Number 16 Volume 8

Open Access Article

1 - Investigating the Factors Affecting Foreign Direct Investment Involvement with Emphasis on Institutional and Structural Variables in OPEC Selected Countries
Azin Sadat Ostadramezan Maryam Bazraei Mojtaba Karimi

In the new literature, the role of institution quality in economic development has been considered. The distribution of foreign direct investment, as well as how it is absorbed and its impact on the economies of the countries is strongly influenced by the quality of ins More

In the new literature, the role of institution quality in economic development has been considered. The distribution of foreign direct investment, as well as how it is absorbed and its impact on the economies of the countries is strongly influenced by the quality of institutions and the economic, political and host country's position. In the present article, the impact of institutional and structural variables on attracting foreign direct investment in the selected OPEC member countries is conducted using the Generalized Torque (GMM) dynamic panel method from 1998 to 2012. The results indicate a positive and significant effect of good governance and natural resources on attracting foreign direct investment. Also, the results of the model's estimation show that natural resources have a dominant influence on the relationship between direct governance and foreign direct investment; in other words, due to the impact of natural resources, good governance in selected OPEC countries does not facilitate the flow of direct foreign investment, but rather Reducing the attraction of foreign direct investment also Manuscript profile

Open Access Article

2 - The Impact of Country Risks Index on Commercial Insurance Demand (Case Study: MENA Countries)
Ali Dehghani Niloufar Sheikh Rezaie

In this research the main objective is to explore the impact of country risk index on business insurance demand in MENA countries. To this end, understanding the impact of per capita GDP, risk transition function, education level, inflation, urban population and the rea More

In this research the main objective is to explore the impact of country risk index on business insurance demand in MENA countries. To this end, understanding the impact of per capita GDP, risk transition function, education level, inflation, urban population and the real interest rate risk in terms of macro-economic, financial, political and commercial insurance demand in the MENA countries are targeted. The research model estimates, the demand for life insurance in three models (with regard to financial risks, economic and political) and three commercial insurance claims (by taking economic, political and financial risks), using data MENA panel of 16 countries during the period from 2007 to 2014, were to examine the effect of country risks. According to the results, political risk in business demand model is ineffective while the other risks related to financial and economical variables are positive and have a significant effect. Manuscript profile

Open Access Article

3 - The Impact of Tourism Development on Iran's Economy
Bahram Shakouri Soheila Khoshnevis Yazdi Niloofar Nateghian

Over the past several decades, the relationship between tourism spending and economic growth for both developing and developed countries has been extensively researched.1 Knowledge of the causal relationship between tourism spending and economic growth is of particular More

Over the past several decades, the relationship between tourism spending and economic growth for both developing and developed countries has been extensively researched.1 Knowledge of the causal relationship between tourism spending and economic growth is of particular importance to policy makers, as tourism policies are becoming major concerns for these countries.. In many instances they are important in offsetting current account deficits and negative balance of payments. On the other hand, since international tourism contributes to every sector of the economy, budget deficits also benefit from these activities via tax revenues. International tourism brings foreign exchange that can be used to import intermediate and capital goods to produce goods and services, which in turn leads to economic growth. The significance of this sector can be manifested from the fact that it raises revenues, generates employment.This study investigated the relationship between tourism arrivals and economic growth in Iran for1980 to 2012, using relationship between international tourism arrivals, real gross domestic product, real effective exchange rats and political instability, using ARDL and Granger tests. The results show there are short -run and long -rung between tourism expenditure, real gross domestic product, real effective exchange rates and political instability in Iran are cointegrated during the sample period. The results Granger causality test suggest that there is a bidirectional causality between real effective exchange rate and real output and in the short-run and long-run. However, between the international tourism arrivals, real output and real effective exchange rates are bidirectional causality in short-run and long- run.These findings show that tourism is in part an endogenous growth process, and verified the presence of the tourism led growth in the case of Iran. Moreover, they indicate that tourism has mattered in the economic growth process. In addition, our results showed that the hypothesis of tourism exports driven by economic growth is better suited for both studied economies.The prospective tourists will have more confidence to visit Iran. It is therefore imperative that government institutions, tourism planners and investors recognize the implications of their actions in the interest of long-term economic viability of the tourism sector. A successful strategy for tourism development should not be measured only in terms of increasing tourist numbers or receipts. Tourism should also be evaluated in terms of its role in the overall development objectives of host countries.   Manuscript profile

Open Access Article

4 - A Review of the Effect of the Life Cycle on Tax Avoidance of Firms
Ghodrat Allah Taleb Nia Hossein Rajabdorri Fatemeh Dehghan

The present study aims to review the effect of life cycle on tax avoidance of firms. Based on the available theoretical bases, firms have unique and various planning during different stages of their life cycles, among which the rate of tax avoidance is not an exception. More

The present study aims to review the effect of life cycle on tax avoidance of firms. Based on the available theoretical bases, firms have unique and various planning during different stages of their life cycles, among which the rate of tax avoidance is not an exception. The present study is an applied research and it uses post-event method. The variables of study are examined using information of financial statements. Period of study includes 2006 to 2015 and the selected sample consists of 95 firms that are accepted in Tehran Stock Exchange. To review the hypotheses of the study, ordinary least square regression in Eviews software version 9 and ANOVA in SPSS software version 22 are used. The findings show that there is a significant relation between life cycle and tax avoidance of firms. In addition, there is a significant statistical difference at the level of 99 percent between various levels of life cycles of firms. This subject is more in the growth and decline levels and less in puberty level. The main result of the study can be considered as a confirmation of the theory of Zohurhassan et al (2016). According to their view, tax avoidance has a U-shaped pattern in the levels of life cycle of the firm that is more significant in growth and decline levels and less common in puberty level. The findings of the present study, also, confirm this theory.   Manuscript profile

Open Access Article

5 - The Effect of Unusual Operating Cash Flows on Earnings Sustainability in the Listed Companies of Tehran Stock Exchange
Hossien fakhari Javad Mohammadi Mohsen Hasanataj Kordi

Corporate executives may reduce the fluctuation of profits by using unusual operating cash flows and improve its sustainability. The consequences may be the creation of information that can be far from economic reality and making false economic decisions for stakeholder More

Corporate executives may reduce the fluctuation of profits by using unusual operating cash flows and improve its sustainability. The consequences may be the creation of information that can be far from economic reality and making false economic decisions for stakeholders. Accordingly, the purpose of this study is to investigate the effect of unusual operating cash flows on earnings sustainability in listed companies at Tehran Stock Exchange. Accordingly, the data from 93 listed companies at Tehran Stock Exchange have been investigated during the period from 2010 to 2015 by multivariate regression analysis based on combined data analysis. Before testing the hypotheses, the data were analyzed to have an acceptable reliability and the results showed that all the variables were stationary. The results of regression estimation showed that unusual operating cash flows have a positive and significant effect on earnings sustainability. These findings further emphasize the fact that executives continue to manipulate profits through operational activities Manuscript profile

Open Access Article

6 - Debt Maturity Structure and Accounting Conservatism with Emphasis on the Role of Agency Costs
mohammadsadegh farshchi Younes Badavar Nahandi

This study examines the relationship between debt maturity structure and accounting conservatism with emphasis on the role of agency costs. The sample used in our research includes 83 firms listed on the Tehran stock exchange during the period   2008-2015. The More

This study examines the relationship between debt maturity structure and accounting conservatism with emphasis on the role of agency costs. The sample used in our research includes 83 firms listed on the Tehran stock exchange during the period   2008-2015. The results of this study show that there is a positive and significant relationship between debt maturity structure with conditional conservatism and unconditional conservatism. Also, the results show that agency costs have a negative and significant impact on relationship between debt maturity structure and conditional conservatism but no impact on relationship between debt maturity structure and unconditional conservatism Manuscript profile

Open Access Article

7 - Predicting the Factors Affecting the Risk of Future Stock Price Decline Based on Circuit Radius Neural Network
Reza Ataeizadeh Roya Darabi

The main objective of this study is to predict the factors affecting the risk of future stock price decline under the Circuit Radius Neural Network Method in companies admitted to the Tehran Stock Exchange during the period from 2010 to 2015. To collect theoretical foun More

The main objective of this study is to predict the factors affecting the risk of future stock price decline under the Circuit Radius Neural Network Method in companies admitted to the Tehran Stock Exchange during the period from 2010 to 2015. To collect theoretical foundations of the research, library method, books, Dissertations and articles have been used. To collect statistical information financial statements and accompanying notes have been utilized. For the analysis of this study Circuit Radius Neural System and SPSS23 software have been used. The results of the research indicate that predicting the factors affecting the risk of future stock price decline is possible on the basis of the Circuit Radius Neural Network Method. The research findings also show that the unusual optional cost, the opportunity to grow, the abnormal operating cash flows, the capital structure, and the size of the company affect the risk of future stock price decline respectively as the first, second, third, fourth and fifth priority.   Manuscript profile

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