Volume 6 (2022)
Volume 5 (2021)
Volume 4 (2020)
Volume 3 (2019)
Volume 2 (2018)
Volume 1 (2017)

Iranian Journal of Finance (IJFIFSA), is an open access double-blind peer reviewed publication which is published by Iran Finance Association , one of the leading scientific organizations in the MiddleEast. This journal  is a quaterly publication and publishes  four times a year. All submitted manuscripts are checked for similarity through iThenticate software to ensure their authenticity and originality and then rigorously peer-reviewed by the expert reviewers. This journal is following of Committee on Publication Ethics (COPE) and complies with the highest ethical standards in accordance with ethical laws.

  • plagiarism screening : iThenticate
  • Date of First Publication: Summer 2017
  • Review Process : Double blind peer review
  • Type of Articles: Original Article, Case-Study, Applied Article, Methodologies.
  • Type of Access: Open Access (OA)
  • Start Year open license: 2017 - Vol. 1, No. 1
  • Frequency: Quarterly
  • Document Type: Research Paper, Review
  • Publisher: Iran Finance Association
  • Time to submitted to the reviewers: maximum a week
  • Publication fee: 10.800.000 Rials for publication
  • Language: English
  • Copyright: This Journal is an open access Journal Licensed under the  Creative Commons license (CC-BY 4.0) International License.



Call for Papers

1. The Iranian Journal of Finance (IJFIFSA) invites Researchers, Authors and Specialists to contribute to their Special Issue on behavioral finance and decision making.

Guest Editor:

Mohammad Osoolian, Ph.D., Assistant Prof., Department of Finance, Faculty of Accounting and Management, Shahid Beheshti University, Tehran, Islamic Republic of Iran. Email: m_osoolian@sbu.ac.ir

Guest Editor

Saeid Eslami Bidgoli, Ph.D., Assistant Prof., ECO College of Insurance (ECOI), Allameh Tabatabai University, Tehran, Islamic Republic of Iran. Email: saeed.eb@atu.ac.ir

Guest Editor:

Ali Namaki, Ph.D., Assistant Prof., Department of Finance, Faculty of Management, University of Tehran, Tehran, Islamic Republic of Iran. Emailalinamaki@ut.ac.ir



There is a full Call for Papers at HERE which in includes a description of what is required, dates and submission requirements.




Specific subtitle covered by the journal are:


  1. Corporate Finance
  2. Investments 
  3. Islamic Finance
  4. Financial Markets and Institutions
  5. Financial Engineering and Risk Management
  6. Financial Econometrics and Quantitative Methods
  7. Banking and Insurance



Tehran Stock Exchange, Stocks Price Prediction, Using Wisdom of Crowd

Babak Sohrabi; Saeed Rouhani; Hamid Reza Yazdani; Ahmad Khalili Jafarabad; Mahsima Kazemi Movahed

Volume 7, Issue 4 , 2023, Pages 1-28


  Two predominant methods for analyzing financial markets have been technical and fundamental analysis. However, the emergence of the Internet has altered the trading landscape. The availability of Internet and social media access plays a moderating role in information asymmetry, resulting in investors ...  Read More

Identification of the Factors Affecting Capital Structure in Firms with Emphasis on the Role of Behavioral Factors

Ehsan Ahmadi; Parastoo Mohammadi; Farimah Mokhatab Rafei

Volume 7, Issue 4 , 2023, Pages 29-58


  Making decisions regarding capital structure is among the most challenging issues ahead for firms and the most critical decisions for their survival. On the other hand, several significant aspects, such as behavioral factors, have been overlooked in this field. Thus, the present study mainly seeks to ...  Read More

A Profitable Portfolio Allocation Strategy Based on Money Net-Flow Adjusted Deep Reinforcement Learning

Samira Khonsha; Mehdi Agha Sarram; Razieh Sheikhpour

Volume 7, Issue 4 , 2023, Pages 59-89


  Portfolio allocation with Deep Reinforcement Learning (DRL) has been the focus of many researchers. In investing, a portfolio optimization strategy is selecting assets that maximize return on investment while minimizing the risk. Asset optimization involves balancing risk and return, where stock returns ...  Read More

Corporate Integrity and Information Asymmetry: Evidence from Iran.

Arezoo Ghafari; Meysam Arabzadeh; Mehdi Safari Gerayli; Hosein Jabbary; Yasser Rezaei Pitenoei

Volume 7, Issue 4 , 2023, Pages 90-119


  Corporate integrity is considered as part of the company's development strategies, which in the long run can lead to the increased firms' financial transparency to stakeholders. The purpose of our study is to present a corporate integrity model and, then to investigate its effect on firms' information ...  Read More

Investment in Commodities as Hedging and Safe-Haven Tools during the Periods of Stock Market Volatility

Zahra Mohammadi pourmazaheri; Babak Jamshidinavid; Mehrdad Ghanbari; Alireza Moradi

Volume 7, Issue 4 , 2023, Pages 120-141


  This research sought to investigate the assumption that commodities operate as hedging and safe-haven for stocks -during various periods of stock market volatility. In this regard, market test regression models and daily data from 21/03/2009 to 19/03/2020 were used. The researcher was able to test both ...  Read More

Evaluation and comparison net assets value of joint investment funds using support machine models versus statistical models - A case study from FEAS member countries

Leila Nateghian; Saeid Jabbarzadeh Kangarlouei; Jamal Bahri Sales; Parviz Piri

Volume 7, Issue 4 , 2023, Pages 142-160


  Today, choosing the suitable model for determining the portfolio of investment in financial assets is one of the critical issues of the attention of analysts and capital market activists, and investing in a portfolio consisting of mutual investment funds is the same. With this statement, the purpose ...  Read More

The model for measuring the Quality of Sustainability Reporting and Determinants: Application Analytic Network Process Fuzzy DEMATEL-Based Technique

Habib Esmaeilzadeh; Hasan Ghodrati; Hossein Jabbari; Meysam Arabzadeh

Volume 6, Issue 2 , April 2022, , Pages 28-69


  Sustainability reporting is an important tool for decreasing information asymmetry, according to the stakeholders' demands for transparency. On the other hand, increasing transparency allows investors to have more appropriate evaluations of firms' activities and direct their investments to companies ...  Read More

The Role of Management Accounting in Improving Management Control System in Public Sector

Hossein Salmanzadeh; Gholamreza Kordestani; Hossein Kazemi

Volume 6, Issue 1 , January 2022, , Pages 54-82


  The management control system provides valuable information on the managers' needs at different levels of the organization. Today, with changes in the political, social and economic dimensions, the management control system in the public sector also needs to be changed and adapted to new conditions and ...  Read More

A Hybrid Artificial Intelligence Approach to Portfolio Management

Hamidreza Haddadian; Morteza Baky Haskuee; Gholamreza Zomorodian

Volume 6, Issue 1 , January 2022, , Pages 1-27


  The tremendous advances in artificial intelligence over the past decade have led to their increasing use in financial markets. In recent years a large number of investment companies and hedge funds have been implementing algorithmic and automated trading on their trading. The speed of decision-making ...  Read More

The Relationship between Foreign Direct Investment Inflows of World, Foreign Direct Investment Inflows of Turkey and Types of the Special Economic Zone: Evidence from 1980-2019

Demet Ozocakli; Bahman Khanalizadeh

Volume 6, Issue 2 , April 2022, , Pages 1-27


  There are many factors affecting Foreign Direct Investment inflows into the countries. One of them is Special Economic Zones that encourage Foreign Direct Investment inflows and achieve remarkable results in the world. Special Economic Zones are defined in the United Nations Conference on Trade and Development ...  Read More

Choosing Influential Dimension of Mindfulness of Auditors' Professional Judgments Based on Social Pressure: An Analysis Based on Rough Theory

Seyed Mohammad Soleymani; Farhad Dehdar; Mohammadreza Abdoli

Volume 6, Issue 2 , April 2022, , Pages 135-166


  The growth and complexity of society justify the need for relevant economic information, information systems, and information-generating processes, and the need for auditing as part of the information reporting process increases. This has affected the professional functions of auditors. The purpose of ...  Read More

The Role of Firm Characteristics in Predicting Future Operating Cash Flows Using Current Operating Cash Flow and Current Profitability

Mostafa Hashemi Tilehnouei; Javad Nikkar

Articles in Press, Accepted Manuscript, Available Online from 16 December 2023


  The ability to produce future cash flows is an important part of the decision-making mechanism of the various shareholders. If cash flows can be predicted appropriately, a significant part of the informational needs associated with cash flows will be provided. Some analysts and investors argue that cash ...  Read More

Drivers of Managers' Inertia in Response to Reliable Disclosure of Information

Mohsen Rahmani; majid ashrafi; Parviz Saeidi; Jamadori Gorganli Doji

Articles in Press, Accepted Manuscript, Available Online from 20 January 2024


  The flow of information in the capital market is of strategic importance because it determines the path of investors' decisions. In this decision-making process, the managers of the companies can disclose timely and reliable information based on their cognitive and perceptual characteristics of capital ...  Read More

Iran Finance Association

Reza Raei

Reza Raei

Managing Editor:
Ali Namaki

Editorial Board:
Marcel Ausloos Abolhasan Jalilvand ZabiHollah Rezaee Hassan Ghalibaf Asl Mohammadesmaeil Fadaeinejad Reza Raei Vahid Mahmoudi Shpour Mohammadi Farhad Rahbar Reza Tehrani

Executive Assistant:
Farname Inc

Frequency: Quarterly

Print ISSN: 2676-6337

Online ISSN: 2676-6345