ابراهیم عباسی

In recent financial scandals, related parties transactions (RPTs) have been as one of the major concerns, so that the targeted use of these transactions and lack of their disclosure or insufficient disclosure are some of the factors in the failure of the corporates. In RPTs, there is a risk that the related party may be favoured with terms that could harm the interests of the company’s shareholders. The purpose of this study was to investigate the effects of different types of related parties transactions on the firm value with the moderating role of the audit committee incorporates listed in Tehran Stock Exchange. The research statistical sample consists of 100 listed firms in the Tehran Stock Exchange in 6 years of 2013-2018. This research, based on the nature and content, is a descriptive/ correlational research. Using Panel data and multiple regression, the results of the research show that there is a negative relationship between RPTs and the firm value. The findings also show that there is a positive relationship between the audit committee and the firm value. Also, the findings show that different types of RPTs have a different effect on the firm value. The results also show that the audit committee does not affect the relationship between RPTs and the firm value. 

The companies with major customers can supply a considerable source of cash flows by selling a large portion of their products to them. Since the lack of purchase, loss, or bankruptcy of major customers can result in a significant reduction in cash flows in the company, thus the risk is the companies with major customers is higher than other companies. Thus, the present study aimed to investigate the effect of customer concentration on company risks. For this purpose, the effect of customer concentration on three criteria of stock price crash risk, bankruptcy risk, and employment risk was studied. The research sample included 127 companies listed in the Tehran Stock Exchange during 2011-2018. Multivariate regression models with panel data were used by the random-effects method to test the research hypotheses. The research findings indicated that customer concentration has a significant positive effect on stock price crash risk, bankruptcy risk, and employment risk. In other words, stock price crash risk, bankruptcy risk, and employment risk are higher in the companies where the concentration of major customers is higher. 

Rising inflation in recent years has caused financial distress and many problems for companies. Most of these problems are affected by life cycle stages. One way out of these problems is to increase corporate social responsibility (CSR) performance. Therefore, our aim in this study is to investigate the effect of CSR performance on financial distress over the life cycle of the company for a period of 10 years. Data collection was done through the website of the Tehran Stock Exchange and related software for a sample of 112 companies during the period 2009 to 2019. The mathematical method (directional distance function) is used to evaluate the CSR performance, and the models of Berger et al., Almida, Campello, and Altman are used to measure financial distress. The research hypotheses are tested using panel data and fixed effects by multivariate regression statistical method. The results show that CSR performance alone does not affect financial distress. The combination of CSR and life cycle in the growth and maturity phases has a significant and negative effect on financial distress. The CSR performance and life cycle together reduce financial distress. The combination of CSR performance and life cycle in the recession phase has a positive and significant effect on financial distress and in the fall phase, does not affect it. Given that companies compete more in the phase of growth and maturity than other phases of the life cycle, they also pay more attention to CSR. Therefore, according to these results, it can be concluded that the life cycle of the company and the CSR performance together, reduce financial distress.

The present study aims to discuss a macro-narrative in the analysis of development obstacles in Iran. Political culture approach is a structural psychological approach that stresses the decisive role of culture in development and reduces the development obstacles to cultural matters. Its main suggestion is transition from tradition to modernity and its data includes psychological elements, stories and accounts. This approach was adopted by some voyagers (diarists) and diplomats to understand the third world and later some political scientists used this data to form their theories. The important question posed by this study is that why this approach adopted to study Iran and what are its implications and inefficiencies to understand the obstacles of development in this country? The findings of the study show that Macro-Narratives including political culture approach due to reductionism, essentialism, general orientation, lack of attention to the complexities of the societies and other factors are inefficient for analyzing Iran’s developments. Therefore, to understand Iran, one has to bypass the macro-narratives and applies the micro ones. The research method is explanatory by using documentary studies and critique and reviewing the published works within the framework of this approach.