Other
Saleh Sedighi Shiraz; Samad Aali; Rasoul Vazifeh; Alireza Bafandeh Zendeh
Abstract
Appropriate and rational evaluation is considered as a fundamental issue of today's organizations with multiple branches, especially about banks. In the meantime, utilizing a proper model of marketing performance evaluation at the bank’s branch level will bring consequences such as increasing the ...
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Appropriate and rational evaluation is considered as a fundamental issue of today's organizations with multiple branches, especially about banks. In the meantime, utilizing a proper model of marketing performance evaluation at the bank’s branch level will bring consequences such as increasing the accountability, services quality improvement, increasing customer satisfaction and loyalty, and finally, the bank profitability. Therefore, the current research was conducted with the aim of designing and explaining a comprehensive model of marketing performance evaluation for the bank branches with the qualitative approach of the grounded theory. Considering the criterion of theoretical saturation, judgmental sampling was used to select 20 people who were interviewed. Based on the findings of the research, the provision of banking services at a certain level of quality by the bank's employees and management affects the marketing performance of the branch over time. Also, the findings showed that factors such as organizational culture, as well as local market conditions and macroeconomic factors, extra-branch rules and regulations, and the severe fluctuation of the local market, manifest themselves in customer relationship management, human capital management, and continuous improvement and finally, the consequence of such management is gaining customer loyalty, creating a successful brand and the bank profitability.
Other
Mohamamd Feghhi Kashani; Ahmadreza Mohebimajd
Abstract
Although theories over portfolio speculation have made remarkable progress so far, the performance of its proposed portfolios depends largely on the degree of accuracy in predicting future stocks prices dynamics. This study focuses on improving the performance of optimal portfolios by modeling the stocks ...
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Although theories over portfolio speculation have made remarkable progress so far, the performance of its proposed portfolios depends largely on the degree of accuracy in predicting future stocks prices dynamics. This study focuses on improving the performance of optimal portfolios by modeling the stocks prices dynamics through a time-inconsistent multivariate diffusion specification with drift vector. To this end, the share prices are simulated by means of a semi-martingale process with time inconsistent (local) martingale and information drift parts over the entire optimization horizon. Then, using the results of price simulation, we have looked into its consequences for constructing the portfolio of assets in the framework of Sharpe ratio maximization method and mean-variance analysis. Findings indicate that for the stock market under study (Tehran) within the trading dates spanning the interval 24-Mar-2001 to 19-Sep-2020, return and risk (standard deviation) of the portfolios obtained from applying this simulation scheme for mean-variance analysis and maximization of Sharpe ratio are both respectively higher and lower than those realized by the conventional methods. Additionally, a comparison of the simulation approach with performance of the actual market portfolios indicates that the Sharpe ratios of the simulation method is higher than those resulting from the market portfolios.
Other
Ali Rezazadeh; Roghayeh Mohseninia
Abstract
This study provides a comprehensive and different sight at the theoretical literature of the relationship between financial stress index and financial markets and presents a new method in order to investigate the nonlinear relationship between the financial stress index and financial markets for Iran's ...
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This study provides a comprehensive and different sight at the theoretical literature of the relationship between financial stress index and financial markets and presents a new method in order to investigate the nonlinear relationship between the financial stress index and financial markets for Iran's financial system. To that end, the time-varying Granger-causality tests were used. After calculating the financial stress index, the causality between these variable and other variables (gold price, exchange rate, and stock price index) was evaluated. The time-varying causality tests included forward, rolling, and recursive estimators from April 2005 to December 2019. All results were recalculated regarding time series variance heterogeneity for sensitivity assessment. The estimation findings were more credible in terms of variance heterogeneity due to the monthly nature of the data employed and the high probability of variance heterogeneity. The estimation results with variance heterogeneity and time-varying Granger-causality variable test used to investigate the relationship between financial stress and the stock market also revealed no evidence of causality between financial stress and the stock price index using forward and rolling algorithms. Findings indicate that the financial stress is the source of variations in the Iranian gold market, it does not affect the currency or stock markets.
Other
zeinab shokoohi; Mohammad Bakhshoudeh; Mahdi Asgari
Abstract
Subsidies reform in Iran started in 2010 after the implementation of the Targeted Subsidies Plan. Increasing the efficiency and productivity of production units through price realization was a main objective of this policy. However, the resulting spike in input and output prices challenged the achievement ...
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Subsidies reform in Iran started in 2010 after the implementation of the Targeted Subsidies Plan. Increasing the efficiency and productivity of production units through price realization was a main objective of this policy. However, the resulting spike in input and output prices challenged the achievement of the policy goals. The main purpose of this article is to compare the efficiency of the dairy farms in Iran before and after the Targeted Subsidies Plan was implemented. We used a sample of longitudinal data over the years 1990, 1993, 2000, 2007, 2013, 2016, and 2019 covering 11 regions in 18 provinces and applied stochastic frontier analysis by imposing the monotonicity condition to evaluate efficiency and productivity of the farms. The estimation results show that the unrestricted production frontier is not monotonic in energy and labor. Therefore, imposing a monotonicity condition reduces estimation bias which is critical for policymaking. Unbiased estimation of productive efficiency resulting from imposing the monotonicity condition ranges from 0.72 to 0.86, depending on the region. Results also show a 17% reduction in the production efficiency of the examined dairy farms after the subsidy reform plan which is against the policy goals. The regional differences in the efficiency of intensive dairy farming indicate the need for the more regionally specific supplementary policy, in terms of support schemes and subsidy reforms.
Other
Siavash Jani; Vahid Nikpey
Abstract
One of the most influential factors in the tourism boom is the security of tourism destinations as well as the security of the adjacent regions of the destinations. Thus in this study, the impact of security on tourism attraction among the Iranian provinces is studied due to the regional spillover effect. ...
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One of the most influential factors in the tourism boom is the security of tourism destinations as well as the security of the adjacent regions of the destinations. Thus in this study, the impact of security on tourism attraction among the Iranian provinces is studied due to the regional spillover effect. Security index derived from the combination of several variables such as data on murder, suspicious deaths, quarrels, conflicts, sedition, hooliganism, and suicides divided by provinces and based on the Principal Component Analysis (PCA). Spatial diagnosis tests are done and positive spatial dependency is confirmed among the regions and then the model is estimated in the form of dynamic spatial panel data by spatial Durbin for the period 2011-2017. The results show that an insecurity increase causes a decrease in the number of tourists in a tourist destination and the adjacent regions (spatial spillover effect). While the insecurity index spatial effect is more than its direct effect which means that insecurity variations in a province decrease the number of tourists in adjacent regions more than the number of tourists of that province. Also due to the results, not only insecurity but also the number of specialists, the number of cultural centers, and the information and communication technology index have the most effect on attracting tourists.index spatial effect is more than its direct effect which means that insecurity variations in a province decrease the number of the tourists of adjacent regions more than the number of the tourists of that province.
Other
Meymanat Ebrahimi; Mohammad Vaez Barzani; leila Torki; Hassan Heydari
Abstract
In this paper, the impact of monetary shocks on asset changes and the financial liabilities of different institutional sectors were examined. Afterwards, financial and non-financial tools of the private sector’s balance sheet in the funds flow account were analyzed. For this purpose, the data from ...
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In this paper, the impact of monetary shocks on asset changes and the financial liabilities of different institutional sectors were examined. Afterwards, financial and non-financial tools of the private sector’s balance sheet in the funds flow account were analyzed. For this purpose, the data from 1973 to 2017 of the factor-augmented vector autoregressive (FAVAR) model was employed. Results show that expansionary monetary shock has led to a rise in the assets and financial liabilities belonging to institutional sectors in the first year. With regard to the private sector and the financial tools of its balance sheet, monetary shock significantly impacts this sector’s long-term deposit while it has a weak insignificant impact on the short-term deposit. The monetary shock also has a strong significant impact on the private sector’s taking long-term loans while it has a weak insignificant impact on the short-term loans taken by the same sector. Regarding the non-financial tools of this sector, the expansionary monetary shock has a positive effect on the construction and machinery investment in the short run. In the long run, however, the two variables’ responses are reversed which indicates the negative effect of monetary shock caused by an increase in oil revenues on the private sector’s investment in both the construction and the machinery sector. As a result, it can be concluded that the oil revenue reduces the private sector’s relative size in Iran economy.
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Azam Jalaei; Nematollah Akbari; Bbabak Saffari
Abstract
One of the important tools to increase supply chain productivity and reduce logistics costs is to establish logistics hubs. Since there is no logistics hub in the central region of Iran, this study was conducted to identify a suitable area for a logistics hub in Isfahan province. In this line, criteria ...
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One of the important tools to increase supply chain productivity and reduce logistics costs is to establish logistics hubs. Since there is no logistics hub in the central region of Iran, this study was conducted to identify a suitable area for a logistics hub in Isfahan province. In this line, criteria influencing the location of the logistics centers in terms of certain limiters (geological and environmental factors) and cost influencer (measurable factors with quantitative values (compensation criteria)) criteria were identified, and then, the process of locating was implemented in two separate phases. In the first phase, geographical boundaries associated with limiters criteria were excluded from the study scope to identify the potential site options for a logistics hub within the province. In the second phase, the mathematical modeling approach was used to model the total cost of the logistics network. Next, the cost of establishing a logistics hub was calculated in possible sites in terms of cost influencer criteria and using geographic data layers. The findings revealed that the optimum location is in the central part of the province, where all the economic activities are concentrated. Still, rail and road infrastructures and industries are the most influencers in the optimum location.
Other
Ahmed Taruwere Yakubu; Ismail Aremu Muhammed
Abstract
Transport Infrastructural Development, specifically, road transport infrastructure has been argued to play an important role in the growth of economic activities. In this way, countries all over the world, Sub-Sahara African countries alike, have made critical efforts to improve the quality of this infrastructure. ...
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Transport Infrastructural Development, specifically, road transport infrastructure has been argued to play an important role in the growth of economic activities. In this way, countries all over the world, Sub-Sahara African countries alike, have made critical efforts to improve the quality of this infrastructure. However, the results of these efforts have not been felt much in Sub-Sahara African countries. The quality of road networks in Sub-Sahara African countries is relatively low to countries of other regions of the world. This has motivated this study to investigate the factors that determine the quality of road infrastructure, particularly, the role of fiscal transparency. The panel ARDL method, with a focus on its pooled-mean group (PMG), mean group (MG) and dynamic fixed effects (DFE) estimators was employed on the annual panel data of 34 Sub-Sahara African countries over the 2006 – 2018 periods. Also, Dumitrescu-Hurlin panel Granger non-causality were conducted to determine the casual relationship between fiscal transparency and quality of road transport infrastructure. The findings of the study revealed that more transparent fiscal activities are important to improve the quality of road transport infrastructure in Sub-Saharan Africa in the long run, with coefficient value of 0.008. More so, public debt and private investment are critical to long-run improvement in the quality of road infrastructure in the region (with coefficient values of 0.022 and 0.102 respectively). Therefore, the study recommended that better transparency of fiscal activities should be strengthened in these countries to achieve better quality of road transport infrastructure.
Other
Salah Salimian; kiumars shahbazi; Jalil Badpeyma; Naeimeh Hozouri
Abstract
Appropriate decision-making in the firm’s location choice can play a crucial role in improving the competitiveness and profitability of the firms. The basic presumption of most existing location studies is the assumption of uniform distribution, which is less common in the real world. In contrast, ...
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Appropriate decision-making in the firm’s location choice can play a crucial role in improving the competitiveness and profitability of the firms. The basic presumption of most existing location studies is the assumption of uniform distribution, which is less common in the real world. In contrast, the distribution of consumers may be in the form of a triangle in which consumers gather in the city center. On the other hand, the type of consumers in terms of experienced and inexperienced consumers can also play an effective role in the demand for firm products. Therefore, this study aims to investigate the Hotelling location model with the assumption of a triangular distribution of consumers and experienced and inexperienced consumer types. In this study, optimal location has been analyzed assuming two types of experienced and inexperienced consumers, distributed with a triangular distribution density function. The results indicate that the demand functions of two firms depend on the acquired desirability of a particular type of food and the number of experienced consumers. The unit Nash equilibrium costs are increasing compared to transportation costs. In addition, with an increase in transportation costs, firm 1 approaches the center, and firm 2 gets away from it. Furthermore, if two firms are located at the same point, they do not demand uniform equilibrium prices, and the price of each firm is more sensitive to the location of the other first than its location.
