EVALUATION OF THE TOTAL FACTOR PRODUCTIVITY CHANGES IN TEHRAN STOCK MARKET: USING TORNQVIST PRODUCTIVITY INDEX

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REZAEI JAVAD; FAGHIH NASIRI M.; TAVAKOLI BAGHDADABAD M.R.

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Journal: JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH) Year:2009 | Volume:9 | Issue:2 Page(s): 103-122

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Title

EVALUATION OF THE TOTAL FACTOR PRODUCTIVITY CHANGES IN TEHRAN STOCK MARKET: USING TORNQVIST PRODUCTIVITY INDEX

Author(s)

REZAEI JAVAD | FAGHIH NASIRI M. | TAVAKOLI BAGHDADABAD M.R. | Issue Writer Certificate

Keywords

DATA ENVELOPMENT ANALYSISQ2

TOTAL FACTOR PRODUCTIVITYQ3

STOCK MARKETQ2

TORNQVIST INDEXQ3

Abstract

Productivity is used as a measure to evaluate the optimal allocation of resources in achieving the maximum production. This paper aims to examine changes in TOTAL FACTOR PRODUCTIVITY (TFP) of the Iran's STOCK MARKET using both parametric and non-parametric estimation methodology. The data set used in this study cover the period 1991 - 2006. According to the five-year 4th development plan, 2004 - 2008, all economic sectors have set a TFP target to contribute to economic growth. The share of annual productivity growth of service sector including financial sector is set 21.9 percent over the five-year 4th development plan. Moreover, the annual growth rates of labor, capital and TFP are set 6.5%, 1.6%, 2%, respectively, over the same period.Using a linear programming method as a non-parametric method, technical efficiency of Tehran STOCK MARKET is evaluated. TORNQVIST INDEX is employed to compute the changes in TFP. The results show that the annual average growth rate of TFP is 0.92 percent in Tehran STOCK MARKET. This rate is beyond the target of the five-year 4th development plan which is 2.0 percent.

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APA: Copy

REZAEI, JAVAD, FAGHIH NASIRI, M., & TAVAKOLI BAGHDADABAD, M.R.. (2009). EVALUATION OF THE TOTAL FACTOR PRODUCTIVITY CHANGES IN TEHRAN STOCK MARKET: USING TORNQVIST PRODUCTIVITY INDEX. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), 9(2), 103-122. SID. https://sid.ir/paper/86534/en

Vancouver: Copy

REZAEI JAVAD, FAGHIH NASIRI M., TAVAKOLI BAGHDADABAD M.R.. EVALUATION OF THE TOTAL FACTOR PRODUCTIVITY CHANGES IN TEHRAN STOCK MARKET: USING TORNQVIST PRODUCTIVITY INDEX. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH)[Internet]. 2009;9(2):103-122. Available from: https://sid.ir/paper/86534/en

IEEE: Copy

JAVAD REZAEI, M. FAGHIH NASIRI, and M.R. TAVAKOLI BAGHDADABAD, “EVALUATION OF THE TOTAL FACTOR PRODUCTIVITY CHANGES IN TEHRAN STOCK MARKET: USING TORNQVIST PRODUCTIVITY INDEX,” JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), vol. 9, no. 2, pp. 103–122, 2009, [Online]. Available: https://sid.ir/paper/86534/en

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