درخت حوزه‌های تخصصی

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.

This research aims to rank the non-breakable factors influencing currency crises in Iran. It analyzes the influential variables using Bayesian averaging methods and seasonal data from 2001 to 2021. Unlike classical methods, Bayesian analysis incorporates uncertainty and prior information in model and parameter selection, providing a more accurate assessment of the significance and impact of each variable on currency crises. By integrating uncertainty into the model, Bayesian techniques enhance the precision of determining key influential variables. The findings indicate that among all the identified influencing variables, nine key variables play a significant role in exchange rate fluctuations. These variables include the export-to-output ratio, exchange rate gap from equilibrium rate, inflation, and the uncertainty index, which are crucial in determining exchange rate movements. Additionally, imbalanced liquidity growth and rising inflation exacerbate pressure on the exchange rate, increasing the likelihood of currency crises. Excessive liquidity expansion, coupled with inflationary pressures, leads to financial instability. This research not only identifies the primary determinants of currency crises but also underscores the necessity for economic policy reforms. The results from the Bayesian model show that variables consistently maintaining their impact despite other factors are recognized as "non-breakable." These non-breakable factors should be prioritized in economic policymaking to ensure financial stability. By considering these critical variables in policy decisions, economic authorities can adopt more effective strategies to prevent currency crises and mitigate adverse economic effects.