محمدرضا عبدلی

The development of knowledge and advancement in technology has created a wide-ranging transformation in societies and has led to changes in the per-formance of companies in order to respond to environmental turmoil and social expectations. In this way, they tried to gain a significant competitive advantage over other competitors. The purpose of this study was to investi-gate the moderating role of managerial fortification in relation to the impact of technology-based capabilities on the product market competition of knowledge-based companies in the capital market: a source-based capabili-ties (DEA). This research is applied in terms of purpose and in terms of data envelopment analysis is a quasi-experimental and post-event research in the field of positive accounting research. Then, based on multivariate regression, the research hypothesis was tested using Eviews software. The statistical population studied in this study consisted of knowledge-based companies listed on the Tehran Stock Exchange during the years 2015 to 2019 and 79 companies were selected and reviewed based on systematic screening. The result of testing the research hypothesis is that the technological capabilities have a positive and significant effect on the product market competition of knowledge-based companies in the capital market. This result demonstrates that the resource-based technology capability based on the source-based capabilities is seen as a resource against stagnation in a competitive environ-ment and helps the company, to maintain flexibility in the face of environ-mental change in order to respond faster, at the same time to develop the company's competitive capacity to create new resources or new and innova-tive products, and to make the company's future more attractive to stake-holders with greater returns and potential risk control.

Protecting the interests of shareholders is considered one of the main pillars of any capital market, which, while increasing the level of financial transparency, prevents the loss of their interests to those in power in companies. Consistency of laws and regulations on the one hand and the effectiveness of the corporate governance system in supervising the financial and legal operations of the company is considered important factor in respecting contracts and supporting the investments of minority and majority shareholders of companies, which makes investors confident in protecting their investments. Governance structural keywords in the corporate governance system can lead to Investor Protection by arranging effective board oversight mechanisms and motivating investors to have confidence in the structures of capital market companies. The purpose of this study is to interpret Investor Protection under the existence of a Governance Civilization based on interpretive prioritization analysis. In this study, theoretical screening based on similar studies was used to identify the components (Investor Protection) and research propositions (themes of corporate governance civilization). Then, in order to determine the reliability of research components and propositions through the participation of 14 experts and experts in the field of accounting and financial management, Delphi analysis was used. In the quantitative part, the components and propositions identified in the form of matrix questionnaires were evaluated by interpretive analysis by 20 managers of the top 50 companies of the Tehran Stock Exchange in 2009. The results showed that the proposition of sociocracy is considered the most influential theme of corporate governance civilization in capital market companies, which strengthens the effectiveness of internal control as a component of protecting the interests of shareholders. This result shows that the theme of sociocracy enables corporate governance mechanisms by promoting the level of sharing and participatory discourses to increase the effectiveness of board oversight, strengthen the weaknesses of internal controls to enhance the effectiveness of control over financial performance, and enrich the capacity to build trust and confidence in the performance of companies.