Financial Economics
Year:2016 | Volume:10 | Issue:36|Papers Count:8

Recent studies show the significance of foreign direct investment in export sophistication of a country. The aim of this study is to survey on the relation of foreign direct investment in non-oil export indices of developing countries with emphasize on Iran. So, by providing a theoretical and empirical framework, and with the use of Panel technique, we have estimated the effective factors on nonoil export sophistication in developing countries which include 108 countries during 1997-2003. This model is estimated through Feasible Generalized Least Squares (FGLS) method in regression frameworks with certain fixed time effects. The result shows there is a significance relation between foreign direct investment and non-oil export complexities indices in developing countries. This shows important lessons for Iran, including increase the non-oil export complexities through attracting foreign direct investment policies.

Considering that the main objective of this study was to investigate the effect of financial development on income distribution (Gini index) in selected developing countries and developed countries in the selected time period (2000-2010) is empirical modeling study using dynamic panel generalized moments (GMM) and use the variables GDP per capita, trade openness indicator, the indicator of financial development, inflation, consumer price index and the Gini coefficient was estimated. The results of the estimation of the model in both developed and developing countries distinguishing short and long term effects is discussed. These results indicate that the coefficient of financial development in developing countries (0.02) have opposite signs developed countries (-0.04) is. As income inequality and financial development theories, different estimates of the relationship between these two variables stated, Financial development in developing countries, the increase in income inequality and the increase in average household income and access many brokers and financial services, reduces income inequality. While in developed countries a negative linear relationship between financial development and income inequality that Byangrkahsh income inequality is due to the development of markets and financial intermediaries. Coefficient of per capita income, inflation and the value of the Gini coefficient by delays in developing countries and developed signs consistent with the model assumptions.

A country's investment environment is affected by Political, Institutional, and Economic Factors. These factors are determinants of quality of institutional environment across countries. Corruption often viewed as consequence of inappropriate institutions. Results of Most studies show that high cost and uncertainty created due to corruption affect attractiveness of host country to investors and destroys incentives for foreign investment. Yet, some studies could not find significant relationship between the corruption and foreign direct investment flows. Regard the lack of experimental study, the present research highlight the relationship between subcomponents of corruption and the flows of foreign direct investment in developing countries. The result of regression using panel data of 50 countries for time period 1996– 2012, show that different forms of corruption have separately effects on the flows of foreign direct investment.So, corruption in the field of import/export permits has a positive and significant impact on FDI inflows, whereas corruption in the fields of annual tax payments, access to public utilities and judicial decisions have negative impact on FDI.

The present study seeks to examine the impact of financing methods on profitability growth of the firms in pharmaceutical industry and identify the factors affecting the need to finance the growth of firms by using external resources. For this purpose, a sample consisted of 15 pharmaceutical firms listed on the Tehran Stock Exchange has been considered. For the selected firms, the information needed for analysis and estimation of the model has been extracted by exploring through different documents in text of annual financial statements during the years 2007 to 2013, and estimated by using panel data method. Research results suggest that long-term external financing has more importance in achieving higher growth rates of firms. The sharing profit-pattern among pharmaceutical firms has been one of the factors slowing the growth of the firms, and for this reason, the results of the research indicate a positive relationship between net assets and profitability of the firms. Increasing non-current debts also reflects the need to longterm financing to pay long-term debts created by firms and the continuation of their economic growth. The amount of firms’ investment has a significant impact on the needs of firms’ long-term financing to continue their growth.

From an economic point increase in bad loans and non-performing loans could be the reason for the creation of a banking crisis. This study investigates the factors that affecting the formation of the current non-performing loans and requirements of its decline in the economy of Iran. This paper is used the common theoretical, empirical studies, the experience of countries to reduce non-performing loans, specific conditions in Iran and appropriate econometric model. Model estimation for banks from year 1380 to 1393 indicates that the decline in economic growth, an increase in inflation rates and the exchange rate and also risky behavior of bank, credit growth and the size of banks are the important variables in the formation of non-performing loans.

The mutual funds are suitable instrument for individuals and legal in order to investment. Evaluating and rating of these mutual funds can be useful guide for investment. The aim of this study was ranked active mutual fund in Iran. For this purpose, the statistical data during December -2011 to the end of the period of December 2016 (5 years) is used. The mutual funds selected on the basis traditional criteria and DEA are ranked. Then, according to numerous criteria to rank the full funds have been used TOPSIS. Input and output surplus return funds in traditional measures of risk indicators and data envelopment analysis inputs and outputs, including a variety of risk factors, including the rate of return and of course have been better. After ranking all funds with 8 criteria to criteria used in the ranking of TOPSIS. The results showed that among the 17 funds surveyed Firouzeh, Burseiran and Agah aware ranked first to third and Pishgam fund, brokerage Agricultural Bank fund and the Ganjeneh Refah fund have the final ranking.

This article seeks to analyze the effects of targeted energy subsidies on the industrial sector. For this purpose, the Computable General Equilibrium model was used.At the sector level, the combination of increases in energy prices, exchange rates and interest rates have been a total of eight scenarios. In scenario increase in energy prices (4 scenarios) employment of labor in the mining and services sectors increased, but in agriculture and industry sectors is reduced.Production of industrial sectors, mining and services will increase in all four scenarios.In all four scenarios to reduce agricultural exports, but exports of industrial, mining and services increases. In scenario increase in energy prices and 81 percent increase in exchange rate, employment for services and mining sectors is increasing, but employment in the industrial and agriculture sectors decreases.Results show that increasing exchange rate with the increase in energy prices offset part of the negative effects of rising prices on exports and is also part of the negative effects of rising energy prices on production also compensates.

The aim of this study is to determine the factors affecting the cost inefficiency in private banks. The statistical society of this research is all private banks due to the availability of data and information needed in the years 2009 to 2014, 9 bank have been selected. The result show that the average cost inefficiency ratio during the period is about 69.5%. Aslo, Company-specific factors larger role than economic growth and inflation in variable costs associated with inefficiency in play banks.