Dr Hasti Chitsazan

Dr Hasti Chitsazan is a Senior Lecturer in Business Management at Leicester Castle Business School, De Montfort University. She commenced her academic career in 2012 and has held the position of Assistant Professor at the Faculty of Entrepreneurship, University of Tehran, as well as Lecturer at the IICL, Birmingham campus, of the University of Wales Trinity Saint David (UWTSD) before joining DMU.

Before entering academia, she spent eight years focusing on financial analysis in her professional career. Her professional expertise revolves around business finance, with a specific focus on start-up and entrepreneurial finance.

She is very interested in disseminating her research findings and expertise to professionals. This has led her to offer financial management consulting services and host workshops for various companies.
Additionally, throughout her academic journey, she has established a track record of high-quality publications, all of which reside within the realm of business, finance, and entrepreneurship.

Published Papers in Peer-Reviewed Journals

• Chitsazan, H., Bagheri, A., & Tajeddin, M. (2022). Initial coin offerings (ICOs) success: Conceptualization, theories and systematic analysis of empirical studies. Technological Forecasting & Social Change, 180, 121729.
• Bagheri, A., Chitsazan, H., & Koolaji, S. (2020). Deterrents of tourism business crowdfunding: Aversion decision and aversion behavior. International Journal of Hospitality Management, 88, 102517.
• Bagheri, A., Chitsazan, H., & Ebrahimi, A. (2019). Crowdfunding Motivations: A focus on donors’ perspectives. Technological Forecasting & Social Change, 146, 218-232.
• Ahmadpour, M., Gheysari, V., Chitsazan, H., & Bagheri, A. (2019). The Model of Permanent venture capital Formation in Iran from an institutional approach. Journal of Entrepreneurship Development, 12(2), 161-180 (In Persian). 
• Chitsazan, H., Koolaji, S., & Bagheri, A. (2019). Identifying drivers of Using Crowdfunding by Entrepreneurs (The Case of Tourism Industry). Journal of Entrepreneurship Development, 12(1), 21-40 (In Persian).
• Chitsazan, H., Moghadasi, M., Tehrani, R., & Mehrara, M. (2022). Long memory usage in portfolio optimization using the copula functions: empirical evidence of Iran and Turkey Stock Markets. Financial Engineering and Portfolio Management, 49, 422-445 (In Persian).
• Chitsazan, H. & Pourbasir, M. (2022). Factors Affecting Backers’ Funding Intention in Crowdfunding Platforms. Journal of Entrepreneurship Development, 14(4), 599-618 (In Persian).
• Chitsazan, H., Mirlohi, S.M., Boghosian, A., & Nejadolhosseini, N.S. (2021). The effect of financial development on corporate finance using club convergence approach in Tehran stock exchange. Journal of Investment Knowledge, 10 (40), 331-352 (In Persian).
• Ahmadi Kafeshani, A., Rezvani, M., Chitsazan, H., & Mohammad Kazemi, R. (2019). Exploring Entrepreneurial marketing mix in financing from business angels. Journal of Entrepreneurship Development, 42(4), 621-640 (In Persian).
• Chitsazan, H., Davari, A., & Jalali, M. (2018). Assessing Factors Affecting Small and Medium Enterprises' Resilience Capacity (A study of Automotive Suppliers). Journal of Entrepreneurship Development, 11(3), 421-440 (In Persian).
• Ahmadi Kafeshani, A., Rezvani, M., Chitsazan, H., & Mohammad Kazemi, R. (2018). The Art of Fundraising from Business Angels Based on Entrepreneurial Marketing: A New Insight. International Journal of Entrepreneurship, 22(3), 1-10.
• Motevasseli, M., Shojaee, S., Mohammadi Elyasi, G., & Chitsazan, H. (2018). Exploring the Institutional Challenges of Transactions between Venture Capitals–Technological Firms. Journal of Science & Technology Policy, 9(4), 1-14. (In Persian).
• Motevasseli, M., Shojaee, S., Bitaab, A., Chitsazan, H., & Mohammadi Elyasi. G. (2018). Institutional Barriers to Financing Technology-based Small Firms through Venture Capital Mechanism: A Study to Explore the Incentives for Investment in Iran. International Journal of Economics and Financial Issues 8(1), 184-195.
• Shojaee, S., Motevasseli, M., Bitaab, A., Chitsazan, H., & Ghanbar Mohammadi Elyasi, G. (2018). Institutional barriers to venture capital financing: an explorative study for the case of Iran. Journal of entrepreneurship in emerging economics 10(3), 409-427.
• Chitsazan, H., Talebi, K., & Moheb-Ali, A. (2017). Identifying and Prioritizing the Most Common Methods of Bootstrap Financing in IT-based Start-ups. Journal of Entrepreneurship Development, 10(1), 61-79 (In Persian).
• Chitsazan, H., Bagheri, A., & Yusefi, A. (2017). Intellectual, psychological, and social capital and business innovation: The moderating effect of organizational culture. Iranian Journal of Management Studies (IJMS), 10(2), 307-333.
• Motevasseli, M., Shojaee, S., Chitsazan, H., & Mohammadi Elyasi, G. (2017). Institutional Barriers to Venture Capital Investment in Iran: A study to explore the incentives of investment in technology-based small firms. Journal of Entrepreneurship Development, 10(3), 477-496 (In Persian).
• Chitsazan, H., Khosroazad, N. (2016). Does Book-to-Market Ratio Matter in Profitability of Momentum Investment Strategy in Tehran Stock Exchange?. International Journal of Economy, Management and Social Sciences, 5(2), 23-27.
• Keimasi, M., Chitsazan, H. (2015). Organizational E-Readiness Web: A Model of evaluating E-Readiness of Iranian Commercial Banks to Develop E-Banking. International Letters of Social and Humanistic Sciences, 64(1), 133-142.
• Chitsazan, H., Rezvani, M., Bafekr Dust Abad, R. (2015). Identifying and grading factors affecting new venture valuation by venture capitalists. Journal of Entrepreneurship Development, 8(4), 591-609 (In Persian).
• Chitsazan, H., Keimasi, M. (2015). The impact of investor sentiments on the Gold futures market. Financial Knowledge of Securities Analysis, 8 (27), 119-133 (In Persian).
• Chitsazan, H., Keimasi, M. (2014). Modeling Volatility of Gold Futures Market in Iran by Switching GARCH Models. International Journal of Economy, Management and Social Sciences, 3(11), 703-707.
• Keimasi, M., Chitsazan, H., Fakher, E. (2012). Comparison of organizational intelligence in private and state banks. Journal of Business Management, 3(9), 131-146 (In Persian).
• Mohammadi, Sh., Chitsazan, H. (2012). Long Memory of Tehran Stock Exchange. Journal of Economic Research, 46(97), 207-226 (In Persian).
• Mahmoudi, V., Mohammadi, Sh., Chitsazan, H. (2010). A study on long memory trend on international oil markets. Journal of Economic Modelling Research, 1(1), 29-48 (In Persian).
• Tehrani, R., Chitsazan, H. (2004). A study of systematic risk trend and stability of beta for Tehran Stock Exchange. The Journal of Financial Research, 17, 27-37 (In Persian).

Books

• Chitsazan, H. & Koolaji, S. (2019). The Art of Start-up Fundraising, Translated, Publication of Adiban, Tehran, Iran (In Persian).
• Chitsazan, H. & Amooei, G. (2016). Advances in Entrepreneurial Finance: with applications from behavioral finance and economics, Translated, University of Tehran Press, Tehran, Iran (In Persian).
• Chitsazan, H. & Abdolahpour., S. (2014). Finance for Entrepreneurs, Translated, Jahad Daneshgahi Publication, Tehran, Iran (In Persian).
• Shams, Sh. & Chitsazan, H. (2011). The Inefficient Stock Market: What Pays off and Why, Translated, Publication of Termeh, Tehran, Iran (In Persian).
• Eslami Bidgoli, Gh. R., Shams, Sh., & Chitsazan, H. (2007). The New Finance, Translated, University of Tehran Press, Tehran, Iran (In Persian).

Chapters in books

• Bagheri, A. & Chitsazan, H. (2018). Challenges of Entrepreneurial Finance: A Systematic Analysis of Empirical Researches. In N. Faghih & M.R. Zali (Eds.), Entrepreneurship Education and Research in the Middle East and North Africa (MENA), Contributions to Management Science, (pp. 347-361). Springer.
• Chitsazan, H. (2016). Working capital management in home-based business. In Encyclopaedia of Home-Based Business. (pp. 858-861). Iran Encyclopedia Compiling Foundation.
• Chitsazan, H. (2016). Accounting in home-based business. In Encyclopaedia of Home-Based Business. (pp. 339-342). Iran Encyclopedia Compiling Foundation.

• Entrepreneurial Finance
• Business Finance
• Start-up Fundraising
• Crowdfunding
• Financial Technology

Business and Finance

• Ph.D. in Management with specialization in Finance
  Faculty of Management, University of Tehran, Iran
• M.Sc. in Business Management
  University of Tehran, Iran
• B.Sc. in Business Management
  Chamran University, Iran

• Financial Management
• Venture Capital
• Business Planning
• Principles of Accounting
• Advanced Financial Management
• Principles of Financial Management
• Software Solutions for Business
• Accounting and Budget Management

• The Book of the Year Award: For the translation of 'The New Finance,' which was selected as the book of the year in the Islamic Republic of Iran, 2009.
• Top Ranked Student Award, Provided by University of Tehran, 2009
• Top Ranked Student Award, Provided by University of Tehran, 2004
• Top Ranked Student Award, Provided by Shahid Chamran University, 2001 

Peer-Reviewed Conference Presentations/Proceedings

• Chitsazan, H., Bagheri, A. (2019). Factors affecting crowdfunding success: A systematic analysis of the empirical studies. IEEE International Conference on Computational Intelligence and Knowledge Economy (ICCIKE2019), Dubai, UAE.
• Chitsazan, H., Azimi, Z., & Bagheri, A. (2022). Identifying the financial challenges and over-coming Strategies of insurance startups. The Second Conference for Iran Business Watch.
• Chitsazan, H., Bagheri, A., & Yarali, Mohammad (2022). Entrepreneurs’ Cognitive Understanding of Financing Constraints Using Repertory Grid (The Case of ICT Start-ups). The Second Conference for Iran Business Watch.
• Ahmadi Kafeshani, A., Rezvani, M., Chitsazan, H., & Mohammadkazemi, R. (2018). Signaling viability and commitment through Entrepreneurial marketing to secure business angel funding. 4th International Conference on Entrepreneurship (ICE2018), Tehran, Iran.
• Chitsazan, H., Shahmirzadi, H. (2016). Venture Capitalists’ Evaluation Criteria for Innovative Technologies: A Case of Iranian Nano Technology Knowledge-based Firms, 3rd International Conference on Entrepreneurship (ICE2016), Tehran, Iran.
• Chitsazan, H., Shanyani, N. (2014). Identifying the Effects of Volatility of the Stock Market Index in Capital Markets of Selected Countries on the Volatility of the Stock Market Index in Tehran Stock Exchange, Accounting, Economics and Financial Management Conference, Tehran, Iran.
• Chitsazan, H., Rostami, M. (2012). Islamic Finance Opportunities in the Financing of Oil and Gas Projects, 3rd National Conference of Sustainable, Integrated and Knowledge-Based Development in Pars Special Energy and Economic Zone, Iran.

Business Finance

Project title: The impact of investor sentiments on the futures market (The case of Iran Future Market)
Funding agency: Iran National Science Foundation
Date: 03.03.2013 - 04.09.2013
Role: Director

Project title: Redesigning Strategies and Business Model of Iran-Venezuela Bi-National Bank
Funding agency: Iran-Venezuela Bi-National Bank
Date: 2019
Role: Main collaborator

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