فهرست مطالب

Iranian Economic Review
Volume:11 Issue: 15, Winter 2006

  • تاریخ انتشار: 1385/10/11
  • تعداد عناوین: 10
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  • Ebrahim Hosseini Nasab Page 1
    In spite of some pessimistic attitudes towards methodology of economics, it has succeeded as a central theme in numerous books, refereed journals, international conferences and symposiums whose volume is increasing at an unprecedented rate. The proliferation of methodological literature also is accompanied by a proliferation of issues that concern: the goals of economics, realism of economics, mathematics and economics, history and economics, ontology and complexity. Economics usually is associated with the hypothetical deductive method. But short-term and cycle analysis of macroeconomics and classical analysis of long-term development do not depend on this method, instead they are carried out within the methodological frameworks of historical-deductive, empirical- inductive or dialectics. This paper focuses on the status and diversity of methodology in economics.
  • Mohsen Mehrara Page 39
    A central problem in empirical macroeconomics is to determine when and how much the exchange rate is misaligned. This paper clarifies and calculates the concept of the equilibrium real exchange rate, using a structural vector auto regression (VAR) model. By imposing long-run restrictions on a VAR model for Iran, four structural shocks are identified: nominal demand, real demand, supply and oil price shocks. The identified shocks and their impulse responses are consistent with an open economy model of economic fluctuations and highlight the role of the exchange rate in transmission mechanism of an oil-exporting country. Nominal and fiscal shocks appear to have important impact on output and the real exchange rate, even in the short run.
  • Ahmad Ahmadpour, Mahmoud Yahyazadefar, Babak Garmroudi Page 59
    Dividend policy has long been an issue of interest in the financial literature. To date, a number of studies published on agency costs and dividend policy but most of them are on developed markets. It is well known that the emerging markets are quite different from developed markets in all respects. So, the existing published evidence is of limited relevance in identifying the influence of agency costs on dividend policy in an emerging market. The major objective of this paper is to identify the influence of agency costs on dividend policy in an emerging market. The Tehran Stock Exchange (TSE) listed non-financial sector companies for the period of 1997-2002 are considered as the sample of the study. Ordinary Least Square regression model employs to identify the influence of agency costs on dividend policy in an emerging market. The results indicate that number of common stockholders, collateralizable assets, and free cash flow positively related to dividend pay-out ratio. All of these coefficients are in the predicted direction and are quite consistent with the findings of Rozeff’s study (1982) as well as those conducted so far. However, these results support Jensen’s (1986) free cash flow hypothesis. Finally, these results suggest the influence of agency costs on dividend policy in an emerging market.
  • Majid Ahmadian, M.A. Motafaker Azad Page 81
    This paper originates the theory of buyer concentration for a main raw material input for a single processing industry. The oilgopsony concentration is obtained and subsequently decomposed into several factors, affecting indirectly the industry's profitability. It is found that the leading firm's efficiencies hypothesis is reaffirmed due to variations associated with the marginal productivity differentials. This finding is based on concentration separation approach rather than analyzing the cost-efficiency effect against market power effect from increasing concentration on the industry's markup, provided by structural approach of minimum cost function.
  • Hadi Veis, Ahmad Rezvanfar, Yoosef Hejazi Page 93
    Traditionally, universities have sought to maintain or enhance their competitive position with activities chiefly directed at student recruitment, particularly through the use of aggressive promotional activities. With the tumult and dynamism in the present environment, university administrators cannot rely primarily on student recruitment efforts successfully. Rather, they will need to be proactive and innovative. They will need to adopt a strategic marketing approach and enfold it into their strategic management activities. And by becoming more market oriented, insightful academic administrators will likely engage in learning oriented of marketplace. The main objective of this research is to study the impact of organizational learning on market orientation of Agricultural Higher Education Departments. A questionnaire was used to collect information from respondents. In this study, a sample of 50 faculty members were selected, using "Proportional Random Sampling" method. Data for this study were collected through personal interviews, and Wood and Bhutan market orientation scale was used to specify the dimensions of a market-oriented organization. The data was analyzed using canonical correlation. The findings of the study revealed that market orientation scale provide a good measure of market orientation in this setting. Also, the results of analyses indicated a significant relationship between organizational learning and market orientation of Higher Education Agriculture Departments of Tehran University. In this regard, team working and system thinking as the elements of the organizational learning are more important. It is concluded that, departments and colleges with both orientations could be able to cover and respond to explicit and latent environmental forces through a combination of adaptive and generative learning which enable innovative and reactive marketplace behaviors.
  • Ahmad Tashkini Page 115
    This paper studies the usefulness of the P*-model in the analysis of the behaviour of prices in Iranian economy. The P*-model is based on the Quantity of Theory of Money. This model believes that the price level tends to move towards the equilibrium price level. The P* model uses price gap to forecast inflation, if the equilibrium price is greater than the current price, there is a tendency for the price level to rise and vice versa. The equilibrium price in this approach is determined by potential output, the equilibrium velocity of money and the amount of money in the economy. In this study, potential output and equilibrium velocity are derived using the Hodrick and Prescott filter.
  • Abdolnaser Hemmati Page 123
    In this paper we study the long- term trend of energy intensity for Iran. We use a quadratic function of the logarithm of income to take account of the change in trend of energy intensity and test the non-monotonic relationship between energy intensity and income during 1967- 2002. We find that the long-run coefficient on squared income is negative and significant, indicating a change in trend of energy intensity.
  • K. Yavari, M. Mehrnoosh Page 131
    The paper analyzes the effects of socio-economic factors on life expectancy. Using multiple regression analysis, the paper shows that there is a positive strong correlation between life expectancy as an independent variable and per capita income, health expenditures, literacy rate and daily calorie intake. Also, it shows that there is a negative strong correlation between life expectancy and number of people per doctor. Using dummy variables, the paper shows that there exist some unrecognized or recognized but not quantifiable factors which affect life expectancy in African countries. Finally the paper concludes that human development requires an increasing investment in the socio-economic sectors.
  • Jafar Ebadi, Saeed Mousavi Madani Page 143
    One of the topics after two decades of applying import substitution policy in Iran manufacturing sector is the importance of industrial export expansion and foreign relations. The main impetus to this policy transfer is the market expansion and potential gains of exploiting the economies of scale and technical upgrades. Based on this argument this research estimates the efficient scale and gains of producing the optimal scale in large establishments in Iran manufacturing groups at 2-digit ISIC (Rev.2). For this purpose a long run translog cost functional, flexible function form is selected on the theoretical basis. By using indirect seemingly unrelated regressions method, data at the mean of a representative establishment are chosen to estimate the minimum and the slope of LAC.The result shows that the economies of scale exists in all of the industrial groups and in the last year of this research (2001) all of them except the manufacture of non-metallic mineral products (ISIC36) were producing lower than optimal scale. The study of market structure shows that the most concentrated market of manufacturing groups are overlapping with the most potential groups for exploiting the economies of scale. Both of these reasons implies that the domestic market constrain acts as a barrier to gathering the benefits of economies of scale and necessitates the importance of applying outward oriented policies.
  • Iraj Noravesh, Mohammad Delasay Sorkhab, Feafh Salehi Page 171
    Evaluating and selecting alternatives investment projects needs considering all relevant and important aspects. In traditional methods, the focus is just on tangible monetary criteria. Also in the traditional methods, either all the information's about factors must be known precisely or sufficient objective data must be available for applying probability theory. In this paper, a combinative approach is employed to integrate all monetary factors, subjective non monetary factors and also objective non monetary factors in decision making process of project evaluation and selection. In the proposed approach to deal with uncertainty in monetary criteria and also vagueness of human thought in subjective non monetary criteria, fuzzy cash flow analysis and multi criteria decision making method are applied, respectively. As a case study, this methodology has been applied for evaluation of an Iranian auto manufacturer’s projects. The results depict that the methodology can vastly help decision makers to evaluate projects under vague and uncertain circumstances considering all important criteria.