Journal of economics and regional development
Year:2013 | Volume:19 | Issue:4|Papers Count:8

In this study, the relationship between the some of corporate governance mechanisms and corporate financial performance after Initial Public Offerings (IPOs) in Tehran Stock Exchange (TSE), based on data from 70 companies during the years 1381–1387 (2003–2009) are examined. Corporate governance mechanisms includes Ownership structure (i.e., Institutional ownership, Managerial ownership), and Board composition (i.e., the percentage of Non executive director or Board independence, and CEO duality) in order to evaluation of the, return on asset and Tobin’s Q is used. Statistical method used to test hypotheses is panel data approach. Findings show that institutional ownership and managerial ownership are positively related with firm performance after going public. Moreover, the percentage of non executive director improves firm performance. However, there is no relationship between CEO duality and firm performance.

Economic growth is one of the goals any country that always been considered by policy makers and planners. In recent years researching the relationship between financial development and economic growth is of particular importance and intensive studies have been performed in this field. On the other hand, financial development is caused by a factor, such as trade liberalization. The usual view is that, trade liberalization with led securities to the efficient investment opportunities will lead to financial market development. But there is a different opinion about this theory they believe trade development is limited to financial economics. In this regard, this study tries to investigate by using panel data for the group of developing countries that their financial system is the same (The indicators of financial development). The results of this study show that trade openness policies for financial development that now is a major economy of the countries, is not appropriate, at least in the early stages.

Openness and its relation with economic growth is one of the controversial issues in economics. Recent years, various mechanisms of openness influencing on economic growth is considered. One of the mentioned mechanisms is the impact of openness on economic growth through economic growth in tradingpartners countries. By Using an unbalanced panel data analysis, this study evaluates the impact of trading partners' economic growth on economic growth of the member countries of the Organization of Petroleum Exporting Countries (OPEC) for the period of 1960- 2004. The results indicate that there is statistically positive and significant effect of trading partners’ economic growth, investment, human capital and opennesson economic growth in OPEC member countries and there is negative effect among initial GDP, inflation, government expenditure andeconomic growth in OPEC member countries. The results are robust and are not sensitive where other determinants of economic growth were added to the model. This is also true in different samples.

The growing importance of independence from oil revenues due to oil price fluctuations and global demand that severely affect on the government revenues and the economy has led to role of non-oil exports be raised beyond a tool for earning exchange revenues. That's why many economic experts and researchers focus on the analysis of current situation of the nonoil exports. The perspective of the non-oil exports provide the possibility of more accurate survey and planning for Iranian economy. In this study, Artificial Neural Network (Multilayer Perceptron MLP) and Autoregressive Integrated Moving Average (ARIMA) has been used to predict the non-oil exports of Iran during the period 1959- 2010. The needed data has been obtained from the Central Bank of Iran. In order to compare the accuracy of the prediction method several measures (including the mean of absolute deviation, root of mean square error and determination coefficient) has been used. Results showed that Multilayer Perceptron has a lower error in forecasting the non-oil exports and also it significantly was more accurate than ARIMA model. ANN method in addition to create a context for development the new methods of the forecasting, can also help the policy makers of export sector, especially non-oil export sector in the future decisions. Finally, it seems that the managed dollar rate policy in the country is an efficient policy, provided that this rate be not always fixed in the long run.

According to Efficient Market Hypothesis (EMH) prices completely reflect all available information. Under this condition, it is not possible to speculators to predict the future behavior of asset prices and to earn excess profits in a system manner. This study examines efficient market hypothesis in Iranian foreign exchange market during time period 21:03:2002-17:06:2010 by using Detrended Fluctuation Analysis (DFA) technique as well as unit root tests including Augmented Dickey Fuller (ADF) and Philips-Peron (PP). Results indicate that the market was weakly efficient during the selected time period. However, it seems that this efficiency is not due to informed behavior of traders but foreign exchange interventions under managed floating regime. In case that the government adopts floating exchange rate regime in the future, prominent acting of the informed speculators and making depth of the foreign exchange market may prevent dramatic foreign exchange market inefficiency and its consequences.

Nevertheless, the extraction and consumption of coal aren’t comfortable as well as oil and gas but according to increasing oil and gas prices we can do a study for the ability of substitution of oil, gas and coal. This paper investigates the causal relationship between coal consumption, GDP, capital information and unemployment in Iran for the period 1350 -1386. We apply KPSS unit root test for surveying of stationarity of the variables. This test shows the variables are stationary at the first difference. Since, the variables are I(1) we apply Johanson (1988) co-integration test for studying of long run relationship between the variables. CUMUSUM and CUMUSUMSQ tests show that the variables are state. The Granger causality test shows a bi-directional causality between capital information and GDP, it means economic growth and capital information strengthens each other in long and short run. Capital increasing lead to unemployment augmentation. On the other hand, coal consumption isn't cause of economic growth; but the inverse is true.

According to volatility feedback theory there are relationships between stock return and the risk of stock. However, the results of empirical research, in several countries and markets, are different. This study investigates the effect of anticipated stock return volatility on stock return in Automobile industry using GARCH in Mean (GARCH-M) models, and ARDL modeling and Bounds test approach to level relationship. We also investigate the effect of unanticipated stock return volatility on stock return using ARDL model and Bounds test approach in the period of 06/04/1998 - 06/07/2010, applying daily and weekly Automobile industry index in Tehran Stock Exchange. Estimation of the GARCH-M model results by applying FIML method of estimation show that anticipated stock return volatility affects the stock return positively. Moreover, Bounds test approach results from both models confirm existence of long-run relationship among variables under investigation at 1% significance level. The ARDL estimation results show that anticipated (unanticipated) volatility of Automobile industry stock return increases (decreases) the return in long-run. Results from Granger causality test confirms one-way long-run causation from anticipated volatility of Automobile industry stock return to the return.

Recent theories of economic growth treat commercially oriented innovation in response to economic incentives as a major engine of technological progress and Economic growth. Therefore this study tries to determine rate of return of Physical investment and R&D expenditure on economic Iran in during 1968-2009. Finding provided empirical evidence that Labor, Physical investment and R&D expenditure have important and significant effects on economic growth performance. Our estimates suggest that the coefficient of physical investment on economic growth is larger than the of R&D expenditure. As compared with impact of physical capital, the impact of R&D investment on economic growth in Iran is not as strong as, through the lower estimated elasticity values. These results indicate rate of return R&D investment in economic of Iran is much higher than those of physical investment which explains the relatively active R&D investment as compared with physical investment during this period. The short run of internal the average rate of return of physical investment and R&D investment estimated are. 47 and 3.95 respectively. The long run of internal moreover the average rate of return of physical investment and R&D investments estimated are.84 and 66.2 respectively.