درخت حوزه‌های تخصصی

The stock market is one of the main components of the economy, and various factors cause fluctuations in it, one of which is the effect of investors' behavior. Therefore, present study seeks to answer the question of whether the feelings and sentiments of investors might intensify the fluctuations in the Tehran Stock Exchange or not. To answer this question, at first, in order to quantify sentiments, as non-abstract variables, the Equity Market Sentiment Index (EMSI) was used that investors are classified in 5 categories of completely risk-averse, risk-averse, neutral-risk, risk-taking and completely risk-taking. Using GARCHi-in-Mean, results indicate that the sentiments of investors will result in greater fluctuations in the Tehran Stock Exchange. Hence, if fluctuation is considered an indicator of market risk, the excitement associated with an abnormal rise in volumes will increase that risk.

New technology ventures currently play a key role in the economic performance of countries. Financing methods are among strategic issues facing entrepreneurs for launching a business, which must be reviewed by researchers and policymakers of finance and investment; thereby new technology ventures are of importance in the economic growth trend and sustainable development. This study is aimed at reviewing the effects of internal and external factors on the selection of financing strategies by new technology ventures. Statistical society of the present research includes start-up companies. Data collection method includes library research and field research. Descriptive-practical research method and data analysis tools, Delphi techniques and experts' panel, and regression analysis. Firstly, upon designing the preliminary questionnaire and distribution thereof among academic experts and new technology ventures, totaling 29, main and secondary elements were extracted based on the information received from the experts. Then, at the next stage, for the explanation of the designed model, the final questionnaire of research, incl. general and specialized questions are prepared and drawn up, and upon distribution of the final questionnaire among the statistical sample, comprising start-up companies, the stated questionnaire was distributed among 384 companies. Research results indicate a positive and significant effect of internal variables of companies concerning the role of intermediary variables on traditional and new financing methods. Notably, external variables of companies have a significant effect on traditional and new financing methods through intermediary variables. These results indicate the importance of internal and external factors of companies on the determination of financing strategy of start-up companies in Iran.

Despite the importance of the business model in implementing strategy, this issue is less addressed than strategy. This important issue regarding banks' business model has received less attention, and research in Iran and other countries has caused a deprivation of knowledge. In addition to the scientific pathology of the business model in Iranian commercial banks, the present article seeks to determine the weights of importance and prioritization of the main categories. It also prioritizes and determines the importance of each of the concepts of the main categories of the commercial banking business model. The research method is applied in terms of results and descriptive in terms of purpose and quantitative-qualitative from the data dimension. The research method's strategy in the qualitative part is the grounded theory, and in the quantitative part is the process of hierarchical analysis. The data analysis method in the qualitative part is the coding method, and the quantitative part is based on pairwise comparisons and incompatibility rate analysis. The research community is the experts of commercial banks, and its examples are Mellat, Tejarat, Melli, Sepah, Saderat, Shahr, Eghtesad-e-Novin, and Ayandeh banks. The sampling method is a purposeful judgment with the snowball method and data collection tools in the qualitative part of the interview and review of documents in the quantitative part of the questionnaire. The research findings led to identifying the pathology of Iranian commercial banks' business model in 7 categories and 36 concepts, which are prioritized and contributed based on the importance and role of each of them in the business model.