International Research Journal of Finance and Economics
 Issue 149
 July, 2016
Investigate the relationship between real growth and sustainable development in companies listed on the Tehran Stock Exchange
Neda Mahmoodabadi and Mohammad Namazi

The aim of this study is to investigate the relationship between real growth and sustainable growth in companies listed on the Tehran Stock Exchange. The statistical population of this research is all companies listed on the Tehran Stock Exchange that during the years of 2002-2011 was active in stock and their financial statements is achievable. The research hypothesis has been developed in the form of a main hypothesis and four secondary hypotheses and has been tested by using multivariate regression. The results indicate that there is not a relationship between the rate of real growth and the rate of accumulation of profits and between the real growth rate and net profit margin. As well as there is not a relationship between real growth rate and asset turnover ratio and rate of real growth and financial leverage ratio. But the variables of accumulation of profit rate, net income margin, asset turnover ratio and financial leverage ratio have effect on the calculation of real growth rate. According to stepwise regression test results can be said the variable of profit margin greatest has impact on real growth rate. And After that variable of asset turnover ratio is the second factor affecting the real growth rate. Other variables have not been had a significant impact on estimation of real growth rate.
Keywords: real growth, sustainable growth
Investigation of the agency costs in family and non-family firms listed in Tehran Stock Exchange
Hamzeh Asgari Rashtiani and Vahab Rostami

The main purpose of this study is to assess and compare agency costs in family and non-family firms based on 4 different criteria of the ratio of operating expenses to sales; asset-turnover ratio, Tobin's Q ratio and the interaction between growth opportunities and free cash flow. Sample of the study consists of 31 family and 97 non-family firms during 10-year time period of 2004-2013. Using Test to compare two independent groups, family and non-family firms have been compared to each other and using linear regression model and panel data, the relationship of family ownership and agency cost of family firms has been evaluated. Obtained results from analysis of research hypotheses indicate that generally, there is significant difference only between family and non-family firms in terms of Tobin's Q ratio.
Keywords: family firms, agency costs, family ownership
Bank Customer Classification Based on Recency, Frequency, Monetary (RFM)
Mirza-Hassan Hosseini and Yaser Pourdavar

Customer relationship management improves the institutes’ interaction with customers. Identification of customers’ characteristics and optimal allocation of resources to them have been mentioned as the major concerns at the area of customer relationship management. The present research intends to propose a model for customer classification. In the proposed process of this research which was performed in one of Banks in Iran , 32211 customers were segmented to five clusters using “K-Means” and “Two Step”. The results from this research paved the way for analysis of characteristics of bank customers and better interaction with them.
Keywords: CRM, Customer Classification, RFM model, Two Step algorithm, K-means algorithm
The Realization of Economic 8% Growth in Iran: Requirements and Challenges
Hadi Ghaffari and ElhamTaghvaei

Economic growth implies national per capita income or production increase. If the production of goods and services, by any means possible, in a country increases, it can be seen as economic growth. The investigation of historical process of per capita production and economic growth rate of Iran, as well as its comparison with other countries indicates important issues in Iran’s economy. The findings of performed studies suggest various internal and external factors are effective on economic growth of a country. In this study, to achieve 8% economic growth rate in the sixth program development, the effect of the independent variables of oil revenue, inflation and investment and dummy variables of economic sanctions, targeted subsidies and the global recession on dependent variables (economic growth) in a logarithmic model by Eviews software and OLS method has been studied which of the above variables, oil revenues, investments and targeted subsidies had positive and significant effect and inflation and global recession had significant effect negative effect on economic growth.
Keywords: Iran, the sixth program of development, economic growth, logarithmic model, requirements and obstacles
Studying the Role of Relationship Marketing In Creating Satisfaction and Favorable Image and Its Impact on Customer Loyalty (Case Study: Asia Insurance Company)
Sahar Jabbarpour Angiz and Edris Ghaderpour

Today customer orientation is considered crucial for organizations. Organizations that are engaged in a business competitive environment to provide a product or service to customers, should also consider factors that influence their satisfaction and loyalty. Accordingly, in this study, the effects of relationship marketing on customers’ mental image and satisfaction and subsequently the effect of these variables on loyalty are investigated. According to the theoretical framework established based on previous studies, the researcher asks questions and gathers information in order to respond to them. The population of this study included all Asia insurance company clients which due to the large population, random sampling was used and finally 140 questionnaires were returned. The reliability of the questionnaire research variables was higher than the number 0.7. Statistical analysis of questionnaire was conducted through correlation and regression tests and due to the values of significance level of the tests in the variables of the research, it was concluded that the independent variables are effective on the dependent variables. There is also a significant relationship between customer satisfaction and their mental image.
Keywords: relationship marketing, mental image, customer satisfaction, customer loyalty
Investigating the Relationship between Perceived Organizational Support and Quality of Working Life with Mediating Role of Job Stress (Case study: Municipalities in Rafsanjan)
Hamid Taboli, Somayeh hemyari, Samira kiya, Aliasghar naseri and Khaled irandust

The purpose of this study was to the study of investigating the relationship between perceived organizational support and quality of working life with mediating role of job stress. A descriptive, quantitative, co relational design was used. Statistic population of research concludes all municipal staff in Rafsanjan. The population consist of 292 staff. A data collection instrument is included demographic questionnaire, questionnaire of perceived organizational support, quality of working life, and job stress. Data analysis included descriptive statistics, pearson’s r correlations, regression analysis, ANOVA analyses and Lisrel 8.5. The results of this study show the there is a significant relationship between perceived organizational support and quality of working life. According the results of analysis there is a significant relationship between perceived organizational support and job stress. According the results, there is not a significant relationship between perceived support and quality of working life with mediating role of job stress.
Keywords: Perceived organizational Support, Quality of working life, Job stress, Municipalities in Rafsanjan
Effect of the Implementation of ERP Systems on Organizational Performance at National Petrochemical Company
Mahboobeh Hamidi and Hossein Salimian

In this study, the effect of ERP system implementation on National Petrochemical Company is investigated. In this regard, implementation of ERP systems is considered as independent variable and efficiency of the organization dependent variable. Beside, to evaluate organizational performance, leadership and management styles variable, strategic planning in organization, human resource development of organization, customer-oriented and market focus in organization, information and analysis of the organization, management of operational and business processes of the organization and the productivity and performance results are considered as sub-components of organizational efficiency in this research.
The current study is practical in terms of aim and is documentary (library) in terms of performance. In this study, a questionnaire was used for data collection which was distributed between 218 managers, experts and competent authorities at National Petrochemical Company of Iran. To investigate the hypotheses of the research, Kolmogorov-Smirnov test was used and T-test was used to assess the hypotheses.
The results showed that ERP system implementation has a significant effect on all components of organizational efficacy and also it mostly influences management of operational processes development and business of the organization.
Keywords: Enterprise Resource Planning (ERP); organizational performance; National Petrochemical Company of Iran; SPSS.
The Relationship of Team Stability on Project Managers to Promote Team Learning Behaviors
Fakhraddin Maroofi and Sayed Sirwan Ebrahimi

The experimental field of this analysis was among twenty two project teams within the west of the Islamic Republic of Iran. Results indicated that each person-oriented and task-oriented leadership behaviors were directed and completely associated with team learning. Team stability didn't mediate the connection between leadership and team learning; but, a powerful direct relationship between team stability and team learning was found. The relationships found between task-oriented leadership and team learning became non-significant together with personally-oriented leadership and team stability. This combined set of leadership behaviors and team stability, however, explained additional variance in team learning than every of the independent variables individually did, or than person directed leadership combined with team stability did. These findings have implications for interventions by all stakeholders of project teams, aimed toward increasing team learning.
Keywords: Leadership; Team stability; Team learning behaviors; Project teams
Investigate the Relationship between Shareholders Biorhythm and errors of financial decisions in Hamedan Stock exchange
R.Sohrabi, M. Azim Khodayari and Sepideh Shirazizani

Decision-Making process is one of the important factor in organization and the managers who act optimization can guide successful organization. In this research the relationship Biorhythmic cycles has been investigated that influence on decision making of investing managers on investment funds in Iran’s capital market. The biorhythm components include "physical" cycle, "Emotional" Cycle, "Intellectual" Cycle and "six" sense and the components of error financial decision such as "compare", "commitment", "information bias", "cognation bias", "confidence bias" and "rare effect". The research method is descriptive and from the aim standpoint it is applicable. The sample estimate by Cochran formula and the questionnaire distributed between them randomly. Reliability and validity controlled, and the reliability based on Cronbach's alpha was 0.88. The hypothesis has been tested by spearman correlation and based on it, there is significant relationship between " Intellectual Cycle", "physical cycle", "six sense" and error financial decision. Finally to answer the research question, the structural equation to show the relationship between error financial decision and biorhythm cycles that showed biorhythm cycle effect on error financial decision is 0.33. For ranking the component of error financial decision the Friedman test was used. Finally, we offer some suggestion for researchers, organization, Investment Funds and Managers of Investment Funds.
Keywords: biorhythm cycles, financial decisions error, stock exchange of Hamedan, structural equation.