[1] I. Abbasi and V. Marzloo, Investigating the impact of free-floating stocks on liquidity in Tehran Stock Exchange, Financ. Account. Res. 3(3(9)) (2011) 147–161.

[2] M.R. Abbaszadeh, M. Maftounian, M. Fadaei and M. Babaeikalarijani, The effect of corporate governance and management overconfidence on corporate tax avoidance in life cycle stages, Empirical Account. Res. 10(4) (2020) 49–81.

[3] M. Bashkoo, M. Niknam and M.R. Sabeghi, The effect of corporate governance mechanisms and ownership types on profit management in companies listed on the Tehran Stock Exchange, Quart. J. New Res. Manag. Account. 4(1) (2017).
[4] U. Bhattacharya, On the possibility of Ponzi schemes in transition economies, Mimeo, 1998.

[5] G. Biddle, G. Hilary and R.S. Verdi, How does financial reporting quality relate to investment efficiency?, J. Account. Econ. 48(2–3) (2009) 112–131.

[6] A. Carvajal, H. Monroe, C. Pattillo and B. Wynter, Ponzi Schemes in The Caribbean International Monetary Fund, Washington, DC: IMF, 2009.

[7] I.J. Chen and S.H. Lin, Managerial optimism, investment efficiency, and firm valuation, Multinat. Finance J. 17(3–4) (2013) 1–46.

[8] D. Cort´es, J. Santamar´ıa and J.F. Vargas, Economic shocks and crime: evidence from the crash of Ponzi schemes, J. Econ. Behav. Organiz. 131 (2016) 263–275.

[9] S. Di Gloria and G.M. Mantovani, On the shareholders’ composition of the company and the governance mechanisms of the firm. Can this contribute to the firm performance (including the capacity to attract capital and bank allowances)?, Ca’ Foscari University in Venice–Department of Management; EM Strasbourg-Business School, (2017).

[10] A. Drviver, US charges Stanford with massive Ponzi scheme, Reuters, London, (2009).

[11] M. Eskandari, Corporate governance; From words to deeds, World Economy Newspaper, (2011).

[12] J. Gathergood and J. Weber, Financial literacy: a barrier to homeownership for the young?, J. Urban Econ. 99 (2017) 62–78.

[13] M.H. Ghaemi and M. Shahriari, Corporate governance and financial performance of companies, Account. Adv. 1(1) (2010) 113–128.

[14] M.F.C. Gomariz and J.P.C. Ballesta, Financial reporting quality, debt maturity and investment efficiency, J. Bank. Finance 40(3) (2014) 494–506.

[15] J.E. Grable, Financial risk tolerance and additional factors that affect risk taking in everyday money matters, J. Bus. Psych. 14(4) (2000) 625–630.

[16] Z. Hajiha and A. Shakeri, Corporate governance, disclosure of social responsibility, and company value, Financ. Account. Audit. Res. 11(44) (2019) 175–192.

[17] Y. Hasas Yeganeh, M. Moradi and H. Eskandar, Study of the relationship between institutional investors and company value, Account. Audit. Rev. 15(52) (2008) 107–122.

[18] R.J. Jacoby, L.E. Fabricant, R.C. Leonard, B.C. Riemann and J.S. Abramowitz, Just to be certain: Confirming the factor structure of the intolerance of uncertainty scale in patients with obsessive-compulsive disorder, J. Anxiety Disord. 27(5) (2013) 535–542.

[19] V. Kahrizsangi Ebrahimi and K. Bakhredi Nasab, The role of corporate leadership in strategic management accounting, Manag. Account. 12(41) (2019) 69–89.

[20] W. Keep and P. Nat, Multilevel marketing and pyramid schemes in the United States: An historical analysis, J. Hist. Res. Market. 6(2) (2014) 188–210.

[21] M. Lee, Gender differences in financial risk-taking: The role of financial literacy and risk tolerance, Econ. Lett. 145 (2018) 130–135.

[22] W.W. Liang, Marketing fraud: An approach for differentiating multilevel marketing from pyramid schemes, J. Public Policy & Market. 21(1) (2018) 139–151.

[23] C.G. Lord, L. Ross and M.R. Lepper, Biased assimilation and attitude polarization: The effects of prior theories on subsequently considered evidence, J. Person. Soc. Psych. 37(11) (2014) 2098–2109.

[24] D.H. McKnight, L.L. Cummings and N.L. Chervany, Initial trust formation in new organizational relationships, Acad. Manag. Rev. 23(3) (1998) 473–490.

[25] M.R. Mehrabanpour and F.S. Mirichimeh, The effect of corporate governance on capital cost and corporate risk, Empirical Account. Res. 8(1) (2018) 227–245.

[26] K. Mohammadi and I. Noroush, Assessing the impact of internal corporate governance mechanisms on the level of cash holding in companies listed on the Tehran Stock Exchange, First National Conference on Accounting and Management, Natanz, Islamic Azad University, 2018.

[27] S.R. Mousavi, H. Jabbari and A. Talibbeidakhti, Corporate governance and restatement of financial statements, Financ. Account. Audit. Res. 7(25) (2015) 103–126.

[28] I. Noravesh and S. Hosseini, Corporate disclosure quality (consist of timeliness and reliability) and earnings management, Account. Audit. Rev. 16(2) (2009).

[29] F. Rahnamaei Roodposhti, A Model for Measuring the Effect of Corporate Governance Mechanisms on Earnings Management in Tehran Stock Exchange, Islamic Azad University, Tehran, Branch of Science and Research, PhD dissertation in Business Management, 2009.

[30] G. Rajabi, Assessing the reliability and validity of the general self-efficacy beliefs scale (GSE-10) in psychology students of the faculty of educational sciences and psychology of Shahid Chamran University of Ahvaz and Marvdasht Azad University, New Education. Thoughts 2(1–2) (2006) 111–122.

[31] S.H. Sajadi, H. Farazmand, M. Dastgir and D. Dehghanfar, Factors affecting conditional audit report, Empirical Stud. Financ. Account. 5(18) (2007) 123–146.

[32] K. VadiZadeh, The Effect of Ponzi Animal Phenomenon on The Performance of Member Companies of Tehran Stock Exchange, Master Thesis in Accounting, University of Tehran, 2018.

[33] R.G. Viltin, The optics of fraud: Affiliations that enhance offender credibility, J. Financ. Crime 19(3) (2017) 305–320.

[34] J. Zhai and Y. Wang, Accounting information quality, governance efficiency and capital investment choice, China J. Account. Res. 9(4) (2016) 251–266.

[35] A. Zhu, P. Fu, Q. Zhang and Z. Chen, Ponzi scheme diffusion in complex networks, Phys. A: Statist. Mech. Appl. 479 (2017) 128–136.