مصطفی اسماعیلی

The value of a company is important to shareholders, investors, managers, creditors, and other stakeholders in their assessment of the company's future, its impact on the estimation of investment risk and returns, and stock prices. Therefore, examining the factors affecting a company's value is crucial. Intellectual capital, as a determinant in creating competitive advantage and value, plays a special role and is considered as an intangible asset of companies. Theoretical background and empirical evidence suggest that intellectual capital has a direct impact on a company's value and performance. Moreover, the need for corporate governance arises from the potential conflict of interest between individuals within the company's structure, which can affect its value. As banks’ shares play an important role in the Tehran Stock Exchange, we examine the impact of intellectual capital and good corporate governance on bank value, with the mediating effect of financial performance. The statistical population of this study includes 17 banks listed on the Tehran Stock Exchange over the period from 2017 to 2021. The results indicated that intellectual capital has a significant effect, while corporate governance does not have a significant effect on bank value. Additionally, the mediating effect of financial performance on the relationship between intellectual capital and bank value is accepted based on the Baron and Kenny method for mediation. The findings also show that the mediating effect of financial performance on the relationship between good corporate governance and bank value is confirmed according to the Zhao et al. procedure. Moreover, the results indicated that adding another independent variable relatively increases the explanatory power of the model.

Since the Islamic Revolution, Iran's foreign policy has exhibited a strategic duality, making it one of the most complex on the global stage. A cursory review of its policies and decision-making across different administrations reveals a "sinusoidal" and seemingly erratic trajectory—ranging from the pro-Western inclinations of Bazargan's interim government to the revolutionary export-oriented approach of later administrations. However, a deeper analysis of Iran's foreign policy over the past four decades suggests that, despite its oscillations, it has followed a consistent linear trajectory, firmly rooted in the constitutional framework and committed to its role as a champion of liberation movements. In this context, the Islamic Republic of Iran has effectively leveraged a significant portion of its capabilities. Moreover, due to Iran's rich historical and cultural heritage, its neighborliness policy is key in fostering coalitions with neighboring communities and governments. Recognizing its significant and influential role in the foreign policy of the Islamic Republic of Iran, the conceptual and practical dimensions of this influence are apparent in the political behavior of the country, whether intentionally or unintentionally, directly or indirectly. This research employs an analytical-explanatory method and an inductive approach, structuring its analysis within a multidimensional framework that considers historical, cultural, geographical, political, and economic factors. Key variables and concepts examined include coalition-building, the Axis of Resistance, and the neighborliness policy. Ultimately, the study offers solutions to address the obstacles and crises confronting the Islamic Republic of Iran.