Document Type : Research Paper

Authors

Abstract

This study is an attempt to investigate the reciprocal effects of economic growth and financial structure on one hand, and economic growth and ownership structure of companies on the other. The study aim is to identify and clarify the implications of the aforementioned relationships in order to utilize the results in decision making policies and in implementing laws constraining financial as well as ownership structures of companies in the process of development.
The analysis of the percentage of debt and capital variations with the assumption of compound growth revealed that by financing through increasing debt, companies failed to have an impact on economic growth. This finding is an indication of the significance of financing through increasing the capital and its role on the process of development. No significant result has been found between economic growth and other structural variables. Meanwhile, by utilizing the second and third assumptions to determine structural indices, no significant causal relationship has been found between economic growth and structural variables.

1. اکبری، فضل الله. تجزیه وتحلیل صورتهای مالی. تهران: انتشارات سازمان حسابرسی، 1378.
2. تفضلی، فریدون. اقتصاد کلان- نظریه ها و سیاستهای اقتصادی. تهران: نشر نی، 1366.
3. تقوی، مهدی و لطفی، صالح. حسابداری و برنامه‌ریزی اقتصادی. تهران: انتشارات پاپیروس، 1363. 
4. تیموری، حبیب الله. ارزش، پول، تورم. تهران: انتشارات سازمان حسابرسی، 1375.
5. جهانخانی، علی و پارسائیان، علی. بورس اوراق بهادار. تهران: انتشارات دانشکده مدیریت دانشگاه تهران، 1374.
6. روزبهان، محمود. تئوری اقثصاد کلان. 1369.
7. شاکری، عباس. تئوری وسیاستهای اقتصاد کلان. تهران: نشر نی، 1381.
8. عبده تبریزی، حسین. مجموعه مقالات مالی و سرمایه گذاری. تهران: انتشارات پیشبرد، 1377.
9. قره باغیان، مرتضی. رشد نوین اقتصادی. تهران: مؤسسه خدمات فرهنگی رسا، 1372.
10. نیکومرام، هاشم و رهنمای رودپشتی، فریدون و هیبتی، فرشاد. مدیریت مالی. تهران: انتشارات ترمه، 1384.
 
11. Al-Yousif, Y. "Financial Development and Economic Growth: Another Look At The Evidence From Developing Countries"., Review of Financial Economics,  Vol. 11, ) 2002(.
 
12. Elliott. B and Elliot. J., Financial Accounting and Reporting. Prentic Hall., (1993).
 
13. Bencivenga, V. R., Smith, B. D. "Financial Intermediation and Economic Growth"., Review of  Economic Studies, No. 58, (1991).
 
14. Cameron, Rondo. Banking in Early Stages of Industrialization. Oxford University Press, New York., (1967).
 
15. Demetriades, P. O., Hussein, K. H. "Does Financial Development Cause Economic Growth? Time Series Evidence from 16 Countries"., Journal of Development Economics, No. 51, (1996).
 
16. Demiurgic- Kunt, Asli and Levine, Ross. "Stock Markets and Financial Intermediaries: Stylized Facts."., World Bank Economic Review, (May 1996).
 
17. Fritz, R. G. "Time Series Evidence on the Causal Relationship Between Financial Deepening and Economic Development"., Journal of Economic Development, No. 9, (1984).
 
18. Guiso, L., Sapienza, P., Zingales, L. "Does Local Financial Development Matter?"., CEPR Discussion Paper, No. 3307, (2002).
19. Gurley, John G. and Shaw. Money in a Theory of Finance. Washington, D.C. Brooking Institution., 1960.
 
20. Johnson, David R. and Gerlich, Sebastian. How has Inflation Changed in Canada?. Canadian Public Policy., 2002.
 
21. King, R.G., Levine, R. "Finance and Growth: Schumpeter Might Be Right"., Quarterly Journal of Economics, No.108, (1993).
 
22. Levine, Ross and Zervos, Sava. "Stock Markets, Corporate Finance and Economic Growth."., American Economic Review, No. 88(3), (June 1998).
 
23. Modigliani, Franco and Miller, Merton H. "The Cost of Captial, Corporation Finance and the Theory of Investment."., American Economic Review, No. 48(3), (June 1958).
 
24. Morck, R., Shleifer, A. and R. Vishny. "Alternative Mechanisms for Corporate Control"., American Economic Review, No.79, (1989).
 
25. North, Douglass C. Institutional Change and Economic Performance. Cambridge: Cambridge University Press., 1990.
 
26. Salimi, Bahram and Nakano, Yoichi. "Corporate Financial Structure in Developing Countries"., International Finance Corporation, Washington D.C, Technical Paper,  No.1, (1992).
 
27. Singh, Ajit. "Financial Liberalisation, Stockmarkets and Economic Development"., Economic Journal, Vol. 107, (1997).
 
28. Stiglitz, Joseph E. and Uy, Marilou. "Financial Markets, Public Policy and the East Asian Mircale"., World Bank Research Observer, No. 11(2), (August 1996).
 
29. Tatom, John A. and Turley, James. "Inflation and  Taxes: Disincentives for Capital Formation"., Federal Reserve Bank of St.  Louis Review, No. 60(1), (January 1978).
 
30. Wongbangpo, Praphan and Sharma, Subhash C. "Stock Market and Macroeconomic Fundamental Dynamic Interactions: ASEAN 5 Countries"., Journal of Asian Economics, No. 19(1), (January February 2002).