Financial Economics
parisa mohajeri; reza taleblou; Mina Yaghchi
Abstract
The strategic decision of determining the optimal capital structure is paramount for corporate managers, given its profound impact on company valuation and shareholder wealth. This study aims to discern the factors influencing capital structure, specifically financial leverage, with a concentrated focus ...
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The strategic decision of determining the optimal capital structure is paramount for corporate managers, given its profound impact on company valuation and shareholder wealth. This study aims to discern the factors influencing capital structure, specifically financial leverage, with a concentrated focus on uncertainties at both the industry and company levels, employing a multilevel panel model. Data spanning a 15-year period from 1387 to 1401 for 151 companies across 26 industries listed on the Tehran Stock Exchange were collected. R software facilitated the estimation of stock price volatility and stock market industry indices, followed by the application of Stata software to estimate the multilevel panel model. The results reveal several key insights: first, industry-level uncertainties exert a significant negative impact on leverage, while company-level uncertainties lack statistical significance. Second, Q-Tobin demonstrates a positive and substantial effect, whereas cash flow, profitability, tangible assets, and the market value-to-book value ratio exhibit negative and significant effects on leverage. Third, accounting for different levels and incorporating a random component in coefficient estimations enhance the model's explanatory power. Therefore, the multilevel panel model proves preferable over the fixed-effects panel model.
tayebe chaman; parisa mohajeri; Ali Arabmazar Yazdi
Abstract
The purpose of this paper is to identify factors affecting tax evasion with emphasis on financial development. For this purpose, we estimate an ARDL model for the period 1978 to 2014. Our results show that, at first, there is a long-run relationship between tax evasion and explanatory variables (financial ...
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The purpose of this paper is to identify factors affecting tax evasion with emphasis on financial development. For this purpose, we estimate an ARDL model for the period 1978 to 2014. Our results show that, at first, there is a long-run relationship between tax evasion and explanatory variables (financial development, literacy rate, government size and industry value added (%GDP). Secondly, financial development has a significant negative effect (in short-run and long-run) on tax evasion. In other words, higher financial development leads to lower tax evasion. This finding is consistent with the theoretical expectation. Thirdly, literacy rate, government size and industry value added (%GDP) have a significant negative effect on tax evasion. That means tax evasion is decreases by increasing each of them. Also, the variables of GDP per capita and tax complexity did not have a significant effect on tax evasion.
Esfandiar Jahangard; parisa mohajeri; leila momeni
Abstract
The subject of labor force productivity changes during business cycles has been the focus of much debate among macroeconomics, which has gained less attention among studies focusing on Iranian Economy. In the study, we have aimed at empirically examining the role that labor force productivity fluctuations ...
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The subject of labor force productivity changes during business cycles has been the focus of much debate among macroeconomics, which has gained less attention among studies focusing on Iranian Economy. In the study, we have aimed at empirically examining the role that labor force productivity fluctuations play during economic cycles in the Iran using time-series data for the period of 2005Q2-2015Q1 by applying an autoregressive distributed lag (ARDL) model. In order to estimate relations, we have separated fluctuation and trend components based on Hodrick-Prescott filter. Based on our results, it is suggested that labor force productivity moves in alignment with GDP and increases in expansion periods and decreases in recession periods which indicate pro-cyclical behavior of labor force productivity in Iranian Economy. Second, in the last seasons of an expansion period, the role of labor force productivity fluctuations decreases in gross domestic product fluctuations which is along with the theory.
Zahra Ziya’i; parisa mohajeri; Ali Nasiri Aghdam
Abstract
In real world, taxpayers have private information of which tax agencies are either completely or partly not aware of. This issue gives rise to the so-called asymmetric information problem, seriously preventing tax laws from being justly and efficiently enforced. Asymmetry of information motivates taxpayer ...
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In real world, taxpayers have private information of which tax agencies are either completely or partly not aware of. This issue gives rise to the so-called asymmetric information problem, seriously preventing tax laws from being justly and efficiently enforced. Asymmetry of information motivates taxpayer towards falsifying or concealing information, trying to enjoy benefits of failure to pay taxes (moral hazard); furthermore, by granting licenses to bad economic operators for operating as authorized economic operators, law-abiding companies may leave licensed and authorized market (adverse selection). It is obvious that, information sharing and availability of databases containing taxpayers’ information can help governments in recognizing and collecting taxes in a justly and fair manner. In this paper, using statistics from 92 countries during 2006 – 2012 (in the form of panel data), we have studied the effects of information sharing variables on tax-to-GDP ratio. The findings indicate that, information sharing has a positive, yet statistically insignificant, effect on the ratio, which is in agreement with theoretical foundations.
Ali Asghar Banou'i; zahra zabihi; parisa mohajeri; elham tabrizi
Volume 15, Issue 59 , January 2016, , Pages 95-124
Abstract
Errors which occur in the process of collecting and compiling databases and developing symmetric input-output tables are inevitable. The issue of stochastic data contained in the input-output tables has been one of the key issues discussed in input-output economic literature. Foreign researchers have ...
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Errors which occur in the process of collecting and compiling databases and developing symmetric input-output tables are inevitable. The issue of stochastic data contained in the input-output tables has been one of the key issues discussed in input-output economic literature. Foreign researchers have demonstrated in theoretical studies that if the matrix of technical coefficients is stochastic, the Leontief production multipliers will be positively biased. Although the findings of applied studies (that include the complier's and practitioner's approach) confirm the above observation, but they also show that this bias is trivial and therefore can be ignored. In this study, the approaches of practitioner and complier to the analysis and estimation of the bias of stochastic input-output multipliers and the estimation of multiplier bias are explained. For this purpose, we use Monte Carlo simulation method from the Complier’sview to estimatethe bias of production multipliers and the effect of sample size on the bias. The findings of this study suggest that, first, the greater the sample size the less the amount of bias of multipliers and second, the greater the sample size, the higher percentage of elements in matrix of production multipliers demonstrate a positive bias. Third, in a sample with large size, all multipliers have significant positive biases that is in line with the findings and results of analytical studies, however this bias is very small.
Mohamad Ghasemi; parisa mohajeri
Volume 15, Issue 56 , April 2015, , Pages 75-104
Abstract
Economic fluctuations and emergence of commercial cycles are inseparable parts of any economy. It is obvious that anti-cyclical behaviour of fiscal policies will stabilize the fluctuations. In fact, if the ratio of government expenditure to GDP decreases (increases) during a boom (recession) the behaviour ...
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Economic fluctuations and emergence of commercial cycles are inseparable parts of any economy. It is obvious that anti-cyclical behaviour of fiscal policies will stabilize the fluctuations. In fact, if the ratio of government expenditure to GDP decreases (increases) during a boom (recession) the behaviour of fiscal policy will be anti-cyclical. In this paper, using data released by the Central Bank for the period between 1966 and 2013, a model has been developed to test the anti-cyclical behaviour of fiscal policies in the Islamic Republic of Iran. The Findings of this paper indicate that, firstly, regardless of the calculation method of time series of GDP fluctuations– Hodrick-Prescott and State-Space models– the hypothesis of Iran’s anti-cyclical fiscal policies is rejected. Secondly, Nonconformity of financial rules and means of injection of resources resulted from oil export into government budget are two crucial issues explaining why Iran’s fiscal policies are not anti-cyclical. Thus, institutional reforms, especially budgetary structure of the country, could improve the performance of fiscal policies during the economic cycles
