فصلنامه سیاستهای مالی و اقتصادی
سال پنجم شماره 17 (بهار 1396)

Emphasized the importance of international trade in different economic schools and numerous empirical studies on the impact of trade on macroeconomic variables and factors affecting the volume of trade has taken place. In this context, this study aims to Iran in the period 1360-1394 using data, the impact of monetary policy and foreign exchange trading volume in Iran, due to the lack of static variables in level, Johansen Co-integration test Juselius co-integration vectors are obtained and used. The results show that monetary and foreign exchange policies, both on the volume of trade in Iran and have a significant impact expected. As of period exchange rates had a positive impact on the volume of Iran's non-oil exports and the impact of inflation and liquidity, the volume of non-oil exports has been negative in the country. In the period 1360-1394, the volume of money in Iran have a positive impact on imports and an increase in the exchange rate by increasing the price of imported goods has a negative impact on imports.

Wagner law is the first model of government expenditures in the public finance literature. In addition to testing the traditional version of Wagner's law, also the augmented version of this law, which is introduced by Murthy (1994) is examined in order to find a long-term relationship between government spending and economic development in Iran. The main objective of this study is to evaluate a short-term and long-term relationship between government expenditures (per capita) and GDP (per capita) using annual data for the Iranian economy during the period 1392-1357. Therefore, in this article, the validity of this relationship is checked by six different formulations of the Wagner Law (the desire to increase government spending by economic growth), and the causality between variables are considered with using boundary F-test and error correction model (ECM). Among the studied models, the Wagner law is executable in terms of income elasticity only in Peacock and Musgrave version and in generalized version. The results of the Bound Test indicate that long-term relationship between the variables exists in three versions of Wagner’s law. In addition, causality test with using an error correction model represents a one-way path from the income on government spending for short periods in five models. Overall, the results show that the Wagner law is confirmed in the third group of models for short-run in the Iranian economy.

The aim of this study is to investigate the relationship between capital structure and financial crisis in the listed companies in Tehran Stock Exchange during the period of 2009 to 2014. The library research method is used to collect the theoretical background in the study. Data in this study is extracted from financial statements and the corresponding notes. This research in terms of the objective is a practical research and is correlational research in terms of context. The results of data analysis show that financial crisis has a positive significant effect on companies’ capital structure

The reinforcement of Iran’s financial system is a provision of Resistance Economy General Policies. Since the accounting is one key component of the financial system, this study aims at providing a justification for the role of accounting and the accrual basis in achieving Resistance Economy goals. This study is a qualitative research, and its theoretical basis is collected by the library method. Then, this research is an archive research. The findings exhibit that using accrual accounting fortifies Iran’s financial system (Resistance Economy General Policies: No. 9) and can prepare the promotion requirements of productivity, saving public expenditures and the economic transparency (Resistance Economy General Policies: No.3, No.16 & No.19). In other words, implementation of accrual accounting in public sector has a great effect on realizing some aspect of the Resistance Economy. Furthermore, the accounting is a middle link in the chain of the financial system, and its output is used by other two elements of the financial system (budgeting and auditing), then we can conclude that change in public sector accounting basis is the first step to strengthen Iran’s financial system.

The stock market agents should increase their prediction accuracy to maximize their returns, and it needs some advanced tools. In this article stock price of 50 companies in the Tehran Stock Exchange have been modeled using feedforward artificial neural networks. In this way, the daily stock prices are used from December 1384 to December 1394. The predictions accuracy are evaluated with four statistical indicators. The results show that accuracy of ANN predictions is very high. In some cases, although the prediction accuracy is higher, the correctness is lower. Therefore, in the assessment of the prediction, evaluation of the correctness has a significant contribution

One way to predict the market reactions is the auditor's opinion. This study investigates the reactions of the stock market to the continuation and improvement of the independent auditor's opinion on the financial statements. We test the importance of this phenomenon by linear regression analysis with using a sample of 121 listed companies in the Tehran Stock Exchange during the periods 2007 to 2014. The dependent variable of this study is the reactions of the stock market capitalization, and the independent variable is the improvement in the auditor’s opinion and continuity in the qualified opinion. If the auditor’s opinion changes from a qualified to unqualified, the opinion has been improved and if the auditor in two consecutive periods gives an unqualified opinion, it is considered as a situation of continuity in the unqualified opinion. The study is quasi-experimental and correlational descriptive. The results of the study show that companies that have experienced an improvement in the auditor's opinion, had been facing a positive response of the market. Also, if a company experiences continuity in the unqualified opinions, will have a positive response in the stock market.

Political stability and control of corruption have an important effect on the economic performance of countries. The aim of this study is to investigate influential factors of foreign direct investment. The most important factors that are considered in this context are the political stability, control of corruption, inflation rate, exchange rate and freedom of trade. For estimation of relationships, the Panel Data method is used with applying data for 18 countries in MENA region over the period of 1996-2014. The results show the GDP, and Exchange rate have a positive effect on FDI. Moreover, political stability and control of corruption (two dimensions of good governance) have a positive effect on FDI. The effects of economic trade and inflation rate on FDI do not confirm by this data.

The objective of this research is to evaluate the effect of corporate governance on delays in midterm financial reporting through conducting case study research in Tehran stock exchange. This paper examines the impact of corporate governance on timeliness of interim financial reporting through developing research hypotheses from the literature, and examining them using the statistical tests. The data gathering from listed companies in Tehran stock exchange is limited to the time-period between 2008 to 2012. The criteria considered in evaluating the corporate governance include ownership concentration, institutional shareholders ownership, size of board of directors, duality task of chief executive officer and the independency of the board of directors. The results of this research reveals that the effect of corporate governance mechanism on delays in midterm financial reporting is non-significant. The only variable that negatively affects the delays in interim financial reporting is the control variable 'the firm size. This paper provides empirical evidence on the effects of corporate governance mechanism on delays in midterm financial reporting by hypothesis testing. It paves the way for other researchers in identifying the effective factors in midterm financial reporting. Regarding the lack of research, this paper reframes the debate on the effects of corporate governance from a new outlook.