درخت حوزه‌های تخصصی

This study aims to explore the dynamics of financial contracting in Iranian startups and high-tech companies, with a particular focus on the challenges posed by information asymmetry between investors and entrepreneurs. We collected and analyzed data from 123 Iranian Shareholder Agreements (ShAs). We employed a range of descriptive statistics to provide a comprehensive summary of the data. Also, to explore the relationships between our variables, we utilized Ordinary Least Squares (OLS) regression. The terms and conditions of these contracts were examined to understand the diversity and influence of these terms and how they are applied in the real world in the context of Iran. We also investigated Iranian venture capitalists' behavior in obtaining cash flow rights and control rights, and a complete description is presented through various factors, including components of cash flow rights and control rights. Our analysis revealed a limited diversity in the terms and conditions of the contracts, suggesting a potential emulation of U.S. ShAs. We found that Iranian venture capitalists tend to secure maximum cash flow and control rights, exceeding their U.S. counterparts. Preferred stocks emerged as the primary choice for investing in startup companies. However, a detailed examination of the relationship between cash flow rights and control rights indicated a lack of a unified and coherent approach in contract design, reflecting a highly conservative stance among investors. This study contributes to understanding financial contracting dynamics in emerging markets like Iran. It highlights the gap between theoretical frameworks and real-world practices, shedding light on how these factors shape the relationships between investors and entrepreneurs.

The oil price fluctuations are a debatable issue among scholars. Understanding the appropriate utilization of underground resources is paramount, considering their abundance and historical significance as a crucial source of financial income for Iran. However, oil shocks pose challenges to petroleum exporting nations due to fluctuating oil prices and their reliance on the global economy. This study employs Econometrics models and auto-regression analysis to investigate whether oil shocks significantly affect sustainable development in OPEC countries during 2000-2019. Findings reveal a 'resource curse' affecting the analyzed nations, with rising oil prices having no substantial impact on their gross domestic product. Furthermore, increased oil revenues drive inflation, impeding urbanization and exacerbating inequality (Gini coefficient), indicative of the 'Dutch disease phenomenon. In conclusion, policymakers should prioritize the economy's size and reduce investment risks by formulating attainable long-term plans concentrated on sustainable development indicators, aiming for more stable progress. Oil shocks notably influence the sustainable development of petroleum-exporting countries.

Market uncertainty is when investors have difficulty in assessing current and future market conditions because there is a lot of volatility in the market. This research was conducted with the aim of investigating the effect of environmental uncertainty and currency uncertainty on volatility of stock returns of Petrochemical and Petroleum Products Supplier companies which are listed in Tehran Stock Exchange (TSE); these companies are active in all areas of the supply chain from extraction to retailing. In order to achieve the objectives of the research, research hypotheses were tested based on a statistical sample consisting of 13 companies during a 10-year period from 2012 to 2021 through the GMM estimation method with EViews. The findings of the research show that environmental and currency uncertainties intensify the volatility of companies' stock returns. These uncertainties in the previous period have the opposite effect on the volatility of stock returns in the current period. Also, the relationship of trading volume and stock price variables with stock return volatility is negative, because when market uncertainty is high, traders are expected to move more towards stocks of safer companies. The greater the volatility of returns in the previous period, it is expected that this will intensify the volatility of stock returns in this period as well. Examining volatility of stock returns can be useful in analyzing market participants' motivations.

Cell Formation Problem (CFP) is a famous issues in group technology, where an analyst aims at forming groups of machines/parts (so-called cells), in such a way that machines in every cell process as much as possible parts from this cell and as less as possible parts from other cells. In this article, a Harmony Search Algorithm (HSA) is designed to solve the CFP. In order to evaluate the performance of the proposed algorithm, 35 sample classical problems are examined. The experimental results indicate desirable performance of the proposed algorithm. In addition, applicability of the proposed algorithm is demonstrated by a real-world case in project human resource management. Since the megaprojects in oil industry require a wide range of jobs, thus grouping of individuals with considering their skills is an important challenge. The paper defines the job grouping problem as a CFP, and solve a real-world problem using the proposed HSA.