macro variables

The purpose of this research is to determine the relationships between macro variables, financial constraints, capital structure and stock returns based on expert opinion polls and a fuzzy interpretive structural modeling approach. The statistical population of this research includes experts and experts of the Tehran Stock Exchange Organization, 10 experts and 384 experts were randomly selected as the research sample. In order to analyze the opinions of experts, firstly, the fuzzy Delphi method and structural equations to evaluate the selected macroeconomic variables, financial constraints and their effect on the return and capital structure and the active companies of the companies accepted in the Tehran Stock Exchange, and the fuzzy Dimetal method for Prioritizing indicators and monitoring factors were used, and structural explanatory equations were used to examine the relationships between variables. The findings of this research included several parts, in the first part, macroeconomic variables were identified and introduced using the Delphi technique, then the relationships between the main variables of the research were investigated using the fuzzy interpretive structural equation method, and finally the investment indicators and in Continued liquidity and financial constraints were identified as influential indicators. In the third part of the data analysis of this research, the impact of macroeconomic variables and financial constraints on capital structure and stock returns was investigated, which showed that financial constraints have an effect on the intensity of the economic production gap on capital structure, stock returns, and company size on stock returns.

On the one hand, the insurance industry is considered as one of the development indices and one of the most important economic entities, and on the other hand, it supports the activities of other entities. Therefore, the current research aimed to investigate the effect of macroeconomic variables on the performance of the insurance industry. The statistical population is the research of managers and employees of insurance companies. Based on Morgan's table, 415 people were selected as a sample. In this study, independent variables include fluctuations in the inflation rate, exchange rate, and liquidity while the dependent variable is insurance industry performance. The tool of the present research is a researcher-made questionnaire, whose validity and reliability were examined. Testing the hypotheses of the research was done with structural equations using Amos software. Data from 2015 to 2018 was considered for macroeconomic variables. Path analysis results showed that the significance values show higher than 1.96, so the significance of the path between two variables can be confirmed and the existence of this relationship can be confirmed. All research hypotheses are accepted. Finally, macroeconomic factors have an effect of 0.79 on company performance. As an economic entity, the insurance industry has an important role in the economy of countries, and the higher the share of the insurance industry in the gross domestic product (GDP) and its penetration rate, the more developed the economy of that country will be.

One of the challenges facing economic sectors is providing the required financing and liquidity for fixed investments and current capital (working capital). The current study is aimed to expand such studies in another aspect of the role of financial markets in terms of their relationship with macroeconomic variables such as economic growth rate, unemployment rate, and exchange rate as vital economic variables. Considering the position of the financial system in the allocation and efficiency of financial resources, this study deals with the impact and importance of financial repression policies and financial depth in solving the problems of the unemployment rate, exchange rate, and economic growth rate in Iran with the simultaneous equations approach from 1971 to 2017. The results showed that financial repression and depth policies significantly affect macroeconomic variables (economic growth, unemployment rate, and exchange rate). Furthermore, it is indicated that the financial repression policy does not have a negative effect on economic growth and a positive effect on the unemployment rate; however, it has a positive impact on the exchange rate. In addition, this study unravels that the financial depth policy does not negatively and significantly affect economic growth. However, it positively affects the exchange rate and unemployment rate.