This research examines the determinants of firms’ investment introducing a behavioral perspective that has received little attention in corporate finance literature. The following central hypothesis emerges from a set of recently developed theories: Investment decisions are influenced not only by their fundamentals but also depend on some other factors. One factor is the biasness of any CEO to their investment, biasness depends on the cognition and emotions, because some leaders use them as heuristic for the investment decision instead of fundamentals. This paper shows how CEO emotional bias (optimism, loss aversion and overconfidence) affects the investment decisions. The proposed model of this paper uses Bayesian Network Method to examine this relationship. Emotional bias has been measured by means of a questionnaire comprising several items. As for the selected sample, it has been composed of some 100 Tunisian executives. Our results have revealed that the behavioral analysis of investment decision implies leader affected by behavioral biases (optimism, loss aversion, and overconfidence) adjusts its investment choices based on their ability to assess alternatives (optimism and overconfidence) and risk perception (loss aversion) to create of shareholder value and ensure its place at the head of the management team.

Today, development of economic activity and employment is known as an effective strategy for economical and social development of the countries. Entrepreneurship in Iran is also as the most executive and practical strategy to exit the economical and social deadlock and problems. However, entrepreneurship development needs identifying and removing existed obstacles and problems. There are a lot of researches about obstacles and restrictions on entrepreneurship but, to the best of our knowledge, there is no research to identify vital factors and degree of their effect on the network of factors. In this paper using DEMATEL technique, the entrepreneurial barriers in the industry of Iran are categorized in 2 groups of cause and effect. We also use fuzzy concept to handle any ambiguity on the feedbacks gathered from decision makers. To achieve this purpose, at first using views of professors and active managers in the field of entrepreneurial and also related books and using Delphi technique, 9 vital factors are identified and they are analyzed in two groups of internal and external obstacles in the industrial sector of Iran. The research chooses 100 most active companies in one of the industrial poles of Iran for the proposed study of this paper. Furthermore, questionnaires are distributed among the top managers of these companies, to analyze the barriers in entrepreneurship in the industry. The results show that two factors of "kind of management" and "organizational structure" are the most important factors. In addition, “legal obstacles" and" optimum use of financial resources” are at the highest degree of impression on business units.

Nowadays technology transfer is considered as the process of sharing skills, expertise, knowledge and technologies either among government and institutions or between transferee and transferor enterprises. Using scientific investigations and real-world instances of practice, this study tries to show the importance of technology transfer and its role in societal development. Applying the views of the related literature and using a dynamic system approach and experts & apos; opinions, this study is supposed to determine positive and negative relations among different components of social development and technology transfer which are namely the parts of technological give and takes.

The aim of this study is to investigate the effect of integer data in data envelopment analysis (DEA). The inputs and outputs in different types of DEA are considered to be continuous. In most application-oriented problems, some or all data are integers; and subsequently, the continuous condition of the values is omitted. For example, situations in which the inputs/outputs are representatives of the number of cars, people, etc. In fact, the benchmark unit is artificial and does not contain integer inputs/outputs after projection on the efficiency frontier. By rounding off the projection point, we may lose the feasibility or end up having inefficient DMU. In such cases, it is required to provide a benchmark unit such that the considered unit reaches the efficiency. In the present short communication, by proposing a novel algorithm, the projecting of an inefficient DMU is carried out in such a way that produced benchmarking takes values with fully integer inputs/outputs.

Balanced scorecard is a performance appraisal method planned for measuring the organizational efficiency to develop their strategies. Organization’s strategies in a specified period are the main inputs in this model. Furthermore, due to nature, experts & apos; opinions play the vital role in determining the strategies. In this research, the proposed algorithm is designed by using fuzzy set covering problem and non-linear multiple objective integer programming (zero and one variables), so that it can be useful to choose the best combination of strategies for specified period of time with the least deviation in experts` opinions. The presented model is carried out in Islamic Azad University, Semnan Branch. The results indicate that the designed model can provide the best combination of strategies for entering into the balanced scorecard system.

In this study, the backpropagation neural network (BPNN) is tested for the ability to forecast the daily volatility of two stock market indices from the Middle East and North Africa (MENA) region using volume; namely Morocco and Saudi Arabia. Volatility series were estimated using the Exponential Auto-Regressive Conditional Heteroskedasticity (EGARCH) model. The simulation results show that trading volume helps improving the forecasting accuracy of BPNN in Morocco but not in Saudi Arabia. As a result, volume represents valuable information flow to be used in the modeling and prediction of volatility in Morocco. In addition, it is found that BPNN overpredicts volatility during high volatile periods. This finding is important in financial applications such as asset allocation and derivatives pricing.

In this paper, we propose an empirical study of QFD implementation when fuzzy numbers are used to handle the uncertainty associated with different components of the proposed model. We implement fuzzy analytical network to find the relative importance of various criteria and using fuzzy numbers we calculate the relative importance of these factors. The proposed model of this paper uses fuzzy matrix and house of quality to study the products development in QFD and also the second phase i.e. part deployment. In most researches, the primary objective is only on CRs to implement the quality function deployment and some other criteria such as production costs, manufacturing costs etc were disregarded. The results of using fuzzy analysis network process based on the QFD model in Daroupat packaging company to develop PVDC show that the most important indexes are being waterproof, resistant pill packages, and production cost. In addition, the PVDC coating is the most important index in terms of company experts’ point of view.

In the present study, the separate and simultaneous role of concentration and type of ownership on corporate value is investigated. In this study, the ownership structure is classi?ed into four classes: the institutional ownership, the corporate ownership, the management ownership and the foreign ownership. In addition, di?erent attitudes regarding the above ownership are also tested, that is, active monitoring hypothesis and interest convergence hypothesis. Since, in the sample research no information was found about foreign ownership, this type of ownership was not examined. However, in the case of the other ownerships, a separated hypothesis was developed based on various techniques and their in?uence on the corporate value was examined. For each hypothesis, a multiple linear regression model is de?ned based on the dependent variables. Companies listed in securities exchange commission of Iran makes up the statistical community of present study and the sample consists of 90 companies during 2002-2008. Two types of tests, including correlation test and cross multiple regression test are implemented to examine the hypothesis. Generally, the results reflect no signi?cant relationship between the concentration of ownership and the corporate value. The results of the study show that, while there is no relationship between the institutional ownership and management ownership and the corporate value, there is a signi?cant relationship between the corporate ownership and the corporate value.

In this paper, we present an empirical study to detect important factors, which could increase the number of moviegoers. The study distributes a questionnaire among different people at four age groups including 35.2% (men), and 64.8% (women), most of them are single (between 21 to 30 years) living at 3- to 4-member families, holding BA degree with 4 to 7 million Rials monthly salary. Inferential statistics tests, including Kolmogorov–Smirnov, binominal or ratio, Chi Square and Friedman, show that type of story, genre and artists, casts are considered as the most important factors in selection of film while quality of sound, seat comfort, ventilation of cinema hall are regarded as the most important factors in selection of cinema. In addition, cinema is not predominant pastime or hobby of individuals during holidays and existence of more attractive pastimes than cinema is the most important factor, which hinders individuals from going to cinema. Individuals go to cinema fewer than three times a year, primarily during the afternoon of holidays at the weekend. TV teasers and word of mouth advertisements are the most significant publicity tools for those individuals who intend to go to cinema halls. These two factors, i.e. TV teasers and word of mouth advertisements, are the most significant sources of studying individuals for the selection of film. Individuals almost select their favorite movies before going to cinema and if ticket is finished at the box office of cinema, they suspend watching film in another time and finally, they re-plan watching film. It should be noted that satisfaction of individuals from cinema is much more effective than their satisfaction from film.

Information technology (IT) plays a vital role on developing different markets. In this paper, we study the impact of IT on developing businesses located mainly on free zones or in the borders of countries using analytical hierarchy process. The proposed study of this paper gathered the relative importance of five important factors influencing IT implementation. There are 12 experts and we use pairwise comparison to gather their insight and using Expert Choice we implement AHP for ranking the factors. The results indicate that management is the most important factor, followed by cultural and social items. The other factors including technical, investment and organization items are in lower degree of importance.