درخت حوزه‌های تخصصی

The challenge of environmental pollution and climate change have made countries to develop energy transition progress to move from non-renewable energy sources towards renewable ones. This paper seeks to consider energy transformation process and analyze its pattern in Iran by modeling through the ARDL bounding testing method over the period of 1993-2018. The empirical estimations depicted that in the long-run economic growth and inflation rate negatively impact on energy transformation of Iran, while increase in carbon dioxide emissions and appreciation of Iran’s national currency accelerate the energy transition process in Iran. Regarding the short-run relationship, the major results represented an evidence of positive impact of exchange rate on Iran’s energy transition process, while the other variables have negative coefficient. As a major concluding remark, for the case of Iran, the findings prove that the influential impacts of explanatory variables on energy transformation are stronger in long-run rather than in short-run. Therefore, the presence of efficient long-run energy planning is recommended.

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.