عسگر خادم وطنی

The main purpose of this research is to explain why and how the stock liquidity affects the default risk of petrochemical and petroleum products companies listed in Tehran Stock Exchange. The study used experimental data and parametric tests in order to estimate the relationship between stock liquidity and default risk through information efficiency and corporate governance roles of stock liquidity. The present research is applied in terms of purpose and is a descriptive-correlative study. All data required regarding the stock liquidity, price, trading volume and days, stockholder ownerships, etc., were extracted from Rahavard Novin database software. To investigate the relationship between variables, the multivariate regression analysis model using OLS method was applied in Eviews platform. The empirical findings showed that there is a significantly negative relationship between stock liquidity and default risk of petrochemical and petroleum product companies listed in TSE and also stock liquidity can affect the default risk through reducing the information asymmetry in the stock pricing process and strengthen the corporate governance. These results could provide visible signals based on the realities of the market in order to improve models to assess and predict the risk of default and lead managers and decision makers of suppliers, customers, partners and stakeholders, to conclude more flexible contracts with petrochemical and petroleum products companies and ultimately better mitigate business risks.

Considering global warming and importance of sustainable growth in economic sub-sectors, this paper presents and estimates an empirical model of renewable energy consumption for the industrial sector of selected OPEC and non-OPEC countries over the period 1990-2014. Panel co-integration estimates by Pedroni (1999,2004) and Westerlund (2005,2006) show that, in the long term, increases in industrial value added per capita, real oil prices, and CO2 per capita are found to be major drivers behind per capita renewable energy consumption for both OPEC and Non-OPEC nations. Panel Granger causality by the Dumitrescu and Hurlin (2012) method confirms that there are bi-directional causality relationship between research variables and therefore verify feedback hypothesis. Finally, FMOLS and DOLS results show that when industrial value added per person increases, per capital renewable energy consumption increases by greater magnitude in non-OPEC than OPEC countries; also an increase in CO2 emissions per person increases per capita renewable energy consumption by greater amount in non-OPEC than OPEC nations.

Expanding use of renewable energies (RE) around the world is a critical mission to reach to global environmental policies. Largest share of global energy mix relates to deployable and carbon-intensive fossil fuels. So, it is necessary to create proper incentives for investors to invest in RE in order to move toward low carbon economy. In this regard, one of the implemented policies is imposing tax on using deployable energies which includes tax on both energy consumption and motor vehicle transportation. This paper investigates impact of environmental tax policy on investors’ behavior for 13 leading selected developed and developing countries during the period 2004-2016. Based on economic theory, investment, particularly in capital-intensive energy industries would have a long gestation period. To capture this feature and evaluate dynamic relations of investments in RE, a partial-adjustment dynamic model is applied and estimated using Generalized Method of Moments (GMM) method. The results show that imposing tax on fossil fuel energy consumption and transportation systems, in particular that use fossil fuels, has a significant negative and positive impact on investing in RE, respectively. Also, empirical results demonstrate that there is a significant negative relation between interest rate (IR) and Investments in Renewable Energies (IRE).