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: 9.800.000 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



Modeling price dynamics and risk Forecasting in Tehran Stock Exchange: Conditional Variance Heteroscedasticity Hidden Markov Models

Moslem Nilchi; Daryush Farid; Moslem Peymany; Hamidreza Mirzaei

Volume 7, Issue 3 , 2023, Pages 1-24


  Abstract                                          Volatility and risk measurement are essential ...  Read More

The Moderating Effect of Competition in the Product Market on the Relation of Corporate Social Responsibility and Debts Ratio

HamidReza Ganji; Mehran Jahandoust Marghoub; Vahid Menati; Seyed Rasoul Hosayni

Volume 7, Issue 3 , 2023, Pages 25-47


  Corporate Social Responsibility (CSR) concept is closely related to the notion of sustainable development, and the outcome of the sustainable development approach is specific consideration to disclosure and reporting of CSR. One factor that is less considered in the Iranian economic environment and research ...  Read More

Transaction Cost of Financing Knowledge-Based Companies in Iran

Seyedeh Fatemeh Hosseini; Hassan Mafi; Reza Shakeri Bostanabad

Volume 7, Issue 3 , 2023, Pages 48-72


  High transaction costs have been cited as limiting access to credit in developing countries. This issue is much more critical for knowledge-based companies due to their position in accelerating economic growth and the particular characteristics of these companies. Therefore, this research aims to evaluate ...  Read More

Developing an Internal Control Model for the Social Security Organization of Iran with a Risk Management Approach

Hamzeh Mohammadi Khoshouei; Esmail Kazemi; Mohsen Dastgir

Volume 7, Issue 3 , 2023, Pages 73-94


  This study aimed to develop an internal control model for the Iranian Social Security Organization with a risk management approach. This exploratory study is applied in terms of objective, and the statistical population comprised 340 employees in the financial department of the Iranian Social Security ...  Read More

Pairs Trading Based on Empirical Mode Decomposition (EMD)

Bahareh Zarintaj; Saeed Aghasi; Forozan Baktash

Volume 7, Issue 3 , 2023, Pages 95-119


  As a trading strategy, pairs trading is performed based on the arbitrage opportunities extracted from statistical models. It is an outcome of the distance between an asset pair and the equilibrium state. Consequently, selecting a pair with the potential to form long-term relationships and reverting to ...  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

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

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

Drivers Affecting Bitcoin Adoption as a Payment Mechanism in the Tourism Industry

Mehdi Daryaei; Reza Radfar; Javad Jassbi; Abbass Khamseh

Volume 6, Issue 4 , 2022, , Pages 56-80


  While travelers' desire to visit the world's most remote places has grown, the inefficiency of global payments indicates a significant barrier to tourism growth. As an emerging, decentralized, and borderless digital innovation, Bitcoin technology seems to have the ability to serve as a payment alternative ...  Read More

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

Samira Khonsha; Mehdi Agha Sarram; Razieh Sheikhpour

Articles in Press, Accepted Manuscript, Available Online from 18 April 2023


  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. The task of asset optimization involves balancing risk and return, where ...  Read More

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

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

Articles in Press, Accepted Manuscript, Available Online from 21 June 2023


  Today, choosing the right model for determining the portfolio of investment in financial assets is one of the important issues of 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 of the ...  Read More

Corporate Integrity and Information Asymmetry: Evidence from Iranian Capital Market

Arezoo Ghafari; Meysam Arabzadeh; mehdi safari gerayli; Hossein jabbary; Yasser Rezaei Pitenoei

Articles in Press, Accepted Manuscript, Available Online from 02 October 2023


  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' ...  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