JOURNAL OF THE FACULTY OF HUMANITIES AND SOCIAL SCIENCES
Year:2007 | Volume:7 | Issue:24|Papers Count:6

Application of the capital cost in capital budgeting, financial decisions and performance evaluation are the clearer evidence of the use of capital cost. this research investigates the effects such as size of the firm, type of industry, fixed assets/total assets ratio, quick ratio, total liabilities/equity ratio and net earnings growth on capital cost. Statistical sample of this research was 101 firms of seven industries. The results of this research showed that there is a meaningful relation between the net earnings growth, fixed' assets/total assets ratio, total liabilities/equity ratio, type of industry and capital cost. The type of industry also has influence on capital cost and besides the change of constant value regression equation and change the slop of line. Finally, we investigate the synchronic effect of independent variables on capital cost. The result shows that the variable of the size of firm and quick ratio are meaningful in the 95% level of confidence.

One of the most important factor in production, which has special effect on all economic sectors is energy. Especially in developing countries, that compete to achieve scarce resources, what is important is, which of the macro economic variables has effect on another one. In this study, cointegration analysis and Hisao causality tests are used to examine the causal relationship among energy consumption, employment and gross domestic product (GDP) for Iran over the period 1350 to 1383 . Johanson (1988 ) cointegration test result indicates these three variables are cointegrated with three contegrating vectors. The results from Hisao causalty test suggest unidirectional Grange causality from employment to GDP and energy consumption and from energy consumption to GDP. Furthermore, the impules response and variance decomposition are also incorporated into analysis. Energy consumption appears to have led to GDP growth in Iran over this period. The policy implication of this finding is that energy conservation will restrain the GDP growth in Iran, so a policy that increase the productivity of energy consumptions recommended instead of reduce of quantity of energy consumption in and it is better to move energy consumption from household sector that has little productivity to productive sectors.

Sugar industry is an energy intensive industry. In this sub sector of economy energy is used as input. Allocation of a high quota of total energy consumption to sugar industry in one hand and distinction between determinants of energy demand on the other hand in this sector and other economy sector appears the importance of analyzing of energy demand in sugar industry.So for analyzing of energy demand in sugar industry, in the first part of this paper explanatory variables which determine energy consumption in Bisetoon sugar factory are described briefly in second part a discussion take place on the stationary of variables. Then econometric models are specified and the elasticity of energy demand in Bisetoon sugar factory in respect to explanatory variables are estimated by using daily time series in 10/9/2004- 20/12/2004.The finding of this paper reveals that the elasticity of energy demand in Bisetoon sugar factory in respect to all of the explanatory variable is low. The elasticity of energy demand in this factory in respect to raw juice Brix, Pulp Pressed, electricity, sugar beet and sugar production are .12, -.098, -.308, .052 and .056 respectively. Non availability of substitute energy carrier, impossibility of substitution of energy with other production factors, impossibility of improvement in production technology because of shortage of study term, low quota of energy costs in respect to total production cost in factory, low quota of free demand for energy and high quota of captured demand for energy; are the major reasons for low energy demand elasticity in Bisetoon sugar factory.

In general, two traditional schools with different view points about importance of financial Markets exist in development economy. One view believes financial markets are infraction key in development and growth economic, and the other view is that, financial categories are just as a servant industry. This view knows that the financial intermediary is the only conduit for conduction of saving households due to investment activities.In new researches, financial growth of economic organizations is active actors and maybe dominant in ground industry activities. But always there was the question, whether financial development obtains high growth economic ground or increasing the economic activities cause to create demand for financial intermediary and expansion of financial organizations?A few empirical surveys in case of the relation between financial development in general and stock market expansion in particular and growth have been done. This paper tries to investigate this question, " whether stock market development causes economic growth or not?" in causal relationship framework using econometric packages and data for Iran economy.

Using Vector Autoregression (VAR) model, this paper examines the interaction between OPEC reference basket price fluctuations and economic growth of the most important OECD countries (America, England, Germany, France, Italy, Canada and Japan) for the period 1980:1-2005:1. The results based on cointegration test, impulse response function, variance decomposition and Granger causality test show that the oil price effect on real GDP level of OECD countries is limited to the short-run. Moreover, Granger causality test shows a unidirectional cause of OPEC reference basket price growth rate to real GDP growth rate of these countries, but not vice versa. In addition, there is .a negative effect .of the oil stocking on the OPEC reference basket price and positive effect on OECD economic growth when an oil price shock happens.

Inflation is one of the social phenomena in recent years. The inflation's problems in our country have caused financial statements of firms not to show some facts correctly. On the other hand, capital market in Iran has lots of fluctuations and investors have many difficulties to take a clear and precise decision So, this research examines the relation between profitability ratios modified upon general price index and return on stock. For this purpose, financial data gathered from firm's balance sheets and income statements during four years (1381-84). After they modified upon general price index, their relation with return on stock have measured. The statistical method of research is analytic correlation by multivariate (panel) regression and hypotheses have tested by Eviews software. Findings of this research shows that there isn't any significant relation between profitability ratios modified upon general price index and return on stock in petroleum and petrochemical industry during 1381, 1384 years.