پژوهشنامه اقتصاد و کسب و کار
پیاپی 18 (بهار 1397)

Financial sustainability is generally linked to current and future government policies. If governments do not expect current and future policies to create a periodic budget constraint, fiscal policy is called unsustainable. In this study, the effect of financial policy on Iran’s economic growth over the period 1350-2014 has been investigated using the ARDL method. The logarithms of GDP as the economic growth of dependent variable and foreign direct investment, the degree of economic openness and financial policy measures, including government consumption expenditures in the construction sector and current state taxes, are used as independent variables for model estimation. The results indicate that the GDP gap of up to two years has a positive and significant effect on the growth variable, foreign direct investment, tax revenue, economic openness and government expenditures. The effect of current government expenditures and government expenditures in the current sector has a negative and significant effect on GDP per capita in Iran.

The purpose of this research is to investigate the relationship between the interest rate, exchange rate and herding behavior in Tehran Stock Exchange. This research is applied to the target and its statistical society includes all companies accepted in Tehran Stock Exchange. The studied period is 2012 to 2016 and the sample is 2055 daily views. To test the hypothesis of the research, regression method of least squares was used. The findings showed that there is a positive and significant relationship between exchange rate and interest rate with herding behavior in all cases of daily and weekly and all levels of 1%, 5%, and 10%. Also, the effect of interest rates and exchange rates on herding behavior is higher in the more limited periods (daily or weekly) and at the lower levels (1%, 5%, and 10%), and with increasing time intervals and disclosure, this herding is reduced.

The aim of the study was to investigate the effect of payment system based on performance on the efficiency of medical staff of Shahid Chamran Hospital in Tehran. The research method was descriptive, causal and practical. In order to collect research data, the classified financial information of the hospital was used. The statistical population of the study consisted of the staff of Tehran Shahid Chamran Hospital and census sampling method. The hospital data were categorized in order to collect the data. The statistical population of the study consisted of all staff members of Shahid Chamran Hospital and census sampling method. To analyze the data, the collected information was first transferred to the Excel spreadsheet and after organizing and performing the necessary calculations, SPSS software was used to analyze the data. Based on the results, the payment system based on performance has a significant effect on both income and costs of medical staff. Considering that in hospitals, as in other organizations, human being plays an essential role as the main axis of the organization, and employees are employed in accordance to governmental laws and regulations, inadequate salary or unfairness, and the inefficiency of the payment system will cause problems.

The purpose of this research is to investigate the impact of transactions with affiliated individuals on the manipulation of real activities, as well as to examine the moderating role of corporate governance mechanisms on the relationship between transactions with affiliated individuals and real earnings management. In line with the research objectives, a sample of 130 companies from among the listed companies in Tehran Stock Exchange during the period of 2007 to 2016 was selected and analyzed through regression models using panel data. In general, the findings show that transactions with affiliated individuals have a positive and significant impact on the management of real earnings, in other words, with the increase of transactions with affiliated individuals, real earnings management also increases. The results also show that the independence of the board of directors, institutional ownership and management ownership weaken the positive relationship between transactions with affiliated individuals and real earnings management. Regarding the effect of the size of board of directors and the CEO’s duality on the relationship between transactions with affiliated Individuals and real earnings management, there were no statistically significant results.

The present study investigates the relationship between corporate governance and information asymmetry with stock returns in companies listed in Tehran Stock Exchange. Indicators of free float, auditor type, institutional equity holdings, unincorporated membership maturity and company matter as corporate governance measures and proposed stock price split gap are considered as indicators of information asymmetry. Data from 94 firms accepted in Tehran Stock Exchange during the years 2008-2009 and multivariate regression models based on combined data were used. Findings of the research indicate that there is a significant and negative correlation between corporate governance and information asymmetry. On the other hand, there is a significant relationship between corporate governance indicators and information asymmetry, as well as the third hypothesis, information asymmetry and stock returns have a negative and significant relationship.

Different ownership structure and active shareholders’ roles may lead to a change in companies’ behavior. In the present study, corporate governance utilizes the components of institutional and managerial ownership as independent variables, free cash flow as adjusting variable,  return on assets as control variables, and dividend quality as dependent variable. In this study, the data was analyzed using fixed effect regression and the data of 136 companies listed in Tehran Stock Exchange during the period 2010-2015 was used. The findings of this research indicated that there is a significant and direct relationship between institutional ownership and management ownership and earnings quality. Moreover, the effect of free flow of cash on the relationship between institutional ownership, management ownership and the quality of profit is negative and significant. This result is consistent with the findings of Jensen (2004), Aligholi et al. (2015), and Philsaraei et al. (2012) but is inconsistent to the findings of Mashayekh et al. (2006) and this inconsistency may be attributed to such factors as economic downturn influencing Iranian capital market

The purpose of this research is the survey of relationship between free cash flows and over-investment through considering adjusted role of corporate governance mechanisms in Tehran Stock Exchange. This practical research is executed through descriptive-correlation method. This research was done through systematic knockout sampling in companies admitted to Tehran Stock Exchange between 2009 to 2015 with a sample of 134 items. To conduct this research, regression model was used via statistical softwares of Eviews 6 and SPSS 18. The findings of this research show that free cash flows have negative effect on the over-investment in companies accepted in Tehran Stock Exchange. The effect of the independence of the directors’ board on this relationship has also been confirmed