economy's size on the performance of financial markets and banks in BRICS countries from 2000 to 2020. Given the interconnectedness of financial markets and the banking sector, a simultaneous equation system was employed to evaluate the effects of the shadow economy on both sectors concurrently. The Seemingly Unrelated Regression (SUR) technique was utilized for this analysis. The results indicate that the size of the shadow economy negatively affects the performance of both financial markets and banks. Therefore, it can be concluded that the shadow economy serves as a significant determinant of financial market and institutional performance. Additional findings of the study reveal that political stability, per capita income growth, and human development positively influence the performance of financial markets and banks, while inflation and natural resource rents have a detrimental effect. Furthermore, globalization enhances financial market performance but exerts a negative influence on the banking sector. In light of these findings, strategies aimed at reducing the size of the informal economy, promoting transparency, enhancing political stability, improving human development indices, and controlling inflation could considerably strengthen the performance of financial markets and institutions. Keywords: Informal Economy, Financial Market Performance, Banking Sector Performance, SUR Panel. JEL Classification: G32، G21، O17 Introduction The performance of a country's financial and banking systems is heavily dependent on the overall health of its economic sectors. Efficient financial intermediation requires the mobilization of sufficient and effective resources, which are essential for both the private and public sectors. In the private sector, informal and clandestine activities absorb a significant share of these resources, potentially disrupting the financial intermediation process. In the public sector, an increase in hidden activities results in diminished government tax revenues, thereby depleting available financial resources. Consequently, government-backed policies designed to support financial intermediation encounter challenges, as a portion of the economy's financial resources becomes redirected toward government financing, constraining the funds available for private sector lending. Furthermore, the financial and banking sector can only make a substantial contribution to investment financing when resources are allocated to transparent, formal activities that engage with the economic system’s taxation and statistical processes. The diversion of financial and banking resources to shadow economic activities impairs the allocation of these resources to productive and formal endeavors, potentially undermining the efficiency of financial and banking operations. This study examines the impact of the shadow economy on the performance of the financial market and banking sector, focusing particularly on emerging economies and the evolving economic and trade relationships between Iran and the BRICS nations, which serve as case studies. Materials & Methods This study investigates the impact of the size of the shadow economy on the performance of the financial and banking sectors in BRICS countries from 2002 to 2020. The countries included in this analysis are Brazil, Russia, India, China, Ethiopia, the United Arab Emirates, Iran, and Egypt. Given the characteristics of the data, a panel data approach is employed to estimate the models. To address both financial market development and banking sector performance simultaneously, a Seemingly Unrelated Regression (SUR) system within a panel data framework is utilized, representing a novel approach in this area of research. The use of panel SUR helps to mitigate the risk of obtaining misleading results due to sample heterogeneity. The models to be estimated for financial market development and banking sector performance are specified as follows: Model 1: Model 2: In these equations, FMI represents the financial market development index, FII denotes the performance index of financial institutions or the banking sector, and Shadow refers to the size of the shadow or hidden economy. HDI stands for the Human Development Index, GDPP indicates the growth rate of per capita gross domestic product, Inf represents the inflation rate, RR denotes natural resource rents, Kofgi is the globalization index, and Political signifies political stability. The subscript i refers to the country, while t indicates the time period. Findings Empirical analysis demonstrates that in BRICS countries, political stability exerts a positive influence on the composite indices of financial market and banking sector performance. Political stability creates an environment of economic certainty and predictability, thereby providing a long-term outlook for economic actors and investors. The impact on financial markets is notably stronger than its influence on banking sector performance. In resource-rich nations, however, these resources have not enhanced financial and banking efficiencies; instead, they have generated economic rents, fostered corruption, and weakened government functions. Growth in per capita income and the Human Development Index significantly and positively affects the performance of both financial markets and banking sectors. Economic growth provides a macroeconomic backdrop that stimulates demand for banks’ financial resources, as investors seek to channel these funds into profitable economic ventures. Moreover, globalization has a positive and statistically significant effect on financial market performance, while simultaneously posing a significant challenge for banks in the BRICS countries, revealing a negative and statistically significant impact on their performance. Additionally, inflation, which reflects the depreciating value of national currencies, considerably undermines the performance of both financial markets and the banking sector. Discussion and Conclusion The findings highlight the detrimental impact of the shadow economy on the performance of financial markets and the efficiency of the banking sector. Controlling and reducing the size of informal economic sectors can enhance the functioning of financial markets and improve banks’ operational status. It is critical to monitor the allocation of financial and banking resources toward productive, formal economic activities while preventing their diversion into shadow sectors. Effective tax systems and regulations are essential for guiding financial resources toward the formal economy. The study also emphasizes the positive influence of institutional quality and political stability, advocating for policy frameworks aimed at enhancing transparency, ensuring economic predictability, stabilizing legislative environments, and prioritizing political stability to substantially improve the performance of the financial and banking sectors. Furthermore, policies that address inflation control and promote the transparent management of natural resource revenues are crucial. While globalization positively supports financial market development, it presents challenges for banking sector performance, necessitating a focus on banking conditions, structures, and regulatory frameworks within a global context as integral components of international cooperation efforts. عملکرد بخش مالی و بانکی کشورها نقش تعیین‎‌کننده برای اهداف رشد و توسعۀ اقتصادی دارد. اندازۀ اقتصاد غیررسمی می‎‌تواند تأثیر مهمی بر عملکرد بازار و مؤسسات مالی داشته باشد؛ ولی بااین‎‌حال مطالعات قبلی به این موضوع کمتر توجه کرده‌اند. مطالعۀ حاضر تأثیر اندازۀ اقتصاد سایه یا غیررسمی را بر عملکرد بازارهای مالی و بانک‎‌ها در کشورهای عضو بریکس طی دوره 2000-2020 بررسی کرده است. باتوجه‌به ارتباط بازارهای مالی و بخش بانکی و برای بررسی هم‌زمان اثر اقتصاد سایه بر این دو بخش، از سیستم معادلات هم‌زمان بهره گرفته شده است. برای این منظور از تکنیک معادلات هم‌زمان رگرسیون به ظاهر نامرتبط به‌صورت پانل استفاده شده است. نتایج نشان می‎‌دهد که اندازۀ اقتصاد سایه تأثیر منفی هم بر عملکرد بازارهای مالی و هم بر عملکرد بانک‎‌ها داشته است؛ بنابراین، می‎‌توان گفت اقتصاد سایه از مهم‌ترین تعیین‎‌کننده‎‌های عملکرد بازارها و نهادهای مالی است. سایر نتایج پژوهش نشان می‎‌دهد که ثبات سیاسی، رشد درآمد سرانه و توسعۀ انسانی تأثیر مثبت، ولی تورم و رانت منابع طبیعی تأثیر منفی بر عملکرد بازارهای مالی و بانک‎‌ها دارد. تأثیر جهانی‎‌شدن با اینکه بر عملکرد بازار مالی مثبت بوده است، ولی بر عملکرد بخش بانکی منفی بوده است؛ بنابراین، برنامه‎‌ریزی در جهت کاهش حجم اقتصاد غیررسمی، شفافیت و ثبات سیاسی، بهبود شاخص توسعۀ انسانی و کنترل تورم می‎‌تواند عملکرد بازارها و مؤسسات مالی را تقویت کند.

https://amf.ui.ac.ir/article_29048_b567b5616fedf9f521a6b2fd24d8e6b9.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 13 2 2025 06 22 Designing a Model of the Key Success Factors (KSFs) of Venture Capital (VC) Firms in the Islamic Republic of Iran طراحی الگوی عوامل کلیدی موفقیت شرکت‌های سرمایه‌گذاری خطرپذیر در جمهوری اسلامی ایران 29 54 28821 10.22108/amf.2024.140534.1860 FA محمدامین رشیدی دانشجوی دکتری، گروه مالی و بانکداری، دانشکدۀ مدیریت و حسابداری، دانشگاه علامه طباطبایی، تهران، ایران بابک حمیدیا استادیار، گروه مدیریت کسب‌وکار، دانشکدۀ معارف اسلامی و مدیریت، دانشگاه امام صادق (ع)، تهران، ایران حسین حسن‌زاده استادیار، گروه مدیریت مالی، دانشکدۀ معارف اسلامی و مدیریت، دانشگاه امام صادق (ع)، تهران، ایران Journal Article 2024 01 28 The primary objective of a Venture Capital (VC) firm is to achieve investment success and profitability, particularly given the challenges and high failure rates associated with investments in startup companies. This study aimes to establish a framework of Key Success Factors (KSFs) for VC firms operating within Iran's innovation ecosystem. Additionally, it offered a comprehensive methodology for assessing these factors. To achieve this, we employed a meta-synthesis method to build upon the research conducted by Rashidi et al. (2023). After searching and refining both English and Persian sources, we conducted 12 interviews with VC experts. Through thematic analysis and re-categorization of primary codes, we identified a total of 139 basic themes, which were further organized into 22 organizing themes and 11 comprehensive themes, all of which were structured under 3 macro themes. Subsequently, a questionnaire was presented to experts and the DEMATEL technique was utilized to identify the significant relationships between the organizing themes. Finally, using the TOPSIS method, we prioritized the factors selected by the experts, identifying 5 KSFs for VC firms in Iran: "investing in motivated and capable founders", "establishing communication networks within and outside the invested industry", "ensuring trust and honesty between founders and the VC firm", "entering large and growing markets", and "developing the soft skills of VC firm managers". Keywords: Venture Capital (VC), Key Success Factors (KSFs), Entrepreneurial Finance, TOPSIS, DEMATEL. Introduction Venture Capital (VC) firms operate with an indefinite lifespan and manage multiple portfolios under their umbrella. VC investors are experienced as financial and business professionals, who provide both financial and managerial support to the most innovative and promising companies. In the relationship between entrepreneurs and VC investors, these investors do not merely serve as providers of financial resources; they actively contribute to the growth of companies by engaging in management, strategic marketing, and business planning. The success of VC firms is influenced by a variety of factors and achieving this success often appears complex and elusive. Identifying the Key Success Factors (KSFs) for VC firms is essential for conducting an internal environment analysis during strategic planning. This identification not only establishes a basis for measuring the performance of these firms, but also enhances the focus and intelligence of investments at a macro level. This study aimed to present a framework of KSFs for VC firms within Iran’s innovation ecosystem and offer a comprehensive method for identifying these factors. Specifically, this research sought to answer two key questions: first, "What indicators define the success of VC firms?" and second, "What factors contribute to the success of VC firms?" A review of the literature indicated that previous research had addressed aspects of these questions. Therefore, this study, building on the findings of Rashidi et al. (2024), aimed to complete the framework of KSFs for VC firms. Materials & Methods This study employed a mixed-methods research design. Initially, the "meta-synthesis" method, along with "interviews", was used to identify the success factors and indicators for VC firms. Following this, a thematic network of these factors was developed through "thematic analysis", resulting in a preliminary comprehensive model of the success factors and indicators relevant to VC firms. In the next phase, the themes identified through thematic analysis were ranked based on responses from VC experts, utilizing completed DEMATEL questionnaires. This process determined the influence, impact, and significance of each category of success factors. Finally, to establish the KSFs for VC firms, several fundamental themes endorsed by experts were analyzed using the TOPSIS method. Through expert feedback, a two-dimensional matrix of option-indicators was created, ultimately identifying 5 KSFs for VC firms operating in Iran. Findings The results obtained from the interview process and meta-synthesis were categorized through thematic analysis. In response to the first research question, 23 organizing themes and 11 global themes were analyzed and classified into 3 broad categories: "Characteristics Related to the Investee", "Internal Characteristics of the VC Firm", and "Environmental Characteristics". From these basic themes, 22 options were selected and refined for inclusion in the TOPSIS process based on expert input. For the second research question, 2 main themes and 11 sub-themes were extracted. The main themes, "Financial Return" and "Strategic Impact", served as input indicators for the TOPSIS analysis. Based on the TOPSIS output, the top 5 factors influencing the success of VC firms in Iran, in order of significance, were: 1) investing in motivated and capable founders, 2) establishing a network of connections within and outside the target industry (including governmental institutions), 3) fostering trust and transparency between the founder(s) and the VC firm, 4) entering large and scalable markets, and 5) developing the soft skills (such as negotiation, leadership, and teamwork) of VC firm managers. Additionally, the DEMATEL technique indicated that the most influenced success factor was the "Investment Strategy of the VC Firm", while the most influential factor was the "Resources and Connections of the VC Firm", which was also affected by other factors. Furthermore, the "Investment Strategy of the VC Firm" displayed the highest degree of interconnection with other factors. Discussion & Conclusion This study aimed to comprehensively identify the success factors for VC firms by conducting interviews with industry professionals and systematically reviewing the existing research. Utilizing soft Operational Research (OR) methods, we analyzed the relationships between these factors and their prioritization concerning success indicators. The review of KSFs for VC firms in Iran revealed a strong emphasis on Human Resource (HR) and interaction-based perspectives. Notably, 4 of the KSFs focused significantly on HRs and interpersonal skills—an aspect often overlooked by investors, particularly those with backgrounds in finance and capital markets. Ultimately, this research built upon prior models to present a new framework for identifying KSFs specific to the VC industry, which may also inform future research. This framework encompassed reviewing the existing literature, conducting interviews with industry experts, refining important success factors, prioritizing these factors, determining the KSFs, and evaluating the relationships between these factors to support strategic formulation within organizations. مهم‌ترین هدف شرکت سرمایه‌گذاری خطرپذیر (س.خ.)، موفقیت سرمایه‌گذاری و رسیدن به سودآوری باتوجه‌به مشکلات و نرخ شکست بالای سرمایه‌گذاری‌های انجام‌شده در شرکت‌های نوپا است. هدف از این پژوهش ارائۀ چارچوبی از عوامل کلیدی موفقیت (KSFs) شرکت‌های سرمایه‌گذاری خطرپذیر در زیست‌بوم نوآوری ایران و ارائۀ روشی جامع برای احصا این عوامل بوده است. برای این منظور مطابق با روش فراترکیب در تکمیل پژوهش رشیدی و همکاران (۱۴۰۲) پس از جست‌وجو و پالایش منابع انگلیسی و فارسی در کنار ۱۲ مصاحبۀ انجام‌شده از خبرگان سرمایه‌گذاری خطرپذیر، ازطریق روش تحلیل مضمون و دسته‌بندی مجدد کدهای اولیه درمجموع 139 مضمون پایه، 22 مضمون سازمان‌دهنده و 11 مضمون فراگیر در 3 مضمون کلان احصا شد. سپس با ارائۀ پرسش‌نامه به خبرگان و استفاده از دیمتل، الگوی روابط معنادار بین مضامین سازمان‌دهنده شناسایی شد. درنهایت با استفاده از روش تاپسیس عوامل منتخب خبرگان از مضامین پایه اولویت‌بندی شد و پنج عامل سرمایه‌گذاری بر روی بنیان‌گذاران پرانگیزه و توانمند، شبکۀ ارتباطی درون و بیرون از صنعت سرمایه‌گذاری‌شده، وجود اعتماد و صداقت بین بنیان‌گذاران و شرکت سرمایه‌گذاری خطرپذیر، ورود به بازارهای بزرگ و رشدپذیر و مهارت‌های نرم مدیران شرکت سرمایه‌گذاری خطرپذیر به‌عنوان عوامل کلیدی موفقیت شرکت‌های سرمایه‌گذاری خطرپذیر در ایران معرفی شد.

https://amf.ui.ac.ir/article_28821_65386a322923865acd5d3df02650395d.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 13 2 2025 06 22 A Framework for Successful Crowdfunding Campaigns: Insights from Social Media (A Systematic Review) چارچوبی برای کارزار‌های موفق تأمین مالی جمعی: بینش‌هایی از رسانه‌های اجتماعی (مروری سیستماتیک) 55 76 29105 10.22108/amf.2024.142336.1906 FA سعیده السادات علوی دانشجوی دکتری، گروه مدیریت فناوری اطلاعات، واحد بین‌المللی کیش، دانشگاه آزاد اسلامی، جزیره کیش، ایران. محمد قدمیاری استادیار، گروه مدیریت فناوری اطلاعات، واحد بین‌المللی کیش، دانشگاه آزاد اسلامی، جزیره کیش، ایران. طهمورث سهرابی استادیار، گروه مدیریت فناوری اطلاعات، واحد بین‌المللی کیش، دانشگاه آزاد اسلامی، جزیره کیش، ایران. 0000-0009-0009-0009 Journal Article 2024 08 05 Crowdfunding campaigns on social media have emerged as a powerful tool for entrepreneurs seeking to secure capital and mobilize support for their ventures. However, the success of these campaigns is often uncertain, and a comprehensive framework to guide practitioners in creating effective campaigns is currently lacking. The primary objective of this research is to develop a framework for successful crowdfunding campaigns on social media through a systematic review of the literature. A qualitative systematic literature review methodology was employed. Initially, 1,330 studies were screened, and after multiple stages of filtering, 29 studies were selected for in-depth analysis. The findings yield a framework that encompasses the components of successful social media crowdfunding campaigns (including project goals, brand awareness, and fundraising amounts), factors influencing campaign success (such as project characteristics, entrepreneur attributes, campaign strategy, social media activity, and psychological factors), the consequences of successful campaigns (including financial, social, and network outcomes), and intervening factors (such as platform characteristics and time constraints). This framework serves as a valuable guide for entrepreneurs, platform providers, and policymakers in formulating effective strategies to enhance the success of crowdfunding initiatives. Keywords: Crowdfunding, Social Media, Crowdfunding Success, Entrepreneurship, Systematic Literature Review. Introduction Crowdfunding has emerged as a popular and innovative method for financing projects and businesses, enabling individuals to contribute small amounts of money to transform ambitious ideas into reality. Various online platforms facilitate crowdfunding campaigns, during which projects are showcased for a specific duration, with their success or failure determined by the amount of funds raised. Social media platforms play a pivotal role in the success of these campaigns, serving as powerful tools for promoting and sharing projects and allowing individuals to reach their target audiences effectively. Despite the significance of this topic, comprehensive research on the factors influencing the success of crowdfunding campaigns on social media remains limited. The primary objective of this study is to present a comprehensive model for predicting the success of crowdfunding campaigns on social media. This study's significance lies in its potential to help individuals and organizations design and implement more successful crowdfunding campaigns by offering a robust predictive framework. Furthermore, this research contributes to advancing knowledge in the field of crowdfunding and elucidates the role of social media in this context. In this study, a thorough review of the existing literature informs the development of a comprehensive model for the success of crowdfunding campaigns on social media. This model can serve as a valuable tool for researchers, entrepreneurs, and investors engaged in this field. Materials & Methods This study employed a qualitative approach through a systematic literature review (SLR) guided by the established seven-step method outlined in the Cochrane Handbook for Systematic Reviews of Interventions (Higgins & Green, 2008). The process included: (1) formulating a focused research question; (2) determining clear inclusion criteria; (3) conducting a comprehensive search for relevant studies; (4) rigorously selecting studies based on pre-defined criteria; (5) critically appraising the methodological quality of included studies; (6) systematically extracting relevant data; and (7) synthesizing and presenting the findings. A comprehensive search strategy was implemented across a range of reputable scientific databases, including domestic databases such as Noormags, SID, ensani.ir, and Magiran to capture relevant research in the local context, along with international databases such as ScienceDirect, Springer, Wiley, Sage, Emerald, and Taylor & Francis to ensure a broader search. The search encompassed publications from 2000 to 2024 and resulted in an initial collection of 1,330 studies related to crowdfunding campaigns on social media. Following a rigorous screening process based on pre-defined selection criteria—relevance to the research topic, methodological quality, and clarity of findings—the final sample for analysis comprised 29 studies. Findings This research aimed to develop a comprehensive framework for the success of crowdfunding campaigns on social media. Through a systematic review of the literature, it was determined that multiple factors influence the success of a crowdfunding campaign. These factors include project characteristics, the entrepreneur's attributes and abilities, campaign strategy, social media activity and interactions, social network indicators, psychological factors, platform features, and moderating variables such as time constraints and platform characteristics. Campaign success can be measured by various dimensions, including the total amount of funds raised, increased brand awareness, and the achievement of specific project goals. The research delved into the influence of various factors on campaign success. These factors encompass inherent project characteristics, the entrepreneur's personal attributes and abilities, the strategies implemented during the campaign, interactions occurring on social media, and psychological factors that impact investor decision-making. Moreover, this research explored the potential consequences of successful crowdfunding campaigns. These consequences include financial benefits, strengthened social relationships, and expanded professional networks. In conclusion, the findings of this research indicate that the success of crowdfunding campaigns on social media is a complex interplay of various factors. By gaining a deeper understanding of these factors, a robust framework can be developed to design and implement more effective crowdfunding campaigns. Discussion of Results & Conclusion This study aimed to develop a comprehensive framework for the success of crowdfunding campaigns on social media. Through a systematic review of the literature, it was found that multiple factors influence the success of these campaigns. Key factors include project characteristics, the entrepreneur's attributes and abilities, campaign strategy, social media activity and interactions, social network indicators, psychological factors, platform features, and moderating variables such as time constraints. Campaign success can be measured across various dimensions, including the total amount of funds raised, increased brand awareness, and the achievement of specific project goals. The study examined the impact of these factors on campaign success, highlighting the importance of inherent project characteristics, the entrepreneur's personal attributes, the strategies employed during the campaign, social media interactions, and psychological factors that affect investor decision-making. Additionally, the study explored the potential consequences of successful crowdfunding campaigns, which include financial benefits, strengthened social relationships, and expanded professional networks. In conclusion, the findings indicate that the success of crowdfunding campaigns on social media is a complex interplay of various factors. By gaining a deeper understanding of these elements, a robust framework can be developed to design and implement more effective crowdfunding campaigns. کارزار‌های تأمین مالی جمعی در رسانه‌های اجتماعی به ابزاری قدرتمند برای کارآفرینان به‌منظور جمع‌آوری سرمایه و جلب حمایت برای پروژه‌هایشان تبدیل شده‌اند؛ بااین‌حال، موفقیت این کارزار‌ها تضمینی نیست و فقدان یک چارچوب جامع برای راهنمایی متخصصان در توسعۀ کارزار‌های مؤثر وجود دارد؛ ازاین‌رو هدف اصلی توسعۀ یک چارچوب موفقیت برای کارزار‌های تأمین مالی جمعی در رسانه‌های اجتماعی با بررسی سیستماتیک ادبیات هست. روش پژوهش از نوع کیفی و مرور سیستماتیک ادبیات است. در این پژوهش ۱۳۳۰ مقاله بررسی و درنهایت بعد از چند مرحله غربالگری ۲۹ مقاله برای تحلیل نهایی انتخاب شد. یافته‌ها چارچوبی برای موفقیت‌های کارزار‌های تأمین مالی جمعی در رسانه‌های اجتماعی ارائه کرد که شامل مؤلفه‌هایی است؛ ازجمله: موفقیت کارزار‌های تأمین مالی جمعی در رسانه‌های اجتماعی (اهداف پروژه، آگاهی برند و میزان جمع‌آوری سرمایه)، عوامل مؤثر بر موفقیت کارزار‌های تأمین مالی جمعی (ویژگی‌های پروژه، ویژگی‌های کارآفرین، راهبرد کارزار، فعالیت در شبکه‌های اجتماعی و عوامل روان‌شناختی)، پیامدهای موفقیت کارزار‌های تأمین مالی جمعی (پیامدهای مالی، اجتماعی و شبکه) و عوامل مداخله‌گر (ویژگی‌های سکو و محدودیت زمانی). این چارچوب می‌تواند کارآفرینان، سکوها و سیاست‌گذاران را در توسعۀ راهبردهای مؤثر برای ترویج ابتکارات تأمین مالی جمعی موفق راهنمایی کند.

https://amf.ui.ac.ir/article_29105_5e441aaf5fd7d5641d79c40d05cf5ddd.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 13 2 2025 06 22 A Systematic Review of the Microfinance Literature: An ADO-TCM Framework Approach مروری نظام‌مند بر ادبیات تأمین مالی خرد (رویکرد مبتنی‌بر چارچوب ADO-TCM) 77 104 29123 10.22108/amf.2024.142389.1907 FA بهمن خداپناه استادیار، گروه مدیریت بازرگانی ، دانشکده علوم اجتماعی، دانشگاه محقق اردبیلی ، اردبیل، ایران محمد باشکوه اجیرلو استاد، گروه مدیریت بازرگانی ، دانشکده علوم اجتماعی، دانشگاه محقق اردبیلی ، اردبیل، ایران فریبا مصری دانشجوی کارشناسی ارشد، مدیریت بازرگانی، دانشکده علوم اجتماعی، دانشگاه محقق اردبیلی، اردبیل، ایران Journal Article 2024 08 07 Microfinance, recognized as a transformative approach in economic and social development, particularly within low-income communities, has garnered increasing attention. The primary objective of this study is to conduct a systematic review of microfinance literature utilizing a framework-based approach grounded in the ADO-TCM model, which employs the meta-synthesis approach. This framework provides an in-depth analysis of the structure of relevant studies, encompassing predecessors, research decisions, research outcomes (ADO), utilized theories, study contexts, and research methods (TCM). An extensive search in reputable scientific databases yielded 50 highly cited articles related to microfinance, which were then subjected to in-depth content analysis. Relevant constructs were extracted using open and axial coding strategies, leading to the identification of seven categories of predecessors, eight types of research decisions, and six primary outcomes. Furthermore, this study identified 14 theories, seven study contexts, and three research methods pertinent to microfinance. Consequently, the study highlights existing gaps in current research and suggests future research areas to enhance microfinance strategies and increase their impact. Keywords: Economic development, Microfinance, Meta-synthesis, ADO-TCM framework Introduction In the era of globalization and technological advancement, understanding the landscape of microfinance is essential. Microfinance involves the provision of financial services to low-income and impoverished individuals, playing a crucial role in fostering inclusive growth and development within a country. By offering financial opportunities to underserved segments of society, microfinance enhances economic participation and contributes to overall economic growth (Judijanto et al., 2024; Beg et al., 2024; Pimpale, 2012). By providing access to credit and financial tools, microfinance empowers individuals to improve their standard of living and escape poverty (Palmkvist & Lin, 2015). The global expansion of microfinance across more than 120 countries, bolstered by the support of multinational institutions and governments, underscores its significance in promoting economic and social empowerment (Hossain et al., 2024; Pattnaik et al., 2024). Given the importance of microfinance and the expanding body of research in this area, the primary objective of this study is to conduct a systematic review of the microfinance literature using the integrated theoretical framework of ADO-TCM. In this context, the research questions are as follows: 1) What research areas have been explored in prior microfinance studies? 2) What theories have been applied in the existing microfinance research? 3) What research methods have been employed in previous studies? 4) What key antecedents influence microfinance? 5) What decisions derived from these antecedents shape microfinance outcomes? 6) What outcomes result from these decisions? Materials & Methods Meta-synthesis is a research method within the broader category of research synthesis. Bench and Day (2010) define research synthesis as encompassing four main components: (1) Meta-theory: analysis of the theories used in previous studies; (2) Meta-method: analysis of the methodologies employed in those studies; (3) Meta-synthesis: qualitative analysis of the findings from past studies; and (4) Meta-analysis: quantitative analysis of study findings. Meta-synthesis involves systematically examining data and findings extracted from related qualitative studies. The sample for a meta-synthesis is drawn from selected qualitative studies based on their relevance to the research question (Walsh & Downe, 2005). It is important to note that meta-synthesis does not entail a comprehensive review of the qualitative literature on a topic, nor does it involve the analysis of primary or secondary data from selected studies. Instead, it focuses on analyzing and synthesizing the findings of these studies. In essence, meta-synthesis integrates the interpretations of primary data from the selected research. This approach is particularly suited for qualitative studies that may not be grounded in broad theoretical frameworks; rather than simply summarizing findings, it offers an interpretive synthesis (Zimmer, 2006; Sandelowski & Barroso, 2007). The methodology employed in this study follows the seven-step process outlined by Sandelowski and Barroso (2007) for meta-synthesis, which has been applied to examine the ADO-TCM framework within the field of microfinance. This framework thoroughly investigates the structure of past studies, including antecedents, decisions, outcomes (ADO), theories used, research contexts, and methodologies (TCM). Findings Using the meta-synthesis approach and the seven-step method outlined by Sandelowski and Barroso (2007), this study conducted an extensive search in reputable academic databases, resulting in the selection of 50 highly cited studies related to microfinance. These studies were thoroughly content-analyzed to extract relevant constructs. Consequently, the study identified seven categories of antecedents: (1) Performance and efficiency, (2) Social and economic factors, (3) Policy and regulations, (4) Resources and financing, (5) Advancements, (6) Financial risks and challenges, and (7) International factors. Additionally, eight types of research decisions were identified: (1) Potential behaviors, (2) Small businesses, (3) Gender-based entrepreneurship, (4) Social entrepreneurship, (5) Individual entrepreneurship, (6) Women's entrepreneurship, (7) Collaborative and collective entrepreneurship, and (8) Creation of shared value. The study also identified six primary outcomes: (1) Sustainable and resilient economic development, (2) Self-sufficiency, (3) Improved living conditions and poverty reduction, (4) Social interactions, (5) Entrepreneurial ecosystem development, and (6) Enhanced business environment. Furthermore, the present studies identified 14 theories, including Institutional Theory, Supply and Demand Theory, State Capacity Theory, Market Segmentation Theory, Glass Ceiling Theory, Life Cycle Theory, Motivation-Profit Theory, Virtuous Spiral Theory, Capability Theory, Resilience-Asset Theory, Hybrid Organizations Theory, Behavioral Economics Theory, Resource-Based Theory, and Agency Theory. The focus areas of the research included countries such as Bangladesh, India, China, Eastern Europe, Central Asia, Africa, Latin America, and other regions in Asia (excluding India and Bangladesh). The research approaches employed were quantitative, qualitative, and mixed methods, utilizing both cross-sectional and longitudinal time frames. Discussion & Conclusion. The primary objective of this study is to conduct a systematic review of the microfinance literature through the ADO-TCM framework. As one of the first comprehensive studies in this field, it systematically examines the factors influencing microfinance and categorizes them into constructs such as antecedents, decisions, outcomes, methods, contexts, and theories. Previous research indicates that microfinance has had significant positive impacts on poverty reduction, women's empowerment, and entrepreneurial growth, particularly in developing countries, since the 1970s. However, the success and sustainability of these programs depend on factors such as socio-economic contexts and the regulatory environment. Moreover, prior studies have shown that while microfinance can provide vital financial resources to disadvantaged populations, its effectiveness relies on various factors, including financial literacy and education. This study highlights the financial challenges associated with microfinance, such as risk management and the need for continuous innovation to meet the evolving demands of clients. Additionally, it identifies several key gaps in the academic literature, including the overemphasis of previous research on specific countries such as those in Africa, China, India, and Bangladesh, as well as the lack of comparative studies across different geographic regions. This underscores the need for further research on microfinance in developed countries and the exploration of cultural impacts on its adoption and effectiveness. Ultimately, future studies should aim to address these gaps, evaluate the long-term impacts of microfinance, and explore innovative models that enhance its scalability and sustainability. به تأمین مالی خرد به‌عنوان یک رویکردی تحول‌آفرین در عرصۀ توسعۀ اقتصادی و اجتماعی به‌ویژه در جوامع کم‌درآمد و فقیر، به طور فزاینده‌ای توجه شده است. هدف اصلی پژوهش حاضر مرور نظام‌مند ادبیات تأمین مالی خرد با رویکرد مبتنی‌بر چارچوب ADO-TCM است که با استفاده از روش فراترکیب چارچوبی ارائه می‎‌دهد که این چارچوب، ساختار مقالات را ازجمله پیشینیان، تصمیمات، پیامدهای پژوهشی (ADO)، نظریه‌های استفاده‌شده، زمینۀ مطالعاتی و روش‌های پژوهشی (TCM) بررسی عمیق می‌کند؛ در این راستا، با جست‌وجوی گسترده در پایگاه‌های علمی معتبر، 50 مقالۀ پراستناد مرتبط با تأمین مالی خرد انتخاب و به طور عمیق تحلیل محتوایی شدند و سازه‌های مربوط با استفاده از استراتژی کدگذاری باز و محوری استخراج شد؛ بنابراین، هفت دستۀ پیشینیان، هشت نوع تصمیم پژوهشی و شش پیامد اصلی شناسایی شدند؛ علاوه‌براین، پژوهش حاضر ۱۴ نظریه، 7 زمینۀ مطالعاتی و 3 روش پژوهشی مرتبط با تأمین مالی خرد را شناسایی کرده است و درنتیجه مرور خلأهای موجود در پژوهش فعلی را برجسته کرده و زمینه‌های پژوهشی آینده را برای بهبود راهبردهای تأمین مالی خرد و افزایش تأثیر آن پیشنهاد می‌دهد.

https://amf.ui.ac.ir/article_29123_b8e6fb0a6426c4951c9bb91899407c01.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 13 2 2025 06 22 Decision model for determining the ownership structure of chemical park units, Integration of decision-making techniques and data envelopment analysis الگوی تصمیم‌گیری برای تعیین ساختار مالکیت واحدهای پارک شیمیایی؛ تلفیق فنون تصمیم و تحلیل پوششی داده‎‌ها 105 128 29167 10.22108/amf.2025.141653.1911 FA داریوش محمدی زنجیرانی دانشیار، گروه مدیریت، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران Journal Article 2024 08 12 The importance of global markets and the growth of competition has led to a new division of work in the global and national economy. Such changes have caused attention to specific business issues such as obtaining resources, sharing information, and forming supply chain relationships for small companies and even large companies that try to form industrial parks. One of these changes is merger and acquisition, which is considered as a theoretical basis in the park formation. The present research has been carried out with the aim of providing a model to identify and apply factors that promote acquisition among the production units of a chemical park. The research method is descriptive-analytical, which uses various techniques of decision theory to determine the pattern of acquisition and ownership share of production units, financing and investment strategies, and the levels of integration and acquisition of the downstream units of the park . The application of the multi-criteria methodology and the design of the decision support system has made the park developer company's decision-making easier in the selection of production units, with the quantitative goals of the amount of ownership, acquisition and investment. اهمیت بازارهای جهانی و رشد رقابت، منجر به تقسیم کار جدیدی در اقتصاد جهانی و ملی شده است. این‌گونه تغییرات توجه به مسائل خاص کسب‌و‌کار را باعث شده است؛ مانند دستیابی به منابع، به اشتراک‌گذاری اطلاعات و شکل‌دهی روابط زنجیرۀ تأمین برای شرکت‌های کوچک و حتی شرکت‌های بزرگ که اقدام به تشکیل پارک‎‌های صنعتی می‌کنند. یکی از این تغییرات ادغام و اکتساب است که به‌عنوان مبنایی نظری در شکل‎‌گیری پارک محسوب می‎‌شود. پژوهش حاضر با هدف ارائۀ الگویی برای شناسایی و کاربرد عوامل پیش‎‌برندۀ اکتساب در بین واحدهای تولیدی یک پارک شیمیایی انجام گرفته است. روش پژوهش از نـوع توصیفی- اکتشافی است. جامعه و نمونۀ آماری پژوهش را مدیران و کارشناسان خبره شاغل در شرکت سرمایه گذاری صنایع شیمیایی ایران تشکیل دادند. در مطالعۀ حاضر گزینه‎‌های مالکیت (ادغام و اکتساب) شرکت توسعه‎‌گر پارک، در قالب ماتریس های تصمیم و توسط گروه خبره با استفاده از روش‎‌های تاکسونومی و تاپسیس ارزیابی، تفکیک و رتبه‎‌بندی شد. از کارایی نسبی نیز به‌عنوان مبنایی برای تعیین سهم سرمایه‌گذاری منابع تأمین مالی پارک استفاده شد. نتایج نشان داد که میزان سرمایه‌گذاری شرکت سرمایه‌گذار در واحدهای تولیدی پارک، در پیوستاری از صفر تا 100درصد متغیر است؛ درحالی‌که این شرکت باید در واحدهایی همچون «الکل شوینده» و «الکل اتوکسیلات (مخازن ذخیره)» به میزان 100درصد سرمایه‌گذاری کند. در واحدهایی نظیر «شویندۀ مایع (مایع ظرفشویی)» و«گوگرد تری‎‌اکساید» و «گاز سنتز و کربن دی‎‌اکساید» نباید سرمایه‌گذاری کند و در جایی که ترکیبی از سرمایه‌گذاران حضوردارند، تعیین میزان سرمایه‎‌گذاری در واحدهای تولیدی پارک توسط سه منبع تأمین مالی (توسعه‎‌گر، بخش خصوصی و بانک) نیز با به‌کارگیری روش تحلیل پوششی داده‎‌ها میسر شد.

https://amf.ui.ac.ir/article_29167_8523494477290e24a3d60caaa79d59d3.pdf

دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 13 2 2025 06 22 Dynamic Relationship between the Iranian Stock Market and Commodity Markets: A TVP-VAR Approach and Portfolio Optimization ارتباط پویای بین بازار سهام ایران و بازارهای کالایی: رویکرد TVP-VAR و بهینه‌سازی سبد دارایی 129 154 29221 10.22108/amf.2025.143052.1931 FA هادی اسماعیل پور مقدم استادیار، گروه اقتصاد، دانشکده علوم اداری و اقتصادی، دانشگاه فردوسی مشهد، مشهد، ایران. عماد شریف‌باقری دانشجوی کارشناسی‌ارشد اقتصاد، گروه اقتصاد، دانشکده علوم اداری و اقتصادی، دانشگاه فردوسی مشهد، مشهد، ایران Journal Article 2024 10 15 This study employs the Time-Varying Parameter Vector Autoregression (TVP-VAR) model to investigate the dynamic relationships among various commodity markets—including copper, aluminum, nickel, tin, zinc, lead, gold, and crude oil—and the Iranian stock market over the period from June 16, 2014, to May 21, 2024. The results indicate that cross-market interactions account for approximately 42.69% of the forecast error variance, revealing significant spillovers among these markets. By utilizing pairwise connectedness indices, an optimal asset portfolio is constructed using the minimum connectedness approach (MCoP) and subsequently compared with traditional methods such as the Minimum Variance Portfolio (MVP) and the Minimum Correlation Portfolio (MCP). The results demonstrate that optimal portfolio weights vary across investment strategies, with gold and the Iranian stock index consistently exhibiting the highest weights in the optimal portfolios. Furthermore, an examination of optimal weights in two-asset portfolios highlights a preference for increased investments in copper and gold. Hedging strategies also prove effective in mitigating asset volatility, particularly in the nickel and Brent oil markets. Keywords: Connectedness Approach, Risk, Market Spillover, Portfolio Management. Introduction Recently, the integration of the global financial system has significantly declined due to external shocks, underscoring the critical need for diversification in investment portfolios. The Markowitz Portfolio Theory serves as the foundational framework in this context, emphasizing the simultaneous evaluation of risk and return in investment decisions. Its primary objective is to identify a portfolio that minimizes risk for a specified level of return or maximizes return for a given level of risk. Furthermore, the Minimum Correlation approach calculates the weights of the investment portfolio using a conditional correlation matrix. A more contemporary method, known as Minimum Connectedness, has gained prominence as it allocates greater weights to assets that exhibit minimal connectivity and influence on other assets. This method assesses the interdependencies among assets and the spillover effects between markets. Despite the extensive body of research examining spillovers across various markets, the specific analysis of spillovers between the Iranian stock market and commodity markets has not been sufficiently explored. This study aims to address this gap in the literature. Materials and Methods This study employs a four-step empirical framework. In the first stage, the Time-Varying Parameter Vector Autoregression (TVP-VAR) method is utilized to analyze the dynamic relationships among essential metals, including copper, aluminum, nickel, tin, zinc, and lead, as well as gold, oil, and the Tehran Stock Exchange Index, during the period from June 16, 2014, to May 21, 2024. The TVP-VAR method is particularly well-suited for examining complex and dynamic financial relationships due to its unique characteristics, such as the elimination of random window selection requirements and reduced sensitivity to outlier observations. The second phase involves variance decomposition, which facilitates a more nuanced analysis of the connections and spillovers among the markets. In the third phase, an optimal asset portfolio is constructed using the Minimum Connectedness approach (MCoP), and its performance is compared with that of traditional methods, including the Minimum Variance Portfolio (MVP) and the Minimum Correlation Portfolio (MCP). Finally, two key performance measures—hedging effectiveness and cumulative return—are employed to evaluate portfolio performance. These analytical stages are conducted through both pairwise and multivariate analyses to enhance the robustness and accuracy of the results. Findings The results ofg the TVP-VAR model indicate that the average total connections amount to 69.42, accounting for approximately 69.42% of the forecast error variance, while in-sample variations represent the remaining 31.57%. These findings suggest a relatively strong systemic risk among the studied markets. Within this network, copper exhibited the highest spillover effect to other markets, whereas Brent oil and gold demonstrated significant responsiveness. Throughout the observation period, copper consistently maintained the highest level of connectivity among the base metals. The estimation of optimal weights revealed considerable variation in asset allocations across different investment approaches. Notably, gold held the highest weight in the Minimum Variance Portfolio (MVP) approach, while the Iranian stock index represented the largest weight in the other two portfolio strategies. The discrepancies in optimal weights within the MVP approach were more pronounced compared to the other two approaches, which exhibited greater similarity in their asset allocations. Furthermore, hedging effectiveness across all three approaches demonstrated that hedging strategies—particularly for nickel and Brent oil—significantly reduce asset volatility. An analysis of optimal weights in two-asset portfolios indicated greater average allocations for the Copper/Nickel and Gold/Brent pairs, highlighting a tendency for increased investment in copper and gold. Additionally, the high hedging effectiveness of 91% in the Nickel/Gold portfolio suggests that incorporating nickel into the investment strategy can enhance risk-return characteristics. The optimal hedging ratios illustrated the highest risk neutralization for the Nickel/Copper combination, achieving an average efficiency of 84%, while the ratio for Nickel/TSE was negative, with a minimum value of -0.04. Discussion & Conclusion The analysis highlights the essential role of diversification within asset portfolios for effective risk management. The findings emphasize the significant weight attributed to copper and gold across various investment strategies. Copper, due to its substantial spillover effects on other markets, and gold, which serves as a safe-haven asset resilient to market fluctuations, have been identified as strategic investments. Consequently, it is advisable for investors to closely monitor these two markets and increase their allocations in investment portfolios to enhance risk-return characteristics. Moreover, hedging strategies provide investors with the capability to mitigate existing asset volatilities and associated risks. This research underscores the necessity for continuous and adaptable portfolio management, particularly in light of the dynamic nature of correlations among assets. Overall, employing innovative approaches, such as Minimum Connectedness, in lieu of traditional methods may lead to improved investment portfolio performance and allow for quicker responses to market changes. This adaptability and dynamism in portfolio management ultimately contribute to reduced risk and increased returns. پژوهش حاضر با به‎‌کارگیری روش خودرگرسیون برداری با پارامترهای متغیر در زمان (TVP-VAR)، روابط پویای بین بازارهای آتی کالایی شامل مس، آلومینیوم، نیکل، قلع، روی، سرب، طلا، نفت خام و بازار سهام ایران را در بازۀ زمانی 26 خرداد 1393 تا 1 خرداد 1403 بررسی می‎کند. نتایج نشان می‎دهد که تغییرات متقابل بین این بازارها، تقریباً 69/42% از واریانس خطای پیش‌بینی را تبیین می‌کند که گواهی بر وجود سرریزهای درخور توجهی میان این بازارها است. در ادامه، با استفاده از شاخص‌های همبستگی زوجی، سبد بهینه‌ای از دارایی‌ها را با رویکرد سبد دارایی حداقل اتصالات ارائه می‎‌دهد و آن را با روش‌های سنتی سبد دارایی حداقل واریانس و سبد دارایی حداقل همبستگی مقایسه می‌کند نتایج نشان می‌دهد که وزن‌های بهینه در سبد در رویکردهای مختلف سرمایه‌گذاری متفاوت‎‌اند؛ بااین‌حال، طلا و شاخص بورس ایران به طور مداوم دارای بالاترین وزن‌ها در سبدهای بهینه بوده‎‌اند. تحلیل وزن‌های بهینۀ سبدهای دو متغیره نیز نشان داد که تمایل به سرمایه‌گذاری بیشتر در مس و طلا است. این یافته‎‌ها پیامدهای مهمی برای سیاست‎‌گذاران و سرمایه‎‌گذاران دارد.

https://amf.ui.ac.ir/article_29221_acb84971305f3cdee9e61a93bbf997b1.pdf