@article { author = {Babaei, Fatemeh and Rahmani, Ali and Homayoun, Saeed and Amin, Vahid}, title = {The Relationship between Corporate Sustainability Performance and Firm Value: Emphasizing the Role of Disclosure Score and Firm Size}, journal = {Journal of Accounting Knowledge}, volume = {12}, number = {3}, pages = {1-27}, year = {2021}, publisher = {Shahid Bahonar University of Kerman}, issn = {2008-8914}, eissn = {2476-292X}, doi = {10.22103/jak.2021.16583.3340}, abstract = {Objective: Sustainable development represents an ethical concept related to the fight against poverty and protecting the environment simultaneously and on a macro-level. Corporations, as major actors, have a particularly substantive role to play in the process of achieving sustainable development. The sustainable business operation and its reporting promote the company's image among its stakeholders. The continuous development has led to companies publishing different types of sustainability-related content and reports along with annual reports.In recent years, corporate sustainability has gone main stream, and many companies have taken meaningful steps to improve their own sustainability performance. Corporate sustainability is essential to long-term corporate success and it has the potential to improve the transparency and reliability of information for investors and stakeholders. This research aims to investigate the relationship between corporate sustainability performance and firm value by emphasizing the role of disclosure score and firm size. Method: Using a theoretical framework combining stakeholder, signal, and legitimacy theories and a resource-based perspective, a set of hypotheses were developed regarding the relationship between corporate sustainability performance and firm value. The panel data for the study was collected from 92 companies listed on the Tehran Stock Exchange (TSE) between 2013 and 2019 and analyzed using the robust regression method. Results: The research findings revealed that there is a positive and significant relationship between the financial (economic dimension) and non-financial dimensions of corporate sustainability performance (social, governance, environmental, and ethical dimensions) and firm value, and the effect of sustainability performance on firm value is greater in corporates with higher sustainability performance. The findings also confirm that the effect of sustainability performance on firm value is greater in corporations with a higher disclosure score, and the effect of sustainability performance on firm value in large and small companies is almost equal. Conclusion: The results of this research indicate that sustainability activities would be a worthwhile use of corporate resources for firms. These results support the conclusion that there are incentives for some types of firms to invest more heavily in corporate sustainability programs because such investments help to maintain the firm’s competitive position.The achievement of this research is that it investigates the relationship between corporate sustainability performance and firm value and the role of determining factors in this regard, providing valuable insight into the usefulness of sustainability activities in firm value creation.Considering that sustainability reports have valuable benefits such as improving the level of accountability and transparency of company operations, improving the overall image of the company in society, strengthening social relations and legitimacy of company activities, aligning company activities with community expectations, influencing current and future community welfare, helping companies participate in global financial markets and attract foreign investors, and the possibility of more accurate financial forecasts and better portfolio risk assessment for capital market participants, this issue should be considered at the micro and macro levels by the government and capital market regulators and standards and necessary guidelines and supervisory strategies to improve the sustainability performance of companies should be developed by relevant organizations.}, keywords = {Corporate sustainability performance,Firm Value,Disclosure score,Firm Size}, title_fa = {رابطه بین عملکرد پایداری شرکتی و ارزش شرکت: با تأکید بر نقش امتیاز افشا و اندازه شرکت}, abstract_fa = {هدف: پایداری شرکتی برای موفقیت بلندمدت شرکت ضروری است و ظرفیت بالقوه‌ای برای بهبود شفافیت و قابلیت اطمینان اطلاعات برای سرمایه‌گذاران و ذی‌نفعان دارد. هدف پژوهش حاضر بررسی رابطه بین عملکرد پایداری شرکتی و ارزش شرکت با تأکید بر نقش امتیاز افشا و اندازه شرکت است. روش: با استفاده از چارچوب نظری متشکل از تئوری‌های ذی‌نفعان، علامت‌دهی و مشروعیت و دیدگاه مبتنی بر منابع، فرضیه‌هایی جهت تشریح رابطه بین عملکرد پایداری شرکتی و ارزش شرکت تدوین شد. در راستای هدف پژوهش، داده‌های ترکیبی 92 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران، طی دوره زمانی 1391 تا 1397، جمع‌آوری و با استفاده از روش رگرسیون مقاوم مورد تجزیه‌وتحلیل قرار گرفت. یافته‌ها: یافته‌های پژوهش نشان داد که بین ابعاد مالی (بعد اقتصادی) و غیرمالی عملکرد پایداری شرکتی (ابعاد اجتماعی، حاکمیتی، زیست‌محیطی و اخلاقی) و ارزش شرکت رابطه مثبت و معناداری وجود دارد و شرکت‌هایی که عملکرد پایداری بالاتری دارند، تأثیر عملکرد پایداری بر ارزش شرکت در آن‌ها بیشتر است. همچنین یافته‌ها مؤید این است که شرکت‌هایی که امتیاز افشای بالاتری دارند، تأثیر عملکرد پایداری بر ارزش شرکت در آن‌ها بیشتر است و تأثیر عملکرد پایداری بر ارزش شرکت در شرکت‌های بزرگ و کوچک تقریباً برابر است. نتیجه‌گیری: نتایج این پژوهش نشان می‌دهد که تخصیص منابع شرکت جهت فعالیت‌های پایداری ارزشمند است. دستاورد پژوهش حاضر این است که با بررسی رابطه بین عملکرد پایداری شرکتی و ارزش شرکت و نقش عوامل تعیین‌کننده در این رابطه، بینش ارزشمندی را در زمینه سودمندی فعالیت‌های پایداری در مسیر ارزش‌آفرینی شرکت فراهم می‌نماید.}, keywords_fa = {عملکرد پایداری شرکتی,ارزش شرکت,امتیاز افشا,اندازه شرکت}, url = {https://jak.uk.ac.ir/article_2908.html}, eprint = {https://jak.uk.ac.ir/article_2908_1db6f63f237d7404168642717791dfee.pdf} } @article { author = {Aflatooni, Abbas and Tamjidi, Nima and Shakori nasab, Hossein}, title = {The Effect of Trade Credit on Leverage Adjustment Speed}, journal = {Journal of Accounting Knowledge}, volume = {12}, number = {3}, pages = {29-48}, year = {2021}, publisher = {Shahid Bahonar University of Kerman}, issn = {2008-8914}, eissn = {2476-292X}, doi = {10.22103/jak.2021.16817.3378}, abstract = {Objective: Capital market imperfections make a linkage between the firms’ leverage and its value. In other words, there is a level of leverage at which the entity achieves its maximum value. It is generally assumed that the actual leverage is close to the optimal (target) leverage and when firms deviate from the optimal leverage or their optimal leverage changes, the actual leverage ratio is rapidly approaching the optimal leverage. However, several factors such as financing frictions in the capital market, macroeconomic shocks, as well as financial constraints and agency costs slow down the adjustment speed. Among the theories related to firms’ leverage (including trade-off, pecking order, agency and market timing theory), the concept of target (optimal) leverage has a key role in trade-off theory. According to trade-off theory, optimal leverage is achieved via balancing the tax shield of debts and bankruptcy costs, and if adjusting the leverage does not impose cost on a firm; the company will minimize any deviation from the target leverage rapidly. The dynamic version of trade-off theory highlights the role of adjustment costs in firms’ financing decisions. In this version, if there is a deviation between the actual and the optimal leverage, firms balance the benefits and costs of adjustment. If the adjustment costs are high, the firm may not adjust the leverage. On the other hand, using trade credit is one of the ways to firms’ short-term financing. This research investigates the effect of trade credit on firms’ actual leverage adjustment speed to achieve the target (optimal) leverage. Methods: This research is applied. In terms of research purpose, it is analytical, quasi-experimental and correlational, and in terms of time dimension, it is retrospective and post-event. The research sample includes 143 firms listed in Tehran Stock Exchange (TSE) during the period 2005-2019. In order to determine the type of firms’ leverage (over-leveraged or under-leveraged), our static models are estimated using panel data approach and fixed effect modes. In addition, to test the research hypotheses, we use dynamic models using the difference generalized method of moment’s estimator (Difference-GMM), and the system generalized method of moments estimator (System-GMM) is used in our robustness tests. Results: Overall, the results show that in over-leveraged firms, the leverage adjustment speed is faster for those firms which have lower trade credit than other firms. Furthermore, our results indicate that in under-leveraged firms, the leverage adjustment speed is slower for those firms which have lower trade credit. Findings from robust tests that confirm our initial results are consistent with trade-off theory. Conclusion: Findings show that in sub-sample of firms where debts are more (less) than the optimal amount, more use of trade credit and reducing its capacity, reduces (increases) the speed of correcting the actual leverage to achieve the target leverage. In addition, our findings indicate that in sub-sample of firms where debts are less than the optimal amount, more use of trade credit and reducing its capacity increases the speed of correcting the actual leverage to achieve the target leverage.}, keywords = {Leverage Ratio,Trade Credit,Adjustment Speed,Generalized Method of Moments (GMM)}, title_fa = {تأثیر اعتبار تجاری بر سرعت تعدیل اهرم}, abstract_fa = {هدف: استفاده از اعتبار تجاری یکی از روش‌های تأمین‌مالی واحدهای تجاری در کوتاه‌مدت است. در این پژوهش، تأثیر اعتبار تجاری بر سرعت تعدیل نسبت اهرم واقعی در جهت نیل به اهرم هدف (بهینه)، بررسی شده است. روش: نمونه پژوهش شامل 143 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران در بازۀ زمانی 1398-1384 است. به‌منظور تعیین نوع اهرم (بیش اهرمی یا کم اهرمی)، الگو‌های ایستا با رویکرد داده‌های ترکیبی و الگوی اثرات ثابت برآورد شده‌اند. به‌علاوه، جهت آزمون فرضیه‌های پژوهش، الگو‌های پویا با برآوردگر گشتاورهای تعمیم‌یافته تفاضلی به‌کار رفته و از برآوردگر گشتاورهای تعمیم‌یافته سیستمی به عنوان آزمون تکمیلی، استفاده شده است. یافته‌ها: نتایج در مجموع نشان می‌دهد که در شرکت‌های بیش اهرمی (کم اهرمی)، سرعت تعدیل اهرم برای آن دسته از واحدهای تجاری که از اعتبار تجاری کمتری بهره برده و در نتیجه از ظرفیت اعتبار تجاری بالاتری برخوردارند، سریع‌تر (آهسته‌تر) است. یافته‌های حاصل از آزمون‌های تکمیلی که مؤیّد نتایج اولیه پژوهش است؛ با نظریۀ توازن سازگاری دارد. نتیجه‌گیری: یافته‌های پژوهش حاضر نشان می‌دهد، در آن گروه از واحدهای تجاری که حجم بدهی‌ها بیشتر (کمتر) از میزان بهینه است، استفادۀ بیشتر از اعتبار تجاری و کاهش ظرفیت اخذ آن، موجب کاهش (افزایش) سرعت تصحیح نسبت اهرم واقعی در جهت دستیابی به اهرم هدف می‌شود.}, keywords_fa = {نسبت اهرمی,اعتبار تجاری,سرعت تعدیل,گشتاورهای تعمیم‌یافته}, url = {https://jak.uk.ac.ir/article_2912.html}, eprint = {https://jak.uk.ac.ir/article_2912_89f0b43a28037f271e50c28a2ee3ce08.pdf} } @article { author = {Vasegh Abadshapoori, Leila and Nazemi, Amin and Namazi, Navid Reza}, title = {Investigating the Interaction of Earning Quality and Information Asymmetry in the Banking Industry Using Simultaneous Equation System}, journal = {Journal of Accounting Knowledge}, volume = {12}, number = {3}, pages = {49-68}, year = {2021}, publisher = {Shahid Bahonar University of Kerman}, issn = {2008-8914}, eissn = {2476-292X}, doi = {10.22103/jak.2021.16217.3296}, abstract = {Objective: Accounting information in financial markets is as a basis for deciding on the optimal allocation of limited financial resources. Also it is performance appraisal and the perspective of cash flows of investments or loans granted by the organization. Economic decisions of depositors and borrowers in the banking industry are made based on the quantity and quality of their information. The information of these banks, including earnings, must have the necessary quality characteristics in order to distribute financial resources among the members of the society in the best way along the decisions of information users. This can lead to an improvement in the economy and the growth of the banking system. Therefore, the purpose of this study is to investigate the interaction between earning quality and information asymmetry in the banking industry. Method: To achieve the purpose of the research, data of 11 banks listed on the Tehran Stock Exchange (TSE) and Iran of OTC during a period of 11 years for the years 2007-2018 using the Rah Avard Novin, financial statements and the official site of the Tehran Stock Exchange was collected and analyzed using the structural equation method (SEM) and the two-way Granger causality test. Results: The findings showed that information asymmetry in the banking industry is high and their earning quality is low. Information asymmetry has a negative effect on earning quality. On the other hand, if the quality of earning is low, it will increase information asymmetry. As a result, earnings quality also has a negative effect on information asymmetry. Finally, bilaterally, these two variables are the cause and effect of each other and have interaction.The most important risk of the banking industry is their credit risk, which is due to the increase in debt to banks' capital. Another point is that most of the assets of banks are receivables from the provision of facilities, but depending on the steps through which the repayment of receivables, policies and regulatory tools can be repaid can lead to instability of banks.Conclusion: In the banking industry, the information gap is high, so the manager can present the amount of declared earning in the financial statements differently from the actual earning. In this case, the quality of earning decreases and leads depositors and borrowers to incorrect financial decisions. Wrong economic decisions lead to incorrect distribution of financial resources among members of society. In order not to reflect the instability of banks, managers may manage their profits, which implies low profit quality, and as a result, other people active in the capital market will be deprived of complete and transparent information within the organization. These conditions increase the information asymmetry surrounding the banking industry.}, keywords = {Earnings Quality,Information Asymmetry,Banking Industry,Simultaneous Equation}, title_fa = {بررسی تأثیر متقابل کیفیت سود و عدم تقارن اطلاعاتی در صنعت بانکداری با استفاده از سیستم معادلات هم‌زمان}, abstract_fa = {هدف: تصمیمات اقتصادی سپرده‌گذاران و گیرندگان تسهیلات در صنعت بانکداری، بر مبنای کمیت و کیفیت اطلاعات آن‌ها اتخاذ می‌شود. اطلاعات این بانک‌ها از جمله سود باید ویژگی‌های کیفی لازم را داشته باشد تا در امتداد تصمیمات استفاده‌کنندگان اطلاعات، توزیع منابع مالی بین افراد جامعه به بهترین شکل صورت گیرد تا منجر به بهبود اقتصاد و رشد نظام بانکداری شود. بنابراین، هدف این پژوهش بررسی تأثیر متقابل کیفیت سود و عدم تقارن اطلاعاتی در صنعت بانکداری است. روش: در راستای هدف پژوهش، داده‌های 11 بانک پذیرفته شده در بورس اوراق بهادار تهران و فرابورس ایران طی بازه زمانی 11 ساله برای سال‌های 1397-1387 با استفاده از نرم‌افزار ره‌آورد نوین، صورت‌های مالی و سایت رسمی بورس اوراق بهادار تهران جمع‌آوری و به کمک روش معادلات ساختاری و آزمون علیت دوطرفه گرنجری، تحلیل شد.  یافته‌ها: یافته‌ها نشان داد که عدم تقارن اطلاعاتی در صنعت بانکداری سطح بالایی دارد و سطح کیفیت سود آن‌ها پایین است. عدم تقارن اطلاعاتی بر کیفیت سود تأثیر منفی دارد. از طرفی اگر کیفیت سود پایین باشد باعث افزایش عدم تقارن اطلاعاتی می‌شود. در نتیجه کیفیت سود بر عدم تقارن اطلاعاتی نیز تأثیر منفی دارد. در نهایت به شکل دوطرفه این دو متغیر علت و معلول یکدیگرند و تأثیر متقابل هم دارند. نتیجه‌گیری: در صنعت بانکداری شکاف اطلاعاتی بالا است، در نتیجه مدیر می‌تواند مبلغ سود اظهاری در صورت‌های مالی را متفاوت از سود واقعی ارائه دهد. در این صورت کیفیت سود پایین آمده و منجر به تصمیمات مالی ناصحیح سپرده‌گذاران و گیرندگان تسهیلات می‌شود. تصمیمات نادرست اقتصادی موجب توزیع نادرست منابع مالی بین افراد جامعه می‌گردد.}, keywords_fa = {صنعت بانکداری,عدم تقارن اطلاعاتی,کیفیت سود,معادلات هم‌زمان}, url = {https://jak.uk.ac.ir/article_2905.html}, eprint = {https://jak.uk.ac.ir/article_2905_6bf5d9d1c42f120727838f55a7c66378.pdf} } @article { author = {Tahriri, Arash and Afsay, Akram}, title = {The Impact of Environmental, Social and Governance Disclosure on Auditor Effort and Audit Quality}, journal = {Journal of Accounting Knowledge}, volume = {12}, number = {3}, pages = {69-88}, year = {2021}, publisher = {Shahid Bahonar University of Kerman}, issn = {2008-8914}, eissn = {2476-292X}, doi = {10.22103/jak.2021.16637.3349}, abstract = {Objective: In recent years, investors have considered the environmental, social and governance performance of companies to make economic decisions. Risks related to environmental, social and governance issues can affect business processes and can heighten financial risk and threaten a firm’s survival. The purpose of this study is to investigate whether the environmental, social and governance disclosure of the company is related to the auditor's effort and audit quality and how is this relationship. In particular, three hypotheses were examined, in this study. It was first examined whether there was a relationship between the level of environmental, social, and governance disclosure and the auditor's efforts. Then, the relationship between the level of environmental, social, and governance disclosure and audit quality was examined. Finally, it was examined whether the relationship between the level of environmental, social, and governance disclosure and the quality of the audit depends on the auditor's efforts.Method: In order to achieve the research goal, 97 companies among the companies listed on the Tehran Stock Exchange during the years 2013 to 2019 by systematic elimination sampling method, and a total of 679 years-companies were considered for analysis. To test the research hypotheses, a multivariate regression model, and the ordinary least squares method were used. Also, in this study, the accounting quality variable was calculated using four important audit quality criteria. These four criteria are: Auditor tenure, auditor size, discretionary accruals and auditor expertise. To avoid the multiplicity of model estimates and the complexity of interpreting the results, four audit quality criteria with the help of factor analysis techniques in SPSS software have become an indicator.Results: The findings showed that the level of environmental, social, and governance disclosure is negatively related to audit efforts. Also, the relationship between the level of environmental, social, and governance disclosure has a negative relationship with the quality of auditing, which is affected by the audit effort.Conclusion: The results indicate that auditors manage the audit risk due to the low level of environmental, social, and governance disclosure by exerting more effort. In fact, low levels of environmental, social, and governmental disclosure lead to increased auditor effort and consequently increased audit quality. The findings of this study that auditors generally with increased audit effort leads to higher audit quality is good news for investors and advocates of environmental, social, and governance issues. However, according to the findings, that environmental, social and governance performance affect the auditor's effort and audit quality, there is a need for legislation in this area. It is appropriate for Standard regulators to take steps to oblige companies to make mandatory disclosures of environmental, social, and governance issues.}, keywords = {Environmental,Social and Governance Disclosure,Auditor Effort,Audit Quality}, title_fa = {تأثیر افشای زیست محیطی، اجتماعی و حاکمیتی بر تلاش حسابرس و کیفیت حسابرسی}, abstract_fa = {هدف: در سال‌های اخیر سرمایه‌گذاران جهت اخذ تصمیمات اقتصادی عملکرد زیست محیطی، اجتماعی و حاکمیتی شرکت‌ها را مورد توجه قرار داده‌اند. ریسک‌های مرتبط با مسائل زیست محیطی، اجتماعی و حاکمیتی می‌توانند بر فرآیندهای تجاری شرکت تاثیرگذار باشند، ریسک مالی را تشدید کنند و تهدیدی برای بقای شرکت محسوب گردند؛ از این رو، از سوی حسابرسان مورد توجه قرار می‌گیرند. هدف پژوهش حاضر بررسی رابطه بین افشای زیست محیطی، اجتماعی و حاکمیتی شرکت با تلاش حسابرس و کیفیت حسابرسی است. روش: به منظور دستیابی به هدف پژوهش، تعداد 97 شرکت از میان شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران طی سال‌های 1392 تا 1398 به روش نمونه گیری حذف سیستماتیک و در مجموع 679 سال-شرکت جهت انجام تحلیل درنظر گرفته شد. جهت آزمون فرضیه‌های پژوهش، الگوی رگرسیون چند متغیره و روش حداقل مربعات معمولی بکارگرفته شد. یافته‌ها: یافته‌ها نشان داد که سطح افشای زیست محیطی، اجتماعی و حاکمیتی با تلاش حسابرس رابطه منفی دارد. همچنین رابطه منفی بین سطح افشای زیست محیطی، اجتماعی و حاکمیتی با کیفیت حسابرسی یافت شد، که این رابطه تحت تأثیر تلاش حسابرس قرار می‌گیرد. نتیجه‌گیری: نتایج حاکی از آن است که حسابرسان با اعمال تلاش بیشتر، ریسک حسابرسی ناشی از سطح پایین افشای زیست محیطی، اجتماعی و حاکمیتی را مدیریت می‌کنند. در واقع سطح پایین افشای زیست محیطی، اجتماعی و حاکمیتی منجر به افزایش تلاش حسابرس و به دنبال آن افزایش کیفیت حسابرسی می‌گردد.}, keywords_fa = {افشای زیست محیطی,اجتماعی و حاکمیتی,تلاش حسابرس,کیفیت حسابرسی}, url = {https://jak.uk.ac.ir/article_2910.html}, eprint = {https://jak.uk.ac.ir/article_2910_346595b975a1aa898a189d0c26d8f446.pdf} } @article { author = {Seddighi, Roohalah and Saffari Mohammad Abadi, Hasan}, title = {The Effect of Industry Tournament Incentives on Investment Efficiency and Capital Structure Optimism}, journal = {Journal of Accounting Knowledge}, volume = {12}, number = {3}, pages = {89-110}, year = {2021}, publisher = {Shahid Bahonar University of Kerman}, issn = {2008-8914}, eissn = {2476-292X}, doi = {10.22103/jak.2021.17022.3409}, abstract = {Objective: The most important decisions affecting the creation of value and wealth in the enterprises are decisions about investment and capital structure. But investing and financing is not appropriate in themselves, and the enterprises need to pay attention to the investment efficiency and the optimality of the capital structure in these decisions. In short, investment efficiency is investing only in projects with a positive net present value and the optimization of the capital structure means minimizing the cost of capital and bankruptcy risk through financing. In general, investment inefficiency and sub optimality of the capital structure are due to information asymmetry and agency problems. The best way to deal with agency problems is to control the motivations of managers. Considering Maslow's hierarchy of needs and the effect of needs on motivation, it can be said that in addition to financial incentives, social incentives are also effective in the behavior of enterprise managers. Therefore, this study seeks to investigate the effect of industry tournament incentives as a measure of social incentives on investment efficiency and capital structure optimization. Methods: In this study, the natural logarithm of industry compensation gap has been used to measure industry tournament incentives, Biddle et al.'s model has been used to measure investment efficiency, and Synn and Williams's model has been used to evaluate the optimality of capital structure. Also, to test the research hypotheses, the data of 123 companies listed on the Tehran Stock Exchange from 2010 to 2019 were used and the data were analyzed using multiple linear regression. Results: The findings of this study showed that the industry tournament incentives have a negative (positive) and significant effect on investment efficiency (inefficiency). However, the industry tournament incentives do not have a significant effect on overinvestment and lowerinvestment in particular. Also, the industry tournament incentives have a positive and significant effect on the optimality of the capital structure and do not have a significant effect on the positive and negative deviation from the optimal capital structure.Conclusion: The main hypothesis of this study is that high pay and other desirable characteristics of the managers at other companies in the same or related industries will provide incentives to managers at their own companies. In general, the findings of this study indicate the positive effect of industry tournament incentives on improving company performance. Therefore, policymakers and decision-makers about managers' compensations and motivations should pay attention to other incentives in addition to financial incentives. And during determining the manager’s compensation, in addition to the amount of compensation, pay attention to the other manager's compensation in the same industry and the labor market of managers, and create a balance between different types of motivation.}, keywords = {Industry Tournament Incentives,Investment Efficiency,Capital Structure Optimism}, title_fa = {تأثیر انگیزه‌های رقابتی صنعت بر کارایی سرمایه‌گذاری و بهینگی ساختار سرمایه}, abstract_fa = {هدف: با توجه به اهمیت موضوع سرمایه‌گذاری و ساختار سرمایه در واحدهای تجاری و نقش مدیران در تصمیمات سرمایه‌گذاری و ساختار سرمایه، این پژوهش به دنبال بررسی تأثیر انگیزه‌های رقابتی صنعت به عنوان یکی از محرک‌های اصلی تصمیمات مدیران بر کارایی سرمایه‌گذاری و بهینگی ساختار سرمایه است.روش: برای بررسی فرضیات در پژوهش، از داده‌های 123 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی بازه زمانی سال‌های 1390 تا 1398 استفاده شده و تجزیه و تحلیل داده‌های با استفاده از رگرسیون چند متغیره انجام شده است.یافته‌ها: براساس یافته‌های این پژوهش، انگیزه‌های رقابتی صنعت دارای تأثیر منفی (مثبت) و معناداری بر کارایی سرمایه گذاری (ناکارایی) است، با این وجود انگیزه‌های رقابتی صنعت تأثیر معناداری بر بیش سرمایه‌گذاری و کم سرمایه‌گذاری به صورت خاص ندارد. همچنین انگیزه‌های رقابتی صنعت دارای تأثیر مثبت و معناداری بر بهینگی ساختار سرمایه است و هیچ تأثیر معناداری بر انحراف مثبت و منفی از ساختار سرمایه بهینه ندارد.نتیجه‌گیری: به صورت کلی نتایج این پژوهش بیانگر تأثیر انگیزه‌های رقابتی صنعت بر بهبود عملکرد شرکت است، بنابراین، لازم است که سیاست‌گذاران و تصمیم‌گیران در حوزه انگیزه مدیران به اهمیت تأثیر انگیزه‌های رقابتی صنعت و سایر گونه‌های انگیزه نیز توجه کنند و در هنگام تعیین پاداش و مزایا مدیران علاوه بر مبلغ پاداش به پاداش سایر مدیران صنعت و بازار کار مدیران نیز توجه کنند و تعادلی بین انواع مختلف انگیزه ایجاد کنند.}, keywords_fa = {انگیزه‌های رقابتی صنعت,کارایی سرمایه‌گذاری,بهینگی ساختار سرمایه}, url = {https://jak.uk.ac.ir/article_2913.html}, eprint = {https://jak.uk.ac.ir/article_2913_e8b0bf3a47b60eafe566cd3761e3f41d.pdf} } @article { author = {Seyed Karim Ghaderzadeh, Seyed Karim and Alavi, Seyed Mostafa}, title = {Tax Avoidance: Social Responsibility and the Moderator Role of Family Ownership}, journal = {Journal of Accounting Knowledge}, volume = {12}, number = {3}, pages = {111-128}, year = {2021}, publisher = {Shahid Bahonar University of Kerman}, issn = {2008-8914}, eissn = {2476-292X}, doi = {10.22103/jak.2021.16700.3359}, abstract = {Purpose : The company's most important goal is to maximize shareholder wealth, so balancing social goals with economic concerns (tax costs), which can reduce shareholder wealth, has become an important issue in academic research in recent years, Which has led to the development of a literature on social responsibility and tax avoidance. The purpose of this study is to investigate the effect of social responsibility and family ownership on tax avoidance according to the framework of agency theory and stakeholder theory.  It also examines the role of family ownership in the relationship between social responsibility and tax avoidance. Methods: In order to test the research hypotheses, 75 companies listed on the Tehran Stock Exchange during the years 2011 to 2019 were examined. To test the research hypotheses, multivariate regression with a combined data model was used. Results: The results show that corporate social responsibility has a negative and significant relationship with tax avoidance. Nor does family ownership regulate the relationship between social responsibility and tax avoidance.. Conclusion: The existence of corporate social responsibility reduced tax avoidance in the companies under study. The results of this section are consistent with Freeman (1984) Stakeholder Theory, which believes in a two-way relationship between companies and stakeholders. On the one hand, companies must create value for their stakeholders, and since the payment of taxes by companies is in the public interest. Companies that engage in social responsibility activities have not paid their share of taxes and are less inclined to avoid taxes. On the other hand, social responsibility activity is a kind of productive investment and helps to attract investors and in the long run will improve the performance and upgrade the social base of companies. Therefore, it can be said that socially responsible companies will improve their financial performance in the future by paying taxes now.Family ownership was an overlap with social responsibility, but its interaction with social responsibility did not strengthen the link between social responsibility and tax avoidance. The reason for rejecting the second hypothesis can be argued that family-owned companies do not take risks because of their last name, and consider the company's name and reputation as a legacy to be passed on to their children. So, in fact, the concept of reputation has created the overlap of family ownership with social responsibility; therefore, its interaction with the social responsibility variable has not strengthened the relationship between social responsibility and tax avoidance.}, keywords = {Tax Avoidance,Social responsibility,Family Ownership,Agency Theory,Stakeholder Theory}, title_fa = {اجتناب مالیاتی: مسئولیت اجتماعی و نقش تعدیل‌گر مالکیت خانوادگی}, abstract_fa = {هدف: هدف این پژوهش بررسی تأثیر مسئولیت اجتماعی و مالکیت خانوادگی بر اجتناب مالیاتی با توجه به چارچوب نظریه نمایندگی و نظریه ذی‌نفعان است. همچنین نقش مالکیت خانوادگی بر ارتباط بین مسئولیت اجتماعی و اجتناب مالیاتی را مورد بررسی قرار می‌دهد. روش: به‌منظور آزمون فرضیه‌های پژوهش، 75 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی سال‌های 1390 تا 1398 مورد بررسی قرار گرفت. جهت آزمون فرضیه‌های پژوهش از رگرسیون چند متغیره با الگوی داده‌های ترکیبی استفاده شد. یافته‌ها: همسو با نظریه ذی‌نفعان نتایج نشان می‌دهد مسئولیت اجتماعی شرکتی با اجتناب مالیاتی رابطه منفی و معناداری دارد. همچنین مالکیت خانوادگی رابطه بین مسئولیت اجتماعی و اجتناب مالیاتی را تعدیل نمی‌کند. نتیجه‌گیری: وجود مسئولیت اجتماعی شرکتی موجب کاهش اجتناب مالیاتی در شرکت‌های موردمطالعه گردید. مالکیت خانوادگی ماهیت همپوشانی با مسئولیت اجتماعی داشته اما تعامل آن با مسئولیت اجتماعی به تقویت ارتباط بین مسئولیت اجتماعی و اجتناب مالیاتی منجر نگردید.}, keywords_fa = {اجتناب مالیاتی,مسئولیت اجتماعی,مالکیت خانوادگی,تئوری نمایندگی,تئوری ذی‌نفعان}, url = {https://jak.uk.ac.ir/article_2911.html}, eprint = {https://jak.uk.ac.ir/article_2911_04932d282d7cf5ee4e63b879054564fb.pdf} } @article { author = {Dianti Deilami, Zahra and Bagheri, Nahideh and Manteghi, Khosro}, title = {A Model for Identifying Physical Notes and Documents Suspected of Fraud: Based on Their Appearance}, journal = {Journal of Accounting Knowledge}, volume = {12}, number = {3}, pages = {129-146}, year = {2021}, publisher = {Shahid Bahonar University of Kerman}, issn = {2008-8914}, eissn = {2476-292X}, doi = {10.22103/jak.2021.16376.3319}, abstract = {Objective: Fraud is the result of a manipulation of the organization's processes with the intent to misuse it so that the fraudster or fraudsters disrupt the organization's internal controls and the organization's processes are altered. Detection of fraud can be done both at the level of financial statements and analysis of financial ratios and at the level of accounting documents. Many books have been written and researched about the red flags revealed in the analysis of items of financial statements to detect fraud, but studies show that no research has been done on the level of documents in the field of accounting. So the purpose of this study is to identify the physical characteristics of documents suspected of being forged to provide a checklist of these characteristics. With the help of this checklist, it is possible to identify fraudulent documents more easily from their appearance Methods: In this research, descriptive phenomenological qualitative research method has been used and data analysis has been done by using content analysis method and to achieve this goal, Colaizzi seven-step method has been used. In this regard, 19 experts from the official experts of the Judiciary and Justice, auditors of the Court of Accounts and members of the Iranian Society of Certified Public Accountants, financial managers of companies and CEOs of financial services institutions were interviewed in late 2020. The duration of the interview with each of them varied between 20 minutes to 5 hours. In the interview with the sixteenth person, there was practically theoretical saturation; That is, there was no new concept of interviewing people 17, 18, and 19, and they repeated the same concepts mentioned by the previous people. Then the key points raised by them were coded and categorized in the form of concepts and categories. Results: In this study, 98 characteristics of suspected documents were identified, which were in the form of three categories: 1- Almost perfect documents but with an inconsistent appearance compared to other similar documents in the same historical range (documents that are almost perfect are not completely free of fraud in practice, because the fraudster always tries to commit fraud in the name of documents Therefore, it is likely that it will complete more than required documents and extra signatures outside the operational cycle.Documents that, although seemingly perfect, look different from other similar documents in the same historical area. Are and fall into the first category), 2- Incomplete document,3- Contradictory documents with other information. Conclusion: Documents suspected of fraud are documents that are incomplete, distorted, obscure, inconsistent with other information or almost perfect but with an inconsistent appearance compared to other similar documents within the same time period due to inaccurate regulation or Facing the limitations. The appearance of fraudulent documents is largely a clue to detect fraud .The findings of this study provide a good model. The list of appearance characteristics obtained for documents suspected of fraud in this study are important clues and provide a suitable model for internal and external auditors, managers and regulatory bodies so that they can more easily identify such documents and Detect fraud.}, keywords = {Physical documentation,physical characteristics,Documents Suspected of Fraud}, title_fa = {الگوی شناسایی اسناد و مدارک فیزیکی مشکوک به تقلب براساس مشخصات ظاهریشان}, abstract_fa = {هدف: این پژوهش در پی‌ شناسایی مشخصات ظاهری اسناد و مدارک فیزیکی مشکوک به تقلب است تا یک چک لیست از این مشخصات ارائه دهد. به کمک این چک لیست می‌توان با سهولت بیشتری از روی ظاهر اسناد، متقلبانه بودنشان را شناسایی نمود. روش: در این پژوهش از روش پژوهش کیفی پدیدارشناسی توصیفی و برای تحلیل داده‌ها، از روش تحلیل محتوا و برای رسیدن به این هدف از روش هفت گام  کلایزی استفاده شده است. در این راستا با 19 نفر از خبرگان کارشناسان رسمی قوه قضاییه و دادگستری، حسابرسان دیوان محاسبات و اعضا جامعه حسابداران رسمی ایران، مدیران مالی شرکت‌ها و مدیران عامل مؤسسات خدمات مالی در اواخرسال 1398 مصاحبه شد. سپس نکات کلیدی مطرح شده توسط ایشان کد گذاری و در قالب مفاهیم و مقوله‌ها دسته‌بندی شد. یافته‌ها: در این پژوهش تعداد 98 خصوصیت اسناد و مدارک مشکوک به تقلب شناسایی شد که در قالب سه مقوله با نام‌های 1- اسناد و مدارک تقریباً بی‌نقص اما با ظاهری ناسازگار نسبت به سایر اسناد ومدارک مشابه در همان محدوده تاریخی، 2- اسناد و مدارک ناقص، مخدوش و مبهم و 3- اسناد و مدارک متناقض باسایر اطلاعات دسته‌بندی شده‌اند. نتیجه‌گیری: اسناد و مدارک مشکوک به تقلب، اسناد و مدارکی هستند ناقص، مخدوش، مبهم، متناقض با سایر اطلاعات و یا تقریباً بی‌نقص اما با ظاهری ناسازگار نسبت به سایر اسناد و مدارک مشابه در همان محدوده زمانی ناشی از عدم اعمال دقت در تنظیم و یا مواجهه محدودیت. فهرست خصوصیات ظاهری بدست آمده برای اسناد و مدارک مشکوک به تقلب در این پژوهش، سرنخ مهمی بوده و الگوی مناسبی را در اختیار حسابرسان داخلی و خارجی، مدیران و نهادهای نظارتی قرار می‌دهد تا بتوانند با سهولت بیشتری چنین اسناد و مدارکی را شناسایی و تقلب را کشف نمایند.}, keywords_fa = {اسناد و مدارک فیزیکی,مشخصات ظاهری,اسناد مشکوک به تقلب}, url = {https://jak.uk.ac.ir/article_2907.html}, eprint = {https://jak.uk.ac.ir/article_2907_83d502894d73c85e237a4972b5fa4379.pdf} } @article { author = {Hashemi Tilehnouei, Mostafa and Nik Kar, Javad}, title = {The Impact of Audit Quality, Competitive Environment and Corporate Governance on Managers 'Unethical Behaviors: with Emphasis on Two Dimensions of Decision-making Horizon and Type of Forecast in Managers' Behavior}, journal = {Journal of Accounting Knowledge}, volume = {12}, number = {3}, pages = {147-168}, year = {2021}, publisher = {Shahid Bahonar University of Kerman}, issn = {2008-8914}, eissn = {2476-292X}, doi = {10.22103/jak.2021.16609.3347}, abstract = {Objective: This research is in the field of corporate governance and behavioral finance. Conflicts of interest between directors and shareholders create agency costs for shareholders' equity that are borne by shareholders. Two sources of this conflict are managerial optimism and managerial myopia. Managerial optimism is favorable if it is about the manager's personal ability or about market conditions, but entrepreneurs and executives are often hurt by optimism bias. On the othe hand, myopic managers avoid spending on activities that benefit the company in the long run, such as research and development, because of their attitudes toward short-term profits or other factors such as short-term institutional investors. Expenditures in research and development activities are serious drivers of innovation in the company that contribute to the company's competitive advantages and sustainable economic development. Accordingly, there is an argument that in the country's economic environment, regulatory stimuli including corporate governance, audit quality and competitive environment of the company can create transparency and effective supervision to cause a fundamental limit on managers' unethical behaviors such as myopic and optimistic behaviors.Methods: for this purpose, According to different considered theories, six hypotheses are developed and data on 155 companies listed in Tehran Stock Exchange for the period between the years 2008 to 2017 are analyzed. In this study, a multivariate regression model has been used to analyze the test of research hypotheses. The research method using Panel data method with fixed effects approach and using logistic regression are tested. Results: Findings showed that audit quality has a negative and significant effect on unethical behaviors of management and causes limitations in opportunistic behaviors of management. There is an argument that audit quality has a positive and significant effect on the quality of disclosure. Therefore, the higher the audit quality, the more accurate the estimates and monitoring. Also, the results confirm that corporate governance will reduce and limit unethical management behaviors by increasing the company's supervisory capacity. Stronger corporate governance, by closely monitoring and controlling managerial behavior and decisions, is a limiting factor in managerial biased behaviors and reduces overly optimistic and myopic behaviors. Managers of competing companies compete fiercely to maintain market confidence, and these managers try to gain more market trust with accurate predictions. Despite prediction based on theoretical backgrounf, the results indicate that the company's competitive environment has no significant effect on unethical management behaviors. Conclusion: According to agency theory, there is an argument that the interests of managers are not necessarily in line with the interests of other stakeholders, and managers are always trying to maximize their interests. On the other hand, regulatory mechanisms are at the disposal of other stakeholders to limit the unethical behavior of managers. The results of this study also support the argument that regulatory mechanisms limit the opportunistic behaviors of management because these mechanisms promote transparency and require managers to observe ethics in predictions and strategic decisions. On the other hand, the findings show that the competition mechanism in Iran has no effect on controlling opportunistic management behaviors.}, keywords = {Audit Quality,Corporate Governance,Corporate Competitive Environment,Managers’ Optimistic Behaviors and Managers’ Myopic Behaviors}, title_fa = {تأثیر شاخص‌های کیفیت حسابرسی، محیط رقابتی و راهبری شرکتی بر رفتارهای غیراخلاقی مدیران: با تأکید بر دو بعد افق تصمیم‌گیری و نوع پیش‌بینی در رفتار مدیران}, abstract_fa = {هدف: این پژوهش، در حوزه راهبری شرکتی و مالی رفتاری قرار دارد. مطابق با موضوع مطرح شده این استدلال وجود دارد که سطح نظارت و رقابت، با افزایش سطح کیفیت افشا و سطح شفافیت سبب محدودیت در رفتارهای غیراخلاقی مدیران می‌شود. روش: مطابق این هدف، با توجه به تئوری‌های متفاوت مطرح شده، شش فرضیه تدوین و داده‌های مالی مرتبط با 155 شرکت بورسی برای دوره زمانی سال‌های 1387 تا 1396 مورد تجزیه و تحلیل قرار گرفت. در این پژوهش، برای تجزیه و تحلیل آزمون فرضیه‌های پژوهش از الگوی رگرسیونی چند متغیره استفاده شده است. روش پژوهش با استفاده از روش داده‌های تابلویی با رویکرد داده‌های تلفیقی و استفاده از روش رگرسیون لوجستیک آزمون شد. یافته‌ها: یافته‌های پژوهش نشان داد که کیفیت حسابرسی تأثیر منفی و معناداری بر رفتارهای غیراخلاقی مدیریت دارد و سبب محدودیت در رفتارهای فرصت طلبانه مدیریت می‌شود. همچنین، نتایج موید آن است که راهبری شرکتی با افزایش توان نظارتی شرکت سبب کاهش و محدودیت در رفتارهای غیراخلاقی مدیریت خواهد شد. افزون بر این، نتایج بیانگر آن است که محیط رقابتی شرکت اثر معناداری بر رفتارهای غیراخلاقی مدیریت ندارد. نتیجه‌گیری: مطابق با تئوری نمایندگی این استدلال وجود دارد که منافع مدیران الزاماً با منافع سایر ذینفعان هم راستا نیست و مدیران همواره در تلاش برای حداکثرسازی منافع خود هستند. از سوی دیگر، مکانیزم‌های نظارتی در اختیار سایر ذینفعان برای محدود ساختن رفتارهای غیراخلاقی مدیران است. نتایج بدست آمده از این پژوهش نیز این استدلال را حمایت می‌کند که مکانیزم‌های نظارتی سبب محدودیت در رفتارهای فرصت طلبانه مدیریت می‌شود چرا که این مکانیزم‌ها شفافیت را ارتقا بخشیده و مدیران را ملزم به رعایت اخلاق در پیش‌بینی‌ها و تصمیمات استراتژیک شرکت می‌کند. از سوی دیگر، یافته‌ها نشان دهنده آن است که مکانیزم رقابت در ایران اثری بر کنترل رفتارهای فرصت‌طلبانه مدیریت ندارد.}, keywords_fa = {کیفیت حسابرسی,راهبری شرکتی,محیط رقابتی شرکت,رفتار خوش‌بینانه مدیران و رفتار کوته‌بینانه مدیران}, url = {https://jak.uk.ac.ir/article_2909.html}, eprint = {https://jak.uk.ac.ir/article_2909_f7b6da9a01144293b0da60976cc4e59b.pdf} } @article { author = {Jafari, Soleil and Garkaz, Mansour and Saeedi, Parviz and Matoufi, Alireza}, title = {Investigating the Effects of Mental Well-Being and Financial Transparency on the Willingness to Invest in Companies Listed on the Tehran Stock Exchange}, journal = {Journal of Accounting Knowledge}, volume = {12}, number = {3}, pages = {169-189}, year = {2021}, publisher = {Shahid Bahonar University of Kerman}, issn = {2008-8914}, eissn = {2476-292X}, doi = {10.22103/jak.2021.16313.3308}, abstract = {Objective: The mental well-being of investors is one of the most important issues in today's economy, because this well-being has an impact on decisions and behaviors and can be considered as an influential factor. The purpose of this study is to identify the factors affecting mental well-being and financial transparency in the supply and willingness of investors to invest in companies listed on the Tehran Stock Exchange.Method: This research is of descriptive-exploratory and applied type and is of mixed type, therefore it is divided into two parts: quantitative and qualitative. The statistical population of this research is in the quantitative part of the investors of Tehran Stock Exchange and in the qualitative part of the academic experts. Sampling method in the qualitative part is the snowball method and in the quantitative part, the method is available. The sample size is equal to 384 people and the research time is 2020-2021. The method of analysis of the findings is exploratory factor analysis and the structural equation model has been used to test the hypotheses.Findings: The research findings show that mental well-being with 6 factors and perception of transparency with 9 factors affect the willingness to invest. Findings indicate that six factors (1- Satisfaction with the disclosure of financial information, 2- Satisfaction with the forecast of future profits, 3- Satisfaction with the possibility of bankruptcy, 4- Satisfaction with the possibility of easy financing, 5- Satisfaction with adherence to principles Ethical, 6- Satisfaction of proper relations with the company) on the mental well-being of investors and 9 factors (1- Disclosure of long-term investment information, 2- Disclosure of research and development costs, 3- Disclosure of capital expenditure information, 4- Disclosure Information of subsidiaries, 5- Sector reporting, 6- Disclosure of analysts' information, 7- Quick access to information and media, 8- Publication of actions and decisions of institutional investors, 9- Disclosure of company characteristics such as non-executive members, size, financial leverage And profitability) affect the financial transparency of companies and transparency and mental well-being affect the willingness of investors.Conclusion: Transparency and mental well-being are among the factors that investors pay attention to in their decisions today. Transparency actually means the availability of financial information for investors, which can motivate them to participate in economic partnerships and affect mental well-being, which is an internal factor, and according to the research findings, the more mental well-being increases; The desire to invest also increases.}, keywords = {Mental Welfare,financial transparency,investor willingness}, title_fa = {بررسی اثرات رفاه ذهنی و شفافیت مالی بر تمایل به سرمایه‌گذاری در شرکت‌های عضو بورس اوراق بهادار تهران}, abstract_fa = {هدف: رفاه ذهنی سرمایه‌گذاران از جمله مهمترین مسائل اقتصاد عصر حاضر است، چرا که این رفاه در تصمیمات و رفتارها، تأثیر دارد و می‌تواند به عنوان یک عامل تاثیرگذار محسوب گردد. هدف پژوهش حاضر، شناسایی عوامل مؤثر بر رفاه ذهنی و شفافیت مالی در تأمین و تمایل به سرمایه‌گذاری سرمایه‌گذاران در شرکت‌های عضو بورس اوراق بهادار تهران است. روش: این پژوهش از نوع توصیفی-اکتشافی و کاربردی و از نوع آمیخته است از این رو به دو بخش کمی و کیفی تقسیم می‌گردد. جامعه آماری این پژوهش در بخش کمی سرمایه‌گذاران بورس اوراق بهادار تهران و در بخش کیفی خبرگان دانشگاهی هستند. روش نمونه گیری در بخش کیفی روش گلوله برفی و در بخش کمی، روش در دسترس است حجم نمونه برابر با 384 نفر و قلمرو زمانی پژوهش سال‌های 1399- 1398 است. روش تجزیه و تحلیل یافته‌ها، تحلیل عاملی اکتشافی است و برای آزمون فرضیه‌ها از الگوی معادلات ساختاری استفاده شده است.  یافته‌ها: یافته‌های پژوهش نشان می‌دهد، که رفاه ذهنی با 6 عامل و ادارک شفافیت با 9 عامل بر تمایل به سرمایه‌گذاری اثرگذار است. یافته ها حاکی از آن است که شش عامل( 1- خشنودی از افشاء اطلاعات مالی، 2- خشنودی از پیش بینی سودهای آتی، 3- خشنودی از عدم احتمال ورشکستگی،4- خشنودی امکان تامین مالی آسان، 5- خشنودی از پایبندی به اصول اخلاقی، 6- خشنودی از مناسبات و ارتباطات مناسب با شرکت) بر رفاه ذهنی سرمایه‌گذاران و 9 عامل (1- افشاء اطلاعات سرمایه‌گذاری‌های بلندمدت، 2- افشاء هزینه تحقیق و توسعه، 3- افشاء اطلاعات مخارج سرمایه ای، 4- افشاء اطلاعات شرکتهای تابعه، 5- گزارش بخشی، 6- افشاء اطلاعات تحلیل گران، 7- دسترسی سریع به اطلاعات و رسانه ها، 8- انتشارات اقدامات و تصمیمات سرمایه‌گذاران نهادی، 9- افشاء ویژگی های شرکت مانند اعضا غیرموظف، اندازه، اهرم مالی و سودآوری) بر شفافیت مالی شرکت‌ها اثرگذار است و شفافیت و رفاه ذهنی بر تمایل سرمایه‌گذاران موثر است. نتیجه‌گیری: شفافیت و رفاه ذهنی از جمله عواملی هستند که امروزه سرمایه‌گذاران به آن در تصمیم گیرهای خود اهمیت می‌دهند. شفافیت در واقع به معنای در دسترس بودن اطلاعات مالی برای سرمایه‌گذاران است که می‌تواند محرک آنها در مشارکتهای اقتصادی باشد و بر رفاه ذهنی، که یک عامل درونی است تأثیر گذار باشد و طبق یافته‌های پژوهش هر چه میزان رفـاه ذهنی افزایش یابد؛ تمایل به سرمایه‌گذاری نیز افزایش می‌یابد.}, keywords_fa = {رفاه ذهنی,شفافیت مالی,تمایل سرمایه‌گذاری}, url = {https://jak.uk.ac.ir/article_2906.html}, eprint = {https://jak.uk.ac.ir/article_2906_1f069486f3ca11bdad8ae4bcbcaca642.pdf} }