INTERNATIONAL CONFERENCE ON MANAGEMENT, ACCOUNTING AND ECONOMIC DEVELOPMENT | Year:2021 | دوره:7 |Papers Count:2

Convergence hypothesis as a result of the neoclassical growth model, suggests that developing countries have a higher growth rate compared with developed countries and are able to reduce the earnings gap between themselves and developed countries. In this article, using real per capita income variable, β and σ convergence process has been tested in selected countries of Middle East and North Africa over the period of 1980-2008 and also in members of Organization for Economic Co-operation and Development over the period of 1970-2009. Based on the results, β and σ convergence have been validated in both groups of countries. This research also showed that human and physical capitals have a positive and significant effect on the speed of income convergence in aforementioned countries. Based on findings, due to their homogeneity, the speed of convergence is higher in the members of Organization for Economic Co-operation and Development in achieving a stable equilibrium level. Since based on obtained results, human and physical capitals in low-income economies are stronger than high-income economies, so the presence of numerous structural factors that act as a growth brake could be the reason for MENA countries’ convergence towards low-level equilibrium trap.

Typically, bankers and investors focus on cash flow, net income, and revenues as the basic corporate health and value measures. But over the years, another measure has crept into reports and accounts EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is a measure of profits. This study deals with the impact of EBITDA on the market value of the company. For this research, a sample of 91 companies listed on the Tehran Stock Exchange was selected from the period 1390 (Solar Hijri) to 1395 (Solar Hijri), which has a total of 546 observations available for research. The statistical method used in this research is the multivariate regression method using the data panel method. The results of the research hypotheses show that EBITDA has a significant direct effect on the company's market value.