Business, Marketing, and Finance Open

The Role of Dual Holders in Enhancing Information Transparency: An Analysis of Their Impact on Accounting Information Disclosure with Emphasis on the Moderating Role of Corporate Governance

Reza Majidi iD , Meysam Foroghi Abari ^* iD , Zohreh Zivdar iD

The purpose of this study is to examine the effect of dual holders on accounting information disclosure, with particular emphasis on the moderating role of corporate governance monitoring mechanisms. Accounting information disclosure, as one of the most important mechanisms for reducing information asymmetry and enhancing capital market transparency, plays a critical role in investors’ decision-making. In this context, dual holders—investors who simultaneously hold both the equity and debt of a firm—may exert a substantial influence on corporate disclosure policies because of their access to private information and their enhanced influence over management. The statistical population of the study consisted of 105 companies listed on the Tehran Stock Exchange during the period 2015–2023. The data were analyzed using panel-data techniques and multivariate regression models. The findings indicate that dual holders have a positive and significant effect on accounting information disclosure; specifically, as the ownership concentration of dual holders increases, the quality of information disclosure improves. The results further demonstrate that corporate governance monitoring mechanisms significantly strengthen the positive effect of dual holders on information disclosure. These findings suggest that, when accompanied by an effective corporate governance system, dual holders can function as a complementary monitoring mechanism that enhances corporate information transparency and reduces information asymmetry. Based on the findings, it is recommended that capital market policymakers strengthen corporate governance mechanisms and improve the transparency of ownership structures in order to facilitate more effective utilization of the monitoring capacity of dual holders.

Determinants of Bank Risk-Taking: The Role of Regulation, Competition, and Financial Disclosure

Jinan Haleem Sharhan iD , Ezatollah Abbasian ^* iD , Islam Fakher iD

This study aimed to examine the determinants of risk-taking behavior among Iraqi commercial banks by assessing the effects of regulation, competition, financial disclosure, bank-specific characteristics, macroeconomic conditions, and institutional quality. This study employed a quantitative causal-explanatory design using a dynamic panel-data framework. The study population included licensed Iraqi commercial banks operating between the first quarter of 2010 and the fourth quarter of 2024. After data screening, the final unbalanced panel included 38 commercial banks and 2,036 bank-quarter observations. Bank-level data were extracted from audited quarterly financial statements, while regulatory and sector-level indicators were obtained from Central Bank of Iraq reports. Macroeconomic variables, including real GDP growth, inflation, exchange-rate volatility, and oil-price volatility, were collected from international databases. Institutional quality indicators were also incorporated. Data were analyzed using descriptive statistics, correlation analysis, static panel regressions, and dynamic System-Generalized Method of Moments estimation. Semi-structured expert interviews were used only to contextualize the quantitative findings. The inferential results showed that regulatory intensity had a significant negative effect on bank risk-taking in both static and dynamic models. Financial disclosure quality, capital adequacy, liquidity, profitability, and institutional quality also significantly reduced risk-taking. In contrast, banking competition pressure, bank size, inflation, exchange-rate volatility, and oil-price volatility significantly increased risk exposure. The dynamic System-GMM results confirmed strong persistence in bank risk-taking over time. Institutional quality significantly strengthened the risk-reducing effect of regulation, while financial disclosure significantly weakened the risk-enhancing effect of competition. Ownership-based robustness analysis indicated that privately owned banks were more sensitive to competition-driven risk, whereas foreign-affiliated banks benefited more strongly from disclosure discipline. The study concludes that bank risk-taking in Iraq is shaped by the interaction of regulatory enforcement, competitive pressure, disclosure transparency, internal financial resilience, institutional quality, and macroeconomic instability. Strengthening prudential regulation alone is insufficient unless accompanied by improved disclosure standards, stronger governance mechanisms, and more credible institutional enforcement.

Strategic Analysis of Social Responsibility in the Iranian National Tax Administration: Institutional Alignment, Challenges, and Solutions

Ehsan Farahani iD , Seyed Hossein Kazemi ^* iD , Atefeh Zarei iD , Reza Taghvaei iD

In recent years, the Iranian National Tax Administration has sought to move beyond its traditional revenue-generation role and transform into a development-oriented institution with responsibilities in the economic, social, and environmental dimensions. Measures such as enhancing tax transparency, combating tax evasion, supporting vulnerable enterprises, promoting public education, and digitalizing administrative processes have been implemented; however, their effectiveness requires more systematic structuring and comprehensive evaluation. The organization's mission emphasizes tax justice and transparency, its vision focuses on intelligent transformation, and its core values are centered on accountability and trust-building, although these principles have not yet been fully institutionalized within its executive structure. The findings indicate that the concepts of social responsibility reflected in official organizational documents are aligned with the organization's macro-level objectives; nevertheless, gaps remain in their practical implementation. The key influencing factors include managerial commitment, performance indicators, employees' attitudes, and stakeholder engagement. Accordingly, strategies such as establishing a specialized social responsibility unit, designing social performance indicators, and strengthening education and stakeholder participation are proposed.

Design and Validation of a Model for the Development of Asset Management FinTechs in the Iranian Capital Market

Mohammadreza Navaeean iD , Mehdi Khoshnood ^* iD , Mojtaba Maleki Choobari iD

The present study aimed to design and validate a model for the development of asset management FinTechs in the Iranian capital market. Given the expansion of digital financial services, the growth of intelligent investment instruments, and the role of FinTechs in reducing transaction costs, increasing accessibility, and improving the quality of decision-making, the absence of an integrated framework compatible with the institutional, legal, technological, and behavioral characteristics of the Iranian capital market was identified as the principal research problem. In terms of purpose, the study was applied and developmental, and in terms of methodology, it employed an exploratory mixed-methods design. In the qualitative phase, purposive sampling was used to conduct 10 semi-structured interviews with managers and experts possessing specialized experience in the capital market and FinTech sectors. The data were analyzed through open, axial, and selective coding. In the quantitative phase, a researcher-developed questionnaire was distributed among 169 professionals and managers in the field, and the model was evaluated using the partial least squares approach. In addition, the opinions of 10 experts and the Analytical Hierarchy Process (AHP) and Interpretive Structural Modeling (ISM) techniques were used to prioritize the components and determine the hierarchical structure of the relationships. The qualitative findings revealed 33 categories across six dimensions: causal conditions, the central phenomenon, contextual conditions, intervening conditions, strategies, and consequences. Cronbach’s alpha coefficients for the constructs ranged from 0.780 to 0.910, while composite reliability values ranged from 0.846 to 0.931. The R² values for the central phenomenon, strategies, and consequences were 0.671, 0.700, and 0.509, respectively. In the AHP prioritization, consequences ranked first with a weight of 0.3641, followed by strategies and contextual conditions. The ISM results also placed causal conditions at the most fundamental level and consequences at the final level of the model. Accordingly, the sustainable development of WealthTech in Iran requires the simultaneous reform of the regulatory environment, data and technological infrastructures, financial literacy, public trust, innovation-support mechanisms, and the design of multifunctional platforms.

Generation Z and Audit Quality

Rasoul Pourfeizollah iD , Mahmood Samadi Largani ^* iD , Morteza Haji Abbasi iD , Mohammad Ali Nasimi iD

This study aimed to examine the effect of Generation Z on audit quality and to test an applied model incorporating technological empowerment, generational values and behaviors, organizational requirements, and risks and challenges. This applied, quantitative, descriptive-correlational study was conducted among 315 professionals working in audit firms, including Generation Z auditors, senior auditors and audit team managers, newly recruited auditing employees, and other practicing auditors. Data were collected using researcher-developed Generation Z and audit quality questionnaires based on themes extracted from the qualitative phase of the research. Construct validity was examined through exploratory factor analysis, while internal consistency was evaluated using Cronbach’s alpha, Guttman, and Spearman–Brown coefficients. The Kaiser–Meyer–Olkin index and Bartlett’s test were used to assess factorability. Because the study variables were non-normally distributed, the measurement and structural models were analyzed using partial least squares structural equation modeling in SmartPLS. Generation Z had a strong, positive, and statistically significant direct effect on audit quality (β = 0.824, t = 45.650, p < 0.001). Technological empowerment had the largest significant indirect effect on audit quality through Generation Z (β = 0.282, t = 22.546, p < 0.001), followed by generational values and behaviors (β = 0.252, t = 24.899, p < 0.001), risks and challenges (β = 0.216, t = 19.852, p < 0.001), and organizational requirements (β = 0.212, t = 17.559, p < 0.001). All factor loadings were statistically significant, composite reliability coefficients exceeded 0.85, average variance extracted values exceeded 0.50, and all Stone–Geisser Q² values were positive and above 0.25, indicating acceptable reliability, convergent validity, and predictive relevance. Generation Z constitutes an important determinant of audit quality, particularly when younger auditors are supported by appropriate technological infrastructure, organizational policies, professional development opportunities, and effective risk-management practices. Audit firms can improve audit outcomes by aligning managerial and technological systems with the characteristics and workplace expectations of Generation Z.

Designing an Audit Committee Identity Model Based on Grounded Theory Data and Structural Equation Modeling

Zahra Afshar Tabrizi iD , Ali Akbar Farzinfar ^* iD , Alireza Hasanmaleki iD , Mehdi Safari Grayli iD , Meysam Arabzadeh iD

The purpose of this study was to design a model of audit committee identity in the business environment. The study employed an exploratory mixed-methods approach with a developmental objective. The research process was designed and implemented in two qualitative and quantitative phases. In the qualitative phase, data were collected through semi-structured interviews with 14 experts in the research domain, including audit committee members and university faculty members. Sampling in this phase was conducted using theoretical sampling and the snowball technique and continued until theoretical saturation was reached. Subsequently, in the quantitative phase, research hypotheses were formulated based on the findings of the preceding phase, and a questionnaire was developed. Quantitative data were collected from a sample of 30 financial experts and managers who had not participated in the qualitative phase. Data analysis and hypothesis testing were performed using structural equation modeling (SEM) with Partial Least Squares (PLS) software. The qualitative findings resulted in the identification of 10 main categories, 26 subcategories, and 53 final codes within a paradigmatic model derived through three stages of coding based on grounded theory analysis. The quantitative findings further demonstrated that institutional pressures had a significant effect on audit committee identity. In addition, institutional pressures influenced the outcomes, and audit committee identity ultimately affected the implementation of structure-building strategies. The findings indicate that strengthening audit committee identity can provide an appropriate foundation for implementing strategies such as global benchmarking. Moreover, the operational independence of the committee can facilitate the implementation of annual performance evaluations.

Modeling the Determinants of Public Budgeting Effectiveness in Oil-Dependent Economies: Evidence from Iraq Using Dynamic Panel Data

Jecup Raham Mohamed iD , Ezatollah Abbasian ^* iD , Islam Fakher iD

This study aimed to model the determinants of public budgeting effectiveness in Iraq as an oil-dependent economy, with particular emphasis on the effects of oil price volatility, corruption levels, institutional capacity, political stability, and capital expenditure allocation. This study employed a quantitative econometric design based on dynamic panel data analysis. The dataset consisted of longitudinal fiscal, institutional, political, and macroeconomic observations related to Iraq’s public budgeting system across multiple fiscal years and expenditure sectors. Public budgeting effectiveness was measured as a composite index reflecting GDP growth, budget deficit behavior, and budget execution rate. Oil price volatility was measured through the standard deviation of oil prices, corruption levels through a transformed corruption perception index, institutional capacity through an institutional quality index, political stability through a political stability index, and capital expenditure allocation as the percentage of total public expenditure assigned to capital spending. Data were analyzed using Pooled Ordinary Least Squares, Fixed Effects, Random Effects, and Generalized Method of Moments estimations. Model selection and validity were assessed through the Breusch–Pagan LM test, Hausman test, Arellano–Bond serial correlation tests, and Hansen and Sargan tests of instrument validity. The inferential results showed that oil price volatility had a negative and statistically significant effect on public budgeting effectiveness, indicating that greater oil market instability weakens fiscal planning and budget execution. Corruption levels also had a negative and significant effect, confirming that corruption reduces budget credibility and expenditure efficiency. Institutional capacity had a positive and highly significant effect and represented the strongest enabling determinant of budgeting effectiveness. Political stability and capital expenditure allocation also had positive and significant effects. The dynamic GMM results showed that the lagged value of public budgeting effectiveness was positive and significant, confirming the persistence and path-dependent nature of budgeting performance in Iraq. The findings indicate that public budgeting effectiveness in Iraq is shaped by both external oil-market instability and domestic institutional-governance conditions. Strengthening institutional capacity, reducing corruption, improving political stability, and prioritizing productive capital expenditure are essential for improving budget performance in oil-dependent economies.

Designing a Conceptual Model of the Impact of Signals Embedded in Fake News on the Cryptocurrency Market

Hamideh Tabatabaei iD , Seyed Mahmoud Reza Mortazavi ^* iD , Shadi Zabet iD

This study aimed to design a conceptual model of the impact of signals embedded in fake news on the cryptocurrency market. The research method was qualitative and was conducted using the Delphi technique in five rounds with the participation of five experts in the fields of media and business. The interview data were coded and analyzed using MAXQDA software, and seven main concepts were ultimately extracted: the legal status of cryptocurrency, cryptocurrency management strategies, factors affecting the cryptocurrency market, the type of impact of fake news on cryptocurrency, understanding the effects of signals in fake news, methods for detecting signals in fake news, and strategies for managing fake news, signals, and the cryptocurrency market. The findings showed that fake news, whether explicit or implicit, can lead to severe price fluctuations, reduced public trust, the growth of informal markets, and intensified instability. Accordingly, improving media literacy, formulating transparent regulations, using advanced technologies, and strengthening cooperation between public and private institutions are proposed as key strategies for managing these challenges. The results of this study can help policymakers and cryptocurrency market actors in Iran reduce the destructive effects of fake news through a comprehensive approach and benefit from the economic opportunities offered by this technology.

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The Impact of Blockchain on Corporate Financial Reporting Based on Iranian Reporting Standards and IFRS

The Threshold Effect of Oil Rent on Non-Oil Economic Growth in Light of Financial Development: A Case Study of Iraq

Empirical and Comparative Analysis of the Efficiency of Nonlinear Option Pricing Models (Quantum-Based and Heston) and Conventional Linear Models (Black–Scholes and Binomial Tree) in the Tehran Stock Exchange

The Role of Behavioral Empowerment and Smart Technologies in Enhancing Investor Decision-Making and Portfolio Optimization in the Iranian Capital Market

Designing a Model to Explain the Role of Customer Knowledge Management Strategy in Achieving Competitive Advantage in Iraq's Electronic Banking Sector

The Role of Blockchain Technology in the Development of Accounting in Iran

Providing and Validating a Systemic Risk Model in the Tehran and Iraq Stock Exchanges

Examining Audit Strategies Affecting the Quality of Financial Reporting

The Impact of Behavioral, Demographic, Financial Self-Efficacy, and Investors’ Longevity Preferences on Their Decision-Making

Analyzing the Moderating Role of Corporate Reputation in the Relationship between Managerial Ownership and Voluntary Disclosure in Leveraged and Capital-Based Firms

The Impact of Oil Shocks on Business Cycles and Structural Inflation in Iran: An SVAR Approach

Analysis of the Effect of Energy Price Volatility on the Export Competitiveness of Iranian Industries

Identifying the Factors Influencing the Development of Medical Tourism from a Marketing Mix Perspective in Gilan Province

Designing a Model and Ranking the Digital Transformation Components Affecting the Quality of Accounting Information in Iran’s Capital Market: A Fuzzy Delphi Approach

The Role of Earnings Quality and Future Returns: A Rational Decision-Making Simulation Approach

Identification and Analysis of Barriers to the Realization of Synergy Between the Supreme Audit Court of Iran and Internal Auditing in the National Iranian South Oil Company

Presenting a Predictive Model of Stock and Over-the-Counter Market Price Indices Based on Macroeconomic Indicators Using Artificial Neural Networks

Econometric Analysis of the Effects of Dividend Policy Changes on the Implied Cost of Equity Capital under Different Levels of Return on Assets

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