درخت حوزه‌های تخصصی

Corporate investment decisions are determined by a variety of factors, including various managerial measures, including overconfidence of managers, which are important determinants of corporate investment decisions. Most corporate executives prefer internal financing, but if internal resources are not sufficient to meet this need, they use external resources with the least degree of information asymmetry. The purpose of this study was to investigate the effect of managerial overconfidence on investment and the moderating effect of the internal financing method is on their relationship. The study consisted of listed companies in Tehran Stock Exchange during the period 2011 to 2016 and using a systematic elimination sampling method, 97 companies were selected. To investigate the research hypotheses, EVIEWS software and panel data regression method was used. The results of the research showed that managers’ overconfidence has a positive and significant effect on investment as well as underinvestment, but internal financing does not have a significant effect on the relationship between the overconfidence of managers and investment as well over-investment. But the effect of internal financing on the relationship between managers’ overconfidence and underinvestment was a significant positive. Finally, it became clear that internal financing had a significant negative impact on investment and over-investment.

Foreign trade expansion plays an important role in economic growth and development. Since Iran’s single-product economy is facing tight sanctions, among trading partners, Turkey benefits from special place, and political independence in international relations because of its large population, rising per capita income, high economic growth rate, geographical and cultural proximity to Iran. Many opportunities and substantial capacities have been established for expanding foreign trade between these two countries. To do this, it is necessary to determine the maximum export capacity of Iran to Turkey and whether this capacity has actually been deployed and realized or not. The next question is what the bases of Iran’s export development to Turkey are, and the goods which should be focused on to develop trading. Therefore, the aim of this study was to estimate the maximum export capacity of Iran to Turkey and to determine the commodities with the highest export capacity. The Revealed Comparative Advantage (RCA) index, the Cosine Index, and the General Model of the gravity model were used to evaluate Iran’s export potential and to determine commodities in which Iran has export advantage. Iran’s export potential to Turkey was investigated in various years and in different commodity groups by comparing the rate of export volume of each commodity to total volume of its import by Turkey. Research findings indicated that the highest Iranian export potential value to Turkey was $9,339 million, and just 7.2% of that ($669 million) has been realized. Also, 11 commodity groups formed more than 66% of Iranian potential exports to Turkey. Among them, ‘mineral products’ with $2,730 million, ‘plastics and natural rubber and artifacts made from them’ with 1,185 million, ‘common metals and artifacts made from them’ with $918 million, and ‘products of the chemical industry and its related industries’ with $879 million were respectively the four commodity groups with the highest export potential. JEL Classification: F14]

In the relevant literature, there has been a lack of discussion to focus particularly on the relationship between entrepreneurship and international trade. It is more restricted when one intends to seek an interaction between international trade and the indexes of the 3A approach of entrepreneurship, including entrepreneurial attitude, activities and aspirations which are collected from Global Entrepreneurship Monitor (GEM). The implication is that a change in trade causes more entrepreneurial opportunity to firms, while an innovation by them should lead to comparative advantage of an activity, which can be a reason for trade promotion. This study thus aims to explore the effects of three key components of entrepreneurship arising from the 3A approach of entrepreneurship on trade flows in 10 Asian countries (Iran, China, South Korea, Pakistan, Malaysia, Turkey, Japan, Russia, United Arab Emirates and Thailand) that are members of the GEM. Employing econometric methods, we test a causality relation between trade and the indexes of entrepreneurship, and then estimate an augmented trade gravity model  by using panel data and applying the GEM cross-national data during the period 2008- 2018. The empirical results have confirmed that there is an interacted causality between trade and entrepreneurship patterns in 10 selected Asian countries during the period.

Remittances are one of the financial inflows that can affect the economic growth of emerging and developing countries through the exchange rate volatility channel. Many small open economies are vulnerable to volatilities and changes in capital inflows so that sudden changes in the exchange rate can affect economic growth negatively by declining investment, trade volume, and profitability. In this study, the effect of the factors that have an impact on the real exchange rate volatility has been investigated and empirically analyzed by using Generalized Autoregressive Conditional Heteroskedasticity (GARCH) and Panel Vector Autoregressive (P-VAR) approaches in the selected developing countries including Iran over the period 1980-2017. The results indicated that remittances had a positive and significant effect on the exchange rate volatility of the studied countries so that an increase in remittances caused volatilities in the real exchange rate. In addition, among other explanatory variables, foreign direct investment and government expenditures had the most negative and positive effects on real exchange rate volatilities respectively.