درخت حوزه‌های تخصصی

Objectives: This study aims to investigate the impact of the COVID-19 crisis on the speed of adjustment of trade credit among companies listed on the Tehran Stock Exchange (TSE), with particular attention to the moderating role of managerial ability. Methodology/Design/Approach: The research sample includes 131 listed firms observed over a ten-year period (2013–2022), selected using the systematic exclusion method. A multivariable linear regression model was employed to test the research hypotheses. The model developed by Luo (2022) was used to measure the speed of adjustment of trade credit before and after the COVID-19 outbreak, while the model of Demerjian et al. (2012) was applied to evaluate managerial ability. Findings: The results indicate that, on the demand side of trade credit, the speed of adjustment of accounts payable increased by approximately 17% after the COVID-19 outbreak, with capable managers further accelerating this trend. Conversely, on the supply side, the speed of adjustment of accounts receivable declined by nearly 50%. This decline is attributed to rising inflation and economic instability during the post-crisis period, which led managers— including highly capable ones—to deliberately slow the adjustment of credit sales in order to benefit from inventory retention and mitigate risks in inflationary conditions. Innovation: This study extends the literature by demonstrating how crises such as COVID-19 reshape trade credit dynamics in emerging markets. It highlights the asymmetric effects on the supply and demand sides of trade credit and underscores the role of managerial ability in adapting financial policies under conditions of uncertainty and economic instability.

Multi-channel marketing is an evolving strategy that encompasses various channels, aiming to facilitate customer access to products and streamline sales. Given that successful product sales are crucial for the development of multi-channel marketing and business; it is essential to identify the key factors that influence sales success within this framework. The method of this study is of a qualitative type and the nature of the applied method is that the statistical population includes 10 graduate students and professors of management and marketing. In this study, using a systematic review of literature in scientific databases ResearchGate, Google Scholar, ScienceDirect, Springer, articles and research were screened between 2016 and 2024, and according to the findings of the research, 7 factors (channel integrity and integration, customer experience, customer channel selection, organization of sales channels, marketing and sales alignment, logistics coordination, and digital capability) were identified as effective. Finally, using MICMAC qualitative software, the factors were analyzed and ranked based on the degree of effectiveness. According to data analysis in the effectiveness section, factors such as sales channel organization, customer channel selection, marketing and sales alignment, logistics coordination, digital capability, channel integration and integration, and customer experience were ranked 1 to 7, respectively, in the direct influence section, and the factors of sales channel organization, logistics coordination, customer channel selection, marketing and sales alignment, digital capability, channel integration, and customer experience were ranked 1 to 7, respectively, in the dependence or direct influence