درخت حوزه‌های تخصصی

Islamic financial systems have been growing in many countries with different pace over the last four decades. The purpose of this paper is to construct a model of learning-by-practicing, explaining long-term growth of financial system. Benefiting from the literature of endogenous growth theories and using a dual financial system consisting of an Islamic financial system and a conventional one, the paper seeks to reveal some of the main growth characteristics of Islamic and conventional financial systems across countries and over time. The model suggests that learning-by-practicing Islamic finance will eventually create comparative advantage for Islamic financial system vs. conventional finance system provided it gets initially protected until sufficient level of learning accumulates in the whole Islamic financial system. Evidence shows that Malaysia with a dual financial system has been very successful in this regard, while Iran and Pakistan, each with single Islamic financial system, and have not been very successful in reaching their expected goals.

Since the housing sector has an intricate relationship with other sectors of the economy, fluctuations in the price can be costly. Also, rising prices are either rooted in the underlying conditions of the economy or simply caused by the bubble, leading to different policies. Therefore, house price bubble can be considered as an early warning system to prevent adverse economic consequences. The present paper applies the theory of rational expectation bubble in the Iranian housing market during the years 2006-2020 using the Blanchard and Watson model. The theory implies that negative returns on house prices are less likely to occur if the bubbles exist. The risk assessment is, however, estimated by linear logistic function. The existence of bubble in housing market is confirmed based on 30 provinces.

The efforts of the developers of capital market laws and regulations over the past years have been aimed at increasing the level of information transparency to create more symmetry between companies and shareholders so that they can be more attractive to investors to invest in the stock market. But given the interplay of individual characteristics of corporate decision-makers with the interests of shareholders and investors, it seems that focusing on behavioral functions in the area of promoting managerial ability can more effectively lead to increased protection of shareholder interests. The purpose of this study is to investigate the effect of management ability on the protection of investors based on the development of the theory of the devil's advocate. Therefore, the present study, using the structural equation modeling approach and partial least squares analysis (PLS), while fitting the model's desirability, examined the impact of management ability on protecting investors. In this study, in order to measure the in-field variable, ie protection of shareholders' interests, a researcher-made questionnaire was created through meta-analysis with the participation of 15 research experts. Then the criterion of Demirjan et al (2013) was used to measure managerial ability as an exogenous variable in partial least squares analysis. The researcher-made questionnaire was sent to 142 CEOs of companies listed on the Tehran Stock Exchange, and finally, after many follow-ups, 105 questionnaires were completed and returned and used as a final sample for analysis. After ensuring the acceptable fit of the measurement and structural models of the research, according to the theory of the devil's advocate, the results showed that the ability of management has a positive and significant effect on protecting the investors. Managerial ability, as one of the specialized decision-making capacities, puts the company on the path of effective interaction with stakeholders and provides the ground for investors to Protect in companies' priorities to gain their trust.