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The purpose of this study is to cover the ownership structure as (institutional ownership and managerial ownership) influencing the cost of equity in emerging markets.

The authors applied the regression model with the fixed-effect model in the data. Data collected from listed companies in the Iraq-Iran Stock Exchange during 2012-2017.

The authors found a significant positive associated between institutional ownership and the cost of equity in the Iranian and Iraqi contexts. The results also reveal a significant negative associated between managerial ownership with the cost of equity in the Iranian and Iraqi contexts. This means that when managerial ownership is increased, the cost of equity will be reduced. These results support the role of inside ownership to enhance fixed performance by reducing the cost of equity. So, managerial ownership can be a substitute for all shareholders. Moreover, the results indicate a similarity in the impact of the ownership structure on the cost of equity in the Iraqi and Iranian context, this means the similar elements among west Asian countries.

Financial companies such as banks and investment companies were not listed due to the difference in the nature of their work with the other sectors in the Iranian and Iraqi stock exchanges. Moreover, the authors are heavily constrained as listed companies must continue during the study period to calculate the cost of equity. Therefore, the results are difficult to generalize widely.

This international study will enable investors in, as well as local and international investors to take the appropriate investment decision-making in the capital markets in these countries (Iraq and Iran). Moreover, it contributes significantly to helping corporate governance bloggers in Iraq and Iran understand the role of the ownership structure in corporate governance.

This is the first study of the interaction between institutional ownership, managerial ownership with the cost of equity in Iraq, the study will help complete the knowledge gap with developed markets. The results are important in future research because the authors believe that it is very important for the future to look at better for percentage levels of institutional and managerial ownership in the company ownership. Although the contribution is limited, it will provide a useful guide for more papers in other west Asian countries.

This study aims to investigate the impact of managerial narcissism and overconfidence on financial statements’ comparability. In other words, this paper seeks to answer the question of whether the personality characteristics of managers may affect the level of financial statements’ quality of commercial entities or not.

The research hypotheses are tested using a sample of 896 observations taken from the Tehran Stock Exchange and 245 observations from the Iraqi Stock Exchange during 2012 and 2018 using the multiple regression model based on the combined data technique.

The findings show that managerial narcissism is positively and significantly associated with Iran’s financial statement comparability. In contrast, Iraqi data articulate a negative association between these two variables. This paper finds that Chief Executive Officer overconfidence and financial statements’ comparability are negatively related in both countries. Following the market variation, the different findings suggest that institutional settings such as the general managerial style, adopting international accounting standards (now IFRS) leading to the extent of auditing market globally in Iraq and suffering from international sanctions in Iran, the governing business environment may play an allocative role in preparing financial statements.

The present research is the first research conducted in two emerging markets (Iran and Iraq) examining the relationship between managers’ narcissism and overconfidence and financial statements’ comparability. Therefore, the present research in this area can significantly contribute to the development of science and knowledge.

Ethical concerns in the field of trade and business and research efforts in the area of management and implementation of ethical standards in the organizational chain in the current situation, mainly due to the impact on the performance and procedures of organizations, and, finally, the effect on the views and attitudes of stakeholders and users of corporate information have become critical. Therefore, this study aims to investigate the impact of business ethics on stress, anxiety and depression and the success of auditors in Iran and Iraq.

The study’s statistical population includes all partners, managers and auditors working in auditing firms. Three hundred sixty-five questionnaires were completed by Iranian respondents and 250 questionnaires by Iraqi respondents in 2021. Also, the analysis of variance and regression of ordinary least squares have been used for data analysis and testing of hypotheses.

The research results show a negative and significant relationship between the results of business ethics and stress, anxiety and depression of auditors in Iran and Iraq and a positive relationship between business ethics and auditors’ success in Iran and Iraq.

As the current research was conducted in emerging financial markets such as Iran and Iraq, which are highly competitive, along with special economic conditions, and as the occupation of the ISIS terrorist group, the civil wars in Iraq, the world’s severe economic sanctions against Iran and following the global crisis of COVID-19, both countries have had special conditions. Therefore, the current research can bring helpful information to the readers and help everyone develop science and knowledge in this field.

The present study aims to assess the potential impacts of board members' characteristics, including connectedness and independence, on the level of the firm's involvement in innovation and corporate social responsibility (CSR).

Variables of board members' interlock and independence are selected for measuring the board characteristics and their association with innovation. The range of disclosure of social responsibility (SR) of the firms inside and outside the industries is also analyzed through descriptive-correlational. The selected sample includes 280 firm-years listed firms on Iraq Stock Exchange during 2012–2017 and 1,026 firm-years on the Tehran Stock Exchange. The hypotheses are examined using multivariate regression models and panel data.

The observations show that board interlock and independence in both countries are willing to improve firms' innovation. Moreover, having controlled the industry index, the authors find that business environment innovation is willing to be transmitted into the firms through outside industry sources in Iran. In the Iraq country, regardless of industry index, the positive association between interlocked boards and firm innovation is established. Further analyses also articulate that board interlock is not considered a mechanism to transmit information and experiences about CSR activities.

This paper is a pioneer study to assess the relationship between board member characteristics and the firms' innovation and SR both in Iran and Iraq. Also, it extends the literature by considering the industry index as a significant source of knowledge and experience to gain more precise results. Therefore, the current paper may contribute to the development of knowledge in this field of study.

本研究擬評估董事會成員的特性 (這包括其連通性及自主性) ，如何潛在地影響公司投入創新和承擔企業社會責任的程度。

董事會成員的相互扣連和自主獨立這些變數、被挑選來量度董事會的特性以及其與創新的關聯。本研究亦以描述性關連性研究法、來分析和透視公司在企業內外參與企業社會責任的範圍。被挑選的研究樣本包括於2012年至2017年間在伊拉克股票交易所280公司年上市公司，以及在德黑蘭股票交易所1026公司年。各假設均以多變量迴歸模型和縱橫資料來作分析研究。

觀察的結果、證明在這兩個國家，富連通性和自主性的董事會均樂意改善公司的創新；而且，我們在控制行業指數後，發現在伊朗、企業環境創新會積極地透過外部行業資源訊息而發送至公司。在伊拉克，相互扣連的董事會與公司創新之間的正面關聯得到確立。而這關聯是不受行業指數影響的。而且，進一步的分析、明確顯示董事會的相互扣連不被認為是一個發送關於企業社會責任的資訊或經驗的機制。

本研究乃為先鋒研究、來評估在伊朗和伊拉克兩地董事會成員的特性，與公司創新和企業社會責任之間的關係。再者，本研究使有關的文獻得以伸延，方法是把行業指數當作是一個能提供更準確的研究結果的知識和經驗的重要來源；因此，本研究會為有關的研究領域、提供更多知識。

The purpose of this paper is to study and specify to what extent Iran will succeed in being a regional hegemon. The paper is devoted to clarification of the constitutive elements for regional hegemony. These elements will be related to an actor’s perception of its role and regional perception, and how these hegemons exert power, do these work for the public good in the region (provision) and how this regional power projects power and exerts power to influence others’ preferences and values without reference to violence (projection). For the Middle East, Iran emerged as a key player in most regional conflicts and it tried to increase its sphere of influence as a regional hegemon. Therefore the question here would be: To what extend could Iran succeed in being a regional hegemon and what are the circumstances that could enhance or constrain this Iranian ambition? So the aim of the paper is to look at three dimensions in general and see whether Iran makes a plausible candidate for regional hegemony. The paper outlines the essential traits of a regional hegemon, and the main elements that constitute a regional hegemony such as perception, provision and projection, and then analyze how Iran follows those elements by analyzing internal perceptions of the Iranian elite about Iranian regional role, regional acceptance, provision of public good, projection and finally impact of the relation with external great powers. Through analyzing its regional strategy in Syria and Iraq since 2003, the year of invasion of Iraq, since ever a political vacuum was created, that enabled Iran to extend its regional influence, after the fall of its historical regional rival, Saddam Hussein baathi regime.

The study adopts an analytical framework of analyzing a regional hegemony strategy which is approached by Miriam Prys in her study “Hegemony, domination, detachment: differences in regional powerhood” to study and analyze Iran’s regional behavior as one of regional power that is seeking regional hegemony. This analytical framework is one of the most significant analytical tools that interests in the study of the behavior of regional power and identify the constitutive dimensions for regional hegemony such as self-perception, regional perception, provision and power projection.

The study concludes that there are obstacles completely in front of achieving the Iranian quest to regional hegemony over the Middle East. These are the continuing US involvement in the Middle East and the consequent tense relationship between Iran and the USA. It is most unlikely that Iran will be hegemonic state over the Middle East as long as there are refusal and resistance from other regional states for Iranian regional role; as each of regional powers has tools to contain the influence of the other. The Iranian regional behavior that is sectarianism-based, whether to protect Shiite shrines and holy places or to protect Shiites in the region, such policies deepen the ideological and sectarian conflicts. It also has not provided an attractive cultural model for the peoples of the region.

This paper enhances the deep analysis of the Middle East dynamics through the prospective of regional power. Also, the paper focuses on the analysis of the relation between great power and aspiring regional power and the impact on its strategies.

This study enhances the understanding of how Iranian decision-makers perceive their regional Iranian and the threats. Moreover, the tools that Iran uses its hard power and ideational one to create regional followers and change its allies’ normative and value systems to come in line with its national interests. Moreover, the study tries to measure the actual Iranian influence, its weakness and strength so that the Arab states and the West could behave in a fruitful way.

In the final analysis, the paper offers an insight into the regional behavior and the importance of external power in regional dynamics and to what extent the regional hegemon is applicable to Iran.

The present study aims to examine the effects of the Islamic sacred months, namely, Muḥarram, Rajab, Dhu al-Qaʿdah and Dhu al-Ḥijjah, on stock prices on the Iran and Iraq Stock Exchanges.

Using the infrastructure models of the capital market, the daily stock prices were calculated for the sacred and non-sacred months. As the data of this study are non-stationary, the AMIRA time-series model was used for better understanding of the model or future projections. The dependent variables of this study are the daily stock indexes for Iranian and Iraqi Stock Exchanges, and independent ones are the sacred and non-sacred months of a lunar year. Data were gathered daily from the financial statements of Iranian and Iraqi Stock Exchanges websites. To test the hypotheses under study, a five-year period from 2012 to 2016 was considered for both Iraqi and Iranian Stock Exchanges, which corresponds with the lunar calendar from 1433-1437AH.

The obtained results indicated that there is no significant difference in stock prices between the sacred months of Muḥarram, Rajab, Dhu al-Qaʿdah and Dhu al-Ḥijjah and other non-sacred months. However, the stock price in the Iranian Stock Exchange has a significant difference in Rajab and Dhu al-Qaʿdah with other non-sacred months.

The results of this study will reveal more than ever the role of Islamic sacred months for society and users of financial statements to make better financial decisions especially in Islamic emerging markets.

This study aims to assess the relationship between managerial entrenchment, social responsibility and risk-taking of the firm and shareholders’ activity.

The study is carried out based on the disclosed information of listed firms on Tehran and Iraq Stock Exchanges during 2011–2017 from a sample of 121 firms on the Iranian side and 37 firms on the Iraqi side. The hypothesis testing is performed using panel estimators of the adjusted regression models.

The obtained results from hypothesis testing show that there is a significant relationship between managerial entrenchment, social responsibility disclosure, social responsibility growth of the firm and risk-taking and shareholders’ activity in the Iranian Stock Exchange firms. Moreover, in the case of Iraqi firms, a significant relationship is observed between managerial entrenchment, social responsibility disclosure, social responsibility growth of the firm but the relationship between firm risk-taking and shareholders’ activity was not evident.

The current study is almost is the first study conducted on two Islamic countries and the outcomes of the study may help other Muslim countries on the subject of the study.

The Kurdistan Region of Iraq (KRI) stands as a significant player in the hydrocarbon landscape of the Middle East, necessitating an in-depth analysis of its role in the exportation process to Turkey and Mediterranean ports, thereby fostering economic and political ties and projecting toward the future. Situated as a semi-autonomous entity in northern Iraq, the Kurdistan Region boasts abundant natural gas resources, attracting interest from Russian firms and Turkish stakeholders. However, Iran’s influence in Iraq and the wider region poses a regional threat to the Kurdistan Region’s natural resources. This chapter meticulously examines the oil and gas blocks within the Kurdistan Region amidst the backdrop of transformative global energy market shifts, including the impacts of the COVID-19 pandemic and the Russian–Ukrainian conflict. Through this lens, it seeks to delineate the Kurdistan Region’s political and economic positioning within the evolving regional order.

The purpose of this study is to cover the change that happened in the American foreign policy toward Iran by changing the American leadership from Obama to Trump. In addition to its coverage for the Iranian foreign policy toward the Arab region during the presidency period of Obama in the USA and also during the presidency period of Trump, to discover whether a change has happened in the Iranian foreign policy toward the Arab region is a result of the change in the American foreign policy or not. This can be discovered by concentrating on Yemen, Syria and Iraq, taking into consideration the Iranian and American national interests in the Arab region, as well as the regional role of Iran and its intervention in the Arab region.

This study was based on the analytical method of the foreign policy that is based on analyzing facts and events, as well as analyzing the roles and interests within the framework of the states’ foreign policy. This method was used in the study for the purpose of analyzing the impact of the change in the American leadership from Obama to Trump on the US foreign policy toward Iran in the light of the American interest; in addition to the Iranian foreign policy toward the Arab region (Yemen, Syria and Iraq) in the presidency period of both Obama and Trump in light of the regional role of Iran and its passion to achieve its national interest.

The study concluded that the change in the American foreign policy toward Iran is a result of the change of the American leadership from Obama to Trump by the American interest requirements in accordance to the respective of both of them. The change in the American policy led to a change in the trends of the Iranian foreign policy toward the Arab region in the term of the regional Iranian role. Under the American and Iranian convergence in the period of Obama, the Iranian role in the Arab region was limited to what could achieve its national interest and what did not threaten the American interest, especially after Iran had guaranteed that the USA is by its side. In the framework of the American and Iranian confrontation under Trump’s current presidency, the Iranian role has expanded in the Arab region, where Iran has intensified its intervention in Yemen, Syria and Iraq politically and militarily. Iran became more threatening to the American interest, as it became a means of pressure to the USA under Trump’s ruling in the purpose of changing its position toward it.

The importance of the study stems from the fact that it is seeking to analyze the change of the American foreign policy toward Iran within the period of two different presidential years of Obama and Trump, whereas, their trends were different in dealing with Iran between rapprochement and hostility toward it, on the basis of the American interest. In addition to testing whether this change in the American foreign policy toward Iran has been accompanied by a change in the Iranian foreign policy toward the Arab region.

The conflict between Iran and Iraq is not new; it dates from long before September 1980. In fact, the origins of the current war can be traced to the battle of Qadisiyah in Southern Iraq in 637 A.D., a battle in which the Arab armies of General Sa'd ibn Abi Waqqas decisively defeated the Persian army. In victory, the Arab armies extended Islam east of the Zagros Mountains to Iran. In defeat, the Persian Empire began a steady decline that lasted until the sixteenth century. However, since the beginning of that century, Persia has occupied Iraq three times: 1508–1514, 1529–1543, and 1623–1638. Boundary disputes, specifically over the Shatt al‐Arab Waterway, and old enmities caused the wars. In 1735, belligerent Iranian naval forces entered the Shatt al‐Arab but subsequently withdrew. Twenty years later, Iranians occupied the city of Sulimaniah and threatened to occupy the neighboring countries of Bahrain and Kuwait. In 1847, Iran dominated the eastern bank of the Shatt al‐Arab and occupied Mohamarah in Iraq.