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Publication Date: 2024
International Journal of Disclosure and Governance (17413591)
The influence of information asymmetry (IA) on the cost of equity capital (COEC) is a critical aspect of managing corporate capital markets. This study delves into the correlation between IA and COEC through an analysis of 24 pairs of proxies. We investigate how six corporate finance signals impact the positive correlation and the consequences of disregarding each signal in establishing this positive link. The results reveal that different corporate finance signals, including dividends, debt ratio, capital expenditure, institutional ownership, ownership concentration, seasoned equity offerings (SEO), and capitalization of retained earnings (CRE), have unique effects on the relationship between the 24 pairs of IA-COEC proxies. © The Author(s), under exclusive licence to Springer Nature Limited 2024.
Publication Date: 2024
International Journal of Emerging Markets (17468809)
Purpose: The empirical studies of the options market efficiency have reported contradictory results, which sometimes confuse practitioners and academicians. The aim of this study was to clarify several aspects of options market efficiency by exploring the answers to two main questions: Under what conditions is the options market more efficient? Are the discrepancies in the estimated efficiency due to the reality of efficiency or mismeasurement? Design/methodology/approach: Using a meta-analysis approach, 54 studies have been analyzed, which included 1,315 tests. The sum of the observations for all of the tests is 3.7 m observation sets. The effect size (type r) has been used to compare the different statistics in different studies. The cumulative effect size and its diversification have been calculated by the random effects model and Q statistic, respectively. Findings: The most interesting finding of the study was that the options market, in all circumstances, is significantly inefficient. Another important finding was that the heterogeneity of options market efficiency is due to the complexity of pricing relations, test time, violation index and price type. To overcome this heterogeneity and accuracy, future studies should test the no-arbitrage options pricing relations at different times and by different price types, using complex and simple pricing relations and either mean violation or violation ratio efficiency measures. Originality/value: Public disagreement about the options market efficiency in past studies means that this variable is heterogeneous in different conditions. As a significant contribution, this study develops the literature by proposing the causes of options market efficiency heterogeneity. © 2024, Emerald Publishing Limited.
Publication Date: 2023
Results in Nonlinear Analysis (26367556) 6(1)pp. 155-165
The formation of market interactions is directly affected by the decision-making of market players. This paper seeks to assess the presence of behavioral finance on the Iranian financial market as a factor influ-encing market participants’ decisions. The current study evaluates the existence of behavioral finance on the Iranian capital market by focusing on the phenomena of “price clustering” in the total index of the Tehran Stock Exchange. It proposes a new criterion for identifying behavioral bias in the financial market. One of the reasons for the lack of uniformity in the distribution of data in the total index of Tehran securities is the propensity of individuals to make individual decisions based on the index of total securities of Tehran. People use the total index as a criterion for making decisions, and when the total index reaches round numbers, their purchasing and selling behavior changes. The results of the study validate the phenomena of price clustering in round numbers in Tehran’s total stock index. In actuality, the lack of uniform distribution in the total index numbers of Tehran stock is an appropriate indicator of the existence of behavioral finance on the Tehran Stock Exchange. The main differentiating aspect of this study is the introduction of the overall index as a new measure compared to individual symbols for demonstrating behavioral bias in the financial market, which has been employed in previous studies. © 2023, Erdal Karapinar. All rights reserved.
Publication Date: 2020
Afro-Asian Journal of Finance and Accounting (17516455) 10(2)pp. 262-277
Liquidity estimation has always been of conspicuous importance to all investors as well as risk and return. The purpose of this study is to examine the impact of trading characteristics (price, trading volume, variability, return volatility, absolute stock return, and Beedles thin trading measure) on liquidity measures (Amihud illiquidity ratio, return reversal measure, stock turnover, zero return, turnover-volatility ratio and proportional bid-ask spread) in Tehran Stock Exchange. We extend previous studies by combining different liquidity measures using TOPSIS technique and by employing a multidimensional variable, namely TOPSIS output. Results reveal both of the liquidity measures are strongly related to trading characteristics including stock turnover and zero return. Also, stock price, trading volume, and Beedles thin trading measures are the most significant factors in estimating liquidity. Different effects of different liquidity measures indicate that liquidity is a multidimensional and complex concept, and each measure reflects only one aspect of liquidity. The results of examining the influence of trading characteristics on the combined (multidimensional) liquidity measure indicate that trading characteristics are the main determinants of liquidity. Copyright © 2020 Inderscience Enterprises Ltd.
Publication Date: 2019
Competitiveness Review (20513143) 29(5)pp. 573-591
Purpose: The purpose of this study is to meta-analytically compare the effect of differentiation strategy formulation on financial and non-financial performance to explore the agency problem. Design/methodology/approach: This study was conducted using a meta-analysis approach and CMA2 software. Hypotheses has been tested using cumulative effect sizes. Then, the cumulative effect sizes if some subsamples are also tested for robustness check by manipulation of circumstances. Findings: Based on the findings, differentiation affects performance dimensions. However, spite of shareholders’ wealth maximization, differentiation has a smaller effect on financial performance (as the proxy of shareholders’ wealth) compared with operational performance. Meanwhile, the robustness test showed that the results in all subcategories has also confirmed, and this supports the results. Research limitations/implications: The results catch attentions of shareholders to review the elements of management evaluation in the corporate governance system in a way that they focus more on stakeholders’ interests in developing differentiation strategy. Limitations of this study is firstly based on limitations of meta-analysis approach, which provide general results of relevant studies so that the local conditions of each firm should be considered in deploying implications. Originality/value: Exploring the overall schema of firms (from past to present and in different research conditions) regarding the impact of differentiation strategy on performance has been the originality of this research because of potentials of meta-analysis against past field studies. This originality led to the discovery of the general confusion of firms in the development of differentiation strategy so that it emphasizes operational performance more than financial performance. © 2019, Emerald Publishing Limited.
Publication Date: 2018
International Journal of Business Excellence (17560055) 15(3)pp. 269-288
This paper aims at presenting a 3 × 3 matrix to determine the structure of a holding company based on the degree of diversification and parenting style. Non-conformity of structure with this framework means that a restructuring is necessary. Three hypotheses have been tested to evaluate the validity of this framework. The first two hypotheses respectively assess the association between the 'degree of diversification' and 'parenting style' with 'structural form' based on chi-square test. But to test the third hypothesis, the holding companies compliance with the framework is divided into two groups and Mann-Witni (U) test shows that there is a significant difference between their performances. Based on Sharp's index, the economic performance of the holdings which are consistent with the framework, over a period of five years, is about 11 times better than non-conformers with the framework. Copyright © 2018 Inderscience Enterprises Ltd.
Publication Date: 2017
International Journal of Business Innovation and Research (17510252) 12(4)pp. 484-507
This paper aims to explore the specific dimensions of destination brand equity and their casual relationships to develop a model for tourism destination brand equity. For this purpose, two studies were conducted. A preliminary study was to identify the dimensions of tourism destination brand equity and the main study was conducted to test the proposed model among the tourists who visited Isfahan. The preliminary study identified eight dimensions for destination brand equity including destination brand awareness, perceived uniqueness, perceived quality, perceived brand value, destination brand image, reputation, destination brand satisfaction, and brand loyalty. The results indicated that with regard to the destination brand 1) brand awareness influences its perceived image significantly; 2) perceived uniqueness influences destination brand image significantly; 3) perceived value influences destination brand loyalty and satisfaction significantly; 4) perceived quality influences perceived value, satisfaction, and destination brand loyalty significantly; 5) destination brand image influences destination brand loyalty and destination brand value significantly; 6) destination brand reputation influences destination brand image and loyalty significantly; 7) and finally destination brand satisfaction influences destination brand loyalty significantly. Copyright © 2017 Inderscience Enterprises Ltd.
Publication Date: 2017
International Journal of Services and Operations Management (17442370) 26(2)pp. 186-210
The purpose of this study is to identify the factors influencing on image of Iran as perceived by potential tourists by fuzzy-Delphi technique and also to develop a model to measure Iran's image. For this purpose, a sequential-explanatory mixed method approach was adopted. The statistical populations of both quantitative and qualitative studies include the members of Coach Surfing and Linked-In social networks. In order to identify the dimensions of the destination image, the content analysis technique was employed. The results of fuzzy-Delphi technique showed that the perceived risk, familiarity and Middle East image were found to be the effective factors determining the image of Iran. The quantitative data were analysed through confirmatory factor analysis in the AMOS software. The findings showed that the perceived risks, the image of Middle East region and tourists' familiarity with the destination affect the destination image and destination image in turn affects the tourists' intention to visit Iran. © Copyright 2017 Inderscience Enterprises Ltd.
Publication Date: 2017
Industrial and Commercial Training (00197858) 49(3)pp. 106-115
Purpose: Understanding generational differences are important because generational diversity can affect work relationships and the effectiveness of communication, engagement and performance management strategies. On the other hand, organizations should be concerned about employee engagement, considering all the positive outcomes that engaged employees could bring to the workplace. The paper aims to discuss these issues. Design/methodology/approach: The purpose of this study is to examine employee engagement of different generations in Iran. Four hypotheses were proposed regarding job engagement and its constructs: vigor, dedication and absorption. The study utilized ANOVA tests to detect statistically significant differences between generations. Findings: The results revealed not only a number of significant differences among generations, but also some similarities. The study shows the value of generational analysis as a useful segmentation criterion in organizational behavior researches. Originality/value: To distinguish between different generations in relation to job engagement, also better understanding the behavior of generational cohorts that affect the success of organizations. It helps managers to find and resolve the conflict among persons and groups in the organization and also to achieve the benefits of diversity, creativity and energy of generations. © 2017, © Emerald Publishing Limited.
Publication Date: 2017
International Journal of Business Innovation and Research (17510252) 14(2)pp. 259-278
Perceived risks are important in investment decision-making. This is why the present study aims to investigate the antecedents and consequences of the perceived risks in the capital market. Accordingly, a conceptual model was developed and tested among the individual investors who invested in Tehran Stock Exchange through brokerage firms. The model was developed and tested in two steps. The first step involved the identification of those factors which are effective in forming the perceived risks among individuals. In the second step, the consequences of perceived risks were recognised. The findings revealed that self-efficacy, trust, perceived quality, risk propensity, and investor knowledge are the main predictors of perceived risks in Tehran Stock Exchange. In addition, our findings indicated that the perceived risks have a negative effect on the investment intention. Finally, our findings revealed that perceived risks of individual investors have an indirect effect on the investment intention through information search and attitude. Copyright © 2017 Inderscience Enterprises Ltd.
Publication Date: 2016
Human Systems Management (01672533) 35(3)pp. 175-183
Many research studies look into generational differences and their impact on organizational behavior. Since most of these studies entail representative samples from USA and european countries, with their society-specific history and culture, they are of little use in countries with different cultural backgrounds. This study identifies generational groups in Iran, by using interviews and qualitative methods that assess the collegial opinions of academic and professional managers. Its findings show that there are five separate generations with different characteristics in Iran. Considering the similarities and differences of these generations helps academicians and practitioners benefit from business diversity and creativity. Also, it provides the capability to develop personnel strategies for the recruitment and retainment of employees from different generations. © 2016 - IOS Press and the authors. All rights reserved.
Publication Date: 2015
e-Review of Tourism Research (19415842) 12(3-4)pp. 172-190
The present study tried to identify the dimensions of Iran's image as a tourism destination. The researcher developed an on-line questionnaire and by sharing it with the different members of social networks, received their opinions about Iran. The responses given by the participants were analyzed with Nvivo software and the image of Iran as a tourist destination was identified in terms of 8 dimensions: Rules and regulations, Infrastructures, Perceived Risks, Natural environment, Culture and history, Country's general atmosphere, Value for money and Uniqueness of the destination.
Publication Date: 2015
International Journal of Business Innovation and Research (17510252) 9(3)pp. 311-328
The current research is an attempt to answer two questions: first, it considers the potential of social marketing in amending the behaviour of consumer and reforming of electricity consumption pattern through three factors of training and informing, encouraging and persuading and cost adjusting. While social marketing aims to affect its target group, it can also influence its executors, provided that a strategic and targeted programme is followed. Therefore, the second part of research reviews the impact of social marketing on organisational transformation of Isfahan regional electricity company as the executor of social marketing programmes, and thus, its effect on the goals, culture and business processes of company. The findings reveal that social marketing has a significant impact on reforming electricity consumption pattern of domestic consumers in Isfahan. The significant impact of social marketing on organisational transformation of an electricity company is also approved. Copyright © 2015 Inderscience Enterprises Ltd.
Publication Date: 2011
Procedia Computer Science (18770509) 3pp. 1164-1169
Acculturation in the field of familiarity of stockholders and individuals with modern methods of electronic stock exchange has a special position. Applying and paying attention to these methods is an inevitable and considerable issue. So, developing electronic stock exchange culture is considered one of the research priorities in our country. One of the fields for this subject is innovation and technology acceptance model [1]. In this study we have tried to identify necessary strategies for developing the culture of electronic stock exchange in order to access productivity in capital market as well as productivity of service section and at last increasing productivity in the whole economy. In this study, attempts are made to recognize effective factors in enhancing intension to use electronic stock exchange application by real investors through combining models of innovation diffusion and technology acceptance and merging it with dimensions of online trading. Period of data collection for this research has been from July to September 2009. Structural equations modeling has been used by means of LISREL software in order to test this model. Results reveal that there is a relationship between normal tendencies, perceived ease of use, perceived risk and market effectiveness with intension to use electronic stock exchange. © 2010 Published by Elsevier Ltd.
Publication Date: 2010
European Journal of Economics, Finance and Administrative Sciences (discontinued) (14502275) (23)pp. 76-86
Purpose- This study examines information processing of TV advertisement messages by the Elementary students in Isfahan. The goal of this study was to investigate the influence of age on children's perception about TV advertisements. Design/ methodology/approach- Sample was drawn from 385 students in 40 schools in Isfahan. The students were between 7 to 11 years-of-age. Data were analyzed by SPSS 16. Finding- the results show that child's perception about advertisement intent has been affected by its age only in three dimensions of, "to earn money", "To be bought by child" and "to entertain". Moreover the results indicate that effect child's age on TV advertisement likeability is significant, when beautiful persons and beautiful products are presented. But child's age has no significant influence on its perception about TV advertisement truthfulness. Originality/ value- This paper provides information about child's perception about Iranian's TV advertisement messages. Moreover, it contributes towards better understanding of children's perceptual difference in different ages. Paper type- Research paper. © EuroJournals, Inc. 2010.
Publication Date: 2010
European Journal of Social Sciences (discontinued) (14502267) 16(3)pp. 361-370
Today automotive industry is a driving force for economy of most developed and developing countries. So the present study has been carried on to analyze the influencing factors on consumers' repurchase intention toward a brand of automobile. Theory of reasoned action has been used in this study to measure consumer repurchase intention. The theory consider consumer attitude towards action and subjective norms as influencing factors on consumer purchase intention. In this study, consumer's involvement to product class and the amount of his/her attention to social comparison information, also added to the model to measure consumers' repurchase intention. This is a descriptive research which conducted in a survey method. Statistical population of the study was 482 faculty members of University of Isfahan. The sample size was 86 that was chosen by a classified random sampling method. The data gathering instrument was a questionnaire which its reliability coefficient calculated by cronbach alpha was 0.751. The results showed that in studied population, subjective norm was the most influencing factor on repurchase intention.
Address Isfahan, Azadi Square, University of Isfahan
