Investors use different approaches to select optimal portfolio. so, Optimal investment choices according to return can be interpreted in different models. The traditional approach to allocate portfolio selection called a mean - variance explains. Another approach is Markov chain. Markov chain is a random process without memory. This means that the conditional probability distribution of the next state depends only on the current state and not related to earlier events. This type of memory is called the Markov property. Based on proposed approach, the possibility of testing the assumption of independence of the intervals selected a portfolio of distribution of a relationship between these values there. The presence of this dependency, consider a model based on Markov chain makes it possible. In this paper, assuming that independent portfolios can be modeled by a Markov chain model to describe different portfolio selection, Value at risk (VaR) and Conditional Value at Risk (CVaR). In fact, the portfolio return is selected, the ranges are divided into n range, each interval of a discrete Markov chains, we consider the situation. Finally, the results of this study indicate that the optimal portfolio selection based on Markov models arehigh performance but complex.

Expansive economic, production and commercial development today has made businesses and enterprises to have active presence and contribution in network-based and chain economy. Although focusing on this approach has brought some privileges and productivities for the firms which are members of networks and supply chains, it has been accompanied by various problems and complexities for financial crisis management, cash flow and flow capital amount of the foundations and their commercial partners. To overcome such problem, besides developing the concepts of supply chain management and logistics, Financial Supply Chain Management (FSCM) was also promoted to minimize inefficiencies of financial flow in supply chain using financial, engineering and management approaches, and to provide an effective management ground for cash inventory and flow capital all throughout the supply chain by making use of various tools and techniques of supply chain finance and/or SCF.Thus, regarding the significance of financial flow management in the chain and benefitting the principles and fundamentals of research by fact finding and case study, it was tried to present a framework to make use of financial flow management and its principles and fundamentals effectively by reviewing evidences as well as applicable experiences in this area. The present paper emphasized that as logistic services providers are responsible in supply chains to improve inventory level; financial services providers also have the same role concerning liquidity level in the chains.

The aim of this study is to identify and explain the relationship between the components of sustainable supply chain and environmental performance and financial performance of the companies producing chemical fertilizers in Alborz province. The present study in terms of the purpose is practical and in terms of data collection methods is descriptive- survey and also in terms of type is correlation. The study sample included all managers of companies producing chemical fertilizers in Alborz province. Data were collected using a standard questionnaire that its validity was conducted by the measure of hidden variables convergent validity and its validity was confirmed. The reliability of the questionnaire was determined by using compound Cronbach's alpha test. Collected data was analyzed using structural equation model and using the Smart PLS software. Results of the examination of hypotheses indicate that there is a significant relationship between components of sustainable supply chain and environmental performance. Also there is a significant relationship between components of sustainable procurement and sustainable design of supply chain and financial performance, but there is no significant relationship between the components of sustainable distribution and investment improvement in sustainable supply chain and financial performance.

Objective: Financial reporting is the end product of the financial reporting process. Financial reporting objectives are related to the information needs and demands of users. The main purpose of financial reporting is to express the economic effects of financial events and operations on the status and performance of organizations to help outsiders to make financial decisions in relation to the relevant unit. Financial reporting has changed dramatically in recent decades. Increased competition and technological advances have created many changes. The development of new technology and more sophisticated performance metrics has increased the amount and quality of information produced by companies. Since each segment of the supply chain plays an important role in supporting financial reporting, all areas of the chain must be of high quality to lead to high quality financial reporting and focus on quality by emphasizing corporate governance mechanisms. . . has become more. Attention to the financial reporting supply chain to increase the quality and speed of financial reporting in the capital market led to this study to prioritize the factors affecting the financial reporting supply chain Methods: The method of the present study is mixed and has been performed as a sequential exploratory design. In the qualitative section, by obtaining the opinions of experts, the effective factors of the financial reporting supply chain have been obtained using the qualitative analysis method of the theme. Then, in a small part, after extracting the main components, the researcher proceeded to rank the components from the perspective of the same people using the TOPSIS technique. Results: Factors affecting the financial reporting supply chain are as follows: Accountability and demand, knowledge and independence of the board of directors, technology (use of information technology), auditing organization, unification of goals of institutions, advanced software, restrictive rules, Executive bodies, supervisors, auditors, expertise and training, laws and policies, professional institutions and new systems, lack of transparency and lack of supervision, economic conditions of the country The criteria for prioritizing the factors affecting the supply chain of financial reporting are as follows: According to the results of TOPSIS technique, the criterion of responsiveness and demand for information with the most negative ideal distance won the first place, the executive devices (auditing organization, etc. ) won the second place, advanced software the third place and the criterion of technology. Won the last rank. Conclusion: Considering the importance of the supply chain of companies financial reporting which has an important role in supporting financial reporting and its effect on gaining the trust of investors and capital market participants and increasing the quality of financial reporting findings in addition to developing theoretical foundations of supply chain Financial reporting contains valuable concepts for use by investors, creditors, stockbrokers, corporate executives in making useful decisions, as well as professional references about its importance, and can provide a good platform for future research. In this case, it is for other educational and research centers and consequently increases the quality and transparency of financial reporting and ultimately improves the supply chain of financial reporting.

Sustainable growth of share value of a company, regardless of financial flow and integration of financial decisions with other physical decisions, is not reachable. Value based supply chain management, attempts to make it possible through managing working capital, assets and debts. Decisions regarding assets management and financing has always been though decisions every company face. Such decisions, are affected by financial ratios which has not been considered in any optimization models. In this paper a mixed integer programming is presented to integrate financial and physical decisions in a multi echelon, multi period and multi commodity supply chain in order to maximize economic value added, as a most prevalent value metric. Financing through short term borrowing considering fulfillment of financial ratios as well as option of credit buy and sell along with pre sell and pre buy are the most important contributions. Problems with different sizes are solved in order to approve effectiveness of the proposed model. The effect of financial ratios variation and various buy and sell options on supply chain value are analyzed afterward.

The purpose of this study is to analyze the risk in the supply chain with financial constraints and financial performance. The statistical population of this study is the managers, accountants and financial experts of companies active in the Tehran Stock Exchange in the field of food that are active in 1399. This research is based on the structural equation model in which the supply chain risk variable includes four components of supplier risk, producer risk and distributor risk and end customer risk, financing constraint variable includes price and non-price constraints and The financial performance variable has three components: cost management, risk management and value management. These questionnaires were sent randomly to 230 people, out of which 201 questionnaires that were fully answered all questions were returned. Using the equations of structure and software of Emos, the validity and reliability of the questionnaire were confirmed and the hypotheses of this research were evaluated and evaluated. The results of this study show that risk in the supply chain is related to financial constraints and financial performance and the relationship between supply chain risk and financial performance is negative and significant and positively and significantly related to financial constraints.

Purpose: The aim of this study was to design the financial agility model of the supply chain process in companies. Methodology: The research method is descriptive and applied. In terms of orientation, it is fundamental and in terms of purpose, it is exploratory-qualitative. The research population included: academic and industrial experts and the sample was selected based on the snowball sampling method. Data collection instruments were semi-structured interviews with industrial managers and academic experts. In the data analysis, first, the codes and components of financial agility were extracted from the interviews and formulated in the form of a conceptual Grounded theory model. Findings: The core category was the financial agility, which was presented in three dimensions, and the causal, contextual, and intervening conditions, and strategies and results, were formulated and then, the final model was designed. Afterwards, the model was validated by using the Delphi model. According to the results of this study, the main categories of the developed model included intra-organizational, technological and human factors. Originality/Value: Therefore, based on the proposed model of this research can be the expected consequences of the financial agility model in business companies can be understood.

Sustainable growth of a company share value, regardless of financial flow and integration of financial decisions with other physical decisions, is not reachable. Value based supply chain management, attempts to make it possible through taking working capital and fixed assets into consideration as well as factors such as sales and costs. In this paper a mixed integer programming is presented to integrate financial and physical decisions in a multi echelon, multi period and multi commodity supply chain in order to maximize economic value added, as a most prevalent value metric. Working capital management with the option of pre-buy or pre-sell as well as the credit buy or credit sell is one of the most important contributions of this paper. Performance and validation of proposed model, are proven through solving large scale problem sizes. Then, the effect of different buy and sell options, are illustrated. Company value is 64% reduced when options were not considered.