Financial Economics
Year:2014 | Volume:8 | Issue:27|Papers Count:8

Capital structure and earning quality are both important issues among the topics of finance and accountancy. Paying attention to these two subjects will help investors make better decisions about their investments. In this research, the relationship between capital structure and earning quality has been examined. The studied sample consists of 44 non-financial corporations, accepted in the Tehran securities exchange, during the years 1383 to 1387. Results of the research show that there is no meaningful relationship between the debt ratio and the other indicators affecting capital structure from one side and earning quality on the other side. Additionally, we considered ownership structure and managerial shareholdings as two important factors affecting capital structure and the results show that capital structure and ownership structure are positively related. Also, negative relation between the number of stocks owned by institutional investors and leverage was observed.

Developed countries have been beneficial from ample exchange earnings through exporting engineering and technical services rather easier than raw materials. There have been a lot of advantages for service exporters such as technology transfer, job creation, productivity and development through trade relations. Therefore, the object this study is to investigate the effect of innovation on exports of engineering and technical services in selected emerging countries including China, India, South Korea, Brazil and Turkey. Indeed such countries have fallowed the promotion of export strategy in diversification.This study has estimated a model for technical engineering, services exports for the selected emerging countries during 1998-2010 by using panel data approach. The empirical results show that innovation has had positive and significant effect on exports of engineering and technical services. Additionally, exchange rate and GDP has had significant effect on such exports.

Gasoline demand management requires both identification and sensitivity analysis of important factors which affect its consumption. Thus, this paper investigates the behavior of gasoline consumers by presenting an econometrics model based on data panel modeling method. Gasoline demand function has been estimated using gathered data over the period 2002-2007 in 28 states by the means of Eviews software. The results show that gasoline consumption is directly related to GDP, the number of vehicles in transportation system, population and gas oil price. In addition, the result of hypothesis test for the effect of LPG price on gasoline consumption is not meaningful.

Because of the effect of stock market in financial preparing and country's development, finding a suitable method for forecasting stock market is important. Because of the possibility of non-linear relationships in financial markets, the purpose of this paper is to evaluate the prediction’s power of linear and non-linear methods in stock market. First the weekly data of stock price index in Tehran stock exchange has been estimated in 1383 to 1389 using time series and neural networks methods. Then best model has been presented. The results show that artificial neural network model has better performance than time series.

In this study, the effective factors on Total Factor Productivity (TFP) with the emphasis on human capital indices, technology and management, have been studied. The goal of this research apart from the calculation of total factor productivity in the period of 1374-1388, is the analysis of effective factors on total factor productivity, reasons of productivity differences in chemcal industry. For this reason, Divisia method for TFP calculation and Panel Data technique for the effectiveness of impressive factors on productivity, has been used. The effective factors on Total Factor Productivity in estimated pattern are as below: The percentage of the high-educated employed people (official education), per capita cost for educational enterprise (unofficial education), research and development stock and utilization rate of the capacity. The studying results show significant and positive effect of the below factors: The percentage of the high-educated employed people, per capita cost for educational enterprise, research and development stock, value output and utilization rate of the capacity to Total Factor Productivity and the negative effect pupulicat to enterprise value output.Among mentioned factors, the percentage of the high-educated employed people, enterprise scale of production and utilization rate of the capacity have the most significant effect on total productivity progress.

According to the process of internationalization of financial markets, growing development of trading and information technology advances accelerated more than before. Nowadays most of the capital will undoubtedly interchange through stock markets. National economies are strongly affected by the performance of stock exchanges. In addition stock has either been as an available investment tool for huge investors or the public. Therefore in this study besides investigating the effect of macroeconomic variables in total value of transacted stocks in selected countries, we estimate the effect of total value of transacted stocks in the entire world in total value of transacted stocks in Iran through variables of oil income, the per capita income, inflation, industrial Production, exchange rate and interest rate. The estimation period is between the years 1991-2010. The model has been estimated by the Vensim Dynamic System, combined data (Pool) and GARCH time series methods and the effect of international stock markets in Iran stock market has been studied. The results indicate that international Stock Exchange fluctuations have a meaningful effect in Iran’s bourse. Other result of this paper is that the oil income has no effect and misalignment has a negative effect in total value of transacted stocks. If the per capita income has 5 percentage of growth, causes 15 percentage of fluctuation in stock market.

The goods and services which are being provided by the outdoor recreational places for the humans will be in the range of goods and services that the relevant markets are not able to value them; for this reason, non market valuation methods will be used in order to value or evaluate them (services and goods). One of the methods which were used for valuing these places by the economic researchers during the recent years is the individual travel cost method. The aim of this paper is to evaluate the recreational value of Darband site in Tehran by using the approach of individual travel cost single purpose. For this reason, 385 questionnaires were distributed within this site among the visitors and by using the obtained information, visit demand function of this site was estimated. Based on the features of data, count models in order to evaluate the travel demand function to Darband was estimated and among the non-continuous distributions, the negative binomial distribution based on the numerical value of dispersion parameter in this sample was chosen. At the end, the recreational value of this site for different models as; in lieu of each visit by each visitor; 189-617 thousands Rials, in lieu of each visitor in a year; 1.239-4.031 millions Rials and the annual recreational value of this site; 543-2316 billions Rials shows the high value of this place or site for the visitors.

Naghsh-e-Jahan square with its complementary set of buildings and spaces as one of the most prominent of monuments of Safavid period and as one of the important attractions of cultural heritage in Iran is considered. The economic valuation of this cultural heritage, evaluating policy making and decision making about improving the Naghsh-e-Jahan's economic condition. Therefore, The aim of this research is an assessment of the economic value of Naghsh-e-Jahan square in Esfahan, in order to estimate an individual's willingness to pay (WTP) for visit of set of buildings and preservation of Naghsh-e-Jahan square, using a contingent valuation method (CVM). Therefore, the economic value of Naghsh-e-Jahan square divisions into tourism value (use value) and preservation value (non-use value). The contingent valuation method was used to obtain visitors' willingness to pay. Required information from 1100 completed questionnaires and confronting interview with visitors of Naghsh-e-Jahan square in 2010 year were collected. for analysis of affecting factors on visitor's willingness to pay, Ordered Probit model was employed.The results indicate that 94.5% of visitors are willing to pay for visit of the set of buildings of Naghsh-e-Jahan square and 68.5% of visitors are willing to pay for preservation of Naghsh-e-Jahan square. Based on the number of domestic visitors in 2010 year and visitor's willingness to pay, The tourism value and annual preservation value were estimated for domestic visitors, more than 12630 and 465920 million Rials for Naghsh-e-Jahan square, respectively. Finally, the economic value of Naghsh-e-Jahan square was estimated for domestic visitors and for 2010 year, more than 478550 million Rials.