Business, Marketing, and Finance Open

Given the global economic instability and the increasing intensity of economic shocks, assessing and enhancing the financial resilience of small and medium-sized enterprises (SMEs) has become one of the main priorities for policymakers and economic researchers. This study was conducted with the aim of examining the impact of financial flexibility on the resilience of SMEs when confronted with economic shocks. The research employed a quantitative approach and utilized a mixed-methodology design. The statistical population included 120 Iranian SMEs in the manufacturing, service, and commercial sectors in the year 2024, from which 30 companies were selected as a sample using stratified random sampling and Cochran’s formula. The data collection tool was a researcher-made questionnaire comprising 30 items based on a Likert scale. The content validity of the questionnaire was confirmed by expert judgment, and its reliability was verified with a Cronbach’s alpha coefficient of 0.89. Data were analyzed using structural equation modeling in SmartPLS software after assessing normality through the Kolmogorov-Smirnov test. Model fit was evaluated using indices such as GFI, NFI, CFI, TLI, and RMSEA, and the significance level of path coefficients was tested through the Bootstrap method with 5000 random samples. This study investigated three main variables: financial flexibility, financial resilience, and economic shocks. Financial flexibility had a positive and significant effect on financial resilience (β = 0.72, p = 0.001). Financial resilience played a significant role in reducing the negative impacts of economic shocks (β = -0.38, p = 0.002). Economic shocks had a negative and significant effect on financial flexibility (β = -0.45, p = 0.003), indicating the vulnerability of companies to economic fluctuations. The analysis of factor loadings showed that indicators such as liquidity (λ = 0.85), financial stability (λ = 0.80), and exchange rate volatility (λ = 0.90) played a key role in measuring latent variables. Model fit indices were also at an acceptable level (CFI = 0.97, RMSEA = 0.05), confirming the validity and reliability of the model. The findings of this study highlight the importance of enhancing financial flexibility as a strategy to improve financial resilience and mitigate the adverse effects of economic shocks.

Abstract: Entrepreneurship is regarded as a symbol of effort and success in business affairs, and entrepreneurs are the pioneers of commercial achievement in society. Today, entrepreneurship has emerged as a profession and, like other professions, must be developed and nurtured through specific educational and academic programs based on behavioral and empirical studies. Given the importance of entrepreneurship in the development process of today's world—an era marked by the expansion of international trade and economic globalization—the necessity of addressing entrepreneurship-related issues, especially from an economic perspective, is increasingly recognized. Therefore, the objective of this study is to examine the impact of globalization variables—including export diversification and foreign direct investment (FDI); demographic variables—including labor force and urbanization; and economic development variables—including industrialization and human development—on entrepreneurship in selected developing Asian countries (i.e., those with relatively high Human Development Index) over the period 2006–2023, using the Pooled Mean Group (PMG) approach. The estimation results revealed that the effects of export diversification, foreign direct investment, active population, urbanization, industrialization, and human capital on entrepreneurship in the selected developing Asian countries are positive and statistically significant in both the short and long term. Moreover, the error correction term coefficient in this model was estimated at –0.62 and is statistically significant, indicating the speed of adjustment toward long-run equilibrium. This coefficient suggests that export diversification, foreign direct investment, the active population, urbanization, industrialization, and human capital eliminate 62% of the disequilibria in the model in each period to restore long-run equilibrium. Given that the error correction term is negative and significant, it can be concluded that there exists at least one long-run causal relationship among the variables in the model.

This study aimed to develop a paradigmatic model of obedience and compliance techniques in tax collection among companies listed on the Tehran Stock Exchange. The research employed a qualitative, exploratory design using grounded theory methodology. Data were collected through semi-structured interviews with 10 purposively selected experts in taxation, finance, accounting, and psychology. The study covered the period from 2011 to 2021 and was conducted in two phases. In the first phase, data were gathered via a structured Delphi questionnaire informed by an extensive literature review. Open, axial, and selective coding were conducted using MAXQDA software, leading to the identification of core dimensions. Fuzzy logic was used in the Delphi analysis to validate and refine the extracted indicators. The resulting data were organized into six components of the paradigmatic model: causal conditions, contextual conditions, core phenomenon, strategies and actions, intervening conditions, and consequences. The core phenomenon was identified as “obedience and compliance techniques in tax collection,” encompassing eight main categories, including techniques based on power, emotional triggers, reciprocity, consistency, and self-presentation. Causal conditions were categorized into modern financial-taxation systems and executive–managerial structures. Contextual conditions included auditor quality, financial reporting standards, corporate governance, industry features, and capital market dynamics. Intervening conditions were classified into motivational and institutional factors. Strategic responses were found in economic, social, cultural, commercial, CSR, disclosure, and IT domains. The consequences included enhanced national economic development, improved social welfare, and improved intra-organizational outcomes such as better information quality, reduced agency costs, and increased investment efficiency. The study demonstrates that tax compliance is a multifaceted construct influenced by institutional infrastructure, behavioral techniques, governance practices, and motivational structures. Integrating psychological obedience strategies with systemic reforms offers a promising path to improving voluntary tax compliance and reducing tax evasion and avoidance. The proposed model, in terms of its societal outcomes, encompassed two primary categories: national economic development and improved social welfare.

The knowledge-based economy can bring numerous benefits to societies and nations. Through knowledge-driven production, the possibility of enhancing economic growth and improving economic conditions in societies arises, with economic growth subsequently leading to wealth creation and increased economic welfare. Additionally, countries are witnessing the emergence of knowledge-based, technology-driven businesses, which exhibit the highest growth rates and aim to capture the largest share of global markets, thereby contributing to the development and consolidation of a knowledge-based economy. Therefore, given the significant effects of the knowledge-based economy on broader economic outcomes and growth, the purpose of this study is to analyze the impact of knowledge-based economy indicators on the economic growth of selected Gulf countries during the period 2010 to 2022. To this end, the Generalized Method of Moments (GMM) approach was employed. The results indicated that institutional quality—as a component of economic incentives and institutional systems within a knowledge-based economy—has a positive and significant effect on economic growth. Similarly, innovation—as a core of the innovation and technology system—human capital and active labor force—as pillars of education and workforce skills—and the level of personal internet use and the security of internet servers—as elements of information infrastructure and communication technologies—also positively and significantly influence the economic growth of the selected Gulf countries.

For decades, the exchange rate has held strategic significance in both microeconomic and macroeconomic dimensions of national economies. Exchange rate fluctuations have become a principal determinant in shaping the behavior of markets, governments, households, and firms, continuously directing macroeconomic variables—including inflation, liquidity, production, exports, imports, consumption, investment, aggregate demand, and aggregate supply—toward the formation of new equilibriums. These recurrent transitions toward new equilibriums, in turn, serve as a destabilizing force in the economy. The aim of this study is to conduct a comparative analysis of exchange rate pass-through effects on prices in the Gulf Cooperation Council (GCC) countries (including Iran, Iraq, Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Qatar, and Oman) over the period from 1990 to 2022. Accordingly, to perform a cross-country comparative analysis, the study employs the nonlinear autoregressive distributed lag (NARDL) model. The findings indicate that a positive exchange rate shock (exchange rate appreciation) leads to an increase in prices, while a negative exchange rate shock (exchange rate depreciation) results in a decrease in prices across the GCC countries, both in the short run and the long run. Therefore, a direct and statistically significant relationship exists between exchange rate shocks and price levels in the GCC countries in both time horizons. Furthermore, variables such as the import price index, money supply, and global oil prices exhibit a positive and significant impact on price levels in the GCC region in both the short term and long term.

Augmented reality marketing refers to the use of augmented reality in marketing to enhance customer experiences. Augmented reality (AR) has increasingly attracted the attention of both managers and researchers in recent years. AR is a potential technology that enriches consumer experiences and transforms marketing. The purpose of this study is to present a coherent model of augmented reality marketing in advertising based on a meta-synthesis approach. To this end, using a mixed-method research approach and the meta-synthesis tool—which includes the seven-step method of Sandelowski and Barroso (2006)—a systematic evaluation and analysis of the results and findings of prior studies was conducted, ultimately reviewing 43 articles. In the quantitative phase, the Shannon entropy method was used to prioritize the components of the identified themes. Augmented reality was classified into three dimensions: AR characteristics, purchase intention, and subjective norms. The characteristics of AR included the AR mirror, perceived usefulness, emerging brands, and digital transformation; purchase intention included informativeness, usefulness, simplification, and persuasion; and subjective norms included AR acceptance, aesthetics, consumer connection experience, and perceived enjoyment. In total, the contribution of AR characteristics (15%), purchase intention (58%), and subjective norms (27%) to augmented reality marketing was determined. The meta-analysis of this study provides insight into the need to utilize augmented reality in marketing, which proves beneficial for developing marketing strategies.

Abstract: The aim of this study is to examine the relationship between dividend policy and market value added in the Tehran Stock Exchange. To test the research hypotheses, we encountered homoscedasticity, and to estimate the model, the Ordinary Least Squares (OLS) method was used. Additionally, to ensure the absence of multicollinearity among the explanatory variables, the Pearson correlation test was employed. The results of the test indicated that there was no linear or technical correlation among the explanatory variables. Based on the results obtained from the stationarity test, we confirmed the non-spuriousness of the relationships within the regression and the significance of the variables. Furthermore, the normality of the error term was tested, and it was found that the residuals from the model estimation did not follow a normal distribution at the 95% confidence level. However, given the large number of observations, the non-normality of the residual distribution can be disregarded. Moreover, an examination of the residual distribution revealed that it approximates a normal distribution. The results obtained from the implementation of the research models indicated that the first, third, and fourth hypotheses of the study were accepted.

This study, employing the qualitative grounded theory method, identifies the factors influencing the relationship between investor sentiment and stock price volatility in the Iranian capital market. The grounded theory approach is used to develop a comprehensive and systematic framework to understand the complex relationships between investor sentiment, stock price volatility, and the various influencing factors. This study identifies causal conditions, contextual factors, intervening variables, consequences, and strategies that shape the relationship between investor sentiment and stock price volatility. Findings indicate that causal conditions such as information asymmetry, exchange rate volatility, and tax and macroeconomic regulations play a significant role in affecting the relationship between investor sentiment and stock price volatility. Contextual factors such as market rumors, global oil price fluctuations, and political instability also have a profound impact on this relationship. This study further identifies intervening conditions such as investor education, fundamental analysis, and data analytics, which can mitigate the risks associated with stock price volatility. Additionally, the consequences of the relationship between investor sentiment and stock price volatility, including increased risk, economic and social pressure, and market stimulation, are examined. These consequences are referred to in this study under the title “Consequences Affecting the Relationship Between Investor Sentiment and Stock Price Volatility in the Iranian Capital Market.” This study presents a conceptual model for understanding the complex relationships between investor sentiment, stock price volatility, and the various influencing factors. The findings of this study have significant implications for investors, policymakers, and other stakeholders in the Iranian capital market.