پژوهشنامه علوم انسانی و اجتماعی
پیاپی 28 (بهار 1387)

The issue of relationship between financial sector development and economic growth has been the core of discussion among growth and development Economists. Due to various results till now, no common ground is achieved. The empirical researchers in Iran also had different results. It is necessary to mention that, the majority of the studies here in Iran were based on aspects of exogenous growth models. In this respect, no specific and comprehensive study is yet made. In this paper we try to determine the role financial intermediaries on endogenous growth of Iran’s Economy. For this purpose, the endogenous growth model is considered. These models are comprised of households, firms, and financial sector. We use VECM analysis and Johansson's methods. Results of the estimated model show a negative and trivial relation between financial intermediaries and Economic growth in Iran, in such a way a high correlation between financial intermediaries and Economic growth can not be concluded.

In the perspective of 21st century, the firms have settled in a competitive and complicated position influenced by various factors such as globalization, technological development and overwhelming spread of new technologies. In the framework of this new perspective, the firms should act differently than before for the sake of their survival and advancement. Especially, the firms should look for new resources of competitive advantage, and use new forms of competition which in turn needs clear understanding of the nature and dynamism of competition. This paper tries to present competitive advantage theories as well as rendering concepts of competitive advantage. Specifically, there are three major theories on competitive advantage: Industrial Organization (IO) theory, Resource Base View (RBV) and Schumpeterian theory. IO theory concentrates on the behavior of an attractive industry, RBV focuses on attractive resources’ group, and Schumpeterian theory concentrates on the existence of uncertainty and the necessity of continuous innovation from the firms. Thus, any of these theories possess their own specific characteristics and conditions, such that currently, competitive advantage theories emphasis on combining views and attention to both external and internal factors, for the success of the firms. The results of this paper are important for distinguishing the concepts of comparative, absolute and competitive advantage, as well as for the theoretical analysis of the competitive advantage.

The objective of this study is to identify efficient factor in earnings forecast error of Initial Public Offerings (IPOs) at Tehran Stock Exchange. Our sample contains initial listings on the Tehran Stock Exchange (TSE) for the period 1999-2006. The objective of this selected period is remarkable developing of stock exchange for related period (1999-2006) and increasing listed volume of companies which offer their stocks at TSE for the first time. The result of this study with multiple regression analysis shows that earning forecast error is reversely related to profitability ratio. Other independent variables do not have significant relation with IPOs earning forecast error.

In this paper we investigate long memory of Tehran Securities Price Index using daily data since 1382/1/5 until 1386/3/2. A long memory series means that the effects of shocks are persistent and remain for a relatively long time. One can model the series {} as where (white noise) and is the lag operator. If, the series has long memory. If, the variance of series is finite and the series is stationary, and if, the variance of series is infinite and the series is nonstationary. We calculate the differencing parameter,, using three well- known methods. The value of yield from rescaled range (R/S) method is 0.49, and yield from modified rescaled range (MRS) method is 0.468, and yield from detrended fluctuations analysis (DFA) method is 0.3. The results show that the three methods confirm the long memory of underlying series.

On the base of the theory, increasing the per capita income and more growth of labour force productivity in the good sector (industry and agricultural) in relation to services sector are two main effective factors on increasing the share of employment in services sector. Other sub-factors that are effective on increment the share of employment services are urbanity growth, increment the women partnership rate in labour market, the ratio of population under 14 years to total population, the ratio of population up 65 years to total population, and so forth. In this research by time series data about above variables during 1360 till 1385, we are persuading the detection the effective factors on increment of employment share in services sector in Iran. For this reason, the effective factors on employment share in Iran’s service sector and social services subsectors including trade, business, transportation and social services subsectors recognized by econometric models. The results show that the most important increment factor of employment share in Iran’s service sector has been urbanity growth, and other two important factors, mean, '' per capita income'' and ''the gap of labour productivity in good and service sector'' are lied in the next priority, and unemployment rate is the effective positive factor on increasing employment share in the service sector. The results of this study, also, show that in any of mentioned four subsectors, effective factors on employment share are different. But urbanity factor in three subsectors of trade services, transportation, warehousing and communication and business have the first rank.

In order to become involved in the purchase and sales (exchange) of stocks, it is necessary for investors to investigate the predicted value of stocks of each company in the future. Obviously determination of such value would depend on predictions of earning power of companies in the future. This paper attempts to review the changes in stock price vis-à-vis announcement concerning adjustments of predicted EPS, in Tehran Stock Exchange (TSE). Thus with the help of the literature, basic concepts were extracted as basis for setting the hypotheses and statistical tests. To analyze these hypotheses, changes in stock price during a period of 3 days before and after the date of announcement of adjustments for EPS were considered. Statistical population included companies actively traded in TSE throughout a 5-year period (2001-2005), and stocks, that had at least one adjustment for predicted EPS. Companies that were member of the population and the related adjustment were considered together as one main group and four subsidiary groups (according to the classifications made of companies based on year end dates). Two hypotheses were made for this research and were analyzed using a normal linear regression equation and a Chi-2 test. Results indicated that a significant relationship existed between changes in predicted EPS and changes in stock price. However market reaction has been somewhat slow and this could be due to the dissemination of information by non-accounting and through informal sources.