DeCentralized finance (DeFi), founded on blockchain technologies and smart contracts, is rapidly becoming a powerful alternative to traditional financial systems. Compared to Centralized finance, DeFi offers undeniable advantages such as increased security, speed, financial transparency, and reduced costs. However, this emerging phenomenon faces numerous legal challenges that require careful and effective legal actions. The essence of this phenomenon is the lack of dependence on the national legal regime of countries and lacking Centralized monetary and banking supervision over it by national regulatory institutions. This research employs a qualitative method, utilizing library tools and a descriptive-analytical approach, to compare deCentralized finance with conventional Centralized Financing. It examines some challenges as well as the possibility of proper and transparent organization of DFA in Iranian law and, ultimately proposing solutions for regulating the relationships of stakeholders. Considering the lack of sufficient provisions in Iranian law, it is suggested that the jurisprudence of existing legal institutions, such as recognizing an independent legal personality for smart contracts and also civil partnerships, arbitration agreements, arbitration clauses, and Article 10 of the Civil Code, be acknowledged for regulating the relationships of transacting parties until appropriate and comprehensive legislation is enacted. Finally, this research emphasizes the importance of international cooperation, academic environments, and the exchange of experiences in this field. It recommends that legislators move towards recognizing and enacting new laws and regulations aligned with DeFi’s needs, rather than remaining silent, to prevent future legal challenges and potential loss of assets.

Cost efficiency measures the cost of resource by output production. While conventional cost efficiency models set targets separately for each DMU, There are cases where the Central decision making is seeking the above targets, and at the same tries to obtain the target of Min cost efficiency for the total consumption. In this paper we consider that there is a Centralized decision maker (DM). In such case, the DM has an interest in minimizing the cost efficiency of individual units at the same time it wants that total input consumption is reduced or output production is increase. We proposed new Centralized resource cost efficiency model measurement on the base of Farrell cost efficiency model and Centralized resource allocation of Lozano and Villa model that will reduce resource allocation total cost efficiency, however it is possible for some inputs to increase. The preferences and advantages of this model are present some examples.

Purpose: The paper addresses the star network structures with Centralized management and provides models for evaluating the performance of such structures. Despite the wide range of applications and importance, such structures have not been studied in data envelopment analysis before. Methodology: The Data Envelopment Analysis (DEA) method is used for modeling the problem, and a two-level method for efficiency evaluation is proposed. Findings: The proposed models are developed in both multiplicative and envelopment forms. The required formulas for efficiency decomposition and benchmarking are provided. Some results are proved by mathematical discussions and numerical experimentation. Originality/Value: The star structure is seen in many real-world applications. A new method for modelling and evaluation of such structures is introduced and established. The proposed technique, discussions and analytical examinations have a significant contribution to the field of data envelopment analysis and its applications.

The long-term political conflict in Afghanistan over the acquisition of power reached its peak in 2022 with the fall of the Islamic Republic of Afghanistan and the Taliban's resumption of power. However, to find the roots of the many causes of this event, we must consider the geographical and ethnic-racial features of Afghanistan, along with the efforts of the modern governments of this country in the direction of nation-state building in the context of political history, as well as the role of neighbors and regional and extra-regional powers. In addition, Centralized/deCentralized and federal/non-federal governance models should also be discussed in theory and practice. In this article, an attempt is made to answer this question: why can the governance model based on Centralized federalism be a desirable political solution to end the long-term power conflict in Afghanistan? According to the research hypothesis, due to the mosaic fabric of society in Afghanistan and the preference of ethnic tendencies over national tendencies and interests, the model of federalism and at the same time the existence of a powerful central federal government can be presented as a desirable political solution. The research results that the factors of the fall and collapse of the Afghan government were the high level of government concentration, the lack of attention to the participation of political groups and ethnic groups in power, and the lack of use of the capacities of local governments.

Countries need short, medium, and long-term investmentplans for production growth and development. Differentsources for these investments can be supplied through retainedprofit, stock issuance, and bank loans, or a combination them. Institutions and firms need huge amount of capitals for theirsurvival, production, and also development of activities. In addition, these institutions and firms rely heavily on financialmarkets for self-Financing. The role of financial markets is toprovide the required capitals for institutions and firms. Financingstrategy is considered as one of the main areas of financialmanagement decisions in companies seeking to increase shareholders’ wealth. Therefore, the aim of this paper was to discussconventional methods of external Financing through debt andstock issuance and explain their associated advantages anddisadvantages.

In this article, we , rst survey the relationship between Lozano and Villa's Centralized resource allocation (CRA) and Mar-Molinero's simpli, ed models. Then, we show how to obtain an opti-mal solution to the CRA model via the simpli, ed model. Moreover, we propose a novel model by simplifying phase II of Lozano and Villa's model. This proposed model determines a peer e, cient unit for each decision making unit (DMU) through some simple computations. The proposed simpli, ed models help us to clarify some ambiguities in the CRA method and propose some solutions to solve them. Considering the importance of target setting in the management, we formulate an-other new model such that by preserving the aim of the CRA model, also projects DMUs onto e, cient frontier according to desirable target as much as possible. The proposed model is illustrated by using a data set of earlier literature.

Purpose: Development planning in Iran has a history, but still not much progress has been made in terms of balanced development in the country. The aim of the current research was to examine the country's Centralized planning system, to analyze it by taking its weaknesses and challenges into account, and finally, to provide a solution. Methodology: This research examined how programs and other high-level documents dealt with the issue of Centralized planning. Using the descriptive-analytical method, this research aimed to evaluate, combine, and provide a solution for Centralized planning based on a systematic review of sources. Findings: The results of the research show that changing the existing path and moving towards reducing the existing gaps requires serious changes in the mindset of Centralized planning and should take a course of deCentralized planning, regionalism, and multiplicity of factors. Also identifying the challenges of Centralized planning in Iran can help the policy makers and policy implementers to pay attention to the mentioned challenges in formulating and implementing development plans so that they may face fewer problems during the implementation phase. Originality: The use of the qualitative method and a wide range of data sources provides a new classification of the challenges of Centralized programs in Iran, which covers different dimensions of policy implementation. The present research has been able to propose a defensible theoretical basis for planning in the administrative system in the development program in Iran and to help improve and promote development policy and planning.