فهرست مطالب

New Political Economy - Volume:4 Issue: 1, Winter - Spring 2023

International Journal of New Political Economy
Volume:4 Issue: 1, Winter - Spring 2023

  • تاریخ انتشار: 1402/03/28
  • تعداد عناوین: 12
  • Payman Shaykhmahmodi, Hussain Massoudnia * Pages 1-27
    Government intervention in the economy is one of the most important issues for policy makers and researchers in political economy in recent years. Many economists believe that governments should abandon their holding activities and engage in governance activities because government interference in the conduct of activities on the one hand prevents the government from performing its governing functions properly. In addition, state ownership means competition in the economy. This in itself means inefficiency, reduced productivity and reduced production, which ultimately become obstacles to development. The present study uses Friedman's economic theory based on the role of the government in the economy to analyze the political economy of the Iranian government and to investigate the factors affecting the economic underdevelopment of this country. The structure of Iran's economy shows that Iran has not experienced a free economy due to its dependence on oil revenues since the birth of the modern government, which results from the lack of experience of commercial and international capitalism dependent on the private sector. The government has faced widespread. Secondly, due to the existence of such a nature in the historical process of Iran, its economic structure with issues such as excessive government interference in the economy, undisputed and monopoly domination of the economy, weak privatization, excessive dependence on oil revenues. Finally, in its historical context, Iran has faced crises such as trade deficit, inflation, bank debt, weak domestic and foreign investment due to the government-centered economy.
    Keywords: state economy, expansive state, Economic Development, monopolistic state
  • Homa Katouzian * Pages 29-43
    The 1953 coup in Iran was not inevitable. It would not have happened if at least two opportunities had been seized to settle the Anglo-Iranian oil dispute. The first was the World Bank proposal of February 1952 to act as a neutral intermediary between the two sides by running Iran’s oil industry for two years on a non-profit basis. It was accepted by Britain but rejected by Iran, mainly because it insisted on the Bank acting solely on its behalf; a condition which would have compromised the Bank’s neutrality, and would surely not have been accepted by Britain. Deprived of its oil revenues, Iran ended up by printing money, which eventually led to the dissolution of the parliament, playing right into the hands of the coup makers. The second opportunity arose a year later when Britain and America proposed to refer the case to the International Court’s arbitration to determine the amount of compensation that Iran should pay to Britain. Iran rejected this proposal as well, leaving the two Western powers to implement their coup a few months later. The irony is that from the start Mosaddeq and his colleagues had emphasized the primacy of the politics of oil nationalization, namely that their goal was full independence and democracy. Yet they ended up by losing the game purely by wrangling over compensation.
    Keywords: Oil Crisis, Nationalization of Iranian oil, Iran
  • Seyed Kazem Sadr * Pages 45-67
    This paper aims to present a pricing strategy for Islamic banking products. It will demonstrate that the exchange of Shari’ah compatible products in competitive capital markets results in a price that will allocate financial resources efficiently and will serve as a robust substitute to London Interbank Offered Rate (LIBOR) and similar interest based benchmarks in dual banking systems. This rate will be observable and measurable in the capital market and efficiently allocate capital funds, serve as evaluator for investment projects, and restore a stable equilibrium in the financial markets. Further, this rate will facilitate interbank transactions and contribute to the development of interbank financial markets. It will also serve as a pricing mechanism for financial products exchanged between the Central Banks and commercial banks. Consequently, it will facilitate implementation of growth stimulating or inflation combatting policies. The paper presents a model of benchmark pricing for Islamic banking products which are linked to the performance of the real sector of the economy. A model of complete and competitive financial market in which products are exchanged by Shariah rules is presented and it is shown that the rate of return which is determined at long run equilibrium of this market equals both to cost of capital and at the same time to marginal time preference rate of the clients.
    Keywords: Islamic Banking, Islamic Finance, Interbank Transaction Rate, Financial Products Pricing, Islamic Capital Market
  • Golnaz Hadian *, Sara Ghobadi, Majid Sameti Pages 69-94
    In the last decades, many economists have tried to develop models for obtaining the optimal tax rate (OTR) to maximize economic growth. Aiming to contribute to these studies, this study presents a novel approach to determine the OTR based on stochastic meta-frontier analysis. To this end, the meta technical efficiency (MTE), group’s technical efficiency (TE), technology gap ratio (TGR), and OTR were determined for the period 1996-2018 in a selection of OECD countries. The countries were categorized into three groups, namely the Western European (WEU), Eastern European (EEU), and other members of OECD countries (OM). The average values of the OTR were then measured using coefficients of the estimated meta-frontier model and analyzing the optimal rates. The results indicated that the highest average TE belongs to the EEU countries and the highest average MTE and TGR belong to the WEU countries. The results demonstrated that Luxembourg with the highest average value of MTE as well as TE and TGR values higher than 0.9 and also the maximum amount of OTR can be considered as the reference for other countries. It was concluded that with 90% statistical confidence, the average real tax rates in some of the investigated countries are less than the balanced budget OTR during the studied period while actual tax rates in some WEU countries are more than the OTR.
    Keywords: Endogenous Growth Model, optimal tax rate, government technical efficiency, meta-frontier production function, technology gap ratio
  • MohammadTaghi Khosravi Larijani, Mahmoud Yahyazadehfar *, Seyed Ali Nabavi Chashmi, Naser Ali Yadollahzadeh Tabari Pages 95-123

    At present, the idea of corporate social responsibility responds to the widespread challenge of engaging not only in economic and financial discourse but also in social, human, and environmental interactions. Any company that wants to ensure sustainable development of performance should not inevitably overlook the benefits of interacting in a social approach. The purpose of this study is to investigate the relationship between environmental performance disclosure, financial performance, and company value. The research approach is descriptive-correlational in terms of purpose and with regard to the analysis of the relationships between variables. Through a careful study of the literature, five design hypotheses and statistical samples including 130 companies were selected from among the listed companies on Tehran Stock Exchange for a period of 4 years 2016-to 2020. Multiple regression equations based on pooled data were tested. The findings of the study indicate that according to the first and second hypotheses, financial performance is not related to environmental disclosure but prior financial performance is related to environmental disclosure, in relation to the third hypothesis environmental disclosure is not related to firm value, and results in The fourth and fifth hypotheses of the study reject the effect of environmental disclosure on the relationship between firm's financial performance and firm's environmental performance.

    Keywords: Financial Performance, corporate value, Environmental disclosure, Environmental performance
  • Karam Sina *, Hassanali Aghajani Pages 125-154

    In this article, the authors try to design a strategic decision-making model for venture capitalists in selecting start-up businesses in Iran, with the emphasis on sanctions against Mazandaran University graduate students. The research method is exploratory (qualitative-quantitative). The statistical population in the qualitative section was 30 university professors and executive elites in the fields of management and in the quantitative section was 150 people and investment elites. In the qualitative part, using the snowball method of dreading theoretical saturation with 16 experts, in-depth interviews were conducted and in the quantitative part, to evaluate the model, a researcher-made questionnaire was distributed among 90 samples by relative cluster sampling method. The validity of the questionnaire was confirmed by the face-content method and its reliability by Cronbach's alpha method. Data were analyzed by heuristic and confirmatory factor analysis using SPSS and AMOS software. In Iran, during the Sanctions period, it has 16 dimensions as follows: causal variables (factor of continuous improvement and development of venture capital investment, investment, operation, and support of smart business structure, structure, and accumulation of venture capital companies and operation and support of private centers), variables Background (market and customer analysis, analysis and segmentation of stable dynamic digital market, development, and maintenance of customer relationship, skills and management of the organization), intervention variables (policy setting and maintenance to overcome limitations, forecasting the formation of knowledge-based organization, manpower Efficient and development of production process), strategic variables (optimal analysis and development of products, identification of threats and challenges, innovative strategies, recognition and financing) and outcome (increase of investments, improvement of employment, comprehensive development) Innovative paths and the realization of development).

    Keywords: Venture capitalists, making decisions, Startups, sanctions
  • Shahriyar Baghernezhad, Soleiman Iranzadeh *, Majid Bagherzadeh Khajeh Pages 155-185

    One of the issues and topics that has attracted a lot of attention in recent years is organizational resilience in the national and global arena. The aim of every organization and institution is to continue business and create an advantage, especially in critical situations and disruptions. Resilience can be defined as endurance and standing in critical situations, and this research deals with the comprehensive analysis of factors affecting resilience in the banking industry. The banking industry is always exposed to internal and external damage, due to the provision of credit needed by economic enterprises and households, and the bank-oriented nature of financing the economy in Iran, any crisis in this industry affects the entire country''s economy. The purpose of this article is to design and analyze the organizational resilience model in the banking industry with an emphasis on Bank Melli Iran during the 2013-2022. The research design is applied in terms of objective and qualitative and quantitative research (mixed method). In the qualitative part, the resilience model was collected through interviews with several bank managers and university elites using the grounded theory methodology. In the quantitative section, the level of resilience in the banking system was measured using the designed model, a case study was conducted in the Bank Melli, and a sample of 80 people was selected. The results of this part show that with 95% certainty, the resilience level is equal to 3.98 and it is approved. Also, in the end, by using the FAHP method, the 21 factors of resilience were prioritized, and the factor of resource and expenditure management is the first priority, then optimization, and finally factor and indicator of banking policy and rules were placed in the last priority of resilience in the banking system.

    Keywords: Organizational Resilience, Resilience factors, Fuzzy hierarchical analysis method, banking industry
  • Hasanain Talib Alkooranee *, Ahmad Assadzadeh, Ali Khalaf Mohammed Alsukaini Pages 185-211
    The aim of the study was to analyse the nexus among economic reform policies and the liberalization of foreign trade and its impact on the balance of trade in Iraq. The study uses the annual time series data for the period 1990-2020. The study applies the ARDL method to estimate the relationship between (exports or trade balance), and economic growth rate and Bounds test approach was used to determine the co-integration. The result of the study revealed that there is a significant negative association, which means there is a long-term relationship between them, but the relationship is very weak in the short term. Because the export parameter was weak and negative, there was no long-term impact on the link between exports and economic growth. Additionally, the results show the weak negative impact of economic growth on the trade balance in both the short and long term, which means that there is a joint integration between economic growth and the trade balance. Therefore, it is concluded that export policy in Iraq did not play a pivotal role in the foreign trade liberalisation programs, as there were many challenges that prevented the expansion and diversity of exports and international competition.
    Keywords: Economical Installation Software, Structural Adjustment Programs, trade balance, Imports
  • Tahereh Naghdalipour *, Mohammad Aidi, Ali Yasini Pages 213-242

    The purpose of this study was to investigate the competitiveness of manufacturing industries according to Porter's Competitive model in six industries including chemical & cellulose, textile, power & electronics, automotive & auto parts, metal & casting, and food & pharmaceutics industries. The research method was descriptive survey and applied in terms of purpose. The statistical population of the study consisted of 3372 employees of industrial companies in Ilam city. Using Krejcie-Morgan-sample-size table (1995), 246 people were selected by stratified sampling method. To collect data, a researcher-made questionnaire with 25 items was used, verified in terms of that its reliability and validity by Cronbach's alpha and factor analysis methods, respectively. For data analysis, LISREL and SPSS software, one-sample t-test, Friedman prioritization and variance analysis were used. The results showed that the food & pharmaceutics industry with the average score of 3.27 and the electrical & electronics industry with the average score of 3.25 ranked the highest and the lowest respectively in terms of competitiveness based on Porter's Five Forces Model.

    Keywords: Competitive Advantage, Competitiveness, Michael Porter’s Competitiveness Model
  • Mahjoubeh Pouretemadi *, Jamadordi Gorganli Doji, Maryam Bokharaeian Khorasani, Parviz Saeidi Pages 243-271
    The fact that the past feelings and behaviors of company managers affect investors, and assessing its impact on the capital market, paves the way for managers and investors to make opportunistic choices. The purpose of this study is to investigate the relationship between past earnings management and earning investor trust using financial information related to companies listed on the stock exchange during the period 1394 to 1399. For this purpose, multivariate linear regression methods based on panel data and fixed effects methods have been used. The results of this study show that companies 'unexpected earnings do not have a significant effect on earning investors' trust and the impact of the company's low earning management in the past has not affected this relationship. However, stock prices have reacted negatively and significantly to earnings, and companies' past low earnings management has moderated this effect. In other words, it can be said that earnings management in the past reduces the stock price response to earnings announcements.
    Keywords: Earning management, Unexpected earning, Earning Investor Trust, Investors' reaction
  • Maryam Mehrara, Amir Gholami * Pages 273-302
    We aim to highlight the asymmetric relationship between the current account balance and variables of fundamental macroeconomic and macroeconomic stability in the nonlinear boundary test approach in Iran, for the period 1978-2020. The main focus of this research is on the intertemporal approach to the current account views the current account as the difference between domestic saving and domestic investment and focused on macroeconomic factors that determine these two variables. The primary purpose of this research is to assist in the formulation of appropriate economic policies to minimize any negative effects of the current account deficit on the economy. The nonlinear boundary test approach method is used in this article due to the possibility of long-term nonlinear relationships between the current account deficit and financial balance, inflation rate, KOF index, net foreign assets, real effective exchange rate, total investment, terms of trade and GDP per capita growth. According to the analysis findings, there is a long-term cointegration relationship between variables. It is seen that while there exists long-term asymmetry between the current account deficit, net foreign assets, and financial balance the coefficients themselves are not statistically significant. However, the effect of the real effective exchange rate and the Terms of Trade on the current deficit is statistically significant and substantial. The asymmetric cointegration result confirms, between the current account deficit and the inflation rate, KOF index, total investment, terms of trade, and GDP per capita growth a long-run integration exists.
    Keywords: Intertemporal Approach, Current account Deficit, macroeconomic determinants, asymmetric effects
  • Masume Valli, Ziaaldin Kiaalhoseini * Pages 303-328

    The aim of this study is to examine the tragedy of the commons in Iran's iron ore mining sector. To do so, the theory of polycentric governance was employed, taking into account the lack of legal and distributional frameworks for common resources, and incorporating the theories of Commons and Nozick. The steel industry faces several challenges, such as pollution, raw material supply, lack of cooperation between miners and steel producers, lack of energy in raw steel production, and government intervention and sanctions, which all stem from the monocentric decision-making system. The current research begins by introducing various types of polycentric governance and then delves into the Ostrom-Commons-Nozick theory, utilizing content analysis and analytical descriptive methods. The analysis first examines the different types of polycentric governance, taking into consideration the distribution of power among institutions and the legal rules outlined by Commons. Polycentric governance is concerned with the negotiation process. The vulnerability index is used to assess the consequences of government intervention and monocentric governance. The study's findings reveal a fragmented polycentric governance in operation in the national steel industry. Due to recent imposed sanctions and the multitude of government institutions, strong polycentric governance is not feasible in Iran, given the existing structural inequalities, such as the country's degree of development and climatic conditions. A consistent choice could not be attained.

    Keywords: Fragmented polycentric governance, Nozick, Commons, Iron ore, Tragedy of the Commons