درخت حوزه‌های تخصصی

Both Afghanistan and Bangladesh have a per capita income below $500 early 21st century, but now Bangladesh’s per capita income is more than 3 times that of Afghanistan. Surprisingly, at the beginning of the period, Bangladesh have worser than Afghanistan in the corruption perception indices, and hence a small government has been sufficient to experience high economic growth. However, emphasizing small government such as that promoted by the World Bank’s 1980s model is not suffice for low-income, resource-scarce, landlocked countries like Afghanistan. In such contexts, institutions are not capable of transforming financial resources into effective public services. Using Paul Collier’s framework, this paper evaluates how institutional performance and economic policies function in Afghanistan’s failure to achieve development. The aim is to examine the undevelopment trap of bad governance and ineffective policies in Afghanistan. The period 2005–2019 divided into three five-year sub-periods and then each sub-period is analyzed by a stylized-facts-based approach. The findings indicate that during the first period (2005–2009), the economic management had the strongest performance with an average score above the threshold 3, while criteria of the public sector management and institutions had the weakest performance, scoring below the threshold. Since the average of all indices was remained consistently below the Collier’s threshold, it is concluded that Afghanistan entraped in a bad governance trap. This trend is been continued in the second (2010–2014) and third (2015–2019) periods, albeit criteria structural policies, instead of public sector management and institutions in the first period, has worst status.

Enterprise risk management (ERM) represents a new paradigm that supports organizations in identifying, evaluating, and managing risks. Several factors encourage different organizations, especially banks, to design and apply ERM; among them, the possibility of financial problems and related costs, financial performance decline, growth opportunities, and independence of the board of directors can be pointed out. In addition, applying a suitable risk management strategy is a competitive advantage for supporting companies. Following the previous comprehensive studies, the present study was done by integrating a meta-composition approach and multivariate fuzzy network analysis. In this research, to identify effective factors on ERM based on empirical evidence and selection of studies, description and classification of selected articles, analysis of the content of selected research articles, and finally, the importance and refinement of the identified factors based on the Delphi expert opinion polling technique, and multivariate fuzzy network analysis was discussed. The study aimed to identify and rank the factors affecting the effectiveness of ERM of the firms accepted in selected banks in Iran. While reviewing studies, a semi-structured interview was conducted using an Exploratory-Descriptive Qualitative (EDQ) research design to determine the factors that affect ERM effectiveness. The interviewed experts were comprised of 20 university professors, CEOs, financial analysts of investment and brokerage companies, and senior auditors with accounting and management education. The literature review and the results of the interviews indicate five main themes that classify the factors affecting ERM effectiveness in firms. In this study, key factors were identified, and then the fuzzy Delphi technique was employed to rank and find the weight of the factors. The results showed that corporate governance, financial indicators, environmental indicators, company characteristics, and management indicators effectively enhance ERM's effectiveness. Accordingly, capital market analysts and investment companies should take a broader perspective and make decisions based on companies' financial risks instead of paying attention to companies' profitability and stock price changes. The results demonstrated that five factors determine ERM effectiveness: 1. corporate governance indicators (monitoring the board of directors and ownership structure), 2. Financial indicators (return on assets (ROA), earnings volatility, merger and acquisition (M&A) activities, financial deficiency, and capital opacity), 3. Environmental indicators (performance excellence, industry competition, audit firm credibility, environmental uncertainty, and industry), 4. Firm characteristics (financial leverage, firm size, and growth opportunities), and 5. Management indicators (management career and business diversity).