Sharif Digital Repository

Financing is an important barrier in growth path of small and medium-sized technology-based firms. Using guarantee letters to ease access of such firms to credit, is one way to encounter this barrier. In this study, the pioneer research and technology fund in offering this service to technology-based firms in Iran have been considered. Credit guarantee issuance records of this fund illustrates that none of credit guarantee letters certified by this fund has been defaulted yet. Comparison of fund’s credit scoring model with Chandler’s framework for organizational capabilities reveals that the fund does not investigate marketing and managerial capabilities in its credit scoring model. So, the... 

The paper aims to investigate the importance of firms’ financial constraints for pricing equity in Iran. We study the impact of financial constraints of non-financial firms on their stock returns using a sample of 241 manufacturing firms listed in Tehran Stock Exchange (TSE) for the period of 2007 to 2014. We use a similar index as in Kaplan and Zingales (1997), KZ, to measure financial constraint. We examine whether financial constraint influences stock returns and can improve the explanatory power of the Fama and French three-factor asset pricing model. Our findings indicate that financial constraints can be considered as an important factor affecting asset returns. Cross-sectional... 

Most companies, especially small and new ones, operational decisions effect internal capital and the ability to earn capital. However, most articles have been focused on dynamic inventory control, ignored financing and fiscal policy. An important question can be raised is how internal capital constraints and partial trade credit can be affected company optimal inventory and fiscal policy. In this study tried to develop a model for internal cash flow and inventory management and define ordering policy with cash flow constraint and partial trade credit. The retailer can use its own capital or a loan to buy products. Also, he can invest his extra cash in a bank. The retailer’s ultimate goal... 

Due to financial resources constraints, the country's oil industry, especially the upstream oil sector accounting for most of the country's foreign exchange and budget revenues, has not been developed. Thanks to the international sanctions against our country, the conventional financing methods are difficult to use anymore. According to the the current circumstances, the alternative sources of funding using modern approaches are necessary. Moreover, small capital is one of the alternative sources with the high potential for the high level of the liquidity in the society. This study, investigates the financial tools regarding capital market to attract small capital in order to finance... 

In the contemporary world, especially after the financial crisis, the importance of financial flow and working capital management for companies has become more important than ever. There have been various ways to meet the financial needs of companies in the past. Financing methods such as giving capital from investors and receiving loan, from the past, to new methods such as supply chain financing, which have been the major part of financing researches since 2005.Conversely, companies interact together to meet the needs of end customers and thus form a supply chain in which the product / service of each company, input and raw material of the company Forms the next. This chain of...