Financial Economics
Year:2021 | Volume:14 | Issue:53|Papers Count:12

The purpose of this paper is to investigate the impact of exchange rate shocks on the profitability performance of insurance companies using Panel VAR approach. For this purpose, the statistical data of 16 active commercial insurance companies in Tehran Stock Exchange during the period 2001-2018 were used. The variables used in this study included exchange rate, return on assets and equity, loss ratio and premium. The results showed that by introducing a shock as much as a standard deviation of the variable rate of return on the asset return, the positive reaction initially appeared and decreased after six periods of shock effect and in the long run the shock effect of Is gone. The response of insurance companies' stock returns to the shock of the exchange rate zone was such that the variable initially had a positive response and continued for five periods of impact, but then the shock effect disappeared. The response of the premium and loss ratio variables to the shock from the positive exchange rate has also been positive. According to the results of analysis of variance it can be seen that in the long run the exchange rate was able to explain 18. 01% and 18. 48% of the volatility of ROA and ROE variables. Given the structure considered in this study, it can be stated that the insecurity of the insurance companies has had a significant impact on the exchange rate impact on their profitability.

The main purpose of this study is to examine the effect of local taxation on income distribution. In this study, 12 selected OECD countries during 2004 to 2014 were surveyed, and the Gini coefficient was used as an indicator of inequality. The method of analysis is based on the method of econometric analysis using the GMM method. The results show that with the increase of local income taxes and local property tax and other local taxes (The share of social security, business activity, etc). theGini coefficient decreases and resulting lower income inequality, so on by increasing local sales tax, the Gini coefficient increases and income inequality becomes higher.

Government fiscal policies have taken place as an effective instrument to reduce inequality and enhance income distribution in several last decades. In this paper, based on dynamic panel data (GMM) method we use data from 31 provinces of Iran between 2006-2016 to estimate the effectiveness of government spending, unemployment rate, GDP per capita and banking facilities on income distribution in provinces. The findings show that government expenditures on decreasing unequality is 0. 05 and GDP per capita have a significant effect (0. 07) on the Gini coefficient. The unemployment rate and per capita banking facilities expansion have a significant and positive effect on the Gini coefficient.

The Currency depreciation has significant effects on macroeconomic variables that income distribution is not excluded. With Currency depreciation, wages do not adjust fully to inflationary effects of currency depreciation, a depreciation could shift income from workers to producers which could worsen income inequality. The aim of this study is to investigate the effects of asymmetric the real exchange rate shocks on income distribution in Iran. In this research, the effects of positive and negative real exchange rate shocks on the Gini coefficient index using non-linear Autoregressive Distributed Lag model (NARDL) have been investigated during the period of 1357-1395. By comparing the results of the cumulative effects of the positive and negative real exchange rate shocks on the Gini coefficient it can be concluded that the effects of positive and negative real exchange rate are asymmetric and the effect of positive real exchange rate shock is greater than the effect of negative real exchange rate shock in the short and long-term. According to other results presented in the research, the consumer price index with the positive effect has the most impact on the Gini coefficient in the short-term and the degree of trade openness with negative effect has the most impact in the long run.

Efficiency shows how the organization has used its resources to produce the best performance over time. This paper examines the usefulness of the cultural method in analyzing the effect of management factors on the efficiency of the company, as well as predicting and providing a model of efficiency with the Lasso method. In this regard, data coverage analysis method has been used to measure the efficiency of the company. The initial independent variables in this study include regulatory variables of the governance system. At first, using the cultural variable selection algorithm, variables were selected that have the highest correlation and relationship with the company's performance. Then, using the Lasso algorithm method, the company's performance for the next year is predicted, and finally a model for predicting performance The management system was presented with selected variables. Experimental findings related to the study of 154 companies listed on the Tehran Stock Exchange in the period 1390 to 1397, show that the variables of the ratio of institutional owners, the ratio of non-executive managers, the company's political relationship and the ratio of managerial ownership and concentration of ownership are higher than other variables. In addition to the cultural method, the company has other research results that can be used in predicting and presenting the company's future performance model with a small error.

The exchange rate is an important factor for the country's economic situation and its welfare. This study investigates the welfare effects of how exchange rate being determined, using a macro-econometric model. A more appropriate multidimensional index for welfare is used. The model is simultaneously estimated four times using based on data from 1358-96, each time with a specific exchange rate regime then the economic welfare is evaluated and compared. The regimes are, (1) exogenous and based on actual Central Bank open market (based version), (2) based on a monetary model of exchange rate determination (indigenous), (3) on the basis of annual adjustment and equal to the difference between domestic and foreign inflation rate and (4) exogenously and ineffective on internal inflation rate. The results show that in comparison with the base version the welfare in the monetary model is low (lowest between all 4 methods). But the other 2 methods (if applied) could have brought high welfare (relative to based method); because of taking into account same of the economic effects of exchange rate and therefore are preferred to the based method. The 4th versions because of omitting inflationary effect of exchange rate data create a higher welfare but it makes the country such as closed one. So considering the economic conditions of Iran and its external restrictions such as sanctions, implementing a specific and invariant regime for all years is not always the best choice from the welfare view point. So in determining the exchange rate, it's all economic aspects (especially individual’ s welfare), should be considered. Exchange rate volatility should be avoided as possible.

Development Banks play an essential role in the field of international entreneurship as part of the financing cycle in designing a comprehensive business model. Considering the novelty and expantion of international entreneurship in Iranian banking systems, the purpose of this study is to extract the effective component and sub component of the business model of development banks from the viewpoint of the international entrepreneurship. Accordingly, data were extracted through semi-structured interviews with 17 knowledgeable experts and in data analysis, inductive content analysis and MAXQDA2018 software used. The research model is designed in the form of 11 main components and a comprehensive subset of the advantages of other models and can provide effective communication and coordination between different internal and external units of the bank and make existing strategies more effective by creating an entrepreneurial ecosystem to create and gain value.

The aim of this paper is to develop a model to identify the factors affecting market orientation based on new technologies in the insurance industry. The statistical population in the qualitative section included selected and specialized experts and university professors in the insurance industry. 12 interviews were conducted in two stages and their opinions were used. Also, in the quantitative section, senior, middle and executive managers in the insurance industry. 345 people were estimated. In order to collect data, a questionnaire was used to confirm the validity of the form and it was analyzed through SPSS and Lisrel software. According to experts, the results of ranking and importance on the dimensions of market orientation with the approach of new technologies are customer personality traits, management, communication channel, financial support, knowledge and technology, analysis of market conditions, respectively. The results of research hypotheses indicate the impact of management dimensions, customer personality traits, financial support, knowledge and technology and market orientation analysis with the approach of new technologies on the performance of insurance companies. Also, after examining the results of the structural model of knowledge and technology of market orientation with the approach of new technologies, the highest direct effect and then the analysis of market conditions of market orientation with the approach of new technologies have the least effect on the performance of insurance companies.

The purpose of this study was to explain the anomalies of the stock market in the pricing of capital assets of companies listed on the Tehran Stock Exchange. For this purpose, information of 150 companies from the financial reports of companies listed on the Tehran Stock Exchange have been collected and tested. Findings show that in all three capital asset pricing models (Fama and French three-factor model (2001), Kahart four-factor model and Fama and French five-factor model (2014) ), stock market anomalies affect capital asset pricing. The results also show that in all three pricing models, the presentation of a capital asset pricing model based on stock market anomalies increases the predictive power of common capital asset pricing models.

As one of the most important financial institutions, banks have important tasks in the economy, which include equipping deposits, intermediation and facilitating payment flows, allocating credits, and so on. Therefore, the efficiency and profitability of the banking system has always been considered. In this article, an attempt was made; Using econometric methods to identify the effects of specific banking and macroeconomic variables on the profitability of Iranian banks From the data panel model to examine the relationship between bank lending facilities and savings of Granger causality test) and compare neoclassical and post-Keynesian hypotheses. First; The research data were collected through the Central Bank of the Islamic Republic of Iran and from the book on the performance of the banking system, Kedal system and other reputable organizations and institutions in the period 1380 to 1397. The statistical population studied in this study; It is all banks and financial institutions (public and private). Results obtained from data panel self-regression; Economic growth has a significant positive effect on the profitability of the banking system, the results obtained from the data panel model; There is a significant relationship between bank arrears and lending facilities; Also, using Granger causality test, the existence of a positive one-way relationship between bank lending facilities and savings was confirmed. Finally; The effects of specific banking and macroeconomic variables on the profitability of banks were confirmed from the perspective of the Post-Keynesian school.