JOURNAL OF DEVELOPMENT AND CAPITAL
Year:2021 | Volume:6 | Issue:2 (11)|Papers Count:12

Objective: In the face of economic sanctions, most countries use methods to circumvent sanctions, including the expansion of activity in the informal sector of the economy. Sanctions affect the informal economy directly and indirectly, through the formal economy and other channels. To date, various studies on the consequences of sanctions have examined how external economic pressures affect the formal sector of the target economies. This study investigates the effect of economic sanctions on the informal economy in Iran. This study also introduces the factors that lead economic elements to activity in the informal economy. Method: The research method in this study is the autoregression model with distributed intervals according to the significance of the variables. In order to determine the econometric model based on theoretical and empirical studies of Earley and Paxon, the variables affecting the shadow economy for estimation and The difference between the models is that in each model, the variable of sanctions is considered in the form of the concepts of duration of sanctions (size of sanctions period), group sanctions (sanctions with cooperation of several countries and internationally), non-group sanctions (sanctions by one country) and number of sanctions. The data used to estimate the size of the informal economy were extracted by exploratory factor analysis during the years 1978 to 2019. In addition to the sanctions, other variables affecting the size of the informal economy such as per capita GDP, the ratio of loans to the private sector, liquidity, trade openness index, tax revenue, oil and gas revenue, and exchange rates have also been considered. For statistical analysis, self-explanatory econometric method with wide intervals has been used. Results: What was obtained in this study shows that different aspects of the sanctions, including Sanctions Duration, Sanctions Count and NIGO Sender or IGO Sender, have had a significant and positive impact on the size of Iran's informal economy. Also, the results show that other variables such as exchange rate gap, tax revenue, liquidity and oil and gas income have a positive effect on informal economy and the variables of per capita GDP, openness of trade, ratio of domestic credit to private sector have significant negative impact on the informal economy. Conclusion: Sanctions hinder official imports by reducing government funding, while demand still exists in the economy. This gap between formal imports and consumer demand encourages import smuggling. Sanctions also increase inflation. Increased liquidity from cash subsidies has boosted consumer demand for goods and services, but industrial capacity and imports, which have been negatively affected by trade sanctions, are not responding to growing consumer demand. As a result, the gap between the supply of goods and services and consumer demand pushes up the price level and increases inflation. Higher inflation rates reduce people's disposable income and encourage them to seek alternative sources of income through the informal economy. In response to the sanctions, the Iranian government increased restrictions on the foreign exchange market and also increased the share of taxes in the annual budget. Restrictions on the foreign exchange market increase the regulatory burden and provide new rental opportunities for traders. Increasing the tax burden has a significant effect on shifting economic factors, especially small businesses, to the informal economy.

Objective: The study of the effect of real exchange rate and value-added on employment as one of the functional variables of the industrial sector in the theoretical and experimental literature of industrial economics in recent years has been considered by economists in this field. Method: In the present study, using the NARDL nonlinear model, the asymmetric effects of the real exchange rate and value added of the industrial sector on the employment rate of the industrial sector in Iran during the period of 1986-2019 have been evaluated. Results: The results of empirical findings indicate that the comination of integrated level between dependent variable and explanatory variables are I(0) and I(1). Moreover, the real exchange rate has been stationary with considering of structural break at level. The short-run dynamic model showe that there is a long-run relationship between variables. Estimated long-run relationship demonstrate that the asymmetry of real exchange rate and value-added on employment had been confirmed in Iran's industrial sector in short and long term. This result obtained by applying Wald test with Chi-square distribution. Also, in the long run, increasing the real exchange rate has a positive effect and decreasing the real exchange rate has a negative and significant effect on employment in the industrial sector. On the other hand, increasing the value added of the industrial sector in the long run has a positive effect and reducing it has a negative effect on the employment rate of this sector. The economic sanctions has also a negative and significant effect on the industrial sector employment in the long run. CUSUM and CUSUMSQ tests are implemented for evaluation of coefficient consisteny in log-run. This tests revealed that the estimated coefficients are consistent. The results of error correction model explain that the increase and decrease of the real exchange rate and value-added of the industrial sector in the short term also have expected signs and the coefficient of error term in before period is-0. 76, which indicates the high convergence rate of the short-term model to equilibrium status. In other words, in the period of 1. 3 period or year, the short-term error is corrected and the adjustment speed is relatively high. The situation of asymmetry effevts for real exchange rate and industry value-added shows that the increase and decrease of the real exchange rate and the value-added of the industrial sector over the period of 15 years tend to their equilibrium or long-term value, ie values of-0. 08 and-0. 14. For value-added, they tend to increase and decrease to 0. 27 and-0. 11 in the long run. Conclusion: Based on the findings of this study, it is suggested that economic policy makers control the general level of prices and inflation to increase the real exchange rate and production through employment capacity to improve employment in this sector. Promoting value added in the industrial sector by applying appropriate policies such as reducing intermediary costs and increasing sales value in order to enhancement the level of employment is another policy proposal of this research.

Objective: The main object of this study is to use a new measure of risk called Cumulative entropy in the Markowitz portfolio optimization model and solve this model using Particle swarm optimization (PSO) to optimize the portfolio of Petrochemical companies by Applying the data consist of monthly returns of the Fifteen petrochemical companies in Tehran Stock Exchange from 2013 to 2019. The Markowitz model uses the variance as a risk measure by default. in this study, a new measure of risk called Cumulative Entropy is introduced. This measure can be used in many issues without considering the limitations of variance (standard deviation). Methods: The Markowitz model is one of the most important models for solving portfolio optimization problems, but this model has many disadvantages. The Markowitz optimization problem can be solved by simple mathematical programming models when the number of assets to be invested and the market constraints are small, but when the real-world conditions and constraints are taken into account, the problem becomes complex and difficult. One of the methods that have solved human ambiguities in recent years in solving many optimization problems and has been successful in responding to complex problems is the so-called intelligent methods and algorithms. Intelligent methods that were introduced to eliminate the shortcomings of classical (traditional) optimization methods with a comprehensive and random search, largely guarantees the possibility of achieving better results. Due to the mentioned problems in this research, a new criterion by the name Cumulative entropy is introduced which can be used as an alternative to variance in the Markowitz meanvariance optimization model as a risk criterion. Also, due to the mentioned problems for the Markowitz model, in this research, the meta-innovative particle cumulative motion (PSO) algorithm will be used to optimize the stock portfolio for Petrochemical companies stocks. Results: As can be seen in the PSO algorithm, the average value of the stock return function is less than the average value of the stock return function in the Markowitz model, while the average value of the portfolio risk function is well minimized to a value less than the average portfolio risk function in the Markowitz model. For the final comparison of these two models, using the values of the table, the Reward to Volatility index (which is defined as the ratio of return to portfolio risk) is calculated that in the PSO algorithm is higher than the Markowitz model; Therefore, it can be seen that the PSO algorithm performs portfolio optimization better than the Markowitz model and produces optimal answers Conclusion: According to the research findings the Cumulative Entropy measure can be used in many issues without considering the limitations of variance (standard deviation). In the PSO algorithm, the average value of the stock return function is slightly less than the average value of the stock return function in the Markowitz model, while the average value of the portfolio risk function is much less than the average value of the portfolio risk function in Markowitz programming. Comparing the volatility reward index of the PSO algorithm with the Markowitz model, it was observed that the value of this index is higher in the PSO algorithm, which shows PSO algorithm performs portfolio optimization better and produces optimal answers.

Objective: Ever since the World Health Organization formally identified the corona virus as a worldwide epidemic, various countries have entered new and, of course, unknown stages. The prevalence of the corona virus, in addition to posing serious health risks and problems, has had significant and sometimes irreversible effects on global trade and the economy. From there Iran is no exception to the prevalence of coronary disease in other countries and is facing a major crisis of this disease, the need to study and analyze the long-term causality between the prevalence and recurrence of persistent peaks of the disease and the country's economy is very important. Therefore, the purpose of this study is to analyze the long run causality between coronavirus prevalence as a dummy variable and selected economic variables (exports, transportation, unemployment and economic growth) in Iran. Methods: the Vector Error Correction Model (VECM) will be used and by estimating the coefficient of Error Correction Term (ECT) this issue will be investigated during the period 1978-2021. Results: Based on the statistical significance of the error correction term coefficient, it can be concluded that in the model, except for exports and unemployment, other variables (transportation, economic growth, prevalence of Covid-19) cannot try to adjust the short run error to the long run equilibrium and cause to long run equilibrium in the system. Because the error correction term coefficient only for exports and unemployment in this model is statistically negative and significant. Therefore, there is only causal relationship of other variables to exports and unemployment. According to the results of diagnostic tests, it was found that since the probability statistic in all tests is more than 0. 05, therefore, the null hypotheses of the tests are not rejected. Conclusion: Relying on the concept that the significance of long run dynamic relationships in the model is based on the statistical significance of the coefficient of error correction term, it can be concluded that, except export and unemployment, other variables in the model (transportation, economic growth, prevalence of Covid-19) They cannot try to adjust the short run error to long run equilibrium and cause long run equilibrium in the system. Economic studies conducted so far during the epidemic show that the prevalence of coronavirus in economic sectors including tourism, foreign trade, capital markets, foreign exchange markets, housing markets, small businesses, public businesses, commodity prices, GDP will affect the interior. Due to the losses caused by the prevalence of coronavirus in the Iran's economy, if no immediate action is taken to compensate for the economic losses and a practical solution is not taken, the damage will increase exponentially and many economic activists will face many challenges which may even be removed from the economic cycle. Adapting countries to compliance with health protocols improves trade and exports. The government should put the safety of transport workers on the agenda to continue to provide essential services, and it is useful to apply the lessons learned from the experiences of areas that were affected by the disease early on.

Objective: Because of economic shocks and fluctuations in recent years, the government faces indiscipline in economic policies and increase the uncertainty issue in economic policies. In such situations, on the firm-level managers deal with uncertainty too. Firms uncertainties affect managers estimates and decisions. On the other hand, when conditions of uncertainty exist, managers would face difficulties to meet forecasted earnings and have motivations to manipulate earnings to meet the market expectations. On the other hand Investors pay a great deal of attention to firms announced earnings for valuation and investment decisions and even the evaluation of managers' performance. Due to the probable effects of economic policy uncertainty on financial decisions and firms reporting quality, the purpose of this research is investigating the relationship between economic policy uncertainty, accrual base earnings management and then investigating moderation effects of life cycle stages of this relationship. Method: In order to achieve the research purpose, 125 companies (1068 firm-years) were selected from the companies listed on the Tehran Stock Exchange during the years 2013 to 2019 by systematic elimination sampling method. Research sample is excluded from financial firms, banks, insurance firms or firms with missing data. For measuring the earnings management, discretionary accruals model based on Kothari et al (2005) is used. Uncertainty economic policy index is created by using conditional variation autoregression to determine four macro volatilities then the results were combined with regression and principal component analysis to achieve a single index. In order to classify firms to different life cycle stages, Dickinson (2011) model is used. Results: As expected, results show that there is a positive relationship between policy uncertainty and accrual base earnings management and there are significant differences in strength of this relationship in different stages of company life cycle. In the introduction and growth stage this relationship is decreased and in mature stage the relationship is strong but, in the decline stage this relationship is not significant and we see a significant effect of life cycle stages as a moderator variable on the relationship between economic policy uncertainty and accrual base earnings management. Conclusion: These results show that by increasing the economic policy uncertainty, mangers have more chance and motivations to manage earnings. As economic policy uncertainty increased, we see more earnings management for firms in mature stage compared to firms in the introduction and growth stages. Maybe managers of the firms in mature stage have greater experience and knowledge about techniques applicable in their firm to manipulate earnings. Thereby, it is advisable for lenders and also for investor and analysts to pay a great deal of attention to the level of economic policy uncertainty and stages of company life cycle using earnings for valuation and manager performance evaluation. Also, in economic policy uncertainty situations auditors should consider risk of earnings management in planning and conducting an audit.

Objective: Financial crises can quickly affect the real sector of the economy and be detrimental to the economy. Therefore, dealing with these crises as well as preparing for them should be among the most important economic priorities. It is worth noting in such a situation, concepts such as financial fragility become important which is one of the most important factors affecting corruption. Methods: In this study, using the quantitative regression method, the effect of corruption on financial fragility in the period 2012-2021 has been studied. The statistical population of this research is includes companies active in the Tehran Stock Exchange market, among these companies, 86 companies were selected as the research sample. Results: The results of model estimation showed that high level of corruption (low level of corruption perception index) increases the financial fragility of companies and therefore confirms the inefficiency of corruption. Because corruption in various forms such as taking bribes to grant special privileges to a particular company, low-interest loans and financial and tax protections of some companies in the face of financial crises affect the financial fragility of companies. The size of companies also had a negative effect on financial fragility, but this effect was not statistically significant at the 5% level. The impact of tangible assets as well as fixed assets of companies on financial fragility is negative and significant. Because the increase in the level of fixed and tangible assets of companies indicates the high (increase) of total assets of the company and generally increases their ability to cope with financial crises as well as bankruptcy, thereby reducing the financial fragility of companies. The effect of financial leverage on the financial fragility of the company is positive and significant. Because the higher the financial leverage of the company and in other words, the higher the corporate debt compared to its assets, the higher the probability of financial crisis and the risk of bankruptcy in the companies under study in the face of economic cycles. Economic growth also has a negative impact on the financial fragility of the companies under study. Because the higher the economic growth rate, the higher the company's revenues due to this economic growth and the lower the probability of financial problems and shortages in the company, which in turn reduces the financial fragility of companies. Also, the effect of inflation on the financial fragility of the studied companies is positive and significant. Because rising inflation increases the total cost of companies, including the cost of purchasing raw materials and machinery, as well as other consumption and current costs, and thus increases the likelihood of financial crises and bankruptcy. Conclusion: High levels of corruption increase the financial fragility of companies. Because the high corruption perception index (low level of corruption) is associated with a higher level than the Z-Score index (low financial fragility) and as a result, the second view confirms the impact of corruption on the economy or the theory of corruption inefficiency. Therefore, in order to reduce financial fragility, the relevant institutions should pay serious attention to dealing with corruption.

Objective: Predicting corporate bankruptcy is one of the most important activities in auditing risk and uncertainty of companies. Therefore, introducing appropriate models with high accuracy to predict bankruptcy is essential in many decision-making processes. The purpose of this study is to introduce an appropriate and superior model for predicting corporate bankruptcy in the Iranian economic environment. Chava and Jarrow (2004) and Campbell et al. (2008) have been introduced as hybrid models that consider accounting and market information together. In this study, we intend to use logistic regression and accuracy testing to create a better model. Also, for the first time in Iran, the market value of balance sheet items has been used as a suitable alternative to some balance sheet variables and market variables. Methods: The study period is 13 years (from 2005 to 2019) and the number of sample companies is 188 companies and 2444 years-companies. The data required for this study, which consisted of accounting-based and market-based and combined data, were extracted from financial statements and accompanying notes of sample companies and stock exchange softwares. Using logistic regression, the coefficients of the variables of the mentioned models were found. Results: The proposed models were performed using conditional fixed effect logistic regression and the best model was selected using the ROC curve. The results showed that both Chava & Jarrow (2004), Campbell et al (2008). Models have a suitable and very high power to predict bankruptcy in Iran's economic environment. But Chava & Jarrow model with 96. 5% accuracy was introduced as the top model in predicting corporate bankruptcy for Iran's economic environment. Among the variables of the Chava & jarrow model, only three variables Included ratio of total debt-to-assets (TLTA), ratio of net income to total assets (NITA) and Stock returns fluctuations (SIGMA) at 95 confidence level, had a significant effect on corporate bankruptcy. And the other two independent variables of this model did not have a significant effect on the probability of bankruptcy. Also, Among the variables of the Campbell et al model, only five variables Included the ratio of total liabilities to total market value of assets (TLMTA), the ratio of net income to total market value of assets (NIMTA), the ratio of cash and instant assets to total market value of assets (CASHMTA), stock price volatility (SIGMA) ) And the ratio of book value of equity to market value of the company (RSIZE) at the 95 confidence level had a significant effect on the probability of bankruptcy of companies. And the other three independent variables, the difference between the company's stock return and market return (EXRET), the ratio of the company's stock market value to the book value of the company's stock (MB) and the logarithm of the stock price (PRICE) had no significant effect on the probability of bankruptcy. Conclusion: Among the variables that were significant in the model, the ratio of net profit to market value of assets (NIMTA) was the most effective variable. Also, according to the regression coefficients of the variables, it is concluded that bankruptcy is inversely related to the ratio of net income to market value of assets(NIMTA), and the ratio of net income to book value of assets(NITA), and the ratio of cash and instant assets to market value of assets(CASHMTA). Bankruptcy is also directly related to the ratio of total liabilities to the book value of assets (TLTA) and Stock returns fluctuations (SIGMA). In other words, Companies whose stock return fluctuations are not in good shape and have a lot of debts more likely to go bankrupt.

Objective: Capital markets are among the most important and popular financial markets in most countries. Due to its importance in the nation’ s economy, capital market problems have always been considered. One of the problems faced by Iran’ s capital market in recent years is the financial bubble. When investors are invested in a bubble form, irrational feelings and dreams are often used instead of rational analysis. There are also some changes in stock price without any fundamental reason from the unconscious and powerful emotions of capital (financial defense mechanisms and financial phantasy) so that investors in the capital market cannot bring back prices because of the high excitement created. In addition, due to recent events in the Iranian stock market, it is possible to research to understand the relationship between the unconscious processes (defense mechanisms and financial phantasies) with the financial bubble of investors. On the other hand, the subject is considered by researchers due to the new aspects of financial unconscious feelings (financial defense mechanisms and financial phantasy) and financial collapse of capital. Method: This research is a mixed type that is applied in terms of purpose and descriptive. For this purpose, 415 questionnaires (300 electronic questionnaires, 115 paper questionnaires) were distributed among investors, of which 288 questionnaires were accepted. Data analysis was performed using structural equations modeling (SEM) in Amos and using maximum likelihood estimation method. Also in this study, the bootstrap method was used to solidify the results. In addition, in order to evaluate the effect of unanswered questionnaires, the maximum likelihood method with complete information and Spss and Amos software were used. Results: The results show that the proposed model has a good fit to express the relationship between financial unconscious feelings (financial defense and financial phantasy) and investor financial bubble. Also, financial defense mechanisms have a positive and significant relationship with the financial bubble of investors. In addition, financial phantasy has a positive and significant effect on the financial bubble of investors. Conclusion: Generally, it can be concluded that increasing the unconscious feelings caused by financial defense mechanisms and financial phantasy can raise the possibility of financial collapse. Therefore, the Iranian stock market is sensitive to the types of unconscious feelings, such as financial defense mechanisms and financial phantasy. The findings of this research can help capital market experts control the price volatility and prevent financial bubbles because by recognizing the roots of the formation of financial bubbles, they can provide the necessary warnings to educate and finance the transaction. However, it should not be noted that the effect of contagion on the stock market and the formation of financial bubbles should not be ignored. Therefore, the stock market planners and macro policymakers of the country are recommended to use all the capital market support levers to protect and protect the capital market and protect micro and macro and with intelligent management of the market before the occurrence of big disasters prevent capital flight and public confidence.

Objective: Today, banks play a vital role in making the relationship between actual and monetary sectors of the economy, facilitating transactions by organizing receipts and payments, and developing markets and economic growth. Credit risk is the most critical factor for banking system stability. Moreover, credit risk is the most substantial risk observed in the banking system of countries. Lack of credit risk leads to poor lending capacity and debt settlement power of monetary institutes also causes the bankruptcy of banks. credit risk brings a relative superiority for banks and financial institutes by predicting bad debts' losses. The extant study aimed to examine the effect of credit risk management on the lending performance of Bank Agriculture branches. Method: This was applied research in terms of objective and a descriptive study, in terms of data collecting method. The statistical population comprised all top managers and staff working in branches of Bank Agriculture in Gilan Province, Iran. In the present paper, Morgan Table was used, and 279 people (n=279) were selected from 475 people, by using non-probability convenience sampling. The data were collected through a questionnaire. The collected data were analyzed using SPSS software. Results: Research hypotheses indicated the significant effect of loan terms and conditions on the lending performance of branches of Bank Keshavarsi in Gilan. Customer evaluation had an impact on the lending performance of Bank Keshavarsi's branches in Gilan. Default lending policies affected the lending performance of Bank Keshavarsi's branches in Gilan Province. Risk control policies also had an impact on the lending performance of Bank Keshavarsi's branches in Gilan Province. Conclusion: Credit risk control and mitigation play an effective role in improving lending and credit processes and subsequently improving banks' performance. Furthermore, cretic risk control plays a fundamental role in the continuity of lending, profitability, and survival of banks and financial organizations. Credit risk provides the field for assets pricing by risk measurement and the creation of a logical link between risk and return rate. Furthermore, credit risk paves the way for the optimization of credit portfolios and determining the economic provision of banks to reduce capital costs. Therefore, improvement of risk control policies through measuring the risk of non-repayment of debt and interest rate of loans based on the risk management rules and regulations approved by respective committees lead to improvement of the lending performance of studied bank branches. On the other hand, assessment of customer's capital adequacy, ranking assets, rating branches based on the credit risk of branches (e. g., past due, deferred, and bad debts-to-total loans ratio) can be done to improve the lending performance of studied bank branches.

Objective: Electronic banking is one of the gifts of the information technology world, according to which all financial, banking and credit activities are transferred from the traditional platform to the electronic platform. As a result, the use of electronic systems in the world's financial and credit institutions is rapidly expanding and the number of users of electronic banking services is increasing day by day. The use of this technology has led to the development of business, facilitating communication between economic agents, providing opportunities for enterprises to operate, improving productivity, reducing costs and saving time. Obviously, one of the indicators of the success of banks' investments in the field of information technology and electronic banking is the acceptance of these services by the customers of that bank and their actual use of them for their daily banking affairs. Therefore, research in the field of electronic banking and its impact on the performance and profitability of banks to gain a competitive advantage and survival in the competitive arena, is essential. Methods: In this study, from the content analysis method using theoretical foundations and experimental studies, the appropriate model of Iranian economy was selected and then with the help of statistical analysis and econometric methods by expressing the relationships between variables related to the subject, the current situation Is identified. According to the studies based on S-C-P theory, the general shape of the model in this research was based on the research of Tony et al. (2015). Results: Diagnostic tests were performed for the research model, and the Chow test for detecting a composite or integrated data pattern showed that there is a hybrid data pattern in the model. Haussmann test also showed that all models have fixed effects. The results of estimating the model with fixed effects showed that the coefficient of determination and the Watson camera statistic indicate the confirmation of the model results. and the results indicate that the number of ATMs, IMC (Bank Market Focus Index), Bsize (size). Bank), the number of terminals of the bank branches (Pin Pad), the number of TOKEN devices and the number of POS devices had a positive and significant relationship with the profitability index as a representative of Bank Melli financial progress in Iran and the ATM variable had the highest impact and the Bsize variable has the least effect on the bank's profitability index, Conclusion: Considering the impact of e-banking on the profitability of banks, it is suggested that e-banking platforms be developed rapidly, so that with the improvement of banks' financial performance, we will see more and more prosperity of economic specialties. It is important to note the amount of communication that the bank can establish with other service organizations (such as the municipality, the tax administration, the oil company, etc. ). This leads to the monopoly of electronic services provided by the bank, which will lead to the development of electronic banking services and can be considered as one of the strategic advantages of the bank.

Objective: Measuring performance in the decision-making process is one of the most important issues in the field of financial economics due to the importance of the role of the CEO. In recent decades, the importance and impact of CEO decisions on company profitability as a measure of company performance has become one of the main topics in academic research. However, due to the separation of ownership from management and creating conflicts of interest and the dual role of the CEO in this issue, performance appraisal is one of the most important financial issues of companies, so the factors that affect the company's performance are of particular importance. Filling the gap in mediating variables on the relationship between CEO duality and company performance is critical. We choose the variables of capital structure and competition in the product market as mediators to increase our understanding of the duality of the CEO at the highest levels of leadership in an organization and to identify the factors that have a significant impact on the performance of companies. The main purpose of this study is the effect of the mediating role of competition in the product market and capital structure on the relationship between the duality of the CEO and the performance of companies listed on the Tehran Stock Exchange. Method: The present study is a post-event research and is applied in terms of purpose. In order to achieve the objectives of the research, five hypotheses have been developed. Multivariate linear regression model and combined data were used to test the research hypotheses. The statistical sample of the research includes 120 companies listed on the Tehran Stock Exchange, which has been selected based on the available sampling method and has been studied during the years 2013 to 2019. Results: Research findings indicate that CEO duality has a negative and significant relationship with company performance. Also, the duality of the CEO has a negative and significant effect on competition in the product market. Based on the research findings, the mediating role of competition in the product market in the relationship between CEO duality and company performance is confirmed. Also, the results showed that the duality of the CEO does not have a significant effect on the capital structure. Also, capital structure does not affect the relationship between CEO duality and company performance. From an economic point of view, business unit managers do not only seek to provide shareholder resources to improve the company's performance, but they also consider the interests of shareholders only when their own interests are best served; This will lead to a conflict of interest. Based on agency and management theories, the results of this study emphasize that the duality of the CEO with the use of managerial powers and skills in the performance of the company plays a key role. Conclusion: Managers of companies are encouraged in turbulent economic conditions, growth and resources to maximize the goal of many decisions and improve company performance. When companies have the right governance structure, they are better able to compete in a market. Having a dual structure, then, enables managers to overcome decision biases and improve the decision-making process, including market-related decisions.

Objective: The relationship between monetary policy shocks and total deposits of banks are one of the main important issues in monetary economics and banking literatures and has been considered empirically in recent years. Hence, the main aim of this paper is to evaluate the relationship among these variables by applying dynamic panel data approach for 23 private and governmental banks during the 2008-2019. Method: For achieving this purpose, at first the inflationary environments have been extracted by Markov-Switching and then, by utilizing dynamic panel data and GMM estimator the short-run relationship between variables have been tested. Results: The empirical findings of this paper indicated that the first order lag of bank deposits has a positive and significant effect on the volume of deposits in current year and its amount is equal to 0. 17. Also, the variable of the interaction of liquidity growth rate with severe inflation environments and banks 'legal reserve ratio has a negative and significant effect on private banks' deposit volume and the variables of long-term deposit interest rate, real GDP growth rate and liquidity quality have a positive and significant effect on deposit volume. State-owned banks are positive and meaningful, consistent with theoretical expectations. The deposit profit rate has positive and other monetary policy variables such as liquidity growth rate and rule of deposits ratio and cross effect of liquidity money growth with inflationary environment have negative impact on the total deposits of Banks. Regarding the negative and significant effect of the interaction of liquidity growth rate with high inflation environments, it can be argued that with increasing liquidity and increasing demand, the general level of prices increases and consequently inflation rate increases and the economy enters a severe inflation environment, so expect as inflation intensifies, demand for deposits in banks will decrease and the incentive to invest in alternative environments such as the foreign exchange market, gold and other assets will increase. In addition, the value of Sargan test statistics indicates that the null hypothesis is not rejected and the instrumental variables defined in the model are valid. Because the value of this test statistic shows that the instrument variables defined are not correlated with the error terms. It is worth noting that in this estimate, due to the shorter period of time under study, the second-order interval of the volume of deposits of private and state-owned banks is considered as an instrument variable. According to the results of Arellano & Bond, it can be inferenced that the order of selfcorrelation between the disorder sentences was of the first order. Therefore, this method is a best method to eliminate the fixed effects of the model. Conclusion: Considering the negative and significant effect of the interaction of liquidity growth rate with inflationary environments on the deposit volume of the banking sector, it is suggested that economic policymakers apply contractionary monetary policies to control and decrease the volume of liquidity and control the general level of prices and inflation. Provide calm and gentle inflationary environments as well as increase the investment of individuals and legal entities with banks and help increase their deposits.