JOURNAL OF FINANCIAL MANAGEMENT STRATEGY
Year:2026 | Volume:14 | Issue:1|Papers Count:6

There is extensive literature about the hypothesis of convergence of per capita income and the role of financial development, but there is limited theoretical and empirical literature about the effect of different conventional and unconventional financing methods on the convergence. In this regard, the main purpose of this article is to compare the effect of these methods on the convergence by using the generalized method of moments (GMM) in a sample of 13 countries of the time period 2012-2021. The findings of the present research indicate the confirmation of the hypothesis of beta and sigma convergences. Also, the results show:firstly the banking system, sukuk, foreign direct investment and governance have a positive and significant effect on the convergence of per capita income. Secondly, the effect size of sukuk on the convergence of per capita income is less compared to the money market (bank), which can be caused by the low volume of sukuk issuance and the bank-oriented nature of the selected countries. Thirdly, it seems that the existence of high systematic risks in the stock market has made the stock market and economic freedom unable to increase the convergence of the per capita income of the selected countries. In general, the results of this study indicate the positive effect of financial development on the convergence of per capita income. In order to achieve convergence, it is necessary to create economic stability and provide the necessary conditions for the optimal and effective use of financial instruments for domestic and foreign investors.

The main objective of this study is to investigate the impact of institutional shareholders’ investment horizon on the cost of capital. In this regard, data from 97 companies listed on the Tehran Stock Exchange during the period 2011 to 2023 were collected and analyzed using a systematic elimination method. A multivariate regression model was employed to assess the impact of variables and to test the research hypotheses, with analyses conducted within the framework of the Generalized Least Squares (GLS) method. The required financial data were gathered through the Rahavard Novin software, and the necessary variables were calculated accordingly. The findings of this study revealed that institutional shareholders with a short-term investment horizon have a positive impact on the cost of capital, while those with a long-term investment horizon negatively influence it. Additionally, the impact of short-term institutional shareholders on the cost of capital is significantly stronger compared to long-term institutional shareholders. To enhance the accuracy and reliability of the results, supplementary analyses were conducted using the model proposed by Yan and Zhang (2009), which confirmed the study’s findings. The results of this study reveal that long-term institutional shareholders, through their emphasis on sustainability and corporate value growth, play a critical role in enhancing overall corporate performance and improving growth prospects. This approach facilitates optimal resource allocation, increases efficiency, and ultimately reduces the cost of capital. In contrast, short-term institutional investors, driven by their short-term objectives, increase the cost of capital. These findings provide valuable insights for financial managers, major investors, and capital market policymakers to formulate effective financial strategies and design investment policies.

After the 2008 financial crisis, the importance of studying systemic risk became more apparent. In this regard, various metrics have been presented to measure systemic risk, but the main question is which metric has a better and more comprehensive function than other metrics. The main contribution of this paper is answer foresaid question. In this research, the most widely used indicators include systemic expected shortfall, marginal expected shortfall, delta conditional value at risk and component expected shortfall using data related to 38 companies (selected sample) listed in the Tehran Stock Exchange (TSE) from 2014 to 2023 (a ten-year period) has been examined and compared. The research method is based on the correlation and reliability matrix of the values of each measure and the ranking of the sample companies during the period under review. The findings show that the measure of delta Conditional Value at Risk (∆CoVaR) has the best performance in order to explain systemic risk.

The objective of this study is to identify and analyze the role of fintechs in chain financing in Iran. The current research is quantitative in terms of its purpose and based on multiple methods. The theoretical community of the research is managers and senior experts in the field of financial technology and chain financing and active professors in this field. The sampling method was done in a judgmental manner according to the expertise of experts in the field of chain financing and fintech. The sample size in this study was equal to 10 people. The functions of the research were obtained through reviewing the background and interviewing experts. In the following, two questionnaires of expertise and effectiveness were used to screen and analyze the effectiveness of the functions, respectively. These questionnaires were analyzed with two techniques, fuzzy Delphi and fuzzy Dimetal. Since this research uses the fuzzy Delphi method and the fuzzy Dimetal method, its innovation is in terms of the method in this field, which examines all relevant internal and external studies and identifies the dimensions of the subject. 21 functions were obtained through background review and interviews with experts. Among the functions of the research, 10 functions had a diffusion value greater than 0.52 and were selected for the final analysis. The degree of effectiveness of the remaining functions was evaluated with phase dimetal. According to the net effect index, the functions of using smart contracts, issuing electronic invoices, intelligent, accurate monitoring and digital transactions had the greatest impact on the performance of chain financing, respectively.

This article focuses on the risk and security of investments in Islamic financial instruments compared to conventional financial instruments. It seeks to answer the question: Are Islamic financial instruments a safe haven for investors? To this end, the study employs time-series econometric modeling methodologies to analyze volatility, using monthly data from 2015 to 2024. The risk of Islamic and conventional financial markets has been modeled, followed by estimating the Value at Risk (VaR) of these instruments based on their return and variance patterns.The findings indicate that Islamic financial instruments exhibit lower volatility compared to their conventional counterparts. In other words, the risk associated with Islamic financial instruments is lower than that of conventional instruments. This result aligns with the empirical literature reviewed for the period 2009 to 2024. The review of the empirical literature over this period reveals that during times of economic uncertainty, Islamic financial instruments had lower risk compared to conventional ones. However, during periods of economic stability, conventional instruments demonstrated lower risk than Islamic instruments.Additionally, the results from the calculation of Value at Risk for three financial instruments—Islamic treasury bills (as a measure of Islamic financial instruments), foreign exchange, and stocks (as measures of conventional financial instruments)—show that the VaR for Islamic treasury bills has consistently been lower than that of the two conventional instruments. These findings can contribute to designing a better financial system that is both more resilient to unexpected financial shocks and supportive of a more stable financial framework.

Increasing the dynamics of the conditions governing economic and financial activities and increasing the risk of decision-making in the field of investment or financing of investment projects and economic projects requires the existence of an appropriate and efficient analytical method that does not have the shortcomings of conventional methods of discounting cash flows, including stagnation. Accordingly, and in response to new needs, the real option of assignment with a binomial tree approach in the DERIVAGEM software has been used for decision-making. For pricing using this method, input parameters are required. For the asset price parameter, the present value of the plan is considered, and for the exercise price parameter (agreed price), the present value of the cost is considered. Finally, the conventional method and the real option method are compared. The pricing results show that the value of the option to abandon is 1,273,845 million rials, which is the value of the project, or in other words, the value of the developed project, is estimated at 1,229,258 million rials, which is higher than the conventional method. The appropriate times for the relevant project Abandonment are at nodes (4,5) and (5,6). Based on sensitivity analyses, the strongest variable affecting the project value at the disposal of the release is the fluctuation of the asset value.