مطالب

Sustainable Communications (SC) is a strategic approach in industries, especially in high-risk sectors, and has gained great importance today. This study explores the non-linear dynamics (U-shaped and S-shaped) between sustainable communication (SC) and financial performance (FP) in high-risk industries, including oil and gas, petrochemicals, mining, and transportation, listed on the Tehran Stock Exchange and Iran Fara Bourse over the period 2015–2024 (48 companies). Utilizing panel regression, cross-sectional regression, quantile panel regression, and Granger causality tests, the analysis integrates organizational learning, supply chain perspectives, and stakeholder theory. Findings confirm U- and S-shaped relationships, suggesting that moderate SC enhances FP, whereas excessive communication may undermine stakeholder trust, with sustained efforts yielding long-term benefits. Financial sector development amplifies the positive effects of SC, while ESG rating divergence exacerbates the adverse impacts of over-communication. Sustainability reporting requirements reinforce the benefits of balanced SC. Quantile regressions reveal heterogeneity, with stronger SC effects in high-performing firms. Granger causality tests indicate unidirectional causality from SC to FP. Industry-specific analyses highlight superior performance in petrochemicals and challenges in transportation. The study offers practical implications for optimizing SC, strengthening financial sector development, and standardizing ESG reporting. Future research should incorporate granular ESG data and dynamic modeling approaches.

The present study examines the investment model of the National Development Fund (NDF) in the upstream oil and gas industries, focusing on the risks associated with field development. Given the NDF's recent entry into the investment arena, the challenges in this field have been analyzed in this article. Furthermore, the NDF 's investment policies and guidelines, project prioritization, and the Non-Meddle Investment model (I-HOPE) as the NDF’s main strategy to reduce risk and increase resource effectiveness are introduced and analyzed in detail. Finally, alongside a comparative review of the NDF’s investment model and field development challenges, solutions are proposed to improve the NDF’s investment process in this sector. This study, by evaluating the strengths and weaknesses of the I-HOPE model in confronting the inherent risks of field development, provides a framework for optimizing future investments. These measures help the NDF to optimally manage risks, increase resource returns, and play a more effective role in the country's economic development. Keywords: Non-Meddle Investment Model, Risk, Uncertainty