Financial and Banking Strategic Studies

Abstract Purpose: The purpose of this paper is to evaluate the efficiency of the futures market, particularly in terms of the ability of futures prices to predict the spot price at maturity prior to expiration. Given the inconsistent and contradictory findings in previous empirical studies, this research aims to clarify the divergence in results using a meta-analytic approach.
Methodology: This study employs a meta-analysis approach to systematically aggregate and quantitatively synthesize empirical evidence. In this regard, empirical studies published between 1970 and 2020 that examined the predictive ability of futures prices for spot prices at maturity were collected. After a screening process, the final dataset includes 15 empirical studies, comprising 152,371 observations and 455 effect sizes. The results of these studies were statistically integrated to derive overall conclusions regarding market efficiency.
Findings: The findings indicate that the futures market is not fully efficient, as futures prices do not significantly provide unbiased predictions of spot prices at maturity prior to expiration. Moreover, the heterogeneity in previous research results is influenced by factors such as country type, underlying asset type, time to maturity, study period horizon, and data frequency. These factors significantly explain the variation in empirical outcomes across studies.
Originality/Value: This study contributes to the literature by providing a comprehensive and integrative assessment of futures market efficiency using meta-analysis. It highlights the role of contextual and structural factors in explaining inconsistencies in prior findings and offers more robust evidence regarding the efficiency of futures markets [1].  

Abstract Purpose: The aim of this research is to examine the impact of digital financial innovation on financial deepening and economic growth in the country.
Methodology: This study uses the Autoregressive Distributed Lag model (ARDL), which is preferable to other time series methods because it allows the application of joint integration tests with time series with different integration orders and is flexible with respect to sample size, including small and limited ones.
Findings: The main findings of this study are as follows: 1) evidence and reasons for the existence of a positive relationship between digital financial innovation and financial deepening are observed, of course, with the strongest and most intense effect originating from the use of the Internet and financial services in the mobile banking context and the least effect originating from bank branches, and 2) The results show that a positive and significant effect of financial deepening on economic growth is observable, which is consistent with the theory of supply-led capital.
Originality/Value: This research is of major importance to policymakers because it provides insights into the components of financial innovation that enhance growth in a country, taking into account that some aspects of innovation can delay growth, as illustrated during the global financial crisis.

Abstract Purpose: The aim of this study was to examine the role of financial literacy in improving individuals’ investment behavior and enhancing their financial self-efficacy, in order to highlight the importance of financial literacy in investment decision-making.
Methodology: This research was applied and conducted using a descriptive–survey design in the first half of 2025. The statistical population consisted of individual investors active in the Yazd stock exchange. A total of 384 participants were selected through convenience sampling. Data were collected using a standardized questionnaire and analyzed using the Partial Least Squares (PLS) method via SmartPLS software.
Findings: The results indicated that financial literacy has a positive and significant effect on both investment behavior and financial self-efficacy. In addition, financial self-efficacy was found to have a positive and significant impact on investment behavior.
Originality/Value: This study contributes by simultaneously examining the role of financial literacy and financial self-efficacy in shaping investment behavior, providing new empirical evidence on the importance of financial education in improving investment decisions.

Abstract Purpose: The purpose of this paper is to investigate the role of corporate governance in moderating the relationship between financial statement complexity and firms’ financing, as an indicator of sustainable financial health.
Methodology: This paper aimed to analyze 236 firms listed on the Tehran Stock Exchange during 2013–2021 using panel data regression. Financial statement complexity is measured by the Fog index and report length, while financing is proxied by bank borrowing.
Findings: The results show that financial statement complexity significantly affects firms’ financing. However, corporate governance does not have a significant moderating effect on this relationship.
Originality/Value: This study highlights the limited moderating role of corporate governance in an emerging market context and provides evidence on how reporting complexity influences firms’ access to finance.

Abstract Purpose: The purpose of this study is to investigate the impact of corporate corruption on cash assets in companies listed on the Tehran Stock Exchange. This issue is important because corruption can reduce the efficiency of resource allocation, increase uncertainty, and change companies' cash holding policies.
Methodology: This research is descriptive-correlational and applied. The data were collected in the form of a panel from 161 companies during the years 1393 to 1402. A multivariate regression model was used to test the hypothesis and the dependent variable was the ratio of cash assets to total assets. The independent variable is financial corruption and the control variables include company size, financial leverage, company growth, working capital, return on assets and company age.
Findings: The results showed that corruption has a significant negative effect on companies' cash assets; meaning that with increasing corruption, the amount of cash held decreases. Also, company size has a positive effect and financial leverage has a significant negative effect on cash assets, while other control variables were not significant.
Originality/Value: By providing empirical evidence from the Iranian capital market, this research sheds light on the role of financial corruption in companies' liquidity decisions and adds to the literature on corporate governance and financial management in developing economies.

Abstract Purpose: The purpose of this paper is to examine the effect of a hedonistic lifestyle on dysfunctional audit behaviors.
Methodology: This study is applied in terms of purpose and descriptive-survey in terms of methodology. The statistical population consists of 184 certified accountants working in the Audit Organization. The sample size was determined to be 125 using Cochran’s formula for a finite population. Data were collected through a questionnaire whose validity was confirmed by experts and its reliability was verified using Cronbach’s alpha coefficient of 0.7. Data analysis was conducted using descriptive and inferential statistics (Structural Equation Modeling) with SPSS version 21 and Smart PLS version 3.
Findings: The findings indicate that a hedonistic lifestyle has a significant effect on dysfunctional audit behaviors.
Originality/Value: This study provides a novel perspective by examining the role of lifestyle factors, particularly hedonism, in shaping dysfunctional audit behaviors, and contributes to the audit literature by offering insights to improve professional quality in auditing.