Journal of New Approaches in Management and Marketing

Abstract Abstract This research examines the barriers and advantages of using Instagram along with Eitaa or Rubika in virtual businesses. Employing a qualitative approach, data was collected from 12 virtual business owners through semi-structured interviews and purposeful sampling. The data analysis was conducted using thematic analysis, facilitated by MAXQDA software and coding methods. The results indicated that the advantages of utilizing Eitaa and Rubika include reduced internet consumption, the potential to attract governmental and religious clients, the ability to address issues related to accounts or channels, and financial support. The advantages of using Instagram primarily involve ease of building trust. Collectively, the benefits of all three messaging platforms encompass the ability to attract customers from various parts of the city and country, learning from the profiles/channels of successful individuals, gaining information, employing strategies to attract clientele, and the opportunity to connect with new collaborators. The general acceptance of Instagram among the audience and the user-friendliness of domestic messaging applications compared to Instagram are considered additional benefits of these platforms. However, businesses also face challenges, including restrictions and regulations on content creation and advertising, audience limitations, the impact of political and social crises, competition, warnings from authorities, governmental restrictions, unethical behavior from audiences and competitors, and systematic issues such as messaging app bugs, lack of financial support, insufficient features in domestic messaging applications, and ideological constraints. This study offers solutions to improve the utilization of these messaging platforms and to assist businesses in better leveraging the capabilities of Instagram, Eitaa, and Rubika. Introduction The advancement of human life from the era of mass production to the age of communications and information, as well as the movement of countries towards knowledge-based and informational societies, has transformed all aspects of economic, cultural, industrial, and social activities. Among these developments, virtual social networks have experienced significant growth (Talebpour et al., 2014), attracting many businesses due to their features such as constant access, removal of time and space limitations, global reach, flexibility, and multimedia capabilities (Karimian et al., 2017). This has led to changes in consumer buying behavior (Yang et al., 2024). One of the most popular social networks, Instagram, has more than 1.6 billion users worldwide (Kemp, 2023), with 46.89% of Iran's population using it (Statcounter, 2024). Given this popularity, many businesses have started their activities on this platform. However, alongside this, some online business owners have expanded their activities on local messaging platforms like Eitaa and Rubika, responding to audience needs and adapting to domestic conditions due to the larger user base compared to other local platforms. According to statistics from 2023, Rubika has about 40 million users and Eitaa has about 30 million users (Tasnim, 2023). Being present on local messaging platforms such as Eitaa and Rubika, in addition to international platforms like Instagram, offers businesses opportunities for growth and increased revenue. However, business owners also face challenges and barriers, and understanding these challenges and planning to optimize their use is essential. This study seeks to answer the question: What are the advantages and barriers for Iranian businesses in using local (Eitaa and Rubika) and foreign (Instagram) messaging platforms? Theoretical Framework The social marketing theory emphasizes building relationships based on shared values between businesses and customers and uses tools such as social media to improve customer experience and enhance interactions. Simultaneously using both local and international messaging platforms can increase fast feedback and communication, enhancing customer trust and sales volume (Baran & Davis, 2017; Kotler & Roberto, 1989). The Hierarchical Effects Model focuses on the customer acquisition process, from awareness to action, while McLuhan's Global Village concept highlights the role of social networks in reducing geographical borders and influencing user behavior. These networks, as tools for transmitting information and shaping culture and user behavior, provide businesses with opportunities to send targeted messages to both local and international audiences (Baran & Davis, 2017; Zolghadr & Ghasemzadeh-Araghi, 2012). Social Learning Theory emphasizes the importance of observing and modeling competitors. By analyzing competitors' activities on different messaging platforms, businesses learn new methods for brand and business development, and use these patterns to promote their own growth (Baran & Davis, 2017). Finally, the Technology Acceptance Model indicates that if businesses perceive the usefulness and ease of use of a messaging platform, they will be more likely to adopt it and encourage others to participate as well (Ningtyas & Kurniawan, 2024). Methodology In this study, data was collected through semi-structured interviews with 12 online business owners active on Instagram and Eitaa or Rubika. The interviews were conducted purposively via telephone contact, and after obtaining informed consent, the interviews were recorded for analysis. Data were coded and analyzed using thematic analysis (Braun & Clarke, 2006) and MAXQDA software (version 2018). Subsequently, main and subcategories were extracted and compiled into a comprehensive report. Findings The advantages of using the Instagram, Rubika, and Eitaa platforms include their usefulness and ease of use. Local messaging platforms like Eitaa and Rubika reduce costs by offering discounted internet rates and eliminating the need for VPNs, making access to businesses more convenient. Each platform targets a specific audience; for example, Eitaa is more appealing to government employees, while Rubika attracts a younger, teenage demographic. Instagram, with features such as global accessibility, algorithms, and advertising capabilities, helps businesses widely promote their products and utilize diverse ideas for growth. On Instagram, influencer marketing is more effective, while on Eitaa and Rubika, advertisements are mainly promoted through pinned sections and broader areas, where increased monitoring builds user trust. In addition to advertising, promotional exchanges and discounts are popular customer acquisition methods. In Rubika, businesses can receive financial rewards for increased activity, but Instagram does not offer such financial support. Due to its commercial nature, Instagram easily builds customer trust, whereas local messaging platforms require more effort in this regard. Addressing issues on local platforms is easier due to the presence of related organizations within the country, while on Instagram, the only solution is typically email, which is often ineffective. Additionally, the use of these platforms, due to their lack of dependence on VPNs and simpler designs for various age groups, makes it easier for businesses to operate. Ultimately, Instagram, with features like Explore, automatic post downloads, and continuous visibility by users, provides more opportunities for businesses to be seen. Alongside the advantages, there are also various social and systemic barriers on these three platforms. Social barriers include content production limitations across all three messaging platforms. In Eitaa and Rubika, there are restrictions on certain topics, including dress codes, specific terms, and social issues like gender identity, materialism, and consumerism. These restrictions are less common on Instagram, where the focus is more on violent and disturbing content that could lead to account suspension. Additionally, Eitaa and Rubika mainly attract specific age, professional, and religious groups, which limits the target audience for businesses and reduces their revenue potential. In contrast, Instagram’s broad audience diversity offers more opportunities to sell products to different age groups and professions. Another social barrier is the challenges caused by audience behavior, such as offensive comments or inappropriate suggestions. These issues are more prominent on Instagram, especially for women in business, whereas they are less frequent on local messaging platforms due to stricter monitoring. Furthermore, operating on Instagram requires understanding complex algorithms, necessitating that business owners take various training courses. Local platforms, on the other hand, are simpler to use and do not require special training. Finally, intense competition on Instagram often leads to the creation of meaningless content and the manipulation of audience emotions, adding to the challenges faced by business owners. Such competition is less visible on local messaging platforms. Moreover, governmental restrictions in Iran have made it difficult to use Instagram, as political and social events may disrupt access to the platform, requiring the use of VPNs. Systemic Barriers: From a systemic perspective, Instagram allows business owners to receive feedback through comments on posts, a feature that Eitaa lacks. Additionally, upload speed and content size limitations on Eitaa and Rubika can affect user activity, whereas Instagram does not impose content size restrictions. Due to the lack of content editing tools in Eitaa and Rubika, users typically edit their content on Instagram before uploading it to these platforms. Instagram also has ideological restrictions related to words and topics concerning crises and social issues in Iran. If these terms are used too frequently, user accounts may be suspended. In contrast, Rubika offers more financial support to businesses, providing them with funds to prevent their activities from being halted, while Instagram does not offer such financial backing and only provides a platform for activity. Conclusion This study examines the advantages and obstacles faced by online business owners on three messaging platforms: Instagram, Eitaa, and Rubika. In terms of advantages, Instagram provides a suitable platform for business growth with its sophisticated algorithms and diverse tools, allowing business owners to reach a wide range of audiences due to its extensive user base. Additionally, Instagram offers numerous educational resources on optimizing activities and expanding businesses, which can be valuable for business owners. On local messaging platforms (Eitaa and Rubika), advantages include the absence of the need for VPNs and easier access for Iranian audiences. Furthermore, these platforms are more cost-effective compared to Instagram, as business owners do not need to pay additional costs for advertising, training, or internet usage. However, in terms of social barriers, there are significant differences between these platforms. Local messaging platforms impose more content and advertising restrictions, particularly concerning issues such as dress code, consumerism, and topics related to gender identity. Moreover, cultural and religious restrictions specific to age groups on these platforms may hinder business growth. While Instagram has fewer advertising restrictions, issues related to violence, controversy, and intense competition can create challenges for business owners. In terms of systemic barriers, similar problems exist across all three platforms. Eitaa and Rubika face issues such as slow upload speeds and content size limitations, which often drive business owners to turn to Instagram due to its better editing tools and upload capabilities. Additionally, ideological restrictions on Instagram, especially regarding social issues in Iran, may lead to account suspensions. Finally, issues like the lack of financial support on Instagram and software problems across all platforms are fundamental obstacles in the growth of businesses. Overall, operating on Instagram and local messaging platforms each has its own advantages and disadvantages. Online business owners need to choose platforms based on their type of business and audience needs in order to achieve the greatest success with the fewest challenges.

Abstract Abstract This study examines the effect of loyalty to Iranian apparel brands through the paths of satisfaction, trust, and commitment to the brand. In today's competitive environment, brands are considered one of the most valuable assets of organizations, and their ability to attract and retain customers depends heavily on creating satisfaction, trust, and commitment in customers. Therefore, accurate identification of the factors affecting brand loyalty in the apparel industry is of particular importance. This study was conducted using a convenience sampling method on consumers familiar with Iranian apparel brands. Data were collected through a Likert-scale questionnaire that assesses the dimensions of satisfaction, trust, commitment, and loyalty to the brand. After confirming the validity and reliability of the measurement tool, the collected data were analyzed using structural equation modeling (PLS-SEM) in SmartPLS software. The results of this study showed that brand satisfaction plays an effective role in creating brand loyalty and this relationship is strengthened by increasing consumers' trust and commitment to the brand. More precisely, consumers who are satisfied with the brand show a greater tendency to trust and commit, and these factors in turn increase their brand loyalty. Also, trust and commitment, as mediating variables, strengthen the path of satisfaction's effect on loyalty. These findings emphasize the importance of customer-centric strategies in Iranian clothing brands and suggest that brands focus on increasing customer satisfaction and strengthening their trust and commitment in order to create long-term loyalty. Introduction The Iranian clothing industry is facing numerous problems, including a decrease in domestic production, an increase in dependence on imports, a decrease in product diversity, and a decrease in the quality of some products. In addition, the export market of this industry has not grown much due to weakness in competition with global brands and trade restrictions (Khani et al., 2022; Jafari et al., 2023). These challenges require the development of comprehensive strategies in the fields of production, marketing, and export in order to increase the competitiveness of domestic brands. Research in the field of branding and customer loyalty plays an important role in understanding consumer behavior and developing marketing strategies. It is necessary, especially in the Iranian apparel industry, to focus on factors such as brand satisfaction and brand image, and their relationship with customer loyalty. Previous research has shown that trust and brand commitment as mediating variables have a significant impact on this relationship (Saragi et al., 2019; Chinomona, 2013). The results of this study can help manufacturers and marketers improve customer experience, promote brand communication, and increase customer loyalty. In addition, identifying the real needs of consumers will improve the quality and diversity of products and increase the competitiveness of domestic brands in domestic and international markets (Aditer et al., 2020; Medina et al., 2022). Overall, this research can contribute to the sustainable growth of the Iranian apparel industry by providing scientific and practical solutions. Theoretical foundations Definition and importance of brand satisfaction: Brand satisfaction is one of the most important concepts in marketing and customer management strategies that directly affects consumer behavior. Satisfaction is formed when the customer's expectations of the brand are aligned with his or her actual experiences with the brand. Definition and dimensions of brand loyalty: Brand loyalty is a multifaceted characteristic that goes beyond simply repeat purchases and includes the customer's desire to maintain their relationship with the brand through repeated purchases, support for that brand, and even recommend it to others. In addition to purchasing behaviors, this concept also psychologically refers to the customer's positive attitude and emotional commitment to the brand (Chinomona & Dubihlela, 2021). Definition and Importance of Brand Commitment: Brand commitment is defined as a long-term and emotional relationship between the customer and the brand. This concept goes beyond brand loyalty and specifically emphasizes the emotional and psychological interactions of customers with the brand (Meyer et al., 2022). Definition and Impact of Brand Trust: Brand trust is defined as the customer's feeling of confidence in the reliability, quality, and honesty of the brand. This concept is one of the important pillars in the brand-customer relationship, because brand trust reduces the risks perceived by customers and makes customers buy with more confidence (Kim et al., 2021). The interaction and synergy of these factors of satisfaction, commitment, and trust mutually influence each other, and the interaction between these factors creates a comprehensive and positive experience for customers, which ultimately leads to increased brand loyalty. Recent research has shown that when customers feel that the brand best meets their needs, this feeling leads to increased trust and commitment to the brand, which in turn strengthens satisfaction and loyalty. In competitive markets, brands that can strengthen these three factors simultaneously will have a higher competitive advantage (Foroudi et al., 2023). Research Methodology This research is designed as an applicable study, aims to investigate the relationships between different variables in the field of loyalty to Iranian clothing brands. In terms of methodology, this research belongs to the category of descriptive-survey and correlational studies. For sampling, the convenience method was used, which allows researchers to collect data using existing resources. This method is especially common in market and consumer behavior research and provides the required data quickly and effectively. To collect data, a standard questionnaire was used, which is a combination of the questionnaires of Fernandez and Moreira (2019), Bashokooh et al., (2020), and Sang et al., (2019). The target population is all people who use different clothing brands. Also, the applied convenience sampling method is a non-random sampling method in which available people are selected. After distributing the questionnaire link in cyberspace, 157 questionnaires were collected, of which 150 were selected for statistical analysis. Selecting valid and relevant questionnaires increases the quality of data and contributes to the validity of the results. Research findings In this study, the relationships between the variables of brand satisfaction, brand trust, and brand loyalty were analyzed using the structural equation modeling (SEM) method in SMART PLS3 software. T-values ​​were examined to evaluate the significance of the relationships between the variables, so that if the t-value is outside the range of ±1.96, the relationship in question is considered statistically significant. The model includes three latent variables, each measured through different indicators: - Brand satisfaction: four indicators with factor loadings between 14.653 and 34.621. - Brand trust: four indicators with factor loadings between 16.848 and 105.745. - Brand loyalty: four indicators with factor loadings between 17.235 and 124.975. 1- The effect of satisfaction on brand trust: path coefficient of 0.791, indicating a strong and positive effect. 2- The effect of trust on brand loyalty: path coefficient of 0.477, indicating a medium and positive effect. 3- The effect of satisfaction on brand commitment: path coefficient of 0.728, indicating a strong and positive effect. 4- The effect of commitment on brand loyalty: path coefficient of 0.262, indicating a positive but relatively weak effect. 5- The direct effect of satisfaction on loyalty: path coefficient of 0.211, which is weaker than the indirect effect. R² Index and Model Predictive Power: The R² index indicates the model’s ability to predict dependent variables. The results show that the research model has a high ability to explain the relationships between variables: - R² for brand loyalty: 0.764 (very strong) - R² for brand trust: 0.625 (desirable( - R² for brand commitment: 0.531 (adequate) Brand satisfaction directly and indirectly affects brand loyalty through trust and commitment. The indirect effect of satisfaction through trust (0.791 × 0.477) and commitment (0.728 × 0.262) is stronger than its direct effect (0.211). Therefore, organizations should focus on increasing customer satisfaction, strengthening trust, and creating brand commitment to ensure long-term customer loyalty. Discussion and Conclusion In today's competitive world, customer satisfaction and brand loyalty play a key role in the success of businesses. Satisfied customers are less likely to be attracted to competitors and maintain a long-term relationship with the brand. This study, by examining brand satisfaction, brand trust, and brand commitment, shows that customer satisfaction has a direct impact on loyalty, and brand trust and commitment play a mediating role. The results of the study are consistent with previous studies and confirm that customer trust and commitment to the brand transform their satisfaction into loyalty. To improve customer satisfaction, brand trust, and brand commitment, and consequently increase brand loyalty, the following solutions are suggested: Increase customer satisfaction: -Use surveys and digital tools to continuously monitor customer satisfaction. -Make changes and improvements based on customer feedback. -Optimize the customer experience by simplifying the purchasing process and brand interaction. -Provide strong after-sales service and effective support. Strengthening trust and commitment to the brand: -Transparency in communications and providing accurate information about products and services. -Ensuring security in online purchases and maintaining customer privacy. -Providing quality services and responding quickly to customer problems and needs. Increasing brand loyalty: -Designing loyalty programs with points and rewards tailored to customer behavior. -Establishing continuous communication with customers and informing them about brand changes and improvements. -Providing fast and effective support to create a positive and lasting experience. This research focused on customers in the Iranian apparel industry and its results may not be generalized to other industries such as automobiles or home appliances. Also, demographic factors such as age, income, and location affect brand loyalty. These findings indicate that increasing customer satisfaction, creating trust and commitment to the brand, and improving interactions play key roles in strengthening customer loyalty.

Abstract Abstract The aim of the present study was to provide a model of the effect of brand knowledge and quality perception on future purchase of sports products among sports science students at public universities in Tehran. The present study is a descriptive-survey type and falls into the category of applicable research. The statistical population included physical education students at public universities in Tehran. Since the number of the statistical population was unknown, the size of the population was considered unlimited, and using the Krejci and Morgan table, 384 people were considered as a sample. A researcher-made questionnaire was used to collect data by combining several questionnaires. The questionnaire consisted of 24 questions, the face and content validity of which was confirmed by sports marketing professors. An exploratory factor analysis test was also used to determine the construct validity, and all questions had a factor loading higher than 0.3. The structural equation modeling analysis method was performed using AMOS24 software. The findings from structural equation modeling showed that brand knowledge, emphasizing the mediating role of the quality perception has an impact on future purchases of sports products. The fit indices also confirmed the suitability of the model. Sports product manufacturers can help customers select and purchase their products by identifying product quality signs and considering these signs in the product production plan. This strategy can increase customer trust and encourage future purchases, which will ultimately lead to improved brand performance in a competitive market. Introduction Throughout history, registering personal symbols and works has always been of interest (Jafari et al., 2020). The term "brand" emerged in the field of marketing in the early 21st century (Dasic et al., 2021), and today the issue of branding in sports has many supporters (Zakerian et al., 2020). Peters (1997) defined personal branding as a marketing tool for self-promotion and achieving business goals (Park et al., 2020). Customer perceptions of a brand direct their behavior and are critical for organizations. Positive perceptions lead to sustainable competitive advantage that allows them to sell products at higher prices, increase market share, develop effective relationships, and build consumer loyalty (Dedeoglu et al., 2019). On the other hand, purchase intention indicates a customer’s interest in a brand or product and the likelihood of purchasing it, and is related to attitude and preference towards the brand (Wang & Chen, 2019). In today’s dynamic market with intense competition and changing consumer behavior, maintaining brand loyalty is a serious challenge (Nengsih et al., 2023). This loyalty is influenced by positive experiences, emotional connections, and perceived value (Agnihotri, 2023). However, constant changes in consumer preferences make it difficult for brands to adapt to changing needs (Othman et al., 2022). Also, prioritizing factors such as convenience, price, and quality over brand identity has led to a decrease in the importance of brand loyalty (Kato et al., 2021). Therefore, the present study aims to answer the question: how brand knowledge affects perceived quality and future purchase, and how perceived quality affects future purchase of sports products? Theoretical Framework Brand Quality Brand quality, as an important component of customer-based brand equity, refers to customers' overall perception of the quality of a brand's product. Brand recognition and perceived quality significantly affect future purchases of sports goods. High brand awareness and trust increase consumers' willingness to purchase, strengthen loyalty, and repeat purchase intention, especially when consumers prioritize quality and reliability in their purchase decisions. The increasing emphasis on brand awareness and perceived quality necessitates companies to invest in effective marketing strategies that resonate with their target audiences, ultimately increasing sales and strengthening customer loyalty (Ramadhani et al., 2022). Perceived brand quality refers to consumers' evaluation of the overall superiority or superiority of a brand. It should be noted that higher perceived brand quality significantly positively affects consumer purchase decisions (Wakirva et al., 2024). Future purchase Purchase intention refers to the prediction of the consumer's likelihood of willingness to purchase a product, such that the higher the likelihood of willingness, the stronger the purchase intention, and consequently, the higher the purchase intention, the more likely the occurrence of actual purchase. Purchase intention can be predicted from attitudes, subjective norms, and observed behavioral control. Behavioral intention indicates the intensity of an individual's intentions and will to perform the target behavior. The relationship between behavioral intention and behavior indicates that individuals tend to engage in behaviors that they intend to perform (Eskandari et al., 2021). Purchase intention refers to a consumer's decision to purchase a product after making an evaluation in the future. The purchase intention process begins with product evaluation. People use their existing knowledge, experience, and external information to make the evaluation (Chen & Lee, 2020). Brand Knowledge Brand knowledge can be interpreted as knowledge about a brand in a person's mind that is stored in the consumer's memory, that is, all information about a brand is both descriptive and evaluative (Revaliana & Susilawaty, 2023). It has also been shown that brand knowledge is based on constant communication with consumers that evokes a real understanding of the product or service, so brand knowledge can understand explicit and tacit knowledge; so that Keller (Cheung et al., 2020) states that brand awareness and brand image are important components of brand knowledge. Firmansyah et al., (2024) conducted a study titled Repurchase Intention in Chinese Smartphone Brands. The results showed that the important role of country image, perceived quality, and perceived value in influencing the willingness to repurchase Chinese smartphone brands. This study also proves the important role of perceived quality in perceived value and repurchase intention in Chinese smartphone brands. Shabrina Wafa et al., (2022) in their study titled The Effect of Brand Awareness, Brand Associations, and Perceived Quality on Nike Basketball Shoes Purchase Decisions show that brand awareness and perceived quality significantly affect Nike basketball shoes purchase decisions and indicates that increasing these factors can have a positive impact on future purchases of sporting goods among consumers, especially in the basketball community in Venusobo. Rafdinal & Suhartanto (2020) in a study titled Loyalty Model for Ethnic Restaurants: The Role of Quality and Value show that consumers make repeat purchases when they feel the added value they receive from using a product, such as ease of access to the product, reasonable price, and product benefits. Research Methodology The present study is of a descriptive-survey type and falls into the category of applicable research. The statistical population consisted of physical education students at Tehran state universities. Due to the uncertainty of the population size, a sample size of 384 people was selected based on the Krejci and Morgan table (for an unlimited population). Data were collected with a 24-question researcher-made questionnaire (a combination of several questionnaires). The face and content validity of the questionnaire was confirmed by sports marketing experts, and the construct validity was also examined with exploratory factor analysis (factor loadings >0.3). Data analysis was performed by structural equation modeling in AMOS24 software. Research findings The results of the path analysis showed that brand knowledge has an effect on perception of quality with a standard coefficient of 0.43, on future purchase with a standard coefficient of 0.19, and on quality perception with a standard coefficient of 0.67. These findings indicate that brand knowledge, especially by creating positive experiences for customers, can affect their purchasing decisions. In addition, a positive perception of product quality is an important factor in increasing the likelihood of future purchase. Conclusion This study aimed to present a model of the effect of brand knowledge and quality perception on future purchase of sports products among sports science students of public universities in Tehran. The results of the study are consistent with the results of Konjkav et al., (2019), Ayuni & Porwanto (2023), Babayifarsani et al., (2022), Almursyid et al., (2024), Hernandez & Lewis (2019), Behrozi & Sohrabi (2022) and Ezati & Mazaheri (2021), and the findings of Chen & Lin (2019). The results of the study showed that successful experiences of purchasing sports products can lead to increased consumer trust and increased brand loyalty. It was also suggested that sports brands should improve brand knowledge and quality perception by focusing on improving product quality, providing transparent information, and using effective advertising. Based on the present study, the following suggestions are made:  Considering the importance of brand knowledge and quality perception, sports brands should develop marketing and advertising programs tailored to customers' needs and expectations.  Examining consumer behavior and using their feedback can help improve the shopping experience and promote customer loyalty.  Sports brands should pay special attention to transferring accurate knowledge and information about the quality and features of their products.  Sports brands should try to create a positive perception of their brand quality in the minds of customers by emphasizing the quality of their products, especially through advertising and introducing outstanding product features.  Providing clear and accurate information about the features and benefits of products can help increase customer trust and loyalty and pave the way for future purchases of these brands.

Abstract Abstract The present study was conducted with the aim of investigating the effect of customer insulting behavior and work stress on job satisfaction with the mediating role of job burnout. The statistical population in this study is the employees of Sepah Bank branches in Mashhad with a number of 630 people, and the minimum sample size was determined as 240 people by the Cochran formula. The sampling method was available non-probable. In this study, the data collection tool was a standard questionnaire, which was translated and localized, and its validity and reliability were examined. Cronbach's alpha and composite reliability coefficient were used for reliability, the content validity was confirmed by professors, and the construct validity was confirmed by confirmatory factor loadings analysis. In order to examine the hypotheses, structural equation modeling was facilitated using SmartPLS software. Based on the results obtained, the direct effect of customer insulting behavior and work stress on job burnout was confirmed. The effect of job burnout on employee job satisfaction was also confirmed. In this study, the direct effect of customer insult behavior and work stress on job satisfaction was not confirmed, but they affect job satisfaction through job burnout. Introduction Job satisfaction is one of the key concepts in human resource management that has a significant impact on the individual and organizational performance of employees. Job satisfaction is defined as a positive and enjoyable feeling towards a job that can lead to improved productivity, increased employee retention in the organization, and improved organizational performance. However, job satisfaction is affected by several factors, including customer insult behavior and work stress. In service organizations, employees constantly interact with customers, and these interactions can lead to inappropriate behaviors from customers. Customer insult behavior, as one of the stressors in the workplace, can have a negative impact on employee well-being and job satisfaction (Judge et al., 2020). On the other hand, work stress is also known as one of the factors affecting job satisfaction. Work stress can be caused by high workload, time pressure, role conflict, and other factors related to the workplace (Yang, 2019). Chronic work stress can lead to emotional exhaustion, reduced energy, and ultimately burnout. Burnout, as a syndrome caused by chronic stress, is accompanied by symptoms such as reduced energy, pessimism about the job, and reduced professional efficiency. This phenomenon can have a negative impact on job satisfaction and employee performance. Based on what has been explained, this study seeks to find an answer to the following question: What is the effect of abusive customer behavior and work stress on job satisfaction with the role of a mediator of burnout? Accordingly, the results of this study can be applicable to managers of service-oriented organizations and companies in addition to bank managers. Literature and Research Background Job Satisfaction Job satisfaction, as one of the most important concepts in human resource management, has a significant impact on individual and organizational performance. Job satisfaction is defined as a positive and enjoyable feeling towards one's job that can lead to improved productivity and increased employee retention in the organization. Job satisfaction is influenced by several factors, including working conditions, relationships with colleagues, payments and benefits, and work-life balance. Researches have shown that job satisfaction is positively associated with productivity, organizational commitment, and reduced turnover rates (Prasetyo et al., 2021). Customer Offensive Behavior Customer offensive behavior refers to physical or verbal behaviors by customers that are contrary to social norms and organizational expectations. These behaviors can include disrespect, insults, aggression, and other inappropriate behaviors. Customer offensive behavior can have a negative impact on employees' well-being and job satisfaction, leading to increased levels of stress and emotional exhaustion. Research has shown that customer offensive behavior is positively associated with increased levels of work stress and burnout (Bi et al., 2021). Work stress Work stress, as one of the factors affecting job satisfaction, can be caused by high workload, time pressure, role conflict and other factors related to the work environment. Chronic work stress can lead to emotional exhaustion, reduced energy and ultimately burnout. Researches have shown that work stress is positively associated with reduced job satisfaction and increased turnover rates (Prasetyo et al., 2021). Job burnout As a syndrome caused by chronic stress, burnout is associated with symptoms such as reduced energy, pessimism towards the job, and reduced professional efficiency. This phenomenon can have a negative impact on job satisfaction and employee performance. Job burnout is often caused by continuous stressful interactions with customers, high workload and lack of organizational support. Researches have shown that burnout is positively associated with reduced job satisfaction and increased turnover rates (Soelton el al., 2020). Research Background The the research results of Mehrara & Bahramzadeh (2023) entitled The Effect of Electronic Service Quality on Customer Behavior with the Mediating Role of Customer Satisfaction (Case Study of Digikala Online Store Customers in Sari City), showed that customer satisfaction has a significant effect on customer behavior in online shopping, purchase motivation, and purchase behavior from the Digikala online store. Gustiawan et al., (2023) conducted a study entitled Customer Rudeness, Employee Burnout, and Job Satisfaction in the Indonesian Hospitality Sector: A Socio-Economic Situation Perspective. The results of the study of 192 statistical samples collected show that customer insulting behavior has a positive and significant effect on employee burnout and emotional exhaustion. Also, rude behavior reduces employee job satisfaction. Pu et al., (2022) conducted a study entitled The Effects of Customer Rudeness on Turnover Intention in Chinese Hotel Employees: A Chain Mediation Model. The results show that customer rudeness affects employees' turnover intention by affecting job burnout, job satisfaction, and professional identity. Research Methodology This research is applicable in terms of purpose, and descriptive-survey in terms of method. The statistical population of this research includeds all employees of Sepah Bank branches in Mashhad with a number of 630 people, and using the Cochran formula, the minimum sample size was determined as 240 people. The sampling method in this research was non-probable and available. The data required for this research were collected through documentary methods and internet search as well as field methods. The data collection tool was a standard questionnaire, examined for validity and reliability after translation and localization. Cronbach's alpha and composite reliability coefficient were used to examine reliability, and its content validity was confirmed by professors, and construct validity was confirmed by confirmatory factor loadings analysis. Research findings The results of this study were presented in the form of 2 main hypotheses and 5 sub-hypotheses and were tested: Insulting customer behavior has an effect on job satisfaction of employees of Sepah Bank in Mashhad with the mediating role of job burnout. The results show that the path coefficient is -0.103, the significance level is 0.011, and the t-statistic is 2.547, which confirms the first main hypothesis. The VAF index was also 0.83, which indicates the full role of job burnout as a mediating variable. In the second main hypothesis, work stress has an effect on job satisfaction with the mediating role of job burnout. The results of this hypothesis were also confirmed with a path coefficient of -0.338, a significance level of 0.000, and a t-statistic of 9.266. In examining the sub-hypotheses, customer insulting behavior did not have a significant direct effect on job satisfaction (path coefficient: 0.007, significance level: 0.925, and t-statistic equal to 0.094), but it had a significant effect on burnout (path coefficient: 0.186, significance level: 0.003, and t-statistic equal to 2.960). On the other hand, work stress did not have a significant direct effect on job satisfaction (path coefficient: 0.044, significance level: 0.679, and t-statistic equal to 0.415), but it had a significant effect on burnout (path coefficient, 0.610, significance level 0.000, and t-statistic equal to 10.248). Finally, burnout had a significant and negative effect on job satisfaction (path coefficient -0.55, significance level 0.000, and t-statistic is 10.706). Discussion and Conclusion The results of this study show that customer insulting behavior and work stress do not directly affect job satisfaction, but they do affect job satisfaction through job burnout. These findings highlight the importance of managing job burnout in service organizations such as banks. Organizational managers should prevent job burnout by creating a positive work environment, reducing work stress, and providing necessary support for employees. Also, training employees in dealing with customer insulting behavior and using new technologies to reduce direct interactions with customers can help reduce work stress and improve job satisfaction. Based on the results obtained, the following suggestions are made: Increasing informal interactions: Holding recreational and sports camps and competitions between branches can help improve employee interactions and reduce burnout. Matching workload to employee capabilities: Managers should match employee workload and responsibilities to their capabilities to prevent stress and burnout. Conflict management: Managers’ support for employees when organizational problems arise and managing conflicts can help reduce burnout. Using new technologies: Using offline services and service kiosks can prevent abusive customer behavior. Employee training: Training employees in dealing with angry and dissatisfied customers can help reduce work stress and improve job satisfaction.

Abstract Abstract The aim of this study is to investigate the effect of intellectual capital on organizational entrepreneurship by considering the mediating role of knowledge management in small and medium-sized enterprises in the Shiraz Special Economic Zone. The present study is applicable in terms of its purpose, and is of a descriptive-correlational type. The statistical population of the study includes managers, experts, and employees of small and medium-sized enterprises located in this region. The sample size was determined 236 people by the Cochran formula, and the sampling was carried out randomly. The data collection tool is the standard questionnaires of intellectual capital, knowledge management, and organizational entrepreneurship. SPSS and LISREL software were used to analyze the data. The results of the study showed that intellectual capital, including the three dimensions of human capital, structural capital, and relational capital, has a positive and significant effect on organizational entrepreneurship. Also, the mediating role of knowledge management in this regard was confirmed; in such a way that knowledge management has strengthened the connection between intellectual capital and organizational entrepreneurship and has paved the way for the promotion of innovation and competitiveness in organizations. Accordingly, it is suggested that managers of small and medium-sized companies strengthen the entrepreneurial capacities of their organizations by developing intellectual capital and establishing effective knowledge management systems. Introduction A study of the economic development process in advanced countries has shown that organizational entrepreneurship, as an influential factor, has played a pivotal role in increasing gross national product, creating wealth, creating employment, and improving productivity (Fu et al., 2019; Gaur, 2024). This type of entrepreneurship is considered a strategic tool for sustainable growth at the national level by creating innovative opportunities, especially in the face of challenges such as the employment crisis and the decline in the quality of services and products (El Annan & Haidoura, 2023). In this regard, organizations have shown increasing attention to the effective use of intangible resources such as intellectual capital and organizational knowledge to strengthen their entrepreneurial capabilities. Intellectual capital includes knowledge, skills, and organizational relationships, which consist of three dimensions: human, structural, and relational. This capital can provide a suitable platform for the growth of innovation and the empowerment of the organization in taking advantage of opportunities (Shashila & Chitra, 2024; Naderi et al., 2016). On the other hand, knowledge management, as a mechanism for creating, storing, sharing, and applying knowledge, has the ability to transform these capitals into practical processes for creating value (Truong et al., 2023). Numerous studies have identified intellectual capital as a predictor of organizational entrepreneurship, and knowledge management as a mediating variable (Nikookar et al., 2014; Yu et al., 2022). In the conceptual model of this study, the relationship between these three variables has been examined with a causal and empirical approach. Considering the importance of small and medium-sized enterprises in the growth of the local and regional economy, and given the specific conditions of the Shiraz Special Economic Zone, it seems necessary to examine the role of intangible capital in enhancing the entrepreneurial capacity of these companies. While they have high potential, these companies face challenges such as lack of knowledge resources and weakness in utilizing knowledge capacities. Therefore, the main question of the research is: Can intellectual capital, with the mediating role of knowledge management, affect organizational entrepreneurship in small and medium-sized enterprises in the Shiraz Special Economic Zone? Theoretical framework Intellectual capital, as a set of intangible assets such as knowledge, skills, experience, organizational structures, and communication networks, helps organizations create sustainable competitive advantage (Sujatha & Shanker, 2024). This capital consists of three main components: human capital (employee capabilities and knowledge), structural capital (processes, databases, and intra-organizational technologies), and relational capital (relationships with customers, suppliers, and other stakeholders). Research evidence shows that these dimensions can provide a platform for the growth of organizational entrepreneurship by facilitating decision-making, creating innovation, and promoting organizational interactions (Hosseinpour & Ahoopay, 2013; Naderi et al., 2016). Accordingly, the first research hypothesis is proposed: "Intellectual capital has a positive and significant effect on organizational entrepreneurship." On the other hand, intellectual capital provides the necessary infrastructure for the production, management, and application of knowledge in the organization. In this context, human capital by providing knowledge content, structural capital by facilitating access to information, and relational capital by promoting knowledge interactions play a complementary role in the knowledge management process (Truong et al., 2023(. As a result, the second hypothesis is formulated as follows: "Intellectual capital has a positive and significant effect on knowledge management." Knowledge management, as a systematic process for identifying, storing, sharing, and applying knowledge, is also considered a key factor in facilitating the innovation process and identifying entrepreneurial opportunities (Yoon et al., 2018). Organizations performing more successfully in knowledge management usually appear more capable of entrepreneurial orientation (Akinlotu & Inal Cavlan, 2023). Therefore, the third research hypothesis is stated as follows: "Knowledge management has a positive and significant effect on organizational entrepreneurship." Finally, considering the interaction between intellectual capital and knowledge management, it can be expected that knowledge management, as a mediating variable, plays an effective role in the effective transfer of intellectual capital to entrepreneurial practices. This process can be carried out by strengthening innovation, organizational learning, and improving the organization's capacity to respond to environmental changes (Allameh & Massoudi, 2015). Therefore, the fourth hypothesis of the research is as follows: "Knowledge management plays a mediating role in the relationship between intellectual capital and organizational entrepreneurship." Research Methodology The present research is of an applicable type in terms of purpose and descriptive-correlational in terms of methodology. The statistical population of the research includes all employees working in small and medium-sized companies in the Shiraz Special Economic Zone in 2024. Considering the population of 721 people, the sample size was determined as 236 people using the Cochran formula, and the sampling was carried out in a stratified random manner. The data collection tools were three standard questionnaires to measure intellectual capital (19 items), knowledge management (28 items), and organizational entrepreneurship (13 items). The validity of the tools was examined and confirmed through confirmatory factor analysis, and their reliability was examined and confirmed with Cronbach's alpha and composite reliability index. LISREL software and structural equation modeling method were used to analyze the data. Also, fit indices such as RMSEA, GFI, NFI, IFI, and CFI were used to evaluate the validity of the model. Research findings The findings from structural equation modeling showed that intellectual capital has a direct, positive and significant effect on organizational entrepreneurship (path coefficient=0.76; t=4.44). Intellectual capital also had a significant effect on knowledge management (path coefficient=0.80; t=11.93), and knowledge management also showed a positive and significant effect on organizational entrepreneurship (path coefficient=0.48; t= 5.73). The mediating role of knowledge management in the relationship between intellectual capital and organizational entrepreneurship was also statistically significant, so that the existence of knowledge management in the organization strengthened the impact of intellectual capital on organizational entrepreneurship. The structural model fit indices were also evaluated at an acceptable level; such that RMSEA was reported to be 0.053, and CFI to be 0.924, and other indices including IFI, NFI and RMR also indicated a favorable fit of the final model. Conclusion The present study aimed to investigate the effect of intellectual capital on organizational entrepreneurship with the mediating role of knowledge management in small and medium-sized enterprises in the Shiraz Special Economic Zone. The results obtained are consistent with the findings of previous studies, including the studies of Allameh & Massoudi (2015), Truong et al., (2023), Yusrifalda et al., (2024), Yoon et al., (2018), and Akinlotu & Inal Cavlan (2023). These studies also emphasized the importance of knowledge infrastructure and the vital role of intellectual capital and knowledge management in facilitating innovation processes and creating organizational value. For example, Truong et al., (2023) showed that different dimensions of intellectual capital, including relational and structural capital, pave the way for improving the entrepreneurial capacities of the organization by strengthening knowledge networks and creating a suitable platform for knowledge sharing. Also, Akinlotu & Inal Cavlan (2023) have pointed out the facilitating role of knowledge management in identifying entrepreneurial opportunities and increasing the responsiveness of organizations to environmental changes. The results of this study confirm and strengthen the previous literature from the perspective of the combined effect of intellectual capital and knowledge management on organizational entrepreneurship. From a theoretical perspective, this study is one of the first studies that specifically examines the effect of intellectual capital on organizational entrepreneurship with the mediating role of knowledge management in small and medium-sized enterprises in the Shiraz Special Economic Zone, and has taken a step towards developing existing knowledge in this field. From a practical perspective, the results of the study can help managers of these companies develop effective strategies for developing intellectual capital, improving knowledge management systems, and enhancing entrepreneurial capacities. In line with the findings obtained, it is suggested that organizations focus more on the following areas: Investing in the development of intellectual capital, including specialized training, creating technological infrastructure, and strengthening communication networks. Establishing effective knowledge management systems with the aim of facilitating the storage, sharing and application of organizational knowledge. Increasing innovative capacities through knowledge management by utilizing research and development programs and analyzing market needs. Developing supportive policies for organizational entrepreneurship, including internal incentives and interaction with universities and research centers. Formulating sustainable competitiveness strategies by relying on new technologies and strengthening data-driven decision-making capabilities.

Abstract Abstract
The aim of this study is to investigate the effect of strategic flexibility on the export performance of companies in Khorasan Science and Technology Park through international marketing capability. It also examines whether the adoption of digital technology by these companies moderates the effect of strategic flexibility on international marketing capability. This study is applicable in terms of its purpose, and survey in terms of its implementation method. The statistical population of the present study is all managers of companies in Khorasan Science and Technology Park, as many as 160 people; among whom 141 samples were selected using non-random sampling method. The data collection tool was the standard questionnaire of Zohur and Liu (2023) with 19 items. The experts' point of view, convergent and divergent validity, and factor analysis were used to assess face validity. Cronbach's alpha and composite reliability were used to measure reliability. Data analysis was performed using structural equation modeling and SmartPLS 3 software. The results showed that strategic flexibility has a significant effect on international marketing capabilities and export performance of knowledge-based companies. Also, strategic flexibility has a significant effect directly and indirectly, through the mediating role of international marketing capabilities, on export performance of knowledge-based companies. The moderating role of adaptation to digital technologies in the effect of strategic flexibility on international marketing capabilities was not confirmed.
Introduction
Strategic flexibility acts as an organization's agility in identifying and adapting to sudden and significant environmental changes (Vorhies et al., 2009). These changes include events in the organization's environment that have a significant impact on its performance. Any organization that has more diversity in its resources and programs will be more flexible compared to the environment in which it operates. This flexibility is important for organizations as a competitive advantage, along with factors such as cost, quality, and innovation (Khodami et al., 2012). Flexible organizations can use environmental changes as an opportunity for progress. Flexibility management is a delicate skill that balances the allocation of resources necessary for timely decisions and avoiding risky investments (Vorhies et al., 2005). In international marketing, the suitability of decisions with the cultural criteria of societies is the key to success. In fact, these criteria are considered the criteria for accepting or rejecting marketing strategies in each country (Faiz et al., 2012). Despite its numerous advantages, strategic management also has disadvantages; it reduces the organization's flexibility: focusing on strategy can prevent the organization from reacting quickly to environmental changes (Ravichandran & Lertwongsatein, 2015). Given Iran's shared borders with its neighbors and the size of its neighbors' populations, there will be a very high potential for companies active in the field of producing goods or services to achieve the expected figures in exports. The expansion of knowledge-based companies active in the field of exports, in addition to earning foreign exchange for the country, will lead to the growth of manufacturing companies, increase the gross domestic product, and also significantly increase the country's employment rate. Therefore, in this study, the aim is to clarify the effect of strategic flexibility on export performance through the mediating role of international marketing capabilities and the moderating role of adapting to digital technologies in knowledge-based companies in the Khorasan Science and Technology Park. Therefore, the above points clarify the importance and necessity of the upcoming research.
Theoretical Framework
Strategic Flexibility
Strategic flexibility is an arsenal of capabilities that gives firms the power to adapt and change. This ability helps and empowers firms against environmental changes and enables them to adapt to changes in large competitive markets. The power of international strategy lies in its flexibility, which allows companies to take advantage of environmental uncertainties, exchange rate fluctuations, government policies, and competitors' actions (Protogerou et al., 2018). Analyzing strategic flexibility is of great importance in the process of company internationalization (Xu et al., 2018).
Firm Export Performance
The global growth of markets and the increasing participation of organizations in the global arena over the past years have created a significant trend in recent research to study the export performance of firms (Di Fatta et al., 2019). The purpose of export performance is to determine the extent to which the company was able to achieve its desired goals in the field of exports and international trade and to what extent it achieved the predicted outlook (Alteren & Tudoran, 2016).
International Marketing Capability
In today’s interconnected world, a thorough understanding of each country’s issues and challenges is essential for successful entry into global markets. Adopting strategies tailored to each country’s and market’s conditions and taking specific actions in high-risk environments will be the key to success in international trade (Vorhies & Morgan, 2013). In order to survive and outperform competitors, organizations have no choice but to equip themselves with an arsenal of powerful marketing tools. Marketing capabilities serve as a roadmap for developing effective business strategies and play a vital role in the performance and success of businesses. These capabilities act as catalysts that bring about appropriate behaviors to improve marketing performance (Morgan et al., 2018).
Digital Technologies
Information and communication technologies are recognized as one of the main fields of entrepreneurship in today’s world (Del Giudice et al., 2019). In addition to transforming structures and procedures, these technologies have enabled companies to achieve economic growth (Rashidi et al., 2023). Digital technology with a social media approach can play a role in guiding various factors and areas to create new businesses. To achieve efficient entrepreneurship in this field, we must carefully consider all the environmental threads that affect our work, like a skilled weaver, and delicately weave them into the threads of our ideas and creativity (Salamzadeh et al., 2019).
Research Methodology
The present study is applicable in terms of purpose, and survey in terms of implementation method. The statistical population of the present study is all managers of companies in Khorasan Science and Technology Park; 160 persons among whom 141 samples were selected using non-random sampling method. The data collection tool was the standard questionnaire of Zohoor and Liu (2023) with 19 items.
Research findings
Data analysis was performed using the structural equation modeling method and SmartPLS 3 software. The results showed that strategic flexibility has a significant effect on international marketing capabilities and export performance of knowledge-based companies. Also, strategic flexibility has a significant effect directly and indirectly, through the mediating role of international marketing capabilities, on the export performance of knowledge-based companies. The moderating role of adaptation to digital technologies in the effect of strategic flexibility on international marketing capabilities was not confirmed.
Conclusion
The first objective of this study was to investigate the effect of strategic flexibility on the international marketing capabilities of export companies in Khorasan Science and Technology Park. The results confirm the significance of this effect. The second objective of this study was to investigate the effect of strategic flexibility on the export performance of export companies in Khorasan Science and Technology Park. Accordingly, the results indicate that this effect is significant and the second hypothesis is confirmed. The third objective of this study was to investigate the effect of international marketing capability on the export performance of exporting companies in Khorasan Science and Technology Park. The results confirm the significance of this effect. The fourth objective of this study was to investigate the effect of strategic flexibility on export performance through the mediating role of international marketing capabilities in exporting companies in Khorasan Science and Technology Park. Accordingly, the results confirm the significance of this effect. The fifth objective of this study was to investigate the moderating role of adaptation to digital technologies in the effect of strategic flexibility on the digital marketing capabilities of companies in Khorasan Science and Technology Park. It can be concluded that the adaptation to digital technologies variable does not moderate (strengthen or weaken) the relationship between strategic flexibility and international marketing capabilities. These results were in line with the results of Sharafi & Mombeyni (2023), Behboodi et al., (2022), Amooamooha & Yazdani (2021), bashir khodaparasti et al., (2020), Nowrozi & Masum (2018), Evanthi & Azhar (2023), Navarro-Garcia et al., (2024), Zahoor & Lew (2023), Ling-Yee & Ogunmokun (2014), and (Joseph (2020).
According to the research results, the following suggestions were made:
Managers of Khorasan Science and Technology Park companies should pay attention to the tastes of consumers in the destination market and the quality of products in order to improve international marketing capabilities.
Managers of Khorasan Science and Technology Park companies, with the help of government organizations (such as the Export Development Center), should form a committee or union to conduct marketing research and exchange information.
Managers should reflect more on decisions about the marketing mix in the field of exports and examine target markets more and better.
Managers of Khorasan Science and Technology Park companies should consider the differences in their company's communication infrastructure, marketing, and legal systems with the target market.
Managers of Khorasan Science and Technology Park companies should invest in adopting digital technologies that can provide timely access to information and identify market opportunities.

Abstract Abstract
This study was conducted with the aim of designing and validating a model for evaluating the financing policies of the Ministry of Industry, Mine and Trade in industrial enterprises in northern Kerman province. This study, using a descriptive-survey method and a confirmatory factor analysis approach, has provided a scientific and indigenous framework for evaluating the effectiveness of these policies. The statistical population consisted of 1,804 managers and experts of industrial enterprises in northern Kerman province, of which a sample of 317 was selected by a simple random sampling method. Data were collected through a 57-question Likert-scale questionnaire and analyzed with LISREL software. The results showed that the proposed model, consisting of 9 organizing themes (laws and policies, feasibility and estimation, support and interaction, consolidation and development, feedback and performance analysis, risk-taking and evaluation, monitoring and control, management and implementation, allocation and financing), has high validity and reliability. The model fit indices (GFI, CFI, NFI close to 1, RMSEA less than 0.08, and Chi2/df less than 3) confirmed the strong fit of the model. Confirmatory factor analysis showed that all dimensions of the model have a positive and significant relationship with the evaluation of financing policies, with the highest impact related to "laws and policies" and "feasibility and estimation".
Introduction
In economic systems, financing the production sector, especially industrial enterprises, is considered as one of the fundamental pillars of sustainable development and economic independence. In Iran, given the structural challenges such as international sanctions, exchange rate fluctuations, and dependence on oil revenues, the role of government institutions in directing financial resources to the production sector has gained special importance. In the meantime, the Ministry of Industry, Mines and Trade (MIMT), as a pivotal institution in supporting production, is responsible for formulating and implementing financing policies for industrial enterprises. These policies are formed within the framework of upstream documents such as general policies of the resistance economy, five-year development plans, and the law on the protection of national productions, and are implemented through tools such as specialized funds, bank facilities, and export guarantees. However, systematic evaluation of these policies and examination of their effectiveness always requires a scientific and generalizable model. The present study was conducted on the topic of "Designing a model for evaluating the financing policies of the Ministry of Industry, Mines, and Trade in industrial enterprises", the main goal of which is to design a scientific and practical framework for evaluating the effectiveness of the financing policies and programs of the Ministry of Industry, Mines, and Trade in supporting the country's industrial enterprises. The importance of this research is evident from two theoretical and practical perspectives; from a theoretical perspective, the lack of comprehensive studies in the field of industrial financing policy evaluation has made this research a pioneering study; and from a practical perspective, given the vital role of the industrial sector in economic growth and job creation, effective evaluation of financing policies can help improve policymaking decisions (Safari & Ahmadi, 2021). Therefore, the main question of this study is: does the design of the Ministry of Industry, Mines and Trade’s financing policy evaluation model in industrial enterprises have the necessary validity?
Theoretical foundations
Policy evaluation
Policy evaluation, as one of the main pillars of good governance and continuous improvement of the performance of public institutions, means the systematic process of collecting, analyzing and interpreting evidence about the design, implementation and results of a public policy in order to judge its efficiency, effectiveness, fairness, transparency and accountability (Weimer & Vining, 2017). This process is not simply a performance monitoring tool, but an organizational learning mechanism that allows policymakers to learn from past successes and failures and improve future decisions (OECD, 2020).
Industry Finance
Industry finance refers to a set of policies, instruments, and mechanisms used to provide industrial firms with the financial resources they need for production, innovation, technological development, and competitiveness (World Bank, 2021). This process can be carried out through the public sector (e.g., state-owned banks, development funds), the private sector (e.g., commercial banks, direct investment), or a combination of both.
Botshekan et al. (2025) conducted a study entitled "Identifying Indicators Affecting Mining Sector Financing in Iran". These studies were coded using MAXQDA software and the overarching, organizing, and basic themes were identified and an initial conceptual model was extracted. The initial conceptual model was completed through interviews with experts. The expert community includes experts in the fields of financing and mining selected through purposive and snowball sampling. Finally, the resulting conceptual model shows that any comprehensive solution to improve mining financing must present its solutions in three dimensions: macroeconomic, financial, and operational. According to the findings of this study, these dimensions include a total of ten components, and these components include a total of forty-eight indicators that determine the characteristics of the mining financing model.
Hosseini et al. (2024) conducted a study entitled "A Model for Improving Iron Ore Mining Financing". In this study, first the main themes were extracted through content analysis by studying existing documents and conducting interviews with informed individuals. The main themes are: 48 basic themes, 10 organizing themes, and 3 overarching themes. Then, a conceptual model of the mining financing pattern was obtained at three levels of dimensions, components, and indicators. At this stage, the interviewed experts were selected through purposive and snowball sampling. Then, this conceptual model was provided to the experts with strategies for improving the identified indicators and using a questionnaire for a survey. The experts were selected through purposive sampling from among experts in the iron ore mining industry, experts in financing in the capital market and banking network, and legal experts. Their responses were examined using confirmatory factor analysis. Finally, the conceptual model and solutions obtained from the studies of this research were confirmed. The most important solutions are presented in order to eliminate the budget deficit, adjust the policies of the central bank, manage risk, increase industry efficiency, improve laws and regulations, and make institutions more efficient.
Research Methodology
The present study is a descriptive survey research that can be classified as an applicable study in terms of its purpose. The statistical population of this study consists of 1804 CEOs, vice presidents, financial managers, and accountants of industrial enterprises operating in the north of Kerman province. The sample size was calculated by the Cochran formula and at a 95% confidence level and a 5% error rate, as many as 317 people. The members of the statistical sample were selected by simple random sampling. A researcher-made questionnaire with 57 questions based on a five-option Likert scale was used to collect the required data. In order to examine the validity of the model under study, confirmatory factor analysis technique was used through LISREL software. In this study, the content validity index technique was used to examine the validity of the questionnaires used in the study. For this purpose, the questionnaire was distributed among 5 experts.
Research findings
The findings of this study showed that using confirmatory factor analysis (CFA), not only confirmed the validity and reliability of the model, but also provided the possibility of prioritizing the components and methods of financing. The most important finding is the strong dependence of 92% on banking resources and the weakness in using modern methods (such as capital markets and bonds). This dependence makes the financing system very vulnerable to economic fluctuations.
Conclusion
The results of this study are consistent with the results of Botshekan et al. (2025), Hosseini et al. (2024), World Bank (2021), Shahsavari et al. (2022), Razavi (2019) and Botshekan et al. (2025). The resulting conceptual model shows that any comprehensive solution to improve mining financing should present its solutions in three dimensions: macroeconomic, financial, and operational. According to the findings of this study, these dimensions include a total of ten components, and these components include a total of forty-eight indicators that determine the characteristics of the mining financing model. Hosseini et al. (2024) showed that the most important solutions are presented in order to eliminate the budget deficit, adjust central bank policies, manage risk, increase industry efficiency, improve laws and regulations, and make institutions more efficient.
Based on the results of this study, the following recommendations are made:
In order to strengthen the legal and policy frameworks governing the financing of industrial enterprises, it is recommended that the Ministry of Industry, Mines and Trade (MIMT) create a comprehensive database of financial laws and guidelines that includes banking financial laws, requirements and guarantees, guidelines, government policies, and customs tariffs. This database should be designed in a digital and accessible format for industrial enterprises in northern Kerman province to improve transparency and access to policy information and simplify the process of applying for facilities. 

Abstract Abstract The main objective of this research is to design and explain the conceptual model of persuasiveness in social media messages for promoting green products. This research is applicable and developmental in terms of purpose, and mixed (qualitative-quantitative) in terms of approach. In the qualitative part, the statistical population included experts in the fields of green marketing, advertising, and business management, from whom 15 people were selected by purposive sampling and based on the principle of theoretical saturation. Data were collected through semi-structured interviews and analyzed by Brown and Clark's thematic analysis method in six stages. In this stage, 62 initial codes were identified, which, after coding and aggregation, were classified into 18 organizing codes and 8 overarching themes. At this stage, using the interpretive structural modeling (ISM) method, self-interaction matrices, initial and final access were prepared and the relationships between the components were determined in the form of six hierarchical levels. Four criteria of validity, reliability, confirmability and transferability were also used to validate the qualitative data. Cohen's kappa coefficient (0.72) was also used to measure the reliability of the analyses. The findings showed that "social participation and collective responsibility in the environment" is at the highest level of the model (level six) and is considered the most important factor affecting persuasion. In contrast, "digital and media capacity" and "cultural-personality characteristics of consumers" have the highest level of dependence and are located at the first level of the model. Introduction Today's world is constantly changing; transformations that are mainly the result of scientific advances and emerging technologies and have a wide impact on the individual and social lives of humans. In recent years, communication and information technologies have grown and developed more significantly than any other technology (jafari et al., 2017). Since the 1970s, with the beginning of the communication and information technology revolution in Western countries, new tools such as satellites, the Internet and mobile phones have entered the field, caused a significant change in the level of expectations, norms and social interactions (bastani et al., 2017). Simultaneously with these developments, new communication technologies, especially social networks, have provided an efficient and low-cost space for communication and interaction between individuals and organizations; in such a way that these media, due to the possibility of access at any time and place and the active participation of users, have gained a more prominent and effective role than other media (Mahmoud et al., 2020). Today, citizens are able to receive and analyze information and news content at the lowest cost and fastest speed, and this process can lead to the formation of perceptions that are in line with reality or sometimes distorted (lin et al., 2020, hamidi zadeh, 2019). Since social networks host diverse segments and groups of society with different interests and approaches, the reflection of persuasive messages in this space can promote the acceptance and support of various products, especially green products. By using marketing on social networks, companies not only strengthen customer attitudes and satisfaction, but also influence their purchase intention and repeat purchase (ghaforian shagerdi et al., 2016). In addition, attention to the environmental impacts of products has gradually become one of the important criteria in purchasing decisions, so that price is not the only determining factor, but environmental consequences are also seriously considered. Global statistics, as well as the situation in Iran, show a worrying increase in environmental pollution and waste, which highlights the need to pay serious attention to the development and promotion of green products (du et al., 2020). Despite previous research that has emphasized the importance of social awareness and persuasion in supporting green products (Ogbeibu et al., 2020), there is still a lack of analytical and model-based research in this field. Accordingly, the research question is: What are the persuasive factors in social media messages in promoting green products?  Theoretical foundations Persuasion Persuasion, as a complex and multidimensional process in the field of human communication, deals with changing the attitude, emotions, and behavior of the audience and has long been the focus of theorists and activists in the fields of communication and psychology. In the classical view, persuasion was considered a one-sided effort in which the speaker, using verbal and non-verbal capacities, tried to attract the audience's intellectual and emotional attention and convince them of a specific issue. However, contemporary studies emphasize that success in the persuasion process requires a deep understanding of the audience's cognitive, emotional, and cultural backgrounds so that the persuasive message can be designed in a format that has the greatest impact on changing the audience's beliefs and behavior (lin et al., 2020). Persuasion Theory and Persuasive Communication Persuasion theory is one of the most basic frameworks in the field of communication and marketing, which emphasizes the role of the main elements of the message, including the source, content, and audience. The credibility of the message source and the audience's trust in it play a key role in the acceptance and effectiveness of communication messages. In this context, research has shown that the use of credible sources and persuasive figures can increase the acceptance of environmental and green messages (Kim et al., 2016). On the other hand, the individual and cultural characteristics of the audience also affect the way they receive and process green messages and determine their level of participation in accepting these messages (Lin et al., 2020). Green Marketing Theory and Corporate Social Responsibility Green marketing is based on the principle that organizations should pay attention to protecting the environment and improving the quality of life in addition to meeting consumer needs. Today's consumers consider the environmental consequences of products in addition to price and quality in their purchasing decisions (Joshi & Rahman, 2015; Wei et al., 2018,) This change in customer attitudes has led brands to highlight their social and environmental responsibility in communication messages and marketing strategies to create a sustainable competitive advantage (Du et al., 2020). Social Media Theory and Digital Participation As one of the most important achievements of information technology, social media has provided a new platform for interactive communication between organizations and audiences. With features such as speed of dissemination, wide access, low cost and the possibility of two-way interaction, these media have become an efficient tool for marketing and promoting products (Jafari et al., 2017; Bastani et al., 2017). Hu et al. (2024) conducted a study titled "The Role of Social Media Marketing on Green Product Repurchase Intention", and the results showed that social media marketing activities significantly increase green values, environmental concerns, and brand image, and positively affect brand engagement. Huang et al. (2024) conducted a study titled "The Effect of Green Marketing on Repurchase Intention and Positive Word-of-Mouth of Accommodation Platform Users", and the results showed that green marketing affected repurchase intention and positive word-of-mouth. Consumer trust also mediated the relationship between green marketing and repurchase intention and positive word-of-mouth. Research Methodology This study is applicable and developmental in nature and purpose, and aims to design a conceptual model of persuasion in social media messages to promote green products. The research approach is mixed (qualitative-quantitative) and uses qualitative and quantitative methods in a complementary manner. In the qualitative section, data were collected through semi-structured interviews with experts in the fields of business management, green marketing, and advertising on social networks. Sampling at this stage is carried out purposefully and based on the principle of theoretical saturation to identify and extract all relevant components and indicators. The qualitative statistical population includes 15 elites and university professors with at least 5 years of work or research experience in related fields who have sufficient experience and expertise in the research topic. Research findings The results showed that the power of influence and the degree of dependence (influenceability) of the variables are measured. The findings showed that social participation and collective responsibility in the environment, with an influence of 8 and a dependence of 1, is at the highest level (sixth) and, as an "independent" variable with high influence and low influenceability, plays a key role and the main driver of the system. In contrast, digital, media and social network capacity and cultural, personality and behavioral characteristics of consumers, both with high dependency and lower influence power, are at the first level and are known as "dependent" or "linked" variables with strong influence.  Discussion and Conclusion The present study aimed to design and explain the conceptual model of persuasion in social media messages to promote green products, and identified and analyzed the key components influencing this process. The findings, through content analysis and interpretive structural modeling (ISM), showed that social participation and collective responsibility in the environment is at level one; this component was at the highest level of influence and showed that social participation and responsibility is the starting point of the persuasion process of green messages. The present finding is consistent with the research of Hu et al. (2024), which emphasized that environmental concerns and green values ​​are the background of green purchase intention. It is also consistent with the results of Khalaji et al. (2022), which showed that sustainable consumption is not possible without social participation. Therefore, in the absence of collective participation, advertising efforts on social media will have limited effectiveness. The findings showed that visual design and educational content are key tools in creating understanding and attention to green messages. This result is consistent with the research of Meysamizad et al. (2023) who attributed a prominent role to design and education in green product branding. The results of Antoun et al. (2023) also confirm that innovative and education-oriented marketing has a significant effect on improving consumer attitudes. Therefore, conveying environmental concepts with direct advertising messages alone is not enough and should be combined with attractive design and educational content. The findings showed that the persuasiveness of messages and audience participation are at the third level, this component was placed at the middle level of the model and indicates that the quality of persuasiveness of messages and active audience interaction can strengthen the connection between social platforms and consumer behavior. This finding is consistent with the results of Mahmoud et al. (2024) who showed that green advertising has an effect on purchase intention, although its magnitude varies depending on the quality of the message. It is also consistent with Hu et al. (2024) that brand involvement plays a mediating role between green values ​​and repurchase. Therefore, persuasion will be effective when accompanied by active user participation. The results showed that trust in the message source and the use of authoritative figures play a key role in the acceptance of green messages. This finding is consistent with Huang et al. (2024) that consumers' perception of trust mediates the relationship between green marketing and purchase intention. It is also consistent with Antoun et al. (2023) that green product awareness and trust in the source create a positive attitude towards purchase. Therefore, the use of authoritative persuasive figures and reliable sources is a basic condition for the effectiveness of green messages.

Abstract Abstract The aim of this research is to design a portfolio management model for investment funds with an emphasis on behavioral finance. The research method is applicable in terms of its purpose, qualitative in terms of implementation method and time of data collection, and descriptive-survey in terms of nature and research method. The statistical population of the research includes managers of 329 investment funds present in the Tehran Stock Exchange, selected using purposive sampling and snowball method. Interviews continued until theoretical saturation. Semi-structured interviews were used to collect information. Thematic analysis technique was used to analyze the data. The results showed that the most important behavioral finance variables affecting portfolio management in investment funds included behavioral optimism and pessimism, controlling the fear of profit retention, paying attention to risk-taking and risk-averse behavior, paying attention to self-control behaviors, normalizing conservative behaviors, controlling herd behavior, having a written strategy, controlling regret-avoidance behaviors, propensity behavior, and mental accounting. It is suggested that investment funds as well as real individuals pay attention to these behavioral finance variables in order to better manage their portfolios. Introduction In recent years, a new field of research in finance has emerged that has transformed financial theory. In the wake of the anomalies found in financial markets, it was concluded that markets are not as efficient as previously thought in the last century, but are affected by several biases that indicate their imperfection, and as a result, a new theory called behavioral finance theory is presented (Paule-Vianez et al., 2020). Behavioral finance suggests that human decision-making involves a combination of cognitive and emotional dimensions. Behavioral finance believes that human decision-making can be explained from cognitive, emotional, and social dimensions. Personal values, emotions, personality traits, and social influence affect investors’ subjective perceptions of reality in financial decision-making (Karimkhani & Karimkhani, 2021). One of the keys to success in the capital market is for investors to adopt an appropriate approach to managing the stock portfolios they have built. A portfolio is actually a collection of different securities and assets formed by an individual investor or an investment fund. As previously mentioned, the main question in this area is how to distribute and allocate capital to assets and form a portfolio of securities and then manage it (Hassanloo, 2017). A stock portfolio is a suitable combination of stocks or other assets that an investor has purchased. The purpose of forming a stock portfolio is to divide the investment risk among several stocks; the profit of one stock can compensate for the loss of another stock. The financial and cash value of any individual or legal entity is called portfolio value. For pricing investment companies listed on the stock exchange, the most important factor is the portfolio value of these companies. The first investment fund in its current form was formed in 1924 in Boston, USA. Since that year, investment funds have continued their activities successfully in the world, especially in the United States. Therefore, in this research, we seek to answer the question of what the portfolio management model of investment funds with an emphasis on behavioral finance is like? Theoretical Framework Portfolio Management Portfolio management is the process of guiding the investor to select the best available securities that provide the expected rate of return for each degree of risk and also reduce risk. This is a strategic decision that is considered by top management (Kapoor, 2014). Mutual Funds Mutual funds have continued to operate successfully in the world, especially in the United States. These funds, which are one of the most important capital market institutions for raising small but large-scale capital and have significantly reduced investment risk, have led to a boom in the stock market and management and have attracted more ordinary people unfamiliar with the market to the capital market (Asadi Gharehjeloo & Abdo Tabrizi, 2020). Behavioral Finance Behavioral finance studies how psychological phenomena affect financial behavior. Financial behavior studies how humans behave in determining financial matters. Behavioral finance is a new theoretical branch in finance defined by combining the knowledge of psychology, sociology, and other social sciences (Meisa Dai et al, 2021). Moghdisi et al. (2025) studied the modeling of factors affecting the profit response coefficient of companies by combining behavioral finance components using the structural equation modeling method. The results of the study showed that the financial condition and performance factor with a path coefficient of -0.19, the capital market condition and performance factor with a path coefficient of 0.167, and the investment environment factor with a path coefficient of 0.12 have a significant effect on the profit response coefficient at the 0.05 error level. Accordingly, the structures of earnings per share, financial leverage, information asymmetry, market index return, inflation rate, free float, stock turnover rate, and stock trading frequency were identified as structures affecting the profit response coefficient. Among the aforementioned structures, the absolute value of the coefficients of the structures showed that the inflation rate has the highest and the profit per share has the lowest impact on the profit response coefficient. Shahamat et al. (2025) studied the presentation of a portfolio management model in investment funds based on behavioral financial variables. The results showed that at the first level, the most influential components included: controlling the fear of profit retention, normalizing conservative behaviors, and controlling regret-avoidant behaviors. At the second level, the components affecting the first level were attention to self-control behaviors, having a documented investment strategy, and attention to mental accounting principles, and at the third level, the components affecting the second level included behavioral optimism and pessimism, attention to risk-averse and risk-taking behaviors, and control of herd behaviors. At the fourth level, there is the most influential component, which includes the tendency effect. Research Methodology The research method is applicable in terms of its purpose, qualitative in terms of implementation method and time of data collection, and descriptive-survey in terms of nature and research method. The statistical population of the research includes managers of 329 investment funds listed on the Tehran Stock Exchange selected using purposive sampling and snowball method. Interviews continued until theoretical saturation. Semi-structured interviews were used to collect information. Research findings Thematic analysis technique was used to analyze data. The results showed that the most important behavioral financial variables affecting portfolio management in investment funds included behavioral optimism and pessimism, controlling fear of profit retention, paying attention to risk-taking and risk-averse behavior, paying attention to self-control behaviors, normalizing conservative behaviors, controlling herd behavior, having a documented strategy, controlling regret-avoidance behaviors, propensity behavior, and mental accounting. It is recommended that investment funds as well as individuals pay attention to these behavioral finance variables in order to better manage their portfolios. Conclusion The present study was conducted with the aim of designing a portfolio management model for investment funds with an emphasis on behavioral finance. The results of this study are consistent with previous studies, including Moghdisi et al. (2025), Shahamat et al. (2025), Mousavi Kakhki & Khatabi (2024), Aurengzeb & Maqbool Shah (2022), Chung Wu et al. (2022), Nassim Mellem et al. (2022), Betancourt & Chen (2021), Gruszka & Szwabiński (2021), Karimkhani & Karimkhani (2021), Ebrahim Nejad et al. (2021), Ranjbari Vahid et al. (2020), and Risboff Fakur (2020). Shahamat et al. (2025) showed that at the first level, the most influential components included: controlling the fear of profit loss, normalizing conservative behaviors, and controlling regret-avoidance behaviors. At the second level, the components affecting the first level were attention to self-control behaviors, having a well-documented investment strategy, and paying attention to mental accounting principles. At the third level, the components affecting the second level included behavioral optimism and pessimism, attention to risk-averse and risk-taking behaviors, and controlling herd behaviors. At the fourth level, there is the most influential component, which includes the tendency effect. In the MicMac model, most of the variables were placed in the linked variables section, which have a strong influence force and also a strong dependency force. According to the results of the research, it is suggested that: Investors should be aware of their behavioral biases towards optimism or pessimism and try to have a balanced and realistic perspective when making investment decisions. Investment funds and individuals should develop strategies to manage and reduce fear of possible losses and ensure that decisions are not simply driven by fear.

Abstract Abstract
The present study aims to investigate the time-varying effects of gold, crude oil, and currency markets on herding behavior of investors in selected industries of the Tehran Stock Exchange. This study is classified as applicable and causal-ex post-event research, and the required data were collected through library and documentary methods from the Tehran Stock Exchange and international sources. The time scope of the study includes the period from 2020 to 2025 to enable the analysis of investor behavior in different economic conditions and price fluctuations in global markets. The statistical population of the study includes companies listed on the Tehran Stock Exchange and the automotive, cement, and chemical products industries. The dependent variable, herding behavior of investors, is calculated using the cross-sectional absolute deviation index of returns. In order to analyze the effect of global markets; oil market returns, gold market returns, and exchange rates have been added to the model to assess the role of these variables in intensifying or weakening the collective behavior of investors in different industries. The findings show that the effect of global markets on the collective behavior of investors varies across industries and that investor behavior is not solely domestic in origin. Also, the intensity of collective behavior is different in bullish and bearish markets and cannot be generalized to the entire market. The results of the present study can help investors, industry managers, and policymakers better understand the effect of global markets on investment decisions and risk management.
Introduction
Financial and commodity markets have always been known as the main arteries of the global economy, and their developments have widespread effects on other economic and industrial sectors. Among these markets, the gold, crude oil, and foreign exchange markets have a special place; because price changes in these three markets not only affect macroeconomic policies and government decisions, but also directly and indirectly affect the behavior of investors and economic activists (Heidari et al., 2021).
The gold market, as a support for maintaining the value of assets, has always been considered in times of economic uncertainty. Crude oil, as the most important source of energy and one of the key factors in economic and industrial growth, is considered one of the most sensitive strategic commodities in the world. On the other hand, the foreign exchange market plays a pivotal role in economic stability or instability, given its role in international exchanges and determining investment rates. Fluctuations in these markets can drastically change economic expectations and decisions and change the direction of various industries (Alamsyah, et al., 2023).
An important phenomena that has attracted the attention of financial and economic researchers in recent years is herd behavior. This behavior refers to a situation in which investors and economic activists make their decisions not based on individual and rational analysis, but under the influence of the crowd and following others. Such a tendency becomes more intense in special conditions such as severe fluctuations in global markets or financial crises and can cause the formation of price bubbles, increase systematic risk and market instability (Adnan et al., 2023).
Since the fluctuations of gold, crude oil and foreign exchange markets are dynamic and time-dependent in nature; their effects on the behavior of investors in selected industries are not constant and uniform. Rather, these effects can be intense and weak in different time periods and even strengthen or weaken herd behavior at some points. Therefore, examining the time-varying effect of these markets is of great importance; because it can provide a more accurate understanding of the interactions between global markets and domestic industries and help policymakers, investors, and industry managers to manage risk and adopt intelligent strategies. Accordingly, the present study attempts to answer this fundamental question by focusing on the temporal and dynamic nature of global markets: Can the temporal variable of gold, crude oil, and foreign exchange markets affect the herd behavior of investors in selected industries?
Theoretical foundations
Herd behavior
One of the important topics in the field of behavioral finance is the phenomenon of herd behavior. Herd behavior refers to the tendency of investors to imitate and follow the decisions of other market actors, without considering rational and individual analyses. Shiller (2000) believes that in conditions of increasing market uncertainty, investors increasingly seek to emulate the behavior of others. This can lead to the formation of price bubbles and abnormal fluctuations in financial markets. As a result, herd behavior is recognized as one of the factors affecting financial instability and systematic risk (Wang et al., 2022).
Herd behavior can be observed in fashion and following fleeting behaviors, even such simple decisions require careful research on how to make them. There is a prevailing belief among financial economists and market professionals that investors are influenced by the decisions of other investors, and this influence is called the first-mover effect. In the financial field, herd behavior can be potentially universal and general (Patwarani et al., 2023). There are several ways to define herd behavior. In general, herd behavior can be defined as the existence of correlations among investor behavior (Filip et al., 2023). Of course, the fact that a group of investors trade similar stocks in the same direction and over the same period of time does not necessarily mean that they are influenced by others (Xing et al., 2024). Even when investors are independently influenced by information or a common factor, it can lead to unrealistic and uninformed herd trading. Therefore, a more limited definition of herding behavior may only consider transactions with correlation resulting from imitation. In other words, a more limited definition of group behavior focuses only on the correlation in transactions resulting from interaction between investors (Asim et al., 2024).
Herding behavior is the behavior of investors in the market that leads to ignoring their own predictions and beliefs about stock prices and making investment decisions based solely on the behavior of the entire market. Herding behavior has been defined as the explicit investors (Asadi et al., 2021).
Aghaei (2025) in a study titled “Empirical Analysis of Investor Herding Behavior in the Stock Market: Evidence from Different Economic and Social Conditions in Iran” examined data from 2015 to  2022 using the ordinary least squares method and quartile regression. The results showed that herd behavior is evident in most quartiles and in different market conditions; this behavior was stronger before currency fluctuations and before the outbreak of COVID-19, but has decreased or turned into the opposite behavior since then.
Chen et al. (2024) in a study titled “The Impact of Investor Sentiment on Herding and Counter-Herding Behavior in the Cryptocurrency Market” classified cryptocurrencies into clean and dirty based on energy consumption and analyzed the data based on economic news. The results indicate that positive economic news strengthens herd behavior in clean currencies and intensifies anti-herding behavior in dirty currencies.
Research Findings
The present study showed that the herd behavior of investors in the Tehran Stock Exchange is influenced by domestic factors and global markets such as foreign exchange, gold, and crude oil, and its intensity varies depending on the type of industry and market conditions. The chemical and petroleum industries were most affected by foreign markets, while the cement, basic metals, and automotive industries were less affected. Herding behavior varied during periods of market ups and downs and cannot be generalized to the entire market. The results also emphasize that digital transformation and the level of information disclosure can reduce the severity of herding behavior. Therefore, a detailed analysis of investor behavior requires a simultaneous examination of internal and external factors and the specific conditions of each industry.
Discussion and Conclusion
Achieving sustainable economic growth requires the optimal use of investment resources, and this is not possible without an efficient capital market. Understanding the decision-making process of investors and their herding behavior is of particular importance in this regard, because it shows how investors analyze information and choose their investments. The findings of the present study showed that herding behavior of investors in selected industries of the Tehran Stock Exchange is not only caused by internal factors, but also affected by global markets such as foreign exchange, gold, and crude oil. These results are consistent with previous studies; for example, Chen et al. (2024) showed that different digital currency markets influence investor behavior in a herd-like or anti-herd manner, and the intensity of this behavior varies depending on the type of asset and market conditions.
Also, the role of global markets in the formation of investor herd behavior is consistent with the results of Ebrahimi et al. (2024) and Rostmai et al. (2022). These studies showed that oil market returns and liquidity can increase the intensity of herd behavior, and this effect varies during periods of market boom and recession. Similarly, the present study also showed that the foreign exchange market has the greatest impact on the chemical and petroleum products industries, while it has no effect on the cement, gypsum, lime, basic metals, and automotive industries.
These differences could be due to the specific market structure of each industry and the type of investors active in it; as Li et al. (2024b) showed that digital transformation and the level of information disclosure can reduce corporate herding behavior, and the severity of this behavior varies depending on internal and external conditions. Therefore, herding behavior cannot be generalized to the entire market and there is a need for analysis at the level of different industries.
Furthermore, the results of the present study confirm that herd behavior also differs in bullish and bearish markets. This finding is consistent with the evidence of Li et al. (2024a) at the global level and Chen et al. (2024) in digital currency markets; that is, external sources and market conditions can strengthen or weaken investor behavior differently during bullish and bearish periods. Overall, the present study suggests that the analysis of herd behavior should consider both internal and external factors and be conducted at the industry level to make investor and policymaker decision-making more accurate and targeted.

Abstract Abstract The aim of the present study was to provide a comprehensive model for international entrepreneurship in ECO member countries. A mixed research method was used: in the qualitative part, data were collected and analyzed using systematic data-based theory and interviews with 15 academic and executive experts (until theoretical saturation). In the quantitative part, 323 managers were selected from 2035 managers of knowledge-based companies in the Export Development and Technology Exchange Corridor by random sampling. The data collection tool included semi-structured interviews and a questionnaire based on qualitative findings. The validity of the tools was confirmed by experts and reliability was confirmed with Cronbach's alpha. Qualitative data were analyzed with MAXQDA software and three-stage coding, which resulted in the extraction of 356 primary codes, 79 open categories, 16 axial categories, and 5 selected categories. In the quantitative part, factor analysis and structural equations were conducted with AMOS. The findings showed that the international entrepreneurship model in ECO is based on multi-level convergence (macro, meso, and micro). Its main components include contextual factors (regional capacity building), causal factors (strategic context building), intervention factors (challenge management), strategies (operational framework), and consequences (sustainable development). This model can help policymakers, economic institutions, knowledge-based companies, and small, medium, and large companies enter global markets and pave the way for creating a sustainable competitive advantage and transforming ECO into an Asian innovation hub. Introduction International entrepreneurship, as the process of forming and expanding innovative economic activities across national borders and taking advantage of global opportunities, has become one of the main engines of economic growth in the world in recent decades (Chukwuka et al., 2024). The Economic Cooperation Organization (ECO), as a regional pact consisting of countries with common historical, cultural and geographical ties, has extensive capacities in the fields of trade, investment and knowledge transfer. With a population of over half a billion people and rich natural and human resources, these countries can provide an important platform for the expansion of international entrepreneurship. However, existing studies show that despite the existence of many opportunities, obstacles such as weak institutional coordination, limited access to capital, ineffective support policies, insufficient use of new technologies, and lack of regional entrepreneurial networks have prevented the full realization of the international entrepreneurial potential in the ECO region (khan, 2024). The ECO organization was initially founded in 1985 by Iran, Turkey, and Pakistan, and with the accession of seven other countries in 1992, it became a regional institution with the prospect of economic cooperation, infrastructure development, and facilitation of trade exchanges (abbas, 2024). Despite such capabilities, the growth of international entrepreneurship in ECO has faced serious obstacles; Complex bureaucracy, financial constraints, difficulty in accessing global markets, and sanctions have prevented the full use of potential (Montiel, 2023). Past research also shows that factors such as a strong business environment, effective support policies, the use of new technologies, and the capabilities of entrepreneurs are essential conditions for success in this direction (Deakins et al., 2024). However, the role of local culture and values, the effect of national policies, and how to integrate new technologies in a regional framework have still received less attention (Nazari et al., 2024). On the other hand, the geopolitical and economic conditions of these countries are such that entrepreneurial cooperation can not only improve the level of economic interactions in the region, but also play a role in increasing their economic resilience and socio-political convergence. Thus, providing a comprehensive and localized model for the development of international entrepreneurship in ECO member countries is an undeniable necessity; a model that can encompass both structural factors (such as policies, laws, and infrastructure) and behavioral factors (such as entrepreneurial culture, innovation, and risk-taking) and provide practical and efficient solutions by considering common characteristics and differences between member countries. Examining these obstacles and identifying key success factors can pave the way for providing a local and efficient model for the development of international entrepreneurship in the ECO region. Therefore, the research question is: What model can explain the key and effective dimensions of international entrepreneurship in ECO member countries and pave the way for the sustainable development of the region?  Theoretical foundations Entrepreneurship and economic growth Entrepreneurship is recognized in the economic development literature as one of the most important engines of growth and innovation. This phenomenon creates economic and social value by identifying new opportunities, organizing resources, and creating innovative businesses, and provides a platform for the dynamics of economic systems (Callegari, 2024). At the international level, entrepreneurship takes on more complex dimensions, because entrepreneurs are forced to face institutional, political, and cultural diversity in addition to economic factors. Accordingly, “international entrepreneurship” as an interdisciplinary field in management, economics, and social sciences, focuses on the process of identifying and exploiting cross-border business opportunities (Zahra & George, 2017). In other words, at the international level, this concept becomes important when entrepreneurs operate in diverse political, economic, and cultural environments and are forced to adapt to the institutional and structural differences of different markets (Zahra and George, 2017). Having its roots in internationalization discussions (Tolstoy, 2024), international entrepreneurship, is known as a tool for exploiting cross-border opportunities and creating competitive advantage. Doozandeh Ziabar et al., (2024) studied the presentation of a social entrepreneurship model in rural tourism development in a tourism target village in Guilan province. The statistical population of the study included 10 managers, experts, and university professors in the field of tourism, selected through purposive sampling. The results of the qualitative questionnaire and open interviews with sample members were analyzed after taking notes and transferring them to the system using the data-driven method and through coding and Max Quda software, and the output and final model were reported. The results showed that traditional tourism entrepreneurship follows a capitalist approach. Shahzad et al. (2024) studied "International Entrepreneurship Antecedents and the Role of Emerging Technologies in Achieving Sustainable Development Goals". This research is applicable in terms of purpose, and quantitative in terms of approach; the data were analyzed using PLS-SEM techniques in SmartPLS 4 software. The findings showed that key antecedents of international entrepreneurship significantly affect sustainable development and emerging technologies play a mediating role between antecedents and sustainable development. Research Methodology This research was conducted with a mixed approach (modern hybrid) and in two qualitative and quantitative stages. In the qualitative part, systematic data-based theory was used and the statistical population included academic and non-academic experts in the field of international entrepreneurship. Purposive sampling continued until theoretical saturation was reached, and a total of 15 semi-structured interviews were conducted. Qualitative data were collected through in-depth interviews, observation, and review of scientific documents, and then analyzed. In the quantitative part, the data collection tool was a researcher-made questionnaire with a five-point Likert scale. The reliability of the questionnaire was confirmed by Cronbach's alpha test and its validity was confirmed through content validity and construct validity. Finally, structural equation modeling was used to test the research hypotheses using Amos software. Research findings By presenting a local model of "entrepreneurship development based on multi-level convergence", the present study showed that institutional coordination, regional networking, and empowerment of entrepreneurs at three macro, intermediate, and micro levels connect regional capacities in an integrated manner. Contextual factors such as policies, entrepreneurial culture, technological infrastructure and international cooperation provide the foundation for entrepreneurial development, while administrative barriers, legal restrictions and cultural differences pose challenges. Research innovations include the “interactional model of natural resources”, the “dual role of family relationships”, and the “multi-layer model of administrative barriers”. Proposed strategies target the development of infrastructure, cross-border cooperation networks, and the promotion of individual capabilities. The consequences include increased innovation, economic growth and the creation of job opportunities, and social welfare.  Conclusion The present study, with the aim of analyzing the development of international entrepreneurship in the ECO region, has presented an indigenous model called “Entrepreneurship Development Based on Multilevel Convergence”. The findings show that multilevel convergence, including institutional coordination, regional networking and empowerment of entrepreneurs, plays a central role in strengthening international entrepreneurship and connects regional capacities in an integrated manner at three levels: macro (regional policy-making and governance), meso (inter-organizational networks) and micro (individual skills and capabilities). These results are consistent with the findings of Morris (2024) and O’Connor (2023), who have emphasized the importance of institutional frameworks and cooperation networks in the growth of regional entrepreneurship. The analysis of the research context showed that contextual factors including supportive policies and laws, entrepreneurial culture, technological infrastructure and international cooperation are the foundation for the formation of international entrepreneurship in the ECO region. Cultural and historical commonalities, shared natural resources and economic diversity of countries, especially in the completion of the value chain, play both facilitating and challenging roles. Innovative findings of the research include the “interactive pattern of natural resources” and the “dual role of family relationships” that simultaneously act as an advantage and a constraint in the entrepreneurial process. These results are in line with the studies of Khan et al. (2024) and Zocchla (2024) that have highlighted the importance of contextual capacities in regional entrepreneurship. On the other hand, intervening conditions including administrative and bureaucratic challenges, legal and policy constraints and cultural and social barriers were identified. Lengthy company registration processes, lack of legal transparency, sudden policy changes, language differences, and limited role of women are examples of the main barriers. By introducing the “multi-layered model of administrative barriers” and providing an integrated framework for managing these challenges, this study has provided practical solutions to reduce their negative effects, and is consistent with the findings of Esmaeilpour et al. (2020), Khosravi (2023), and Navi (2025). Entrepreneurship development strategies in the ECO region focus on three main axes: strengthening legal frameworks and supportive policies, developing common technological and economic infrastructure, and expanding cross-border cooperation networks. Tools such as tax exemptions, joint technology parks, digital platforms, and holding regional conferences facilitate entry into entrepreneurial activities and increase the capacity for synergy among entrepreneurs in member countries. Research innovations include the design of a “regional entrepreneurship policy model at three levels”, a framework for measuring the effectiveness of shared technological infrastructures, and the development of a “smart networking model among regional entrepreneurs.” The consequences of international entrepreneurship development in the ECO region include two dimensions: economic and social. From an economic perspective; increased innovation, GDP growth, and technological export promotion are observed, and from a social perspective; the creation of job opportunities for youth and women and the improvement of general welfare indicators are significant. These results are in line with the findings of OECD (2023) and Economic Development Bank (2022), which have emphasized that regional entrepreneurship can lead to sustainable economic and social growth. 

Abstract Abstract
The aim of this study is to present a comprehensive model for the development of the culture and art economy. This research is applicable in terms of purpose, and qualitative in nature, with a data-based theory approach, so that the final model is extracted from real data and the experiences of experts. The data collection process was carried out in two stages: first, reviewing documents including books, articles, theses and upstream cultural and economic documents to design the initial research framework; and second, collecting field data through semi-structured interviews with experts in the fields of culture, art and cultural management. The data were analyzed using theoretical and purposive sampling until saturation. Data analysis was carried out with Strauss and Corbin's three-stage coding including open, axial and selective coding to extract the main and sub-categories and the relationships between them. The coding and textual analysis process of the interviews was carried out in the qualitative data analysis software MAXQDA 2018. The results showed: causal conditions (including general culture, the impact of new technologies in the production of theatrical works, research and studies, private investment), contextual factors (including physical infrastructure, education and research for training specialized human resources, professional and specialized infrastructure), intervening factors (including cultural policies, competition with other cultural industries, government support, the economic situation of the society), strategies (including infrastructure development, education and empowerment, financial support for productions, marketing and advertising, international, national and local cooperation), and consequences (including economic growth, strengthening cultural components, development of cultural, social, artistic, and political tourism).
Extended Abstract
Introduction
In recent decades, culture and art, as one of the main pillars of sustainable development, have found an important place in the economic and social strategies of countries (li et al., 2020). In the present era, economic development is not based solely on physical and industrial capital, but modern economies are formed by relying on knowledge, creativity and cultural values. In the meantime, the culture and art economy, as one of the important branches of the creative economy, plays a key role in creating employment, increasing GDP and promoting social capital. Today, many governments and international institutions such as UNESCO consider cultural development not as an additional cost, but as a long-term investment for the comprehensive growth of society (herizadeh et al., 2022(.
Performing arts, as one of the dynamic and popular branches of art, have a special place in this. These arts, which include theater, street performances, puppetry, musicals, and other forms of performance, have a profound impact on audiences due to their live and interactive nature and play an effective role in shaping social and cultural attitudes. From an economic perspective, performing arts create numerous job opportunities by encompassing a wide range of production, advertising, educational, and service activities and can make a significant contribution to the growth of the creative economy. In addition, performing arts provide a platform for cultural re-creation, social dialogue, and the enhancement of society’s symbolic capital (Weinberg et al., 2021). Despite the significant potential of performing arts, this sector in Iran still faces numerous challenges. The lack of a comprehensive cultural policy-making system, weak financing of artistic productions, lack of performing arts infrastructure, instability of government support, and insufficient attention to cultural marketing are among the factors that have prevented the flourishing of the performing arts economy (Nouri et al., 2024). Many artists operate in unfavorable economic conditions and their access to stable financial resources, institutional support, and opportunities to present their works is limited. While in developed countries, performing arts are recognized as a profitable cultural industry and structures have been established to attract private sector investment, develop the audience market, and support artistic innovations, in Iran this field does not yet have such infrastructure (Cacovean et al., 2021).
From a theoretical perspective, the economics of culture and art is based on the assumption that artistic activities can be a source of economic value creation in addition to their cultural function. In this framework, art, as a cultural commodity, has the ability to be exchanged and generate income; however, this process will only be successful if there is an efficient system for managing resources, training and skilling artists, marketing works, and interacting with the private sector. Designing a model for the development of the culture and arts economy with an emphasis on the performing arts can provide a practical solution for dynamizing the arts economy by identifying these factors and the relationships between them (Darmawan et al., 2020). Therefore, the research question is: What is the model for the development of the culture and arts economy? 
Theoretical foundations
Economics of culture
The economics of culture is usually defined with an economic approach and considers cultural and artistic activities as an opportunity to earn income and wealth, which is analyzed and explained with economic methods. According to this view, economics and culture are combined in two completely different ways: (Kefayati et al., 2024). 1- In the form of analyzing the economic or material aspects of cultural and artistic activities and finally in the form of analysis, 2- Applying the methodology of "economic" or preferably "rational choice" to cultural affairs. In this view, most cultural relations and processes are interpreted in accordance with the economic context and conditions, and it is based on the fact that the growth of culture and art requires an economic basis and, in turn, can affect the economy of society to some extent (Donatella et al., 2022).
Shoja Heydari et al. (2024) studied “Identifying and Prioritizing Cultural Policy and Cultural Economy Evaluation Indicators in Iran”. Using a descriptive method, mixed data, and a survey of 30 elites in the fields of culture and economics, they extracted and prioritized cultural policy and cultural economy indicators. The results showed that the main indicators affecting cultural policy include formulation, implementation, and evaluation, and in the field of cultural economics, key indicators include cultural attractions, cultural leverage, cultural entrepreneurship, human capital, and cultural participation.
Farzaliyeva et al. (2024) studied “The Economic Power of Culture: How Art and Heritage Drive Employment”. This study analyzed global samples from the United Kingdom, South Korea, and France and showed that cultural industries play an important role in creating direct, indirect, and induced employment, and that government support policies, educational entrepreneurship, and comprehensive statistical tracking are prerequisites for the economic success of this field.
Research Method
The present study is applicable in terms of its purpose, and qualitative in terms of nature, conducted with a data-based theory approach, and its goal is to identify and explain the development pattern of the culture and art economy with an emphasis on the performing arts based on real data from experts. Data were collected in two stages: first, relevant theoretical information and background were collected using a documentary method, and then field data were collected through semi-structured interviews with experts in the field of culture and art. Theoretical and purposive sampling and the snowball technique continued until theoretical saturation. Data analysis was conducted using a three-stage coding method (open, axial, and selective) to extract key concepts and relationships between categories and design a final conceptual model. This approach enabled the systematic identification of components and relationships between them, and the research results can be a basis for formulating cultural development policies in the country. The coding and textual analysis of the interviews were conducted in the qualitative data analysis software MAXQDA 2018.
Research findings
The research findings showed that the development of the culture and arts economy with an emphasis on the performing arts requires a complex interaction between cultural, economic, and institutional factors. The results indicated that improving the cultural literacy of the community and increasing audience participation in the performing arts increases the public's motivation and enthusiasm for attending the theater, and at the same time, the use of modern and digital technologies in the production of theatrical works improves the efficiency and quality of productions. Also, private sector investment and the use of tax exemption capacities play an important role in the economic sustainability of the performing arts. Strengthening the physical, educational, and professional infrastructure and creating appropriate support policies pave the way for the development of specialized jobs and increasing public access to the performing arts. Ultimately, these factors, along with marketing strategies and national and international interactions, lead to economic growth, strengthening cultural components, developing cultural tourism, and promoting social capital, and create a solid foundation for dynamizing the culture and arts economy in the country. 
Conclusion and Discussion
The results showed that the development of the culture and art economy in Iran, especially in the field of performing arts, is subject to a set of causal, contextual, and intervening factors, the interaction between which determines the path of growth and sustainability of this field. Public culture, as one of the most important causal factors, plays a key role in motivating and attracting audiences to theater. Increasing public enthusiasm and developing cultural literacy provide the basis for strengthening the consumption of theatrical works and promoting social capital. This finding is consistent with the studies of Farzaliyeva et al. (2024) and Khendstani et al. (2021), which show that performing arts can play a connecting and institutionalizing role in cultural values ​​as a social and cultural engine.
Another effective factor in this model is the impact of new technologies on the production of theatrical works. These results are consistent with the findings of Weinberg et al. (2021) who have introduced digital technology as a tool for enhancing the audience experience and improving productivity in the arts industries.
Research and studies have also shown that identifying the needs and interests of audiences and examining the social and cultural impacts of theater not only leads to improving the quality of works, but can also be the basis for targeted policies in developing the arts economy. This is in line with the findings of Shoja Heydari et al. (2024).
Private investment and participation of the semi-governmental and private economic sectors play an important role in financing and expanding theatrical activities. Tax incentives and economic support provide the necessary incentive for investment and can ensure the financial sustainability of theatrical productions. These findings are consistent with the studies of Masoudinia et al. (2021) and Farzaliyeva et al. (2024), who consider investment and economic support to be key factors in the prosperity of the cultural economy.
In the context of contextual factors, physical and educational infrastructure is essential for the development of the performing arts economy. The construction of well-equipped halls, the development of specialized training centers, the establishment of schools and university majors related to theater increase the capacity to cultivate specialized human resources and improve the quality of theatrical productions. These results are in line with the studies of Izadkhah et al. (2024) and Jafari Babadi et al. (2022), who emphasize that professional education and infrastructure are the basis for economic and cultural prosperity.
In the area of ​​intervening factors, cultural policies, competition with other cultural industries, and government support are of great importance. These findings are in line with the studies of Shoja Heydari et al. (2024) and Weinberg et al. (2021).
Finally, the consequences of developing the culture and arts economy include economic growth, strengthening cultural components, developing cultural tourism, improving social skills, artistic innovation, and influencing policymaking. Revenue generation through investment, ticket sales and advertising, creation of sustainable job opportunities and development of cultural and tourism capacities indicate the direct impact of performing arts on the economy and society. These findings are in line with the studies of Farzaliyeva et al. (2024) and Kefayati et al. (2024) who consider arts and culture as both an economic resource and a factor of social development.