سرمایه انسانی

The present study examines the impact of human capital and income diversification on the performance of banks admitted to the Tehran Stock Exchange. Also, the mediating role of income diversification on the relationship between human capital and bank performance is also investigated. In this regard, three hypotheses were developed. The statistical population of the research includes banks admitted to the Tehran Stock Exchange. Considering that 23 banks were admitted to the Tehran Stock Exchange during the years 2011 to 2020, and 18 banks were continuously present in the stock exchange during the mentioned period, and their data is fully available. The financial data of the research was extracted from the Rehavard Novin 3 database, the information site of Kodal Publishers, and the website of the Iranian Financial Information Processing Center. The research data was collected with the approach of mixed data (cross-sectional-time series) and was statistically analyzed using the multiple regression method and with the help of Eviews12 software. The results of the research show that human capital has a positive and significant effect on the performance of banks. Also, income diversification has a positive and significant effect on banks' performance. Finally, income diversification has a negative and significant effect on the relationship between human capital and banks' performance.

Most studies conducted in Iran have used indicators such as air pollution emissions (CO2 emissions) and ecological footprint (EF) to assess environmental sustainability. However, these two indicators have limitations and do not show the different dimensions of the environment. They only focus on the consumption and demand for resources and neglect the supply of resources. Recently, a new indicator called ‘carrying capacity’ has been used in environmental economics studies to assess environmental sustainability. This indicator shows how much load the environment can bear to meet human needs and economic activities. Therefore, in this study, the impact of human capital and green energy on carrying capacity for sustainable development was investigated during the period 1990-2021.

In previous studies conducted in Iran to investigate the impact of human capital and green energy, indicators such as CO2 and EF were used. Due to the shortcomings of these indicators, this research makes use of the load capacity index. Unlike the CO2 index which only examines the emissions caused by fossil fuels, as well as the ecological footprint index which only shows the demand side of resources and ignores the supply side, this index represents the supply side in addition to the demand side. In other words, the load capacity factor, compared to the biological capacity and the ecological footprint, shows an ecological threshold, so it makes a comprehensive research on environmental sustainability assessment possible. So far, the impact of human capital and green energy on the load capacity index has not been checked in Iran.In this study, the documentary method was used to collect the data. The research was conducted based on the annual data from the period of 1990 to 2021 in the Iranian economy. The EViews software was used to estimate the model. It should be noted that the data on the variables related to the research were extracted from the World Bank and the global footprint Network. The model was estimated by the GMM time series econometric method. This is because the model in this study is dynamic and meets the conditions of the generalized moment. In fact, GMM serves for time series models that are linear and satisfy the conditions of generalized moments and secondary properties. Using this method to estimate models can have many advantages.

The results show that the estimated model is in good conditions in terms of statistical indicators. The null hypothesis of the Sargan test cannot be rejected; therefore, it can be said that the instrumental variables used in the estimated model are valid. Indeed, the null hypothesis of the Sargan test implies the validity of the instruments. In view of the linearity of the model, all the estimated coefficients indicate elasticity. The coefficient of the carrying capacity of the previous period had a positive and significant impact on the coefficient of carrying capacity of the present period. In other words, with a 1% increase in carrying capacity in period t-1, the carrying capacity in period t increases by 0.64%. This result is in line with research theories and is in good agreement with the results of previous studies. With an increase of 1% in human capital, the carrying capacity increases by 0.28%. Considering the p-value corresponding to the T statistic of the human capital coefficient, human capital has a positive and significant impact on the environmental carrying capacity in Iran. The consumption of green energy has a positive and significant impact on the carrying capacity. It is such that an increase of 1% in the consumption of green energy increases the carrying capacity by 0.13%. Renewable energies have the least impact on the environment and the ecosystem. Therefore, the use of these energies reduces the ecological footprint. The economic growth variable has a negative and significant impact on the carrying capacity. In other words, with an increase of 1% in economic growth, the carrying capacity decreases by 0.72%. As the economic growth increases, pressure on the environment increases too, leading to a decrease in ecological sustainability. The trade variable has a negative impact on the carrying capacity. So, with an increase of 1% in trade, the carrying capacity decreases by 0.24%. Theoretically, the impact of trade openness on the environment can have positive or negative effects.

Conclusions and policy implications: 

The results of the study showed that the effect of green energy on the carrying capacity coefficient is positive. In general, environmental changes and the reduction of its sustainability due to the increase in greenhouse gas emissions are important factors in the occurrence of climate change, environmental hazards, natural disasters, and serious damage to the environment. The expanded use of renewable energy as a clean energy source can play an important role in reducing environmental pollution and the emission of pollutants. Using green energy can reduce dependence on fossil fuels and lower the greenhouse gas emissions from consumption and production sectors. Green energy is reliable and, if developed correctly, can lead to environmental sustainability and reduce environmental destruction. Based on the results, human capital has a positive and significant impact on the carrying capacity coefficient. Training of human capital is one of the ways to achieve sustainable development and improve the environment. On the other hand, the use of human capital increases awareness, research, development, and green technologies. Incentives for people, the market, and businesses so as to protect the natural environment and promote green consumption and production affect environmental quality and lead to a sustainable environment. Therefore, by improving human capital through the three components of health, skill and education, it is possible to help improve and sustain the environment. Based on the results of the study, economic growth has a negative impact on carrying capacity, which is consistent with other previous studies.

The production sector requires financial investment and high technology. One of the ways to deepen and increase the role of the capital market in financing and providing more attractiveness for the entry of domestic and foreign investors is policy making and adopting procedures for greater support. It is one of the rights of micro investors. Also, due to the increasing trend of globalization and international competition, it has advantages for local companies and can increase capital and market liquidity. But are local corporate governance systems affected by the scale of globalization and international competition?  With the emergence of the knowledge-based economy, the issue of human capital has been considered as an important factor in creating competitive advantage and increasing the value of companies, which can affect the structure of corporate governance. For this purpose, this paper investigates the impact of economic openness (financial and trade) and human capital on the index of support for micro investors in developing countries using the panel GMM method during 2014-2021.

In order to analyze the effects of the international competition factors including the trade openness as well as the facilitation of capital inflow and outflow on protecting micro-investors index, the dynamic panel method (GMM SYS) has been used. The system estimator (GMM SYS) is actually an alternative to the GMM first-order difference estimator (GMM DIF). In this method, instrumental variables are used to eliminate endogeneity. Since it is very difficult to find a strong instrument that can cause reliable estimation, DIF and SYS estimators use the instrument available in the collection, i.e. the interval of the endogenous variable. It enters the model as the best instrument. It should be noted that there are two tests to ensure the validity of instrumental variables in GMM-based methods. The first is Sargan's test. In this test, the null hypothesis indicates the non-correlation of the means with the residue. Therefore, rejecting the null hypothesis confirms the validity of the results. Second, the correlation test of the residuals is AR(1) in the first order and AR(2) in the second order. In this test, the disturbance sentences should have first-order serial correlation AR(1) and not second-order serial correlation AR(2).

The results showed that the expansion of trade relations as well as facilitating the entry and exit of capital helps to comply more with the standards of protection of micro-investors in developing countries, although the effect of trade openness is stronger. Meanwhile, the role of human capital (investment in human resources) in transferring spillover effects is undeniable. In other words, it can be said that improving corporate governance standards and supporting micro-investors in developing countries are affected by the scale of globalization and international competition (trade and financial), and human capital is important for knowledge transfer and productivity shocks. In addition, the development of the capital market in developing countries significantly reduces the representation problem between managers and micro-investors.

Conclusions and policy implications: 

Acording to the results, the expansion of trade relations and the facilitation of capital entry and exit have made developing countries more attractive for foreign investors. Thus, domestic companies, to compete with foreign companies, would be motivated towards promotion of corporate governance standards and micro-investor protection. That means, local corporate governance systems are affected by the scale of globalization and international competition. It is noteworthy that exposure to international competition, although it has benefits for local companies and improves corporate governance standards, may create challenges for developing countries that must be addressed through frameworks. In such cases, strong supervision should be done. By facilitating the entry and exit of capital and the expansion of trade relationships, managers may prioritize short-term benefits over long-term sustainability. On the other hand, weak regulatory mechanisms in developing countries may make them unable to keep pace with the complexities of international markets, allowing companies to misbehave and reduce the quality of governance. Examining these challenges can be done in future research. Also, the role of human capital quality (investment in human resources) in transferring the spillover effects of corporate governance and as a moderating factor for the alignment of interests between managers and micro-investors is undeniable, which confirms the strategic policies of human resource management. In addition, governments should improve the stock market environment with strong institutional infrastructure in order to protect micro-investors and, thus, increase the confidence of foreign investors and provide incentives to increase cross-border investments in the host economies.

As economic complexity changes, rewards to different skills and knowledge levels change, thus directly affecting wage differentials. In fact, with the increase in economic complexity, the demand for knowledge and therefore the demand for skilled labor increases, which results in an increase in the wage gap between skilled and unskilled workers. On the other hand, after reaching a certain level of economic complexity, the inequality between the wages of skilled and unskilled workers decreases. The purpose of this study is to investigate the relationship between economic complexity by considering mediators such as human capital, government spending and trade openness index.

To check the integration characteristics of the studied variables, the unit root test of sharp and smooth structural breaks provided by Shahbaz, Omay and Roubaud (SOR, 2018) is used. Although there are various unit root tests to check the significance of variables, these tests provide biased experimental results due to their low explanatory power (Shehbaz et al., 2018). The uniqueness of SOR is that the nonlinear unit root test considers sharp and smooth breaks in a time series. To examine the co-accumulation relationship between variables, the bootstrap ARDL co-accumulation method of McNown et al. (2018) is used. The originality of the bootstrap ARDL approach is its ability to deal with the properties of size and weak power that exist in the conventional ARDL approach of Pesaran et al. (2001). In addition, in order to increase the power of t and F test, this approach has the ability to integrate a new cointegration test during design and add to the cointegration framework of the conventional ARDL bounds test approach. Pesaran et al. (2001) found two conditions necessary to identify clustering. First, the coefficients of the error correction term must be statistically significant. Second, the coefficients of the interrupted explanatory variables should also be statistically significant. Pesaran et al. (2001) suggest that for the second case, critical boundaries (upper and lower bounds) should be used, but for the first case, there is no test of critical boundaries or boundaries. In the first situation, when the coefficients of the error correction term are statistically significant, if all the variables of the model are accumulated from the first degree, the test can be used; Therefore, the conventional unit root test is inappropriate due to their power characteristics and low explanatory power as shown by Goh et al. (2017). This problem can be solved using the ARDL band test presented by McNown et al. (2018).

We use the (ADF) test and to check the power, we also use the Phillips-Perron (PP) test and also the Zivot-Andrews test in terms of a structural break. The results of both tests show that the variables are I(1), but in the Zivot-Andrew test, the trade openness variable is at a significant level. Also, none of the variables are accumulated with the second-order difference or I(2), so it also fulfills an important condition to perform the ARDL method. In order to check the robustness of the unit root analysis, we have also used the SOR unit root test, which includes sharp and smooth failures. The experimental results of the SOR unit root test show that the null hypothesis of the unit root is not rejected for the variables used in the study, the experimental results show that the variables include unit root processes. The ARDL bootstrap regression results show that economic complexity increases income inequality in the long term and has no effect on income inequality in the short term. This case can be because the complexity in Iran is not at a high level in general and it cannot improve the income distribution. In addition, human capital reduces income inequality in the short and long term. Therefore, improving the quality of human capital can strengthen economic structures and reduce income inequality. In the long run, per capita income reduces income inequality and the square of per capita income increases income inequality. In fact, the mode is U-shaped rather than U-shaped. This could be because economic growth in Iran is dependent on oil revenue rather than industry. Although, on a temporary basis and with an increase in oil income, it can reduce income inequality, but in the long run, considering that this income is not invested in industries with export capability and productivity is not paid much attention, it has no effect on reducing income inequality in the long term, and even the effects The negative side of unbalanced growth also increases income inequality. Government spending has no effect on income inequality in the short and long term. In fact, the government's consumption expenditure in Iran constitutes a large part of the government's expenditure and does not have much efficiency and productivity that can improve income distribution. The openness of trade in the short and long term increases income inequality, which can actually be the reason that there is very little export diversity in Iran, and therefore the openness of trade cannot have much effect on the improvement of people's conditions on a large scale.

According to the results, economic development has not been able to reduce income inequality in Iran. In fact, reducing income inequality requires a combination of several development policies. Improvements in productive capabilities that lead to higher economic complexity must be implemented along with improvements in institutions, government spending, human capital, and trade liberalization. Although human capital has reduced income inequality, it still has little effect on improving the relationship between economic complexity and income inequality. Therefore, there is a need to reform the educational system and provide appropriate training to the characteristics of Iran's labor market to facilitate the entry of people into the labor market and improve human capital and increase productivity, which can lead to the improvement of production capabilities and the improvement of production capabilities and the strengthening of economic structures. It can increase economic complexity and consequently reduce income inequality.

Improving health has become a significant societal priority because, as a component of human capital, it improves the ability, efficiency, and quality of life of the labor force (Wu et al, 2021). Moreover, human capital accumulation is a primary determinant of economic growth through its impact on productivity (Jude et al, 2015). Based on this, it is possible to establish a relationship between economic growth and the accumulation of human capital through health. Health is multifaceted and no single variable defines it, but in most studies, life expectancy at birth, death rate of children under 5 years old, and vaccination rate are calculated in most studies (Arora, 2001). Past studies mainly suggest three results to reveal the effect of health on economic growth; The first group shows a positive effect (Li & Huang, 2009 and Shen et al., 2020), the second group shows a negative relationship (Jude et al., 2015; Tobing & Jeng, 2012 and Wang et al., 2019), and the third group shows no relationship (Mehrara, 2011) between these two indicators. On the other hand, some studies analyze this relationship with combined data and the results provide different results depending on the different groups of the statistical population (Acemoglu & Johnson, 2007; Jude et al., 2015 and Wang, 2011). Environmental degradation is one of the negative consequences of economic growth (Destek & Aslan, 2020; Ehigiamusoe et al., 2019; Ehigiamusoe et al., 2020; Mohsin et al., 2021 and Usman et al., 2020). The widespread consumption of fossil fuels and the emission of carbon dioxide CO2 is one of the concerns of researchers and environmental stakeholders, and it has caused them to provide solutions to deal with environmental problems (Acosta Castellanos et al., 2020; Ehigiamusoe et al., 2019 and Ehigiamusoe et al., 2020). Recently, there has been a relatively large literature on climate change or environmental degradation, in which various indicators have been used in the analyses. Emission of greenhouse gases is of fundamental importance among these different indicators (Rafique et al., 2022). However, studies have mostly used CO2 emissions as a proxy for environmental degradation; Because the emission of CO2 has the highest share in the emission of greenhouse gases. The review of theoretical and empirical studies shows that the role of health improvement on economic growth and environmental quality has not been investigated simultaneously. Therefore, the current research has used a dynamic stochastic general equilibrium model with the aim of understanding the effect of positive health shock on economic growth and environmental quality. The main contribution of this paper to existing studies is formed in three sections. 1) This paper examines the effect of health improvement shock on economic growth and environmental quality in Iran, which, according to the authors' knowledge, has not yet been studied. 2) This paper will be especially useful for Iranian policy makers and provide necessary understanding for other developing countries. 3) Considering the short-term improvement of environmental quality in the face of positive health shock, this article offers a recommendation to move towards sustainable development.

In this paper, a dynamic stochastic general equilibrium model is presented and estimated using the Bayesian approach and seasonal data in the period of 2001:3-2022:4. In this regard, the studied Dynamic Stochastic General Equilibrium (DSGE) model includes households with an unlimited planning horizon, a representative firm producing a homogeneous final product in a perfectly competitive environment, the government, the environment sector, and the oil sector. In order to estimate model parameters, Bayesian method and Random Walk Metropolis-Hastings algorithm (RW-MH algorithm) were used. The data of the observable variables of the model include seasonally adjusted data of Gross Domestic Production (GDP), private consumption, investment and the government expenses; which have been detrended using the Hodrick-Prescott filter. Brooks and Gelman (1998) diagnostic test and Monte Carlo Markov chain show that the parameter estimation is appropriate and reliable. This test shows three parameters, interval, second order moment (m2) and third order moment (m3). After extracting these Markov chains of parameters using Metropolis Hastings algorithm, the degree of accuracy of the chains was tested. According to the results of this test, the intra-chain and inter-chain variance of all parameters have finally converged. Therefore, the Bayesian estimation results have good accuracy.

Figure 4 shows how the model variables respond to a positive health shock. After the shock, the return on health investment increased, and after that, health expenses and exercise hours experienced a significant increase. Due to the increase in the hours of exercise, the working time is reduced and the health status is improved. The complementary relationship between capital and labor in the production function reduces the marginal productivity of capital, investment and production. A decrease in income will lead to a decrease in consumption, but the decrease in consumption and production is very small due to the re-optimization of the household towards a better health status. Investment follows a behavior similar to consumption behavior and faces a decrease. With the passage of time, the lack of physical capital causes an increase in interest rates, physical investment and working hours, and finally, they return to their previous stable level. The initial decline in GDP will follow the initial decline in economic growth; Also, the decrease in GDP leads to reduction of pollution and improvement of environmental quality in the short term.

In general, a positive health shock caused by increasing the productivity of health investment leads to the improvement of health sector variables. On the other hand, this shock causes the macroeconomic variables to decrease in the short term. Also, environmental variables will have a more suitable situation in the short term when faced with a positive health shock. The results of this article are consistent and similar with the results of the studies of Grossman (2000), Vasilev (2017) and Torój (2013). Considering the results of the model estimation and the importance of the role of health in the growth of Iran's economy and environmental quality, it is recommended that: 1) health expenditures be explained as a long-term investment in the economy; 2) using clean technologies to achieve sustainable development; 3) The use of renewable energies instead of fossil fuels should be put on the agenda.

From a macroeconomic perspective, human capital accumulation improves labor productivity, facilitates technological innovation, and increases the return on capital. Also, human capital makes growth more stable, which in turn leads to poverty reduction. In other words, human capital at the macro level is considered as a key production factor in the production function at the economic level. Education expenditure is very crucial for the formation of human capital and as a result economic growth; Because by reducing education costs, it increases the demand for education and plays an important role in increasing its quality. Therefore, the formation of human capital is an important factor for growth. Regardless of the contribution of education in sustainable economic growth, education is a consumer goods that directly contributes to people's welfare. Based on this, the United Nations Development Programme mentions education as one of the key components of human development index. For this reason, governments make significant investments in education. Considering the importance of the role of public education expenditure in the formation of human capital, the main goal of this study is to understand the effect of shocks to the government expenditure in the education sector on Iran's economy. In this regard, according to the characteristics of dynamic stochastic general equilibrium (DSGE) models in estimating the effects of shocks on the economy, a DSGE model suitable for the structure of Iran's economy and the Bayesian approach has been used.

In this paper, a dynamic stochastic general equilibrium model is presented and estimated using the Bayesian approach and seasonal data in the period of 2004:4-2021:5. The primary core of the current research is designed based on the Angelopoulos etal (2009) and by expanding this model, the effect of shocks to the government expenditure in the education sector on the Iran's economy has been investigated. In this regard, the studied DSGE model includes households with an unlimited planning horizon, a representative firm producing a homogeneous final product in a perfectly competitive environment, the firms that produce intermediate goods, the government, and the oil sector. There are (j) firms producing intermediate goods that produce heterogeneous good and imperfect substitutes under conditions of monopolistic competition. Intermediate goods are combined with each other by the firm producing the final goods under a Dixit-Stiglitz accumulator and presented to the household as the final goods. In order to estimate model parameters, Bayesian method and Random Walk Metropolis-Hastings algorithm were used. The data of the observable variables of the model include seasonally adjusted data of Gross Domestic Production (GDP), private consumption, investment and the gross growth rate of money; which have been detrended using the Hodrick-Prescott filter.Brooks and Gelman (1998) diagnostic test and Monte Carlo Markov chain show that the parameter estimation is appropriate and reliable. This test shows three parameters, interval, second order moment (m2) and third order moment (m3). After extracting these Markov chains of parameters using Metropolis Hastings algorithm, the degree of accuracy of the chains was tested. According to the results of this test, the intra-chain and inter-chain variance of all parameters have finally converged. Therefore, the Bayesian estimation results have good accuracy.

An increase in public education expenses by one standard deviation has caused an increase in private education expenses. Because private and public education expenses complement each other and entered the model in the form of a Cobb-Douglas function. Therefore, in general, investment in education and subsequently, human capital has increased. Increasing human capital has increased production, economic growth and reduced inflation. The decrease in inflation has led to an increase in the real wages of the workforce and finally the desire of the household to increase the supply of labor. An increase in real wages has led to an increase in consumption. Also, the increase in labor supply has increased the final productivity of physical capital, which is due to the complementarity of labor and capital in the Cobb-Douglas production function. This causes an increase in physical investment. The behavior of investment is very similar to the behavior of consumption and production, but its changes are more intense compared to other expenses; Because investment expenses are naturally more volatile than other expenses. Finally, due to the decrease in inflation, the real exchange rate has decreased. The results of this research are consistent and similar with the results of Angelopoulos et al. (2009), and are not similar to the results of Akbarian and Phamkar's (2009).

As a general result, it can be said that the shocks to the public education expenditure, such as the expansionary policy, have affected the performance of the economy and improved the economic conditions. It is suggested that public education expenditure be explained as a long-term investment in the economy. Also, the training of human resources according to the needs of the labor market should be put on the agenda.

According to the data of the International Labor Organization (ILO), in 2022, among people aged 25 to 54, mothers with young children have a lower chance of participating in the labor market than their peers; so the labor participation gap for this group increases from 29.2 percent for women to 42.6 percent for mothers. The part of this gap that cannot be explained by human capital factors is called discrimination. In Iran, there are not many Experimental studies on discrimination in the labor market for mothers. The purpose of the present study is to investigate the existence of discrimination in accessing job opportunities for mothers compared to other women in the urban labor market of Iran using data from the urban household expenditure-income plan and the logit model. The estimation results show that motherhood reduces women's chances of employment by 5 percent. The variable of male activity rate has a greater effect on the dependent variable, i.e. women's employment, than any other dependent variable and motherhood is in second place. Also, it can be said that by controlling for all variables affecting labor supply and demand and culture, motherhood still affects women's employment

The entrepreneurial ecosystem with the approach of innovative ecosystems is a new and emerging path in the direction of skill development for entrepreneurs all over the world, which examines all opportunities and threats by expanding the interests and causes the growth and maturity and evolution of entrepreneurship at all its high levels. The aim of the current research is to develop an entrepreneurial ecosystem model with an innovative ecosystem approach in knowledge-based businesses in the field of technology located in the Science and Technology Park of Tehran University. In this regard, through interviews with 20 academic experts and entrepreneurs related to the field of research, the field under study was investigated with a qualitative method. The analysis of information in the qualitative section has been carried out by the method of theme analysis. The results of the research showed that the entrepreneurial ecosystem model can be designed with the approach of Innovative ecosystem in six categories of human capital, financial capital, market capital, cultural capital, political capital and support capital, and each of these sectors had different subsystems. It was also concluded that paying attention to the development of the entrepreneurial ecosystem model has results such as the development of innovation and entrepreneurship and the creation of sustainable employability.

The purpose of this study is to investigate the effect of intellectual capital on bank performance with the mediating role of innovation capability in Islamic Republic of Iran state-owned banks. The research method is applied in terms of purpose and descriptive-survey in terms of nature. The research sample was selected by stratified random sampling method of 285. Data were analyzed using Emus software. The results showed that structural and relational capital affect the ability to innovate and do not affect the performance of the bank, human capital affects the performance of the bank and does not affect the ability to innovate. Also, the ability to innovate has a mediating variable role between structural capital and capital related to the bank's performance and does not have a mediating role between human capital and bank performance. The results of fitting the final model index were confirmed. According to the results of this study, managers of state-owned banks should pay more attention to intellectual capital and innovation capability to increase bank performance.

Today, the expansion of international trade and economic globalization has made human capital very important in the process of economic growth and development, so it is necessary to examine issues related to human capital, especially from its economic aspects. Therefore, in this study, the impact of international trade on human capital has been investigated. Proponents of globalization believe that trade affects human development directly through income and indirectly through cultural mixing and increasing the variety of available goods. In this study, OECD countries have been examined because they have a high level of trade relations and especially play a fundamental role in creating global trade opportunities. Accordingly, an econometric model has been specified, that examines the impact of trade on human capital by using the data of OECD countries and dynamic panel method and the generalized moments method from 1990 to 2021. The results indicate that the development of export and import through international trade has positive and significant impact on human capital in these countries, and creating spillovers and transferring technology through foreign trade, play an important role in the development of human capital. the lagged value of human development index also has a positive and significant effect on human development index.

 With the process of economic development, environmental destruction and financial development of MENA member countries have increased. Therefore, in order to protect the environment, it is necessary to identify the factors affecting environmental degradation, especially the impact of financial development and its adjustment mechanisms. In addition, the impact of financial development on the ecological footprint was also investigated through the channel of human capital and institutional quality. This descriptive-analytical study was conducted at the international level for MENA member countries. The data was panel data for the years 2000-2020, which was extracted from the World Bank database. Im, Sons, Shin and Levin, Lin and Chu tests were used to check reliability, Pedroni and kao tests to check co-collinearity, and fully modified ordinary least squares (FMOLS) methods were used to estimate models in Eviews 10 software. The Financial development and GDP increased and human capital and institutional quality decreased environmental degradation. Also, financial development reduced the destruction of the environment through the channel of human capital and institutional quality, so it is suggested that governments, while expanding the capacity of good governance, move the laws governing the financial development of countries in favor of nature-friendly industries and human capital as an important factor in quality Increase the environment.

Most of developing countries face low levels of human capital. Human capital through training and improving skills and knowledge can be considered as one of the key strategies in the development of developing countries. A well-functioning financial system is necessary to reduce the risks associated with loss of income and thus strengthen human capital, increase opportunities and income distribution mechanisms, and reduce poverty. Therefore, financial inclusion plays an important role in strengthening human capital. Financial inclusion is considered as a vital factor of human development and economic growth by facilitating the access and use of financial services for all people in an economy. In addition, access to and use of financial facilities may allow individuals to deal with risk factors by investing in education and reduce the burden of financial problems, thereby having a positive impact on human capital. Considering this issue, the present study examines the effect of financial inclusion and income inequality on human capital in 52 developing countries during the period of 2005-2021 and using the generalized panel moments method. The results show that the financial inclusion index has a U-shaped non-linear effect on human capital at the significance level of ten percent. In other words, at low levels of financial inclusion, this variable cannot lead to the strengthening of human capital, but at high levels and crossing the threshold of this variable, it can lead to the strengthening of human capital. Other results show that income inequality and transfer payments have a negative and significant effect, and economic growth and consumer purchasing power have a positive and significant effect on human capital.

Income inequality is a major problem in most countries, particularly the underdeveloped world. Unequal distribution of income weakens the achievement of sustainable global economic growth and acts as an impasse to achieve the goals of sustainable development, including the reduction of poverty and hunger in the world. One of the most important factors affecting income inequality is the rent of natural resources, which can have different effects depending on the way natural resources are used. This study was conducted to investigate the effect of natural resource rent on income inequality, taking into account the role of the shadow economy and the human capital index. For this purpose, the annual data of 1971-2020 and the Markov-switching method were used. The results show that natural resources have a positive and significant effect on income inequality; furthermore, the relationship of shadow economy with income inequality in both regimes (low and high levels of inequality is significantly positive, and the effect of human capital on income inequality in both regimes is negative and significant. This study is presented with recommendations to politicians to promote the legalization of undeclared economic activities and reduce dependence on natural resources as mechanisms to reduce the structural problem of income inequality.

This research investigates the impact of economic sanctions on Iran's economy, particularly focusing on human capital, using a dynamic stochastic general equilibrium model and a new Keynesian approach, from March 2001 to September 2021. The findings indicate that sanctions led to a decline in oil revenues, subsequently reducing public spending on education and hindering human capital development. This decline in human capital has far-reaching consequences, including diminished productivity, reduced investment, and slower economic growth, alongside an inflationary uptick. As inflation erodes real wages, households respond by reducing labor supply, which, in turn, dampens consumption. Given the critical role of human capital in Iran's economic growth, policymakers must safeguard public education spending, particularly during periods of decreased oil revenues. By prioritizing investments in education, the government can mitigate the adverse effects of sanctions and foster long-term economic resilience. In conclusion, the study underscores the importance of maintaining educational investments amidst economic challenges, emphasizing the need for strategic fiscal management to sustain human capital development and drive economic progress.

The aim of this paper is to investigate the impact of creative industries on the human capital of 85 developed and developing countries. The findings indicate that “creative industries” affect the human capital of the countries. The results also display positive effects of production growth, government expenditure, population, and investment on human capital. The coefficient of creative industries in developed countries was found to be greater than in developing countries. As results, it is expected that the influence of creative, cultural, and artistic productions on human capital in these countries will be greater than in developing countries. The findings show that countries have a particular affinity for creative industries. Consequently, increasing focus on these sectors and fortifies the labor force with the necessary expertise to generate innovative goods and services, thereby fostering greater economic growth and prosperity and augmenting employment opportunities.

The purpose of this paper is to investigate the role of human capital in the relationship between foreign direct investment and employment in developing countries using data from the period 2004-2019. To this end, the rate of school enrollment secondary is considered as an index of human capital. Moreover inflation is included in the model as control variable. The results of panel ARDL approach show that the effect of foreign direct investment on employment is negative and statistically significant. Furthermore, the effect of the interaction between human capital and foreign direct investment on employment is positive and statistically significant, which suggests that the effect of foreign direct investment on employment is dependent of the level of human capital. such that as the human capital level increases the negative relationship between foreign direct investment and employment weaker. In addition, the results reveal that human capital does not have a significant effect on employment. Finally, the effect of the control variable of inflation is negative and statistically significant. The findings of this research have important policy implications for the improving of human capital with the aim of increasing the employment in developing countries.

Considering that one of the most important concerns of the country's economic politicians is financial development and factors affecting it, and since Iran has a lot of educated manpower and is one of the rich countries in terms of having natural resources, such as is oil and gas; Therefore, this research seeks to investigate the effect of abundance of natural resources and human capital on financial development in Iran during the period of 1974-2021 using Auto Regression Distributed Lag (ARDL). The results indicate that the abundance of natural resources has a negative effect and human capital has a positive effect on financial development in the long term. Due to the fact that the incomes from natural resources enter the economic system from the institutional framework and government structure, it seems that in Iran, due to weak governance, the creation of rents, corruption, reduction of productivity and etc., it causes the opposite effect of natural resources on financial development. Also, the results of this research show that open trade and technology have a positive and significant effect on financial development in Iran's economy in the long term.

Energy poverty, which refers to the deprivation of access to clean and cost-effective energy, has a significant impact on human development and social welfare. For this reason, it is important and necessary to study the factors affecting energy poverty with the aim of enabling the right policy to reduce it. In this regard, the present study with the approach of panel data and generalized moment method to investigate the effect of domestic R&D, foreign R&D spillover, and human capital on energy poverty in two groups of selected countries at the level of pre- innovation -driven Stage and innovation-driven Stage during the period 2002-2021. The results showed that domestic R&D, foreign R&D spillover and human capital with different estimated coefficients have a significant negative impact on energy poverty in both groups of selected countries. In addition, the effect of good governance and capital intensity control variables on energy poverty in both groups of selected countries is negative and significant.

One of the most important goals of the countries, especially developing countries, is economic growth and development. Foreign direct investment along with human capital and financial development are important factors that can have a significant impact on economic growth. Human capital can be used as a facilitator for the transfer of technology related to foreign direct investment. In addition, evidences show that human capital plays a complementary role to the impact of foreign direct investment on economic growth. Technology overflow into domestic companies is also more efficient when financial markets in the host economy are more developed. Therefore, the purpose of this study is to evaluate the short-run and long-run effects of foreign direct investment, human capital and financial development on the economic growth of various income groups in developing countries.

The model used for unsustainable economies (developing countries) is designed to be appropriate for the current study. In this model, the effect of population growth rate and technology, physical capital, human capital, financial development, foreign direct investment, foreign direct investment interaction and financial development and the interaction of foreign direct investment and human capital on economic growth is examined. The statistical population is developing countries in the period 2000-2019. For the study, developing countries were divided into four categories: low-income, lower-middle-income, upper-middle-income, and high-income, which included a total of 27 countries (9 Asian countries, 9 African countries, and 9 South American countries). In this study, first, the significance of variables for developing countries by income groups was investigated. Then, based on the Kao test, the existence of long-run equilibrium relationships among the variables related to the income groups of developing countries was confirmed. FMOLS and DOLS methods were used to investigate the integration.

The results of long-run estimates show that foreign direct investment alone is 0.27 effective on the economic growth of high-income countries, and when combined with human capital and financial development, its impact on economic growth is 0.42 and It will be 0.104. Thus, the effect of the interaction of foreign direct investment and human capital is greater than the effect of foreign direct investment alone on the economic growth of high-income countries. But in other income groups of developing countries, the interaction of foreign direct investment with human capital and financial development has not had a positive effect on economic growth. Also, the results of short-run estimates showed that foreign direct investment alone does not affect the economic growth of high-income countries, but the interaction of foreign direct investment and financial development and the interaction of foreign direct investment and human capital by 0.48 and respectively. 2.13 affects economic growth. This result shows that in the short run, foreign direct investment alone has no effect on economic growth, but along with human capital and financial development have a positive effect on economic growth in these countries. In other income groups of developing countries, the interaction of foreign direct investment with human capital and financial development has not had a positive effect on economic growth. Also, the correct component of the error of foreign direct investment interaction with financial development and human capital shows that in each period, 78% and 95% of the imbalances in the system are eliminated to achieve long-run equilibrium, respectively. But in other income groups, the speed of adjustment is very low or non-existent.

These results show that high-income countries have realized that it is possible to increase productivity due to the high level of human capital and skilled labor through the transfer of new technologies and technology overflows, and this is a positive factor in Economic growth works. Also in high-income developing countries, due to the high institutional capacity in the economic structure that has led to comprehensive efficiency in the mechanism of credit allocation of these countries, the interactive effect of foreign direct investment and financial development on economic growth in the short-run and long –run is positive.