فرزاد رحیم زاده

Making decisions to choose stocks and forming an accurate portfolio are always anxieties for investors. The primary purpose of this study is to evaluate and compare portfolios based on the fundamental strategies PE, PEG, PERG-SD, and PERG-Beta and find the best strategy for investing. Another goal of this research is to determine whether the strategies above can be superior to the TEDPIX index in the long term.

Our evidence includes 362 companies listed on the Tehran Stock Exchange from 2016 to 2023, and 110 have been selected as a research sample. The investment horizon in this study is three years (2021–2023), and investing is seasonal in the form of 12 seasons according to the mentioned strategies. The variable's value (strategy) is calculated for each strategy at the beginning of each season. All the companies are sorted from top to bottom based on the calculated variable (strategy) and divided into five equal categories. Then, for each portfolio category, investing was done at the beginning of the season. At the end of each season, the return and systematic risk of each category of portfolios were calculated. Finally, based on the risk and return of each portfolio, research hypotheses were tested using statistical tests (Wilcoxon and Friedman) and SPSS software.

The results showed that the return of portfolios formed by low coefficients (LOW) is higher than the return of portfolios formed by high coefficients (HIGH) and the TEDPX index in all four strategies: PE, PEG, PERG-SD, and PERG-Beta. Also, based on Friedman's test, the low PE strategy has the best performance compared to other strategies.

Originality/Value: 

This research fills a gap in the existing literature by organizing companies into five categories for each strategy, balancing portfolios seasonally, and analyzing the PERG strategy based on the nature of risk adjustment (systematic risk or total risk). These aspects have not been explored in previous internal research. Calculating the growth rate and systematic risk to evaluate these strategies differs from previous research. Moreover, no internal research has recently been conducted on these strategies, particularly during the research investment horizon (2021-2023). Given our country's ongoing political and economic changes (such as inflation, interest rates, the Corona pandemic, and the stock market crash in 2020), this research is crucial to confirm or challenge past findings in the highly dynamic investment environment.

The Effect of Liquidity on Private Investment in the Urban Housing Market in IranAbstractThe housing market, as a major economic sector, has an important role in the country's economy. Regarding the structure of the country's economy and also considering the characteristics of housing as a commodity, housing prices are always affected by fluctuations and surplusThe housing market is one of the important channels for the impact of monetary policy on the country's economy. Therefore, considering the importance of the issue in the present article, in order to study the effects of liquidity on private sector investment in the housing sector during the period 1990- 2021 a Auto regressive distributed lag model has been used. Also a model of error correction is used for studding of short-term dynamics and their relation with long-term dynamics is presented. In general, the results of the study show that the effects of variables on national income, liquidity, housing loan facilities, construction services price index with a one-year break and population with a one-year break and on private sector investment in urban housing are positive and significant. But the impact of housing price variables and the average return of parallel markets on private sector investment in the urban housing market are negativeand significant. As a result, considering the main positive and significant independent effect of the research, namely liquidity on private sector investment in Iran's urban housing market, it can be said that increasing liquidity increases people's purchasing power and consequently increases demand and thus encourages the private sector. There will be more investment in the housing sector.Keywords: Urban Housing Market, Private Sector Investment, Liquidity, Auto Regressive Distributed Lag Model. 

The housing market, as a major economic sector, has an important role in the country's economy, and due to its past and present relations, it is strongly affected by its economic fluctuations. Due to the structure of the country's economy and also due to the characteristics of housing as a capital commodity, housing prices are always affected by fluctuations and excess liquidity movements in society and periodically, face a jumping increase. The housing market is one of the important channels for the impact of monetary policy on the country's economy. Due to the intermittent increase in housing prices in Iran, especially in the years after the imposed war and the intermittent creation of housing price bubbles and the stagnation after the bursting of the housing price bubble, it has been suggested that intermittent increases in housing prices are due to Is the country. Liquidity from monetary policies in the economy has undeniable effects on private sector investment in the sector. In this regard, the hypotheses of the leading research are as follows:
Liquidity affects private sector investment in the Iranian urban housing market.
National income affects private sector investment in Iran's urban housing market.
Construction services price index has an impact on private sector investment in Iran's urban housing market.
Urban population affects private sector investment in Iran's urban housing market.
Urban housing prices affect private sector investment in Iran's urban housing market.
Housing purchase facilities have an impact on private sector investment in Iran's urban housing market.
The average return of parallel markets has an impact on private sector investment in Iran's urban housing market.

This research is applied in terms of purpose. Leading research is also regression in terms of type of analysis. Multivariate linear regression models and microfiche software were used to analyze the data. In this research, documentary method has been used to collect information related to the literature and research background. Considering the importance of the issue the impact of liquidity on private sector investment in the housing sector during the period 1990- 2021 a Auto regressive distributed lag model has been used. In addition, we use the ECM to investigate short-term dynamics and relate them to the long-run relationship presented by summative regression, and also to examine how to adjust short-term dynamics for long-run equilibrium.For estimation, a Auto regressive distributed lag is used using Microfit software and in estimation, all possible interrupts of the final model with SBC are selected by the software.It is worth mentioning that the data and information related to the model have been extracted from the database of the Central Bank and the Statistics Center of Iran.

The results of estimating the Auto regressive distributed lag model show that all variables except private sector investment which is significant at the level of 10%, all are significant at the level of 5% and the variable of construction services price index with one year interval at the level 1% is significant. Liquidity, population with a one-year break, as well as construction services price index with a one-year break and national income are directly related to private sector investment. But the population in the first year shows negative relationships.According to the table of critical values of Benarji, Dolado and Master statistics at the level of 95% significance, since the value of computational statistics (-6/5549) is more than the absolute statistics of the table (3/55), so the null hypothesis of no The existence of a long-term relationship between the research variables is rejected and we conclude that there is a long-term relationship between them.According to the results, it can be seen that all variables in the long run are significant at the level of 5% and 1% and except for the urban population variable, other variables have a positive effect on private sector investment in housing.Also, according to the obtained results, ECM shows the adjustment of short-term dynamics in the direction of long-term equilibrium relationships. Also, according to the estimated results of the error correction model, if the shock causes the variables to deviate from the initial short-term equilibrium, in each period about 77% of the short-term imbalance is corrected to the long-term equilibrium. Based on the estimated results, it can be seen that the CUSUM and CUSUMQ charts are located between the two critical lines at the level of 5%. Based on these results, the coefficients of the variables are stable during the period under study.

The results of research estimates show that all independent variables have a significant relationship with the dependent variable, namely private sector investment. National income, liquidity and the price index of construction services with a one-year break are directly related to private sector investment in urban housing.It should be noted that increasing liquidity will increase people's purchasing power and consequently increase demand and thus encourage the private sector to invest more in the housing sector. Apart from the fact that increasing demand can lead to rising prices or any other changes in other macroeconomic variables.Regarding liquidity, it is important to mention that in most developing countries, including Iran, due to the lack of financial markets (money and capital) and appropriate areas of activity, liquidity is directed to the housing sector or quick-return activities.Suggestions in the scope of the discussions and the results of the present article estimates can also be mentioned as follows:1- Supporting the private sector in more investments in the housing sector, by giving various credits and privileges.
2- Targeting liquidity that, along with the housing sector, also leads to the mobilization of production activities, ie leads to a balance in the supply and demand market.
3- Supporting different sections of society, especially low-income people, by providing bank loans to support private sector investment in the housing sector. Investors are forced to withdraw their capital from the housing sector due to recession and lack of purchasing power. Do not do unnecessary activities and even the outflow of capital from the country.
4- Injecting the necessary liquidity in different sectors of the economy Due to the consequences such as inflation, it should be noted that the necessary liquidity for the injection can be provided in various ways that must be used carefully in the use of these resources.
5- Prosperity and activation of financial and capital markets, so that in addition to preventing capital outflows abroad, it can be directed.

Entrepreneurship plays a key role in the economic growth of countries and from the point of view of economists is introduced as a key factor in the production process and the driving force of the economy. Therefore, it is necessary to identify the factors affecting it. According to studies conducted in the field of entrepreneurship, financing entrepreneurial activities has been one of the factors affecting the level of entrepreneurship. Accordingly, in this study, using data related to Iran and selected Islamic countries in the period 2020-2000, the impact of financial sector indicators on the level of entrepreneurship has been studied. Based on the results of model estimation by data panel method, financial sector indicators have a positive and significant effect on the level of entrepreneurship and this effect is statistically significant at a significance level of 5%. Because the greater the amount of credit granted by the banking sector to the private sector and the greater the financial depth of the stock market, the ability of individuals and entrepreneurial firms to finance their activities through the banking network and the stock market increases and they are less financially constrained. Also, at a significant level of 5%, the impact of foreign direct investment, guidance education, population growth on the level of entrepreneurship was positive, but this impact is not statistically significant. In addition, the impact of secondary education, economic growth and per capita income on the level of entrepreneurship is positive and these effects are statistically significant at 5% significant level

The undeniable role of banks in aggregating and allocating financial resources is possible and sustainable only when banks have financial
stability, especially when faced with financial crises. One of the important and influential factors in financial stability is financial inclusion. Therefore, this study investigates the effect of financial inclusion on financial stability in Iran and selected Islamic countries for the period 2005-2020. The results of the model estimation with dynamic panel data show that financial inclusion has a positive and significant effect on financial stability. In other words, when the number of ATMs, the number of bank branches, and the number of bank accounts with commercial banks are higher, the tendency and access of people to financial services will increase; Thus, the amount of savings and deposits in banks increases, and this, in turn, enhances the ability of banks to cope with financial crises and has a positive effect on their financial stability. The high ratio of non-performing loans, cost-to-income ratio, and loan-to-deposit ratio also have a significant negative impact on financial stability. Furthermore, the impact of macroeconomic variables on financial stability is positive and
significant. In other words, with rising inflation and GDP, the financial stability of banks increases.

The labor market in Iran is subject to bottlenecks that, if continued, could damage the national economy. High unemployment and low labor force participation are some of these problems. One of the factors affecting the level of employment and labor force participation rate is the corruption index. Therefore, in this study, using the quantitative regression method, the impact of various corruption index on the labor force participation rate and employment in selected member countries of the Islamic Cooperation Organization during the period 2018-2000 has been studied. Based on the results of model estimation, in all quantiles, the effect of corruption on labor force participation rate and employment is negative. Because corruption reduces the level of employment and labor force participation rates in selected countries by negatively affecting economic growth and the business environment and diverting government spending toward unproductive goals. Consumption level and institutional quality also have a positive effect on labor force participation rate and employment level in estimated quantiles. Also in the estimated quantiles, the impact of informal economy on labor force participation rate and employment level is negative. The effect of per capita income on the level of employment and labor force participation rate was both positive and negative.

Among labor market indicators, economic participation rates are considered to be one of the key indicators of labor market supply. The desire to participate in economic activities is, on the one hand, driven by the economic needs of the household and, on the other hand, it provides the demand for firms to employ human forces. Whenever each of these factors in the economy is slowed or reacts to changes in the labor market, an important indicator such as the labor force participation rate is likely to decline. In reviewing the labor market situation of countries it can be stated that the higher the labor force participation rate, the higher level of social welfare. Alongside men, women can also participate in economic activities. Female labor force participation is important for strengthening economic and social development of a country because it will increase the efficiency level in the economy and Will bring about economic and social justice. In general, high female labor force participation rate shows two things: 1) women’s progress in economic and social situations. 2) Empowering women. These cases increase justice and the use of human potential in society which can help build higher capacity for economic growth and reduce poverty. It is worth noting that women's employment and economic participation require specific policies and measures and paying attention to their role in economic development should be given more than ever attention. In the scientific literature about labor market, several factors have been mentioned that affect the female labor force participation rate,including: 1) Individual characteristics such as age, gender, level of education, working income. 2) Family characteristics such as other family members’income, the level of education, marital status, employment and family size. In addition, one of the important factors that can influence the female labor force participation rate, is corruption. Corruption by encouraging activities in the shadow economy, Reduces private sector productivity and increases the tax burden by changing the saving-consumption swap. This reduces the supply of labor. Also corruption has a direct and negative impact on labor force participation. It also has an indirect and opposite  effect on labor force participation. Considering the low female labor force participation rate and the high rate of corruption in Iran, it can be stated that the Iranian labor market requires policies and strategies in order to control corruption as well as increasing the female labor force participation rate in different sectors of the economy.

In this study, the impact of corruption on the female labor force participation rate in the labor market of Iran and selected member countries of the Organization of Islamic Cooperation in the region during the period 2005-2018 was studied using simultaneous equations model. In this study, the sample includes Iran and 12 selected member countries of the Organization of Islamic Cooperation (which mainly includes countries in the region). These countries are: Pakistan, the Republic of Azerbaijan, Turkey, Egypt, Saudi Arabia, Bahrain, the United Arab Emirates, Oman, Jordan, Qatar, Morocco and Iraq. Data regarding these countries is extracted from the database of the World Bank and Transparency International.

The results show that, first, there is a two-way causal relationship between the female labor force participation rate and the corruption variable. Second, high levels of corruption and unemployment have a negative effect on the female labor force participation rate in Iran and selected countries, and this effect is statistically significant at a significant level of 5%. The variables of urbanization ratio and economic growth also had a positive effect on female labor force participation but the effect of urbanization ratio is not statistically significant at a significace level of 5%. The impact of female's fertility rate on female labor force participation in iran and selected countries was negative and this effect was statistically significant at the significant level of 5%. Also the impact of education on female labor force participation in iran and selected countries was positive and at the significant level of 5%, it is statistically significant.

In general, the results of the model estimate show that having a negative impact on economic growth and diverting government spending to unproductive ends, corruption has reduced the female labor force participation in iran and in selected countries. The high unemployment rate also limits the ability of individuals to supply labor and participate in economic activities. Also, high female's fertility rate in the studied countries is considered as an obstacle to increase the female labor force participation.

The hypothesis of financial convergence, as one of the upshots of neoclassical economic growth models, emphasizes the process of reducing the financial gap between countries, and in meantime, the speed of this convergence is of particular importance. Hence, the main purpose of this study is to test the financial convergence hypothesis, and to estimate the convergence rate using the dynamic panel technique in selected countries (separately for developed countries (38 countries) and developing countries (34 countries)) based on the generalized torque method (GMM) for the period 1992-2020. According to two models (the ratio of domestic credit to the private sector (percentage of GDP) and the ratio of working capital to GDP in the whole sample and group of developing and developed countries), the results implies the financial convergence in these countries. Also, the convergence rate in the first model is higher in developing countries than in developed countries. However, this speed is relatively higher in the second index of financial deepening (the ratio of money supply to GDP) ,and is adjusted in each period to a greater extent than short-term imbalances to achieve long-term equilibrium.

Today, some systems such as credit scoring and credit customer rating have been developed to validate customers. The present study is aimed to identify and evaluate the effective factors on the credit risk of real customers of Bank Melli in Iran using Delphi-Fuzzy and Fuzzy -DEMATEL approaches. This research is exploratory in terms of purpose and is descriptive and survey in terms of data collection and analysis. The validity and reliability of the research measure were verified statistically using 20 experts related to the research topic, which was in the form of a questionnaire. A total of 60 factors were identified in 4 main dimensions including personal factors, environmental, behavioral and social factors, credit factors and macroeconomic factors. Later, the model was evaluated, and by re-interviewing the experts through the Delphi-fuzzy technique, 55 factors were finally confirmed. Then, the dimensions and indicators of customers' credit risk were ranked, which was done through the fuzzy- DEMATEL technique. The results of research indicators showed that among the indicators, income index had the highest effect and collateral index had the most impact. Also, among the main dimensions, the personal factor had the highest impact among the factors.

The purpose of this article is to investigate the effect of corruption on financial inclusion in Iran and selected member countries of the Organization of Islamic Cooperation during the period 2005- 2020. For this purpose, three variables have been used to measure financial inclusion and three separate models were estimated. The results of model estimation using the System Generalized Method of Moments (SGMM) showed that at a significant level of 5%, lagged financial inclusion, the level of per capita GDP and education have a positive and significant effect on financial inclusion. Also, the impact of corruption on financial inclusion is negative and significant. At a significance level of 5%, the expansion of Internet users and mobile subscribers has a positive and significant effect on financial inclusion. The high share of women in the total population has a significant and negative effect on financial inclusion. Based on the results, it is suggested that policymakers reduce the level of corruption and increase financial inclusion by reducing wide monopolies, eliminating the rent, improving the quality of regulations and creating widespread transparency.

In this research, the effect of the number of branches and the geographical distribution of bank branches on the profitability of Bank Sepah in Ardebil province has been studied. In this study, data and information related to Sepah Bank in Ardabil province in the period 1371 to 1399 are collected and in the form of time series data and cross-sectional data are estimated in two separate models. The results of the model estimation showed that the geographical distribution of the bank branches affects their profitability and this effect is statistically significant at a significant level of 5%. In other words, the branch operating in high-income areas of the city has a higher profitability compared to the middle and low income regions. The number of Bank Sepah Branches also has a positive effect on bank profitability and this effect is statistically significant at a significant level of 5%. Also the loan to the asset ratio, the size of the bank and the market share of the bank has a positive and significant effect on its profitability. Also, at a significant level of 5%, the number of years of activity of the bank branch has a positive and significant effect on its profitability.

Corruption is a well-known and prevalent phenomenon in developing countries such as Iran. One of the effective factors in reducing corruption and increasing the level of transparency is the use of information and communication technology (ICT) tools. This study investigates the impacts of ICT on corruption in the selected OIC countries for the period 2002-2020. Before estimating the model by panel data approach, the existence of cross-sectional dependence has been tested and ratified in the studied countries. Therefore, to obtain reliable results, the Cup-FM Method was used to estimate the model. Based on the results of model estimation, the impact of ICT components on corruption has been negative and significant. Correspondingly, the impact of inflation, per capita income, and the rule of law on corruption are significantly positive, negative, and negative, respectively.  Furthermore, trade openness has a positive, but not statistically significant, impact on the corruption index.

The business environment is one of the determinants of any country's economic status and based on it, each country's economic conditions can be studied and analyzed. The more transparent and competitive business environment, the better economic health, adoption of favorable policies, and improvement of economic indicators.In other words, the effect of a favorable business environment on increasing the attraction of domestic and foreign investment, job creation, and growth of GDP is quite evident (Mehrabani et al., 2016).In an economy, several factors affect the business environment. One of the most important of these factors is corruption. Numerous studies on corruption show that corruption can be detrimental to an economy. The extent of the destructive effects of corruption depends on the degree and level of the national economic development. Corruption initially hinders and reduces economic growth by reducing the incentive to invest. It then prevents growth from growing by restructuring government spending. Corruption in various ways undermines economic growth. This social dilemma prevents expanding the market mechanism by deviating from the allocation of resources and incentives. It also leads to the weakening of property rights and the non-guarantee of benefits arising from the provisions of contracts and to the detriment of small businesses (Tanzi, 1998).

 Theoretical frame work:

Theoretically, there is a significant relationship between the negative consequences of corruption and bribery and ease of doing business. In most newly industrialized countries, such as India, Brazil, and the Philippines, it has been observed that the good quality of business rules and regulations has led to the growth of such activities and possibly encouraged foreign direct investment. The road has acted in favor of the economy at the macro-level (Sung, 2013).

Considering the situation of Iran and selected Islamic countries in terms of the business environment and because improving the business environment has been one of the most important challenges and goals of macroeconomic plans in Iran in recent decades, therefore in this research, the effective factors on the business environment studied for 2005 to 2018 with emphasis on the corruption in the selected Islamic countries. To do this, the data was extracted from the World Bank's database and the International Organization for Transparency, and the research model was estimated using the quantile regression method.In this study, the corruption variable was measured by the Transparency International Corruption Perceptions Index, and the World Bank Business Index measured the business variable.

The results show that a high level of corruption hurts the ease of doing business in countries and worsens the business environment. Unemployment and inflation rates as indicators of economic instability have a negative impact on the business environment, But at the 5% significance level, the effect of the unemployment rate is only statistically significant in the first, second, and third quintiles. Also, tax revenue, trade openness, and exchange rate volatility have negative, positive, and negative effects on the business environment. These effects are statistically significant at a 5 percent level of significance.

Conclusions and Suggestions:

Considering the negative impact of corruption on the business environment, it is suggested that by implementing policies such as e-government development, reducing government size, improving the culture and level of public morality by promoting condemnation of corruption and bribery, preventing government influence in regulatory and inspection bodies, eliminate Excessive guidelines and regulations that increase the potential for abuse and corruption, reform of organizational culture, expand the free flow of information and encourage people to report corruption, stabilize business laws, enforce preventive laws and regulations, and tackle economic corruption seriously and decisively. The level of corruption in the country is controlled and as a result, by controlling (reducing) corruption, the business environment becomes favorable.According to the research results, inflation and unemployment as two indicators of macroeconomic instability have a negative impact on business in Iran and selected Islamic countries. Therefore, the Central Bank must control the country's liquidity and inflation by implementing monetary policies commensurate with its economic situation. The government should also improve the business environment by implementing appropriate employment policies and increasing the country's employment level.Given the negative impact of exchange rate fluctuations on the country's business environment, the central bank, and the government, to create confidence in the foreign exchange market and prevent exchange rate fluctuations, should implement exchange rate policies appropriate to economic and sanctions conditions and minimize exchange rate fluctuations.Given the positive impact of countries' trade openness on the business environment, the adoption of appropriate policies in the field of trade liberalization to take advantage of trade opportunities and capital in the global economy and the development of exports of services and goods and thus improve the business environment is proposed by the government.

The labor force participation rate is one of the key indicators of the labor market. One of the factors that can affect the labor force participation rate is the corruption index. Therefore, the purpose of this article is to investigate the impact of Transparency International's Corruption Perception Indicators, Kaufman et al.'s (2014) Corruption Control Index, and the International Country Risk Guide Index on labor force participation rates in selected MENA countries during the period 2002-2008. For this purpose, three models were estimated separately. Also in this research, for obtaining reliable results, the Cup-FM Method was used to estimate the model. Results of estimation of all three models showed that a higher corruption index has a negative effect on labor force participation rate and this effect is statistically significant at a 5% significance level. Per capita income and unemployment rate have a significant negative effect on labor force participation rates at the 5% significance level. The effect of urbanization rate on labor force participation rate is positive and this effect is not significant at the 5% level. Education and wages also have a significant positive effect on labor force participation rates at the 5% significance level. Also, the high level of economic development has a positive and significant impact on the labor force participation rate.

Energy carriers are one of the most important factors in production and accessing to energy resources can smooth countries economic growth and development process. Also, countries inclination in order to achieving higher economic growth has accompanied with higher using of energy carriers and has led to emission of Greenhouse gas. This leads to create environmental problems threatening human life. Therefore, studying the relation among economic growth, energy using and Greenhouse gas emissions is of particular importance.

Accordingly, the aim of this study is to analysis the interaction among economic growth, energy using and CO2 gas using data from 16 selected countries of the OIC.

The results from estimated model with data panel technique showed that in significant level of 5%, existence the Kuznets inverted U hypothesis is valid in the under-studied countries. Since, the coefficient related to GDP growth variable and its square has positive and negative sign, respectively. Furthermore, the results showed that energy using has statistically positive impact on CO2 gas emission in time period 1995-2015.

Given the existence of a one-way causality relationship between GDP growth and CO2 emissions, the economic growth in the studied countries has led to an increase in CO2 emissions and as well as the U reverse relation of economic growth and CO2 emissions, so that in the studied countries, by increasing the growth rate, the amount of carbon dioxide emissions will increase as well. After a certain growth rate and passing through it, with higher economic growth CO2 emissions have also declined in these countries, It is recommended that, in view of the high importance of the environment, the environmental authorities and environmental organizations have adopted appropriate environmental laws and regulations, and technologies have progressed towards eco-friendly technologies and cost financing related to changing technology to environmentally friendly technology, as well as paying taxes which taxes to improve the environment.

The employment rate is among the key indicators of the labor market and is subject to various economic components. One of the most important factors affecting employment is the corruption variable. Therefore, in this study, the effect of different indicators of corruption on employment level in Iran and Selected Islamic Countries is studied and three separate models are estimated in the period 2000- 2018. After estimating the models using panel data method, the cross-sectional dependency test was performed on the estimated models and at the 5% significance level, the existence of cross-sectional dependency was accepted. Therefore, for obtain reliable results, the Cup-FM Method was used to estimate the model. The results of model estimation showed that in all three models, corruption index had a negative effect on employee-to-population ratio and this effect was statistically significant at the 5% level of significance. The effect of banks' lending facilities on the ratio of employee-to-population ratio was positive in all three models but not significant at the 5% level. Capital stock and real wage had a positive and negative effect on employee-to-population ratio, respectively, and this effect was statistically significant at the 5% level. Trade openness also had a positive effect on the employee-to-population ratio, and only in the first model was this effect statistically significant. According to the estimated results, the effect of inflation on employment level was negative and this effect (except in the second model) was statistically significant.

The Human Development Index is a widely accepted tool for measuring welfare. Various factors affect the development index. One of these factors is the corruption. Therefore, in the present study, using the quantile regression method, the impact of corruption on human development index in Iran and selected countries of the region in the period 2004- 2017 has been studied. The model estimation results show that at 5% significance level, corruption perception index has a negative impact on human development. The effect of economic freedom on human development is also positive. The high urbanization rate also have a positive effect on the level of human development. The impact of the unemployment rate on human development is also negative. The effects of democracy and real wage rates on human development are also positive.

In general, independent auditors provide the context and conditions for the quality of timely accounting information and financial reporting. Hence, delays in presentation of audit reports can affect the company's performance and even company stock prices. Therefore, the main goal of the study is to investigate the effect of delay of the audit report on stock price fluctuations among 110 companies Listed in the Tehran Stock Exchange during the period of 2012-2017 using the GARCH model. The results of the model estimation showed that, firstly, the coefficients of the equation of conditional variance are significant. In other words, the model's oscillation is confirmed. Also, based on the results of the estimation, the maximum likelihood of the simultaneous effect of all variables is confirmed, in other words, it does not indicate the high and false validity of the estimated regression model. The results of the hypothesis test also showed that the main hypothesis of the research about the effect of the delay of the audit report on stock price is confirmed. So, the companies whose audit report was presented with delay, their stock prices on average were also lower. Other results showed that the coefficient of financial variables is not significant, but the firm ‘size has a significant negative effect on the stock price.

The growth of liquidity has been mentioned as one of the factors of the occurrence of the business cycle. Considering the fact that liquidity in the Iran economy has grown significantly during the last decade, in this research, the effect of liquidity growth on the Iranian economy was studied during the period of 1353 to 1396 by Johansen-Juselius co-integration method. The results of the research show that in the Iranian economy, variables such as Oil price fluctuations, private sector investment, and the growth of liquidity are among the main factors in the formation of business cycles in Iran's economy. Also, the results of the research indicate that in the long run, the growth of liquidity has a negative and significant effect on business cycles, but private sector investment and negative fluctuations of oil prices have a positive effect on it.

Nowadays, Internet has a key role to facilitate economic activities in each country. In banking sector, Internet and information technology is one of the tools that help banks to reduce costs. The aim of this study is to examine the impacts of Internet on Banking System return. Therefore, the banking data for the 11 selected MENA countries (68 banks) in the period 2005-2018 extracted from the Bank scope database and then, the model was fitted to the panel data. The estimation results show that capitalization depth, credit risk variables, loan specialization ratio, banking size, Islamic property of  bank and the bank's share ability to trade in the stock market have positive and statistically significant effect (at 5% significance level) on the return of banks. Also, the amount of state owned banks and the inefficiency ratio of banks have a negative impact on banks' returns. Based on the model estimation results, if other variables be constant, by increasing internet variables as 1000 units, the return of banks. increase as 0/17 to 0/35 percent.

This paper aims to examine the impact of the banks market share and the number of branches on the  selected banks profitability of  Iran. To this end, data  and information of 11 selected banks  during  the period of 2007- 2015 were extracted from the  central bank  database and their balance sheets and the considered model was estimated using panel data method. In this study, two indicators namely the return on equity and return on assets were used as  proxies for profitability variables and hence two separate models were estimated. The  results of models estimation show that the ratio of loans to total assets, number of branches, economic growth and banks market share have positive  and significant impacts on the  banks profitability. The effect of operating costs to total assets on banks profitability was negative and statistically significant at the 5% significance level. Financial leverage has positive impact on the  banks profitability, but it is not  statistically significant at the5%  significance level.

In many countries, achieving to the millennium development goals, such as sustainable economic growth, poverty reduction and human development enhancement are their important priorities. One of these goals is to improve the human development index that is used to compare the level of welfare. This study, using the annual data of selected MENA countries from 2000-2012 and by applying Dynamic Panel Data and GMM estimators, wants to determine the factors that affect on human development. For this purpose, trade variable (percapita import, percapita export and per capita trade) has been used in three separated models. The results of the model with n-step GMM estimator of Arellano and Bond (1991) indicate that in all models, trade has positive and significant impact on human development. If percapita import, export and trade are considered as explanatory variables in the model, the increase of $ 10,000 in these variables, will increase human development index by 0.029, 0.024, and 0.025 respectively. Based on the results, educational expenditures, per capita health expenditure and foreign direct investment have also positive and significant effects on human development.

Undoubtedly, the Internet has affected the country's economic and financial interactions. Therefore, in this paper, the effect of Internet on economic growth has been studied. To this end, data of 140 countries collected in the period 1995 to 2010 and after review of data stationary and their cointegration with Pedroni Cointegration test, model is estimated by panel data approach. The model estimation results show that the rate of Internet access, capital stock, labor force, trade openness and per capita spending on education have positive and significant effects and inflation and government consumption spending have the negative impact on per capita GDP growth.