Dr Hasti Chitsazan

Dr Hasti Chitsazan is a Senior Lecturer in Business Management/Finance at Leicester Castle Business School, De Montfort University, specialising in business finance, financial technologies, entrepreneurial fiance, and data-informed decision-making. She is also a Senior Fellow of the Higher Education Academy (SFHEA), recognised for sustained excellence in higher education teaching, curriculum development, and academic leadership.

Alongside her academic role, she is a UKRI Policy Fellow working with the Analytical Data Science Team at the Department for Business and Trade. This experience strengthens her interest in translating academic research into practical and policy-relevant impact.

Since beginning her academic career in 2012, she has held a range of academic leadership and teaching positions across international higher education institutions, including Assistant Professor and Deputy Dean of Finance and Administration at the Faculty of Entrepreneurship, University of Tehran, and Lecturer at the University of Wales Trinity Saint David (UWTSD), Birmingham campus.

Before transitioning into academia, she gained eight years of professional experience as a financial expert, developing practical expertise in financial analysis, business strategy, and organisational decision-making. This industry background continues to inform her teaching, research, consultancy, and engagement with businesses and policymakers.

Throughout her academic career, she has established a strong track record of high-quality publications in the fields of business, finance, entrepreneurship, and financial technologies, with work published in internationally recognised journals and conferences. Her current research interests focus on entrepreneurial finance, start-up and scale-up ecosystems, fintech adoption, digital transformation, and the application of analytical and data-driven approaches to business and policy challenges.

She is very interested in disseminating her research findings and bridging the gap between academic research and professional practice through knowledge exchange, industry engagement, and consultancy services.

Associate member of Research and Innovation Institute, Institute for Responsible Business

Published Papers in Peer-Reviewed Journals

• Keimasi, M., Giwa, S., Chitsazan, H., & Nasirpourosgoei, N. (2025). Typologies of Assessment Journey Experiences: Understanding What Works for Whom in Block Teaching through the Lens of a 3D Framework. Assessment and Evaluation in Higher Education 1-30 (AJG 2, IF=3.8, Q1). 
• 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 (AJG 3, IF= 13.3, Q1).
• Bagheri, A., Chitsazan, H., & Koolaji, S. (2020). Deterrents of tourism business crowdfunding: Aversion decision and aversion behavior. International Journal of Hospitality Management, 88, 102517 (AJG 3, IF= 8.3, Q1).
• Bagheri, A., Chitsazan, H., & Ebrahimi, A. (2019). Crowdfunding Motivations: A focus on donors’ perspectives. Technological Forecasting & Social Change, 146, 218-232 (AJG 3, IF= 13.3, Q1).
• 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 business. In Encyclopaedia of Home Business. (pp. 858-861). Iranian Encyclopaedia  Foundation.
• Chitsazan, H. (2016). Accounting in home business. In Encyclopaedia of Home Business. (pp. 339-342). Iranian Encyclopaedia 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

UKRI–DBT Policy Fellowship / Secondment (Nationally Competitive)

Competitively awarded national policy fellowship funded by UK Research and Innovation (UKRI) in partnership with the Department for Business and Trade (DBT), selected through external panel review, 2025

Teaching Fellow of the Year – Highly Commended

The SDG Awards 2025, De Montfort University in partnership with United Nations Academic Impact, 2025

National Book of the Year Award

Awarded for the translation of The New Finance, selected as “Book of the Year”, Islamic Republic of Iran, 2009

Senior Fellow of the Higher Education Academy (SFHEA)

Advanced HE Aurora Leadership Programme (2025)

Peer-Reviewed Conference Presentations/Proceedings

• Chitsazan, H., Cook, J., & Keimasi, M. (2025). Enhancing Sustainability Knowledge and Critical Thinking: A Qualitative Experiment with a Targeted Business Simulation Game (ESEQuest). The 57th Academy of Marketing Conference, University college Cork, Ireland.
• Chitsazan, H., Cook, J., & Keimasi, M. (2025). Designing Targeted Business Simulation Games (TBSGs) for Effective Learning: A Hands-On Workshop. The Chartered Association of Business Schools' Learning, Teaching & Student Experience (LTSE) Conference.
• Giwa, Sh., Keimasi, M., Chitsazan, H., & Nasirpour, N. (2025). Mapping Assessment Journeys in Block Teaching: Progressive, Static, and Regressive Pathways. The Chartered Association of Business Schools' Learning, Teaching & Student Experience (LTSE) Conference.
• Chitsazan, H., Keimasi, M., & Nasirpour, N. (2024). BizSpark: Enhancing Students' Employability and Entrepreneurial activity Through Business Plan Competitions. De Montfort University's Learning and Teaching Conference, September 2024.
• Keimasi, M., Nasirpour, N., & Chitsazan, H. (2024). Enhancing Student Learning and engagement in the Generative AI Era: The Power of Business Simulations. De Montfort University's Learning and Teaching Conference, September 2024.
• Giwa, Sh., Keimasi, M., & Chitsazan, H. (2024). From Perception to Practice: Crafting a Model to Gauge Assessment and Feedback Quality in Block Teaching through Student Perception. De Montfort University's Learning and Teaching Conference, February 2024.
• Keimasi, M. & Chitsazan, H. (2024). Measuring the Effects of Website Interactivity on Customer Purchase Intention in an Online Context. BAL Research, Innovation and Enterprise Symposium, DMU, June 2024. 
• 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.
• 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.

Project title: UKRI policy fellowships 2025, Economy Growth and Productivity Analytical Fellowship, Department for Business aand Trade, Analytical Data Science Team
Funder: UKRI
Date: 2026-2027
Total award value: £135,550

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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