درخت حوزه‌های تخصصی

Objectives: This study aims to examine the effect of intellectual capital efficiency and its components—human capital, structural capital, and employed capital—on the future stock returns of companies listed on the Tehran Stock Exchange. The Value-Added Intellectual Coefficient (VAIC) model is used to measure intellectual capital efficiency. Methodology/Design/Approach: This applied study employs a descriptive-correlational and causal research design. The statistical population consists of all companies listed on the Tehran Stock Exchange from 2018 to 2023. A sample of 104 companies was selected using the systematic elimination method. Panel data analysis and multiple regression models were used to test the hypotheses, with EViews software employed for data analysis. Findings: The results indicate that overall intellectual capital efficiency, human capital, and structural capital positively and significantly affect future stock returns, while employed capital shows no statistically significant relationship. Furthermore, control variables such as growth opportunities and sales growth also have significant impacts on market returns. Innovation: The findings highlight the critical role of intangible assets—particularly human capital and organizational infrastructure—in value creation for shareholders. This underscores the importance of investing in knowledge-based resources to improve financial performance and stock market returns.

In response to the expansion of green banking and the emergence of the metaverse, this study investigates digital marketing opportunities enabled by non‑fungible tokens (NFTs) and green digital assets. This research addresses a critical gap in the literature concerning the integration of green banking with metaverse environments, blockchain technology, and NFTs. The study aims to develop a conceptual framework for leveraging green NFTs in banking, enhancing customer engagement, fostering trust through blockchain-based transparency, promoting sustainability, and identifying security and regulatory challenges. The central research question is: How can banks utilize green NFTs within the metaverse to design sustainable digital marketing strategies? Adopting an exploratory qualitative approach, the study employs thematic analysis within an interpretive research paradigm. The research population comprises experts in business management, digital marketing, and blockchain— including faculty members from universities such as Mazandaran and Shahid Beheshti—as well as experienced metaverse users active on platforms such as Decentraland. Data were collected through snowball sampling and 23 semi‑structured interviews, conducted until theoretical saturation was achieved. The analysis resulted in 244 initial codes, 30 organizing themes, and six overarching themes: (1) the impact of green NFTs on customer engagement and loyalty, (2) the role of blockchain in trust-building, (3) the influence of NFT design features on environmental perceptions, (4) the promotion of sustainable behaviors through digital campaigns, (5) implementation challenges, and (6) the role of influencers in advancing green initiatives. The findings indicate that green NFTs enhance emotional engagement and customer loyalty, blockchain technology strengthens trust and transparency, and environmentally conscious NFT design positively shapes sustainability perceptions. Practical implications include integrating NFTs into banking loyalty programs, leveraging blockchain for transparent green claims, developing sustainability-oriented interface designs, launching gamified green marketing campaigns, and adopting AI-based security and risk management systems. These insights offer valuable guidance for banking executives and digital marketers, while also highlighting the need for future research to examine the long-term effectiveness and behavioral impacts of green NFT–based marketing strategies.