Iraqi Journal for Administrative Sciences

The aim of this research is to demonstrate the role of spiritual leadership in achieving social leadership and its role in reducing the obstacles to change. It is the source of inspiration and influence of the workers through which voluntary response can be guaranteed. Thus, spiritual leaders use a way to "create an atmosphere of positive interaction between organizations and communities working in them. , And this study was applied in the threshold of Husseiniya holy to a number of its employees, which amounted to (370) Respondents The research reached a set of conclusions, most importantly the emergence of the impact of spiritual leadership dimensions on social leadership and reduce the obstacles to change contribute to The study concluded with a set of recommendations that could benefit the rest of the organizations, the most important being: to give a greater role to the method of spiritual leadership and adopt it as a consistent approach to promote clear spiritual standards and to have a moral sense and build more distinctive moral relations With employees by gaining their trust and showing appreciation to them .

The economic globalization has positive and negative effects. The positive lies in the broad base of investment opportunities available to the local investor. The negativity comes from the fact that international markets are becoming more integrated, and this may reduce the feasibility of performing diversified portfolios internationally. The intellectual debate lies in the fundamental question of whether the performance of the international portfolios was affected by the financial crisis compared to what before and after. In fact, this cognitive problem has been and continues to be a very important debate at both the academic and practical levels. The study seeks to build the optimal international portfolio and to show how it is structured and different from the optimal local portfolio, and to determine the extent to which its performance was affected during the financial crisis as compared to what preceded it and beyond. And disclosure of whether the international diversification of the investment portfolio of dangerous best in the era of globalization is a useful tool that allows to build an optimal investment portfolio provides the best trade-off between risk and return. The study conducted a detailed analysis of the performance of the international optimal risk portfolio in the light of the financial crisis in the light of the data obtained for the sample of the study of indicators of the Iraqi and international stock markets. The latter was selected according to the FTSE rating for a sample of 53 international stock market indices, The Iraqi market for securities was included in the sample because the study is concerned with evaluating the performance of the diversified portfolio internationally from the perspective of the local Iraqi investor. The study period included (771) trading days for the sample studied as a whole, and started on (13/9/2006) until (26/05/2011). For the purpose of knowing the feasibility of the international diversification performance during the crisis compared to the previous period, the sampling period was divided into three periods, in equal terms, and for each period (257) days. Using many financial and statistical methods, the study reached a number of conclusions, the most important of which are:
The performance of the international optimum risk portfolio is different during the financial crisis than before and after. Analytical results showed that the optimal international portfolio was superior to the local portfolio and to all periods. In addition, the performance of the international portfolio of variance resulted in analytical results on the improvement of the performance of the portfolio during the crisis after compared to its counterparts in the two periods during the pre-crisis, which confirms that the performance of the international portfolio of optimal risk changed by the impact of the crisis and before and after.
The study came out with a number of recommendations, perhaps the most important of which is: The Iraqi investor should move from the local environment to the international environment for financial investment, resulting in a greater benefit reflected by a more efficient exchange between risk and return. As the markets are heavily affected by the crisis at the beginning, but the markets soon absorb the crisis and absorb its effects and return to rebound and recover. As the results showed in the performance of the international portfolio after the crisis was much better than in the crisis and even before.

The exchange rate of the real economic face of any country, and with the development in the business environment resulted in an increase in risks, especially exchange rate risks, which prompted the economic units to avoid them by hedging financial instruments. As the Iraqi economic units do not report financial activities on hedging activities, Which prompted the researchers to address this problem and its statement, as well as urging those units to seek the application of international accounting and financial reporting standards.

This study examines the role of the government budget deficit in the fluctuations in the indicators of the financial performance of the Iraqi market for securities for the period (2005 - 2016). The study aimed to focus on financial planning based on logical scientific principles that do not cross the financial concepts adopted globally. The study aimed at explaining the role of the financial markets at the level of the economy and any damage or impact that affects the financial markets. As a result, the damage will extend to the remainder of the budget. As the financial markets are considered the pillars of economic movement and the main engine for the rotation of the wheel of development in the global economies.
The methodology of the study in analyzing the data is based on the use of descriptive analysis. The researcher compared the hypotheses of the study that were identified with the actual results of the correlation coefficients that show the real relationship between the independent variable and the dependent variables.
The study concluded with a number of results:
1. The conditions of the stock market are a mirror of the overall economic situation, and the stability of these markets is a measure of the success of the general economic policy in the country. Therefore, the attempt to understand the government budget deficit and its impact on indicators of financial performance of the Iraqi market for securities contributes to the achievement of economic and financial stability in the Iraqi economy.
2. Market efficiency plays a key role in the process of responding to fluctuations and changes in the government budget deficit, because whenever the stock market has a certain level of efficiency whenever there is a response to these changes are faster and more efficient markets.
3. The deficit of the government budget remains one of the topics that occupy the thinking of the planners of the economic policy of the country, because whatever solutions are put in place to alleviate the deficit of the budget, but the effects of the deficit remain large on the level of the economy, except the benefits paid by borrowing to fill the deficit, A new cash release to cover the deficit, the low level of government ownership due to the sale of its financial assets to meet the deficit.
The researcher recommended a set of recommendations, the most important of which:
1. Establish active and active centers within the Iraqi stock market that will allow investors to access information on actions taken by the government and the central bank on their economic policy, so that they can reverse them in making decisions to buy and sell securities.
2. The financial and monetary authorities must balance the benefits and possible negative effects of fiscal and monetary policy decisions on the Iraqi Stock Exchange.
3 - The need to use teams of professional financial analysts for the purpose of training and development of the Iraqi market for securities to take advantage of their experience in how to address the problems that may affect the activity of the market, and how to alleviate the severity of these problems if they are inevitable can not be overcome.