درخت حوزه‌های تخصصی

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.

Today, random and intelligent risks have made supply management disruptive much more than before. Over the past decade, many supply network (SN) disruptions in oil and gas industry have been due to the deliberate risks posed by international sanctions. Undoubtedly, resilience in general and resilience of SN in particular has been a systematic approach for firms and organizations to deal with disruptions. This study aimed to measure, assess and compare the resilience of SNs in oil and gas companies based on mixed approach: Systematic Literature Review (SLR) and Complex Adaptive Systems (CAS). The statistical population of the study consisted of 11 subsidiaries of the National Iranian Oil Company. A robust systematic review of the literature was conducted to collect all the crucial components of supply network resilience (SNR) from 608 articles that ultimately resulted in 40 key factors based on the context-intervention-mechanism-outcome logic (CIMO-logic). Quantitative analysis was carried out in the upstream sector of 3 subsidiaries of Iranian Central Oil Fields Company (ICOFC) including South Zagros, East and West Oil and Gas Production Companies. The results demonstrated a relationship between components and their measurement in upstream companies. A further finding is that South Zagros Oil and Gas Production Company was more resilient than the other two companies.