غلامعلی حاجی

Corruption is a significant challenge in the global economy, impacting countries' development prospects at both national and international levels. Various factors, such as Innovation, country size, government expenditure, human capital, commercial openness, and natural resource rents, influence the prevalence of corruption. This study investigates the convergence of factors influencing the spread of corruption in selected Islamic countries using a dynamic spatial panel approach from 2008 to 2022. Results confirm spatial proximity effects, with a low convergence speed averaging 0.052. Additionally, findings indicate direct and indirect negative effects of Innovation on the spread of corruption in these countries

In this study, we seek to test the effect of government policy uncertainty on the investment of listed companies in recession and boom regimes. For this purpose, the effect of study variables during the period of 1380 to 1400 is investigated by using the rotation model and the Markov switching (MS) regime change. Based on the results of the model estimation, with the increase of government policy uncertainty, corporate investment decreases. In general, the uncertainty of government policies increases the risk of investment projects and leads to a decrease in corporate investment. Especially in an inflationary situation where the value of money decreases, the nominal interest rates for savings and reserves are low. In this case, investing in currency, real estate, gold, etc., provides a higher interest rate compared to keeping reserves in the banking system. This causes a decrease in the desire to save and reduces the funds available for investment in the banking system, and as a result, corporate investment decreases.

In this study, the effect of the components of the corporate governance system on the financial soundness of 12 banks in Iran during the period 2006-2023 was investigated using unbalanced panel data and fixed effects. In the present study, the CAMELS composite index has been used as a representative of the banking soundness index. The survey results have shown that among the corporate governance system's components, only the independent directors variable has a positive effect on the financial soundness. In contrast, the size of the board of directors, the number of meetings of the board of directors, the number of meetings of the audit committee, the duality of the CEO, and the number of meetings of the risk monitoring committee have a negative impact on the financial soundness of banks. In general, it can be expressed that the corporate governance system does not have a desirable effect on the financial soundness of the studied banks in Iran, which can be caused by the lack of real establishment of the corporate governance system in the country's banking system, especially in private and privatized banks, the absence of a correct strategy, corporate governance, lack of monitoring mechanisms, lack of proper transparency and effective accountability regarding information disclosure, poor management of assets and liabilities, etc.

This research investigates the effect of financial health and macroeconomic indicators on the profitability, efficiency and productivity of Iran’s banks. The statistical population in this research is private and government banks listed on the Tehran Stock Exchange. For this purpose, 20 banks were studied during the period 2013-2021, using the panel data method. The results of the data analysis show that the capital adequacy ratio has a negative and significant effect on the efficiency of the studied banks. Conversely, the quality of the bank's assets, the quality of the bank's management, and the quality of the bank's liquidity have a positive and significant effect on the technical efficiency of the bank. Moreover, the results indicate that interest rate, inflation rate, exchange rate and GDP per capita, as macroeconomic indicators, have a positive and significant effect on the technical efficiency of the bank. Financial health indicators such as capital adequacy ratio, bank assets, bank management quality and liquidity quality have a positive and significant effect on bank profitability and productivity. Macroeconomic indicators such as interest rate, inflation rate, exchange rate and GDP per capita affect positively and significantly the bank's profitability and productivity, while the exchange rate shows a negative and significant effect.

Innovation is one of the most important factors affecting economic growth. On the other hand, economic corruption affects important changes, including innovation, which can be positive or negative depending on the economic conditions of the government. The purpose of this article is to investigate the impact of corruption on innovation in Asia with high and low corruption for the period of 2008-2022.  During the review period based on the classification of Transparency International, 15 countries Singapore, Hong Kong, Japan, Bhutan, Taiwan, United Arab Emirates, occupied Palestine, South Korea, Brunei, Qatar, Georgia, Saudi Arabia, Jordan, Malaysia and Armenia are classified as less corrupt and other Asians as more corrupt. The results of some studies state that corruption is an obstacle to growth and innovation, while others consider it as a booster of innovation, and corruption has a positive relationship with innovation, which can remove hard obstacles for capital. Help to establish and strengthen innovation. Therefore, it can be important to investigate whether corruption leads to improved innovation in Asian countries with high and low corruption. This study tests the hypothesis that corruption enhances innovation or that it slows down innovation.

According to the theoretical foundations, in order to investigate the impact of corruption on innovation, the following model, which is taken from the studies of Al-Balushi (2020), Zakari, Vincent Tavi and Raphael (2022), has been used.IN indicates the number of patents registered as a substitute for innovation, the information of which is collected from the intellectual property organization (Yolka, 2004). Corp represents corruption. pop the population of the country(indicating the size of the country), gdp indicating the gross domestic product (at constant 2015 prices), 𝑡𝑟𝑎𝑑𝑒 indicating the openness of trade, nat indicating the rent of natural resources, hc the human capital index (number of university graduates) required information The research was extracted from the World Bank and Transparency International.

To check the significance of the variables. Due to the cross-sectional dependence between them, the mean test of boys was used, and the results show that the variables are maximum in the first order difference. Also, according to the results of the Kao test, the co-accumulation between the variables is confirmed and the model can be estimated without worrying about false regression. The results of the fixed effects test show that it is not possible to reject the hypothesis that the coefficients for all years are equal to zero, so there is no need for time fixed effects in this research and the Chow test is performed only with spatial effects. accepted According to the results of Limer and Hausman's F test, estimating the model in the form of panel data and using the fixed effects method will have a more appropriate fit.The findings show that corruption has a negative effect on innovation in countries with low corruption (coefficient -0.4417) and a slight positive effect on innovation (coefficient 0.0391) in countries with high corruption. The negative impact of corruption on innovation in countries with low corruption can be expressed through the misallocation of resources. Reducing corruption in countries with low levels of corruption leads to the improvement of innovation in these countries. Gross domestic product has a positive and significant effect on innovation in both groups of countries, but the intensity of its effect on innovation is greater in countries with low corruption than in countries with high corruption. The effect of population on corruption is positive in countries with less corruption and negative in countries with more corruption. The existence of a larger population provides the necessary potential for creating creativity and innovation, but its quality and capabilities, as well as creating a context for the flourishing of talents, are important. The results indicate the positive and significant impact of the abundance of natural resources on innovation in both groups of countries, but the intensity of its impact is greater in countries with less corruption. In these countries, suitable fields have been provided with more of these resources.The intensity of the impact of trade liberalization on innovation in countries with less corruption with a coefficient of 0.2416 is greater than this effect in countries with high corruption with a coefficient of 0.1915. Commercial liberalization in countries with less corruption has made innovative entrepreneurs in these countries have more opportunities to invest and expand the market and sell more products.According to the findings of the model, human capital has an impact on innovation, which, like most of the research variables, the intensity of its influence in countries with less corruption (coefficient 0.2691), is greater than the intensity of influence in countries with more corruption (0.0124). is Due to the higher quality of human resources in countries with less corruption and the availability of more competition in these countries, the impact of human capital on innovation is greater than in countries with more corruption.

The results of the research showed that corruption has increased the possibility of innovation in countries with high corruption, and the main reason for its positive effect is the lack of infrastructure suitable for innovation, the complexity and length of the bureaucratic process in these countries, and in other words Another is the low institutional quality of market operators in this field. Therefore, in line with the reduction of corruption, governments should consider effective policies to correct the harsh conditions of the market, which, in addition to aligning the laws with the support of these activities, will also reduce long administrative bureaucracies and provide the necessary legal support for entrepreneurship and innovation. can be done. It seems that in countries with a high degree of corruption, due to the quality of official and informal institutions in them and the lack of necessary legal and support infrastructures, paying bribes and circumventing many laws still slows down innovation-related activities.

In recent years, processes with long-term memory have played substantial role in time series analysis. The existence of long-term memory in assets return time series has momentous applications in examining market efficiency, investor’s behavioral logics, pricing, and asset portfolio selection. In present study, using the AutoRegressive Fractionally Integrated Moving Average model (ARFIMA) and the Fractionally integrated generalized autoregressive conditional (FIGARCH) and hyperbolic GARCH (HYGARCH) models to investigate the existence of long-term memory in the Tehran Stock Exchange's main index (TEPIX) and exchange rate ( US dollars) in using daily data during the period Novamber, 2011 to July, 2023. The results indicate the existence of long-term memory in TEPIX and exchange rate (US dollar) is confirmed in ARFIMA model in both ML and GLS approaches and in GARCH family models in both FIGARCH and HYGARCH models. According to these results, price behavior in each of the mentioned time series is a function of the past amounts.

The purpose of this study is to investigate the different effects of monetary and financial policies on employment in different periods of recession and economic prosperity. By using the non-linear Markov switching model, which has a great ability to apply structural changes and the possibility of transition and prediction from one regime to another, the research variables were examined during the years 1978 to 2021. Based on the model of optimal model selection, two models (MSAIH) and (MSAI) with the number of four breaks and two optimal regimes among the different states of the Markov switching model were considered as optimal models to investigate the effects of monetary policy and financial policy on the employment variable. The results of the Markov Switching State Model (MSAIH) test showed that the sum of the coefficients of the logarithm of the volume of liquidity in the period of boom and recession has a positive effect on the logarithm of employment. Also, the estimation results of the Markov Switching State Model (MSAI) show that the logarithm of government expenditures and the logarithm of taxes have different effects (positive and negative) on the logarithm of employment in different regimes of recession and prosperity. The results of the transition probability matrix also showed that if we are in a prosperous situation, we will remain in the same situation in the next year with a probability of ninety-five percent and we will move to a period of recession with a probability of five percent.

The purpose of this study is to investigate the asymmetric effects of monetary policy on GDP during periods of recessions and prosperity via examining the role of credit channels (bank lending). Using the non-linear Markov switching pattern _which has the ability to track structural changes_ the research variables were examined during the 1987 to 2021 period. Based on the results obtained through the Markov switching model tests, the value of the width from the center in the first regime was 0.109743, which is representative of the boom period. On the other hand, the value of the width from the center of the second regime is -0.129524, which can be considered as the recession period. The sum of the coefficients of the logarithm of the volume of liquidity has a negative effect on the logarithm of the GDP during the boom period, and a positive effect during the recession period. Moreover, the results obtained from the Wald test also confirmed the asymmetry of the effect of monetary policy on GDP in different economic regimes. The analysis of instantaneous reaction functions in the model with credit channel also shows the greater intensity of monetary policy effects compared to the model without credit channel. Additionally, at beginning of periods the effects of the shocks on the liquidity volume variable are significant in both cases. Subsequently, these effects tend to zero in the following periods and the effects of the shocks disappear.

The health of the banking system is extremely important for maintaining the stability of a society's economy, the monetary system, the interests of depositors, and public trust in the entire banking network. In addition, since a healthy and stable banking system can better resist shocks and play a stronger role in the stability of the financial system, it is necessary to identify effective variables and components and determine how they affect the recovery and restoration of the financial health of banks. Several factors affect the financial health of banks. Some of these factors are internal and under the control of the bank management, and based on their specific impact on the health of the bank, they can be considered positive or negative. With respect to this fact, in this study, the internal bank factors affecting the recovery and restoration of the financial health of some selected private banks in the Islamic Republic of Iran during the period of 2011-2021 were investigated using the panel data method and fixed effects. The results indicated that corporate governance, liquidity, age of the bank, and business model have a significant positive effect on the banking health index. On the other hand, bank size, financial leverage, interest-free assets, and financial risk have a significant negative effect on the banking health index.

The banking system Soundness is very important for maintaining economic, social and political stability and ensuring sustainable development at the national and international levels. Therefore, revealing the factors affecting the health of banks and considering these factors in the design of economic policies is important. Several factors affect the financial health of the banking system at the company level and the country level. which have a different effect depending on the type and nature. In this regard, studies show that the performance and banking system Soundness is largely dependent on the environmental conditions of the macroeconomic environment with contradictory influence. According to this issue, in this study, the uncertain effect of macroeconomic variables and bank-specific factors on the health of the banking system of the Islamic Republic of Iran during the period 2001-2021 was investigated using the panel data method and fixed effects And with the benefit of Eviews software.The results of the survey have shown that corporate governance, economic growth, bank size and quality of supervision have a negative and significant effect on the financial Soundness index of the banking system. In contrast, the uncertainty of macroeconomic variables and banking competition have a positive and significant effect on the financial Soundness index of the banking system.

The housing sector in Iran is considered one of the most important economic sectors, so that around 20-30% of the country's capital formation was allocated to this sector in the last decade. Price vibratilitys are one of the most important economic challenges of this sector. Examining the conditions governing the economy in the past years shows that the conditions of recession and inflation governing the country's economy have created one of the most difficult periods for the country, and in the meantime, the housing sector, as one of the economic sub-sectors, has not been protected from the Adverse effects of the conditions governing the macro economy. And it has experienced relatively long periods of recession and relatively high inflation before that. On the other hand, one of the basic problems that banks and financial and credit institutions are dealing with today is the problem of non-current claims and uncollected facilities. In addition to reducing the profitability of banks, this issue causes the slow circulation of liquidity in the economy, the lack of allocation of credits to productive requests on time, in the fields of industry, mining, trade and agriculture, and ultimately economic stagnation. One of the most important factors affecting the non-current claims of the banking system can be the business cycles and periods of the housing sector, since the civil partnership facilities of banks have a significant share, the booms and busts of the housing and non-residential buildings sectors can affect the ability to repay the received facilities. be influential. The boom in the housing sector and investors in this sector will help repay loans. While the stagnation of the housing sector and its expansion will reduce the willingness and ability of investors to repay loans; Therefore, examining the cycles of the housing sector as one of the factors affecting non-current claims is necessary and necessary. Also, it seems that the increase in demand is not the only factor affecting housing prices and the unfavorable conditions of other economic sectors of the country make the housing sector attractive to all investors (banks and non-banks). Considering the importance of the issue and considering that one of the effects and consequences of the monetary activities of credit institutions is the emergence of non-current claims that have negative effects on the cycle of resources and expenses of banks and can also affect housing prices; Therefore, the main goal of this research is to answer the question that to what extent does the investment of banks in real estate affect the price of housing? In this research, using the TVP-DMA method, the most important factors affecting housing prices have been identified. To examine a forecasting model or to choose the best model among different models for a time series, an index is needed to make the necessary decision regarding the acceptance or rejection of the forecasting model. In this study, two standard indices of the Mean Squared Forecast Error (MSFE) and the Mean Absolute Forecast Error (MAFE) are used. Based on the results, the most important variables affecting housing prices in Iran's economy are inflation variables; exchange rate; liquidity; Economic Growth; Bank payment facilities for housing; Overdue claims and increase in bank debt; the amount of fixed assets of banks; Land price index in Tehran; sanctions index; population; housing tax; Urbanization coefficient and price index of construction materials. Based on the results of inflation variables; exchange rate; liquidity; Bank payment facilities for housing; the amount of fixed assets of banks; Land price index in Tehran; sanctions index; population; Urbanization coefficient and price index of construction materials have a positive effect and economic growth variables; Overdue claims and increase in bank debt and housing tax have a negative effect on housing prices. Based on these results, inflation with the longest period of influence is the most important variable affecting housing prices in Iran. Based on the results, the following suggestions are made to improve the situation in the housing sector:Tax policies: According to the current conditions, the most effective way to deal with housing speculation is to apply effective taxes in the field of housing and real estate. These taxes can be placed in 5 areas: real estate capital gains tax, real estate transfer tax, annual real estate tax, real estate rental income tax, and real estate construction and sale income tax.Pending claims policies: Considering the results of the research and the significance of the effect of housing prices on non-current claims of banks in the period under review, it seems that policymakers and supervisors should consider housing prices as a key indicator affecting the stability of banks. In this context, it is desirable to provide a framework to control the relationship between housing prices, bank loans and loan losses.Facilitation policies: as a policy solution arising from the results and findings of this research and considering the existence of potential accumulated demand in the housing market and the existing imbalance, it is suggested to prevent the stimulation of potential demand and the increase of housing prices, the share of bank facilities granted for the purchase housing will be reduced and on the other hand, the share of bank facilities granted for housing construction will increase and then the facilities allocated for housing construction will be converted into long-term contracts for installment sales and rent as a condition of possession. It is worth mentioning that the interest rate of bank facilities can also be effective on housing prices from the cost aspect; Therefore, in the housing market, both supply and demand factors must be monitored and controlled.

Iran has the second largest gas reserves in the world, after Russia, and the fourth oil reserves in the world, after Venezuela, Saudi Arabia, and Canada, and it is possible for the country to access energy for households and the economic activities (Energy Balance Sheet, 2019). Price stabilization policies have always been applied, which has caused the government to spend a huge annual subsidy on energy consumption in different sectors of Iran; in 2021, according to the report of the International Energy Agency of Iran, it would amount to 58 billion dollars (that of the world is 531 billion dollars). It has paid subsidies to all types of energy carriers, which ranks Iran second after Russia in terms of the share of subsidies in the world's total energy subsidies (11%). The rate of Iran's energy consumption was on the rise during the years 2011-2012, and this indicator was higher in the industry sector than in the whole economy. From 2011 to 2012, the energy coefficient for the whole economy was 2.3 and for the industry sector was 1.7. This was less than one for advanced countries. Therefore, in total, this volume of subsidies and energy consumption in the economy and especially the industry sector has led to development. It has not been economical and the efficiency of energy use decreases in Iran every year. Subsidies affect macroeconomic and social variables such as inflation, budget deficit, market power, business environment, and class gap. Due to its high volume, examining the economic and social effects of subsidies is of great importance. Since it is not possible to refer to all its dimensions in one study, this article only aims at the effect of energy subsidies on market power in the industrial sector. The impact of subsidies on market power may lead to a positive or negative correlation between subsidies and market power, and there are different views on this issue. Some believe that subsidies increase market power because subsidies provide companies with more finance or lead to cost reduction, so there is a positive relationship between subsidy and market power. To estimate the subsidy impact, panel data models were used. The study period is 2002-2019 at the level of four-digit ISIC codes of industries with 10 workers and more. The current research seeks to answer the following key questions: Do energy subsidies have a positive or negative effect on the market power of the country's industries? What is the impact of energy subsidies on the country's industries?

External resources (i.e. government subsidies) increase access to internal resources. In this case, a firm can protect itself from uncertainty and adverse environmental risks or reduce financial barriers, thus creating an advantage. It improves the performance of the company. In this regard, the first hypothesis is ‘government subsidies have a positive relationship with company performance’.However, inefficient allocation of resources reduces or even reverses the positive outcomes of resource accumulation. One of the major potential costs of government subsidies is the elimination of their positive effects. Research has found that government subsidies lead to overinvestment by firms, thereby harming firm performance. It is also shown that government subsidies provide firms with excess resources, leading to inefficient and complacent management, waste of resources, and stagnation in financial performance. The second hypothesis is ‘government subsidies have a negative relationship with company performance’.

Iran is one of the countries with the highest energy subsidy payments in the world, and subsidies have impacts on all the economic and social aspects of the society. The studies conducted by Dai Li, Chu and Wang, and Chen and Yu showed that the effect of subsidy on market power is negative. Also, in Akhani's study, the relationship between subsidy and market power was negative. This study uses the panel data method and productivity variables, the Herfindahl index, wages, and capital stock as independent variables and the Lerner index as market power (2002-2019). The estimated model is Yu and Wang's model. The results show that the relationship between subsidy and market power is negative, which is consistent with previous studies. One of the reasons for the negative relationship between subsidy and market power is the lack of innovation and creativity by companies due to cheap access to funds. They are not willing to try to gain the energy market, and there is a kind of laziness that prevails in the companies. The statistics on the intensity of energy consumption confirm this issue. In general, the energy subsidy in Iran in the industry sector did not lead to the creation of market power but increased inefficiency. Moreover, industries are not inclined to modernize and use old and energy-consuming technology.

Conclusions and policy implications:

 Considering the positive impact of productivity and market power, the government should provide appropriate policies to support the increase of productivity in companies. Due to the influence of the market share and market power of the government through anti-trust policies, monopolies should be prevented. This study showed that subsidies have a negative effect on market power. This is because the fair distribution of energy subsidies in the country would deter the easy access of companies to subsidies. So, if the government likes subsidies not to lead to monopoly or to the increase of the power of companies, it should provide conditions for the accessibility of subsidies for all companies.

One of the most important goals of governments in any economy is to control the income inequality situation, so that in every country, governments are trying to improve the conditions of income distribution according to the factors they have. One of the very important factors that affect income distribution is the shadow economy. As a factor that affects macroeconomic variables, the shadow economy also affects income distribution.Therefore, in this article, the impact of the size of the shadow economy on income inequality in the short and long term periods has been investigated using the panel data econometric method and in the period from 1366 to 1400 in Iran. The results show that the shadow economy has a positive effect (improvement of income distribution) on income distribution in the short term, but this effect is negative in the long term, in other words, the shadow economy has a negative effect on income distribution in the long term.

The purpose of this research is to investigate the asymmetric evaluation of the high-frequency valuation of the company listed on the Tehran Stock Exchange using the MS-EGARCH model. For this purpose, the 5-minute data of Tehran Stock Exchange was used in the period of 2021-2022. Based on the results of the research, it was determined that the variable trend of stock exchange returns in non-linear mode (separation of period length into high and low regimes) is preferable to linear mode, and when the volatility of stock trading is small, the average return of the stock market changes, but the variance of the return changes. The stock market has no significant effect. Also, the results show the asymmetric effects of the effect of stock trading on the changes in stock exchange returns in the boom regime, and the fluctuations of stock trading in the average and high variance regime, in the state of increasing and decreasing stock trading, will have a different effect on the changes in stock exchange returns, and generally its positive effect It is smaller than its negative effects. As a result, it is suggested that the policy makers in the implementation of policies related to the capital market should be proportional to the regime in which the capital market is located, different policies and even if the policies are the same, the intensity of their implementation should be proportional to the characteristics of that regime in each regime.

Energy is used as an input in the production, distribution and consumption of all goods and services. Therefore, it has a wide importance in the supply chain both from the perspective of the final product for consumers and from the perspective of production input for producers (Adom et al, 2019).This importance has caused the excessive use of energy to achieve higher economic growth and development, and has resulted in the destruction of the environment and the loss of natural resources. Indeed, although energy is necessary for economic growth and development, it can be said that it is necessary to worry about its lack and pay attention to environmental issues. Indeed, the limitation and depletion of energy resources has made the management of energy consumption one of the most important issues in the global economy (Harati et al, 2017). Therefore, studying the factors affecting efficiency in energy consumption and reducing energy intensity is one of the essential prerequisites for efficient management of energy consumption and reduction of environmental pollutants. Among various factors, the impact of financial development on energy intensity is one of the important issues that has been raised and shown its importance in the last few years. Therefore, this can have optimal policies in energy consumption and environmental efficiency.Therefore, the present research investigate the impact of financial development on energy intensity in Iran during the period of 1350-1397 under regime conditions.

To investigate the impact of financial development on energy intensity in Iran under regime conditions, vector auto regression model based on error correction (MS-VECM) has been used. The statistical data of financial development variables were collected from the WDI(2020) and energy consumption intensity from the energy balance sheet, as well as the statistics of economic growth variables, urbanization, industrialization and commercial openness from the WDI (2020).

According to the estimation model, the impact of financial development on energy intensity has been analyzed in three different regimes. According to the results, financial development in zero regimes has a negative and significant effect on energy intensity. In this regime, improving financial development has reduced energy intensity. In regime one, the impact of financial development on energy intensity is positive and significant, and the improvement of financial development environment has increased energy intensity. In regime two, financial development has a negative effect on energy intensity, but its effect coefficient is different compared to regime zero. Therefore, the results showed that energy intensity is affected by different regimes of financial development.

According to the results of the study, it can be said that financial development has an important and significant effect on energy consumption and intensity. When financial development is around its stable state and has little fluctuation, the impact of financial development on energy intensity is negative. It is important to pay attention to this point in Iran, where energy consumption and intensity are not in a good condition compared to other countries. Therefore, the results show that economic policy makers, in addition to paying attention to financial development, should also focus on the volatility and changeability of this variable and try to implement policies that do not cause large fluctuations in the financial markets. A momentary increase or decrease in credits, a sudden change in debts or a sudden change in bank assets can cause financial development to be in a single regime and have a positive effect on energy intensity. Therefore, the policy of paying attention to financial market variables and financial development indicators can improve energy intensity and increase energy efficiency.

In recent years, financial development and its effects on the environment have received increasing attention. Indeed, financial development directly affects economic growth and energy consumption, so that affects the release of environmental pollutants. On the other hand, developed financial markets and an efficient banking system improve productivity and reduce environmental pollutants. Therefore, the present paper investigates the impact of financial development on carbon dioxide emissions in Iran under regime conditions during the period 1971-2018.

In the present study, in order to investigate the effect of financial development on carbon dioxide emissions in Iran, the Markov-switching vector error correction method was used under regimes conditions.

The results showed that financial development under two regime conditions affects carbon dioxide emissions. This means that in the zero regime has a positive and significant effect on carbon dioxide emissions. While in regime one, financial development has a negative and significant impact on carbon dioxide emissions. Thus; Carbon dioxide emissions in Iran are affected by financial development regimes.

According to the results of financial development in different regimes have different effects on carbon dioxide emissions, so it is appropriate in situations where financial development reduces carbon dioxide emissions, strengthen financial development to achieve both economic growth and development and Environmental protection also happens.

The aim of this research is to investigate the capability of artificial neural networks and machine learning algorithms, including Support Vector Machine and Random Forest, in predicting the information content of accounting profits before its announcement in accepted companies on the Tehran Stock Exchange during the period from 2015 to 2020. Daily data required for the research were collected using Rahnaward-e-Novin software, and a systematic random sampling method was used to select 88 companies. MATLAB was used for modeling artificial neural networks and machine learning algorithms, and Python code was employed to calculate abnormal returns in neural networks and machine learning algorithms. The information content of profits was measured through the test of the relationship between profits and abnormal returns, based on the model by Porti et al. (2018). The input variables for artificial neural networks and machine learning algorithms are technical indicators. Accuracy, precision, recall, and F-score metrics were used for performance evaluation. The results of predicting with three models of artificial neural networks, Support Vector Machine, and Random Forest showed that Support Vector Machine and Random Forest had higher accuracy than artificial neural networks in predicting buy, sell, and hold strategies, and only Support Vector Machine had the ability to predict the information content of profits among the three models.Originality / Value: Designing a predictive model for stock price movements in the next trading day using artificial neural networks, Support Vector Machine, and Random Forest as the main innovation of the research. The research findings can increase the speed of information dissemination to the market and attract it, which will reduce the impact of informational asymmetry and information-based trading and ultimately enhance market efficiency.

Based on the theoretical literature, there are different and contradictory approaches about the effect of shadow economy on per capita income. So, according to the importance of this issue for proper policy-making, this study examines the effect of the shadow economy on per capita income in the period 2005 to 2017 using the PARDL method in two groups of developing and developed countries in the short and long term. According to the results in the short run, the shadow economy has a significant and negative impact on per capita income in both set of countries. In the long term, the effects of this variable on per capita income in developed countries is insignificant, but in the developing countries have been significant, and its effect is greater than short term. Thus, developed countries have the ability to control the negative effects of the shadow economy on per capita income in the long run, while for developing countries, the negative effects have increased in the long run.

Based on the theoretical literature, there are different and sometimes conflicting approaches about the effects of the shadow economy on per capita income. Considering the importance of this issue for economic policy, this study examines the effects of the shadow economy on per capita income for the period of 2005- 2017 using a panel generalized two stage estimator (PG2SLS) in two groups of developing and developed countries. Based on the results obtained in both groups, the size of the shadow economy has a negative effect on the per capita income. Also, the effects of the shadow economy on per capita income in developed countries are much higher than in developing countries, which is somewhat countrary to the theoretical framework. Stimating the model with the assumption of endogeneity of the shadow economy, for developing countries these effects have become negative and significant, but for developed countries these effects do not have the necessary significance.

The main purpose of this paper is to evaluate the impact of subsidy on market performance. To meet this end, the data of 122 four-digit industries collected by the Iranian Statistics Center during the years 1381-1398 HS were used. At first, the capital stock of 122 four-digit industries was calculated based on the exponential method and Klein's relationship. To evaluate the size of the markup and Lerner's index, following the non-structural approach, the translog production function was estimated. In the next step, while using the panel data model, the impact of variables such as subsidy, research and development, tax, education cost and capital stock on mark-up was estimated. The results of the research indicated that, firstly, in Iran’s Manufacturing sector, subsidies do not lead to market power, and secondly, variables such as research and development, education, and capital stock increase market power, and tax increases lead to a decrease in market power.

The impact of the development of information and communication technology on the labor market and social security has been the focus of international labor and social security organizations. This study examines the impact of ICT on Social Security Resources in the context of Iran’s economy during the period 1999 to 2019, using the Stochastic Dynamic General Equilibrium (DSGE) model, focused on duality of labor market (formal and informal).  The results of the study show that the development of information and communication technology affects social security resources by changing the structure of employment. A survey on the variables response to the positive impulse of ICT shows that the further increase in job opportunities in the informal sector provides more access to jobs in this sector and increasing in the participation rate, the number of informal workers increases. The finding show increasing in informal employment causes an increase in the lost resources of social security. Based on the results, it is suggested that policymakers and insurance funds develop flexible programs in order to expand insurance coverage and support informal workers with the participation of employers and the government.

The purpose of this article is to examine the uncertainty of oil prices, inflation and exchange rates and its impact on tax revenues and its compliance with tax policies. Given that Iran's economy has always been volatile due to structural reasons such as dependence on oil revenues, high inflation, annual budget deficits and currency fluctuations, the question arises as to whether tax policies have been able to act as a financial instrument able to neutralize or control the negative effects of these uncertainties? To achieve the objectives of the research, the specified model and the Generalized autoregressive conditional heterogeneity model (GARCH) based on seasonal data from 1988-2018 were used. The research findings confirm the uncertainty of the variables and show that tax revenues have been significantly affected by changes in oil prices, exchange rates and inflation. Also, the compliance of quantitative results with the policies contained in the development plans and annual budget laws shows the lack of attention to these effects in tax policy and the incompatibility of the financial and tax system with it.

The information and communication technology are one of the major factors that impacts the labor market. It has always affected the nature and type of employment in the labor market, changing the type of employment from permanent, stable and formal to contractual, temporary, unstable and informal. Therefore, it is important to study the impact of information and communication technology on the labor market. This study examines the impact of information and communication technology on labor market in the context of Iran’s economy during the period 2009 to 2019, using the Stochastic Dynamic General Equilibrium (DSGE) model, focused on duality of labor market (formal and informal). The results of the study show that the development of information and communication technology impacts both formal and informal sectors through creating job opportunities, employment, production and consumption. A survey on response functions shows that an ICT impulse initially increases formal and informal employment, but the rate of formal employment decreases after a while, and the rate of informal employment increases. It will also shift the population outside the labor force in to the labor force population, contributing to the increase of labor supply.

The popularity of fintechs has created a new competitive environment among banks, as fintechs reduce bureaucratic requirements and make financial institutions like banks more convenient, efficient and faster to provide services. Considering the movement of banks towards new technologies globally, it is necessary to have a general understanding of the acceptance of new technologies in order to align with global growth and keep pace with the products offered by service providers. The purpose of this research is to identify the components and provide a model for the implementation of fintech in the banking industry of Iran.

In order to identify the components of this model, a semi-structured interview was used with 15 experts in the field of money and banking, who were selected using a theoretical sampling method. In this research, coding was done in three steps using the Grounded theory method with Strauss and Corbin's approach.

In the open coding stage, 123 categories were extracted and after classification in the axial coding stage, 26 components were extracted, and finally, in the selective coding stage, after identifying the relationships between the components, the research paradigm model was formed.

Causal factors affecting the implementation of the policy model: legislation, legal infrastructure, government facilities, legal incentives, reforming macro-governance policies are analyzed. In addition, factors such as technology infrastructure, creating communication channels play an intervening role, and the factors of intention to use technology, culture of participation, entrepreneurial culture, risk-taking, learning and training, and trust-building play a background role in this regard.

Given that Iran's economy has always been accompanied by uncertainties and fluctuations due to the structural reasons such as dependence on oil revenues, high inflation, annual budget deficit and currency fluctuations, the main question is whether tax revenues have been able to neutralize or control the adverse effects of these uncertainties as a powerful financial instrument? So, we used the specified model and the Generalized Autoregressive Conditional Heteroskedastisity model (GARCH) based on quarterly data from 1990-2019 . The findings of the study confirm the uncertainty of the variables and show that tax revenues have been significantly affected by exchange rate fluctuations and inflation.