JOURNAL OF FINANCIAL MANAGEMENT STRATEGY
Year:2020 | Volume:8 | Issue:28|Papers Count:10

Financing has always been one of the main challenges for the creation and development of startups and small & medium enterprises. Entrepreneurs are also reluctant to allocate all their resources to innovative projects. Furthermore, investors are unwilling to invest on these projects due to insufficient funding, inadequate cash flow and information asymmetry. In spite of numerous studies on entrepreneurship locally and globally, few studies have been conducted on entrepreneurship finance. In this paper, we have identified 36 factors, including 11 components by reviewing the procedures, theories and conceptual frameworks of entrepreneurship finance. Likewise, financing challenges of entrepreneurs and risky investors were surveyed using a questionnaire consisting a 5-point Likert scale. In order to develop a conceptual framework for entrepreneurship finance in Iran aimed at improving the access of entrepreneurs to financial resources, the researchers then assessed these factors by surveying expert opinion polls and Confirmatory Factor Analysis technique. The results of this fundamental research indicate that 9 factors, namely the personality traits and entrepreneurial personal abilities, legal protections, state governance, capital market depth, financing tools, characteristics of entrepreneurial activity, business environment and financing eco-system relations have been significant in explaining entrepreneurs' access to financial resources.

Various models on how investors choose the most optimum portfolio have been introduced. Majority of such models complete the process of choosing by a set of the available portfolios provided on􀀃 the􀀃 efficient􀀃 frontier. 􀀃 At􀀃 best, 􀀃 by􀀃 extracting􀀃 utility􀀃 function􀀃 based􀀃 on􀀃 the􀀃 investors’ 􀀃 preference through interactive dialogues, then the optimum portfolio according the financial situations and mental and behavioral characteristics was determined. Notably, in practice, this is very difficult for the possible differences in the utility functions. These problems distinguish the role of the compromise-programming model and the unique abilities of compromise set as one of the available models in the multi-criteria decisionmaking in choosing optimal portfolio. In current research, 20 active companies in Tehran exchange market during 2015-2018 period were selected. After determining the sum of the absolute difference of safety and profitability index of optimizing investing utility functions with direct method and its comparison with the results of compromise set method, the research hypothesis accepted.

The main objective of this research is to investigate the predictability of the starting points (floor) and the end (roof) of the short-term stock price trend using the Naibouz model for providing a decision support system. In this research, two variables including calendar and technical variables for modeling were used. The results of this study showed that the model used to identify and predict the end points (roof) in the stock price chart has a better performance than the other, and also the accuracy of the model used in the thirty of the industry survey has discrepancy differences. This is a generalization of the results of this research and the use of the Naibouz model to predict the points in the various industries. We can confidently comment on the turbulence behavior of the starting and ending points in the stock price chart, but we need to pay careful attention to probable behavior.

The main objective of this study was to investigate the effect of investor sentiment and idiosyncratic risk on stock market mispricing in listed companies in Tehran Stock Exchange. In order to measure the miss-pricing􀀂 based􀀆 on􀀆 Rhodes􀀆 et􀀆 al. ’ s􀀆 Model􀀆 (2005), 􀀆 the􀀆 investor􀀆 sentiment􀀆 and􀀆 Idiosyncratic risk, the Jones Index (EMSI) and the remaining standard deviation of regression (CAPM) were used respectively. In order to test the research hypotheses, the information of 106 companies accepted in the Tehran Stock Exchange during the period of 2008-2017 (1060 years-corporation) has been used. The required data were selected monthly and annually using the screening method. In order to test hypotheses, multiple linear regression models were used. Evidence and empirical results of the research indicated that both variables, namely, investor sentiment and idiosyncratic risk have a positive and significant effect on mispricing stock markets. In fact, any increase in investor sentiment and idiosyncratic risk would give rise to the stock mispricing increase, and vice versa. Notably, moderating variable, namely the investor sentiment enjoyed a positive and significant on the relationship between idiosyncratic risk and mispricing.

The main purpose of this research is to investigate the relationship between CEO's tenure and lack of transparency of information in companies listed in Tehran Stock Exchange. The statistical sample consisted of 106 companies during a 9-year period from 2009 to 2017. The research hypotheses were tested using multivariate regression models. The results of this research show that there is a positive and significant relationship between CEO's tenure and lack of transparency in company information (including: index rate of lack of transparency in company information, trading volume, and the price difference in company stock trading). Also, there is no meaningful relationship between CEO's tenure and lack of transparency in company information (including: stock market analysts' prediction error and discretionary accrual items).

The value of firms is positively dependent on the evaluation of intangible assets. The traditional models have obscured the appreciation of the assets of the ignored assets. 􀀄 The main objective of this study is to create a clear path for the ranking of intangible assets with a focus on their brand values. The sample consisted of 10 companies in the group of chemical products during the years between 2012 to 2017. This model was applied in order to rank the group AHP and to calculate the brand value of the company's intrinsic value model using a three-step cash-earning discount model and the EPS model of each contribution to the brand. The results showed intangible assets related to marketing, contract, technology, consumer and arts are in priority respectively. It also offered a financial model for brand valuation with the profitability approach of each contribution to the brand.

One of the problems and challenges that the developed-and especially developing countries encounter is the unequal distribution of income. Inequality of income makes serious challenges to economic agents and policymakers given its many harmful effects on the economy and economic growth. Likewise, the development of the stock market in the economy can be a suitable platform for absorbing market liquidity, the savings of economic agents, turning these savings into investments, and finally controlling and managing inequality of incomes in the economy. The purpose of the current study was to examine the effect of stock market development on upper and lower quartile income. To this end, the panel data of the developed and developing countries was utilized during 2001-2014. Stock market development was estimated through two indices (turnover of stock`s trading and the trade volume of the stock to gross domestic production (GDP)) and in four modes. The results indicated that the development of stock market increased income inequality in developed countries and decreased income inequality in developing countries.

The usefulness of studying stock returns is that stock returns change as a measure of risk and can be used as a tool to measure the extent of stock market vulnerability. Personality traits of managers are one of the important factors in decision making about stock returns. One of the most important personality characteristics of managers is the excessive self-confidence; managers are optimistic about future corporate earnings and future cash flows and have a positive outlook on future risks and returns. Therefore, the purpose of this study is to examine the empirical evidence of the role of management optimism on stock returns. The research method used among the companies listed in Tehran Stock Exchange is a quasi-experimental, post-event quasiexperimental design, and a sample of 159 company was investigated using multivariate regression during the period of 2012-2017. The results of the research showed that there is a negative and significant relationship between capital expenditure growth and stock returns, and there is a positive and significant relationship between the amount of surplus investment in assets and stock returns, but there is no significant difference between the earnings forecast of each share and the actual profit with stock returns. No significant relationship was found.

Due to the important functions in the financial system, banks are considered as important components of the financial system of each country. Systemic risk has recently been addressed in the global financial studies empirically. If system risk is ignored reasonably and consistently with regulatory rules, its equipment and its consequences will be irreversible and corrective. The main aim of this research is to explain the relationship between bank size and capital with systemic risk in the banks accepted in the stock exchange. In this research, systemic risk of the banking sector has been considered as the most important part of the country's economy. In order to calculate􀀇 the􀀇 systemic􀀇 risk􀀇 severity, 􀀇 Δ CoVaR􀀇 has􀀇 been􀀇 used. 􀀇 The􀀇 statistical􀀇 population of this research is those banks accepted in the Tehran Stock Exchange during a 7-year period from 2010 to 2016. The results of this research showed that the higher systemic risk, the larger size of the bank. Furthermore, the higher the risk is, the more capital the bank will enjoy and vice versa.

The purpose of this research is to investigate the relationship between the value of financial flexibility, investment efficiency and adjustment rate of working capital. This research is an applied one based on the perspective of the purpose and descriptive-correlation research. Of the listed companies in Tehran Stock Exchange, 118 companies, have been selected based on systematic elimination sampling method during the years 2010-2016. The multivariate linear regression has been used to test the research hypotheses. The results of the research show that there is a positive and significant relationship between the value of financial flexibility with the efficiency of investment in net working capital and adjustment rate of working capital. Companies have also focused on the level of financial flexibility value in decisions to optimize their investment and working capital policies. This can, in the long term, enhance the financial flexibility value of the company and make investment opportunities more profitable. The relationship between the value of financial flexibility and the adjustment rate of working capital in firms that are financially more restricted is higher. This relationship is in turn lower in companies with no financial constraints and there is no non-linear relationship (U shaped) between working capital and firm performance.