درخت حوزه‌های تخصصی

The primary purpose of this study is to investigate the relationship between Political Communication and Information Asymmetry with the efficiency of investment in companies listed on the Tehran Stock Exchange. To achieve the above goal, two hypotheses were formulated. To test research hypotheses, a sample consisting of 109 companies listed on the Tehran Stock Exchange in the period 2014 to 2019 was selected. And a panel regression model based on composite data was used which has independent and dependent variables. The results of this study show that Political Communication has a negative and significant impact on Investment Efficiency, In contrast, Information Asymmetry has a positive and significant impact on Investment Efficiency, and this means that with increasing information asymmetry, investment efficiency increases. Therefore, political communications prefer corporate resources to pursue profitable investment options, thus altering corporate investment behaviors and reducing corporate investment efficiency. The results also show that Information asymmetry prevents investors from commenting on investment opportunities, thus allowing local managers to take advantage of profitable investment options.

In addition to imposing a negative impact on public health, Covid-19 has made the world face a huge financial-economic crisis. The worldwide spread of the coronavirus has also affected the volume of transactions and the value of stocks. Since the food market is more affected under crisis conditions, this relationship has been investigated in the stock exchange in the present study. In order to investigate the effect of Covid-19 patients on the stock index value of food industry companies as well as the relationship between risk and stock index value, the official daily data of the Ministry of Health and Medical Education and the Financial Information Processing Center of Iran were collected from March 3, 2021 when the first report was announced, to June 2, 2021. Mean Conditional heteroscedasticityvariance regression models were used in the current study. The statistical model specification tests showed that, first, the assumption of heteroscedasticitywas rejected and the needto useheteroscedasticitymodels was proved. Secondly, the asymmetry assumption was accepted. Model estimation results showed a relationship between the numbers of Covid-19 patients with the stock value of the food industry that was an increase in the number of infected people causes a decrease in the stock value of the food industry. Therefore, like other economic sectors, the capital market was affected by the Covid-19 crisis, and increasing exchange rate as a competing market had a negative effect on the stock price index. Also, considering the relationship between risk and stock value of food industries, as expected, there was an inverse and significant relationship between risk and stock value of food industry companies. In other words, an increase in risk leads to a decrease in the stock price of food industries.

Risk and uncertainty are inherent characteristics of economic activities. This study aimed to investigate how fluctuations in macroeconomic variables affected the economic growth of Iran, in the period 1989-2021. To this end, fluctuations in macroeconomic variables were measured using EGARCH method, and then Iran’s economic growth equation was estimated based on the Markov Regime-Switching GARCH. The MRS(2)-AR(2) model was estimated. The model estimation results revealed two regimes of prosperity and recession in Iran's economy, the latter was more durable than the former in the studied period. The different effects of OPEC oil price fluctuations in the two regimes, indicating the asymmetric effects of this variable on Iran's economic growth. In other words, the effects of this uncertainty on Iran’s economic growth are smaller during a period of recession than a period of prosperity. The results on real exchange rate fluctuations showed that fluctuations in this variable had similar destructive effects on Iran’s economic growth. The results revealed the positive and negative effects of inflation rate fluctuations on Iran’s economic growth during periods of recession and prosperity, respectively. The IQI coefficient showed the positive effects of this variable on Iran’s economic growth; higher institutional quality increases physical capital and, thereby, economic growth. Based on the model estimation results, it is impossible to propose a single solution to control fluctuations in macroeconomic variables in Iran during different periods. economic policymakers should adopt and implement the best policies considering the periods of recession or prosperity as well as the development priorities.

EXTENDED ABSTRACT INTRODUCTIONIn 2019, Iran is ranked sixth among world countries and fifth among Asian countries (including Russia) in terms of CO2 emissions. Therefore, studying the CO2 emission elasticity of the production sectors of this country is significant and important for energy and environmental policymakers. What factors influence changes in CO2 emission elasticities? Which are the stimulants and which are the inhibators? The answers to these questions are useful in reducing and controlling CO2 emissions. In the present study, CO2 emission elasticities of production sectors are calculated, and then, with the aim of identifying CO2 emission elasticity stimuli, the changes in CO2 emission elasticities are broken down into different components. The methodology of this research is based on Input-Output analysis and decomposition analysis. The novelty of this paper is to determine and calculate the components of changes in CO2 emission elasticities using SAD. Guo et al. (2018) have presented a method for calculating CO2 emission elasticities based on the Input-Output analysis.METHODOLOGY Aim of this paper is to investigate the factors affecting CO2 emission elasticities, CO2 emission demand elasticity and CO2 emission production elasticity. In the first step, the elasticities are calculated and in the second step, changes of elasticities are decomposed. In this study, we have used input-output tables published in 2001 and 2011 by the Statistics Center of Iran. Due to the differences in the sector classification of the input-output tables of 2001 and 2011, we match some production sectors and finally take into account the 65 unified sectors. In order to calculate the CO2 emission of each production sector, we first obtain the total consumption of each energy for each year from the Iranian energy balance sheet, and then we allocate each energy consumption to production sectors and single household sector, according to input-output tables and the share of production sectors and the share of the household sector.                                                                                                                                                                                                                                                                   FINDINGS Findings show that the "Electricity generation, transmission, and distribution" sector has the most elasticity. The "Ghosh inverse matrix" effect is a strong stimulus to the CO2 emission elasticity of the sectors. This result indicates that the change in the share of output i, which is sold to sector j as an intermediate input, is a strong stimulus to increase the elasticity of CO2 emissions. These changes can be due to increased economic activities and the inefficiency of production structure.   CONCLUSION "Electricity generation, transmission and distribution" sector should be considered by energy and environmental policy makers due to having the highest amount and changes in CO2 emission elasticity than other sectors. Increasing the share of renewable energy in the energy consumption basket of production sectors, increasing energy efficiency (reducing energy intensity) by replacing new and advanced equipment with old and worn equipment and improving production structure can help reduce the CO2 elasticity and CO2 emission in Iran's production sectors. Finally, due to the high of CO2 emission elasticities in the "Electricity generation, transmission and distribution" sector, future research can focus on this area and suggest solutions to increase production efficiency and energy efficiency. Also, future research can focus on the production structure of production sectors and provide solutions to improve the production structure of Iran's production sectors.