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Showing 7 results for Mahmoudzadeh
Volume 1, Issue 2 (9-2011)
Abstract
This study explored the position of Parsian Bank's financial resources. To achieve this objective. The capital structure of Parsian Bank in a seven years period (2004 to 2010) was evaluated from the financial statements of Parsian Bank.The First to third hypotheses of this study imply to optimizing of real capital structure and cost of resources and capital adequacy ratio. These hypotheses were evaluated by the framework to achieve optimal capital structure (in terms of capital adequacy ratio and deposits to the debt ratio and long-term deposits to total deposits) and optimized.The fourth hypothesis of this study implies that there is no correlation between capital structure and financing costs (capital costs) that was tested and confirmed by Pearson correlation coefficient. Finally, several recommendations are suggested for optimizing the capital structure of Parsian Bank and future researches.
Volume 11, Issue 3 (12-2021)
Abstract
The purpose of this paper is to identify the dominant discourse on texts related to human resource development strategies in the banking industry that represent the reality of education and learning. In fact, in addition to identifying the type of dominant discourse, we examine key concepts in discourse order. This research is based on Fairclough's critical discourse analysis (CDA) method. The theoretical framework that Fairclough introduces, involves a variety of concepts that have been used for research purposes. Fairclough analyzes these concepts in a three-dimensional model. According to this model, the selected text, which is a "comprehensive system of education and human resource development" in the banking industry, was analyzed in detail at the three levels of description, interpretation and explanation. The results of the analysis showed that the dominant discourse on human resource development strategies in the banking industry is articulated through the discourse elements of integration perspective, performance-based approach and guided learning activities and the order of discourse dominates the whole of this discourse.
Mahmood Mahmoudzadeh, Soheila Sobhani,
Volume 13, Issue 3 (Autumn 2013 2013)
Volume 13, Issue 3 (Autumn 2013 2013)
Abstract
The impact of social security expenditure on the labor market (wages and employment) has been regarded in economic researches. This paper evaluates the short-run and long-run effects of social security expenditure on wage and employment using Autoregressive Distributed Lags (ARDL) approach during 1979-2007. Our findings indicate that the insurance contribution deductions from the employees have negative impact on the real wage in both short-run and long-run and decrease their purchasing power. Moreover, employer's social security expenditure has a negative but insignificant effect on employment. In addition, labor productivity and economic growth are the main factors affecting the labor market.
Volume 15, Issue 5 (Supplementary Issue- 2015)
Abstract
Deep beams are the members that their behavior is different from conventional beams due to their special geometry and loading condition. Due to the low thickness compared with the height of the beams, the flexural reinforcement’s ratio is usually high and need to be placed in several layers. One of the most effective ways to reduce the ratio of the flexural reinforcement is to use of the prestressed reinforcement instead of conventional reinforcement which more conventional reinforcement can be replaced by a prestressed reinforcement. If that happens, there will be discussion of prestressed deep beams. In recent decades, along with the serious discussion of prestressed deep beams, reinforced concrete members retrofitted with FRP are also considered and in the last years the similar studies have also done on deep beams. The girders are usually prestressed deep beams in the structures such as reinforced concrete bridges, and if the retrofitting of them is considered, it will encounter with prestressed deep beams and it is necessary to have knowledge of the behavior of such members. However, the simultaneous effect of prestressing together with retrofitting has not been studied. For this, the experimental study was carried out in this paper for a better understanding of their behavior and comparing of their behavior with other deep beams. This paper study the behavior of simply supported deep beams experimentally by different conditions and has been examined their behavior compared to conventional deep beams, prestressed deep beams, and deep beams strengthened with CFRP. For this purpose, 10 deep beams with span to depth ratio of 2 are constructed and subjected to single-point failure load. Considering of this span to depth ratio is due to more compatibility with existing codes. The concrete cylindrical strength is considered greater than 400 kg/cm2 because of prestressed specimens. The test indicates that the idea of replacing of the prestressing cable instead of conventional reinforcements is appropriate and can increase the shear strength and initial stiffness of deep beams in addition to their bending strength. The analysis of experimental results shows that the effects of prestressing and strengthening are not the sum of prestressing and strengthening individually. Moreover, if two conventional and prestressed deep beams with equal shear capacity strengthen with the appropriate arrangements of CFRP, ultimate strength of prestressed deep beam will be 7% higher than conventional deep beam. The energy absorption and ductility of prestressed deep beams strengthened with CFRP are higher than strengthened conventional deep beams. Furthermore, the comparison of experimental results with existing codes and relations in the literature shows that none of the relations have the ability to predict the behavior of deep beams tested in this paper. It is necessary to generalize the existing relations to obtain to the accurate prediction.
Volume 22, Issue 5 (12-2022)
Abstract
Cement production is responsible for consuming 13% of energy along with producing 7% of CO2 worldwide. Using supplementary cementitious materials (SCMs) such as pozzolans could be helpful in this regards, while it could potentially improve the properties of concrete. The results of previous investigations have illustrated the fact that pozzolans partially replacing cement as binaries (one pozzolan along with cement), resulted in the improvement of concrete's durability parameters in many cases. On the other hand, one of the main uses of pozzolans is in self-consolidating concrete (SCC), a special concrete that has gain attention and popularity in recent years due to its specific properties. Recent studies on SCC containing ternary (two pozzolans along with cement) blends revealed impressive improvements in the mechanical and specially durability properties, outperforming both binaries and non-pozzolanic mixes. This was attributed to the fact that using pozzolans resulted in great decrease in permeability caused by their filler effect along with transformation of CH to CSH or CASH. Also their high blain causes significant improvement in the pore structure of concrete. In this context, capillary pores increase in number, each with much lower volume and diameter compared to non-pozzolanic samples. Another consequence of using these materials is less porosity of the interfacial transition zone (ITZ). Overall, the numerous beneficial effects of using pozzolans in concrete is well-established, and this could promote the use of more pozzolans in concrete.
Nevertheless, there has few investigations concerning the effects of ternary mixes on the durability of SCC, and studying the properties of quadratics mixes (three pozzolans along with cement) has been rarely done. On this basis, the purpose of this research was to study the effects of using binary, ternary and quadratic blends on durability characteristics of SCC. In this regards, two natural pozzolan, namely trass and pumice, were used as cement replacements at 0, 10 and 20% levels in mixes containing 10% silica fume. Various tests on the fresh properties of SCC including slump flow as flow ability and J ring as filling ability test were performed. As for hardened concrete, the 28 day compressive strength, velocity of ultrasonic pulses in concrete, water absorption, depth of penetration of water under pressure, Surface Resistivity toward Chloride Ion Penetration and rapid chloride penetration (RCPT) tests were considered.
The results showed that binaries, only in compressive strength and to some extent in pulse velocity performed better compared to ternaries and quadratics. Also, it was concluded that ternaries slightly outperformed quadratics in terms of compressive strength, pulse velocity, and water penetration tests, whereas quadratics generally had slight superiority over ternaries in terms of electrical resistivity and rapid chloride penetration. Overall, choosing the best performance for each test result, using ternaries and quadratics decreased compressive strength, pulse velocity, water absorption, water penetration and rapid chloride penetration by 5%, 3%, 15%, 61%, 71% respectively, while increased electrical resistivity by 55% compared to binary mixture. In addition, all mixtures had desirable, water absorption below 2% and binaries, ternaries and quadratics had similar results with no significant differences.
Nevertheless, there has few investigations concerning the effects of ternary mixes on the durability of SCC, and studying the properties of quadratics mixes (three pozzolans along with cement) has been rarely done. On this basis, the purpose of this research was to study the effects of using binary, ternary and quadratic blends on durability characteristics of SCC. In this regards, two natural pozzolan, namely trass and pumice, were used as cement replacements at 0, 10 and 20% levels in mixes containing 10% silica fume. Various tests on the fresh properties of SCC including slump flow as flow ability and J ring as filling ability test were performed. As for hardened concrete, the 28 day compressive strength, velocity of ultrasonic pulses in concrete, water absorption, depth of penetration of water under pressure, Surface Resistivity toward Chloride Ion Penetration and rapid chloride penetration (RCPT) tests were considered.
The results showed that binaries, only in compressive strength and to some extent in pulse velocity performed better compared to ternaries and quadratics. Also, it was concluded that ternaries slightly outperformed quadratics in terms of compressive strength, pulse velocity, and water penetration tests, whereas quadratics generally had slight superiority over ternaries in terms of electrical resistivity and rapid chloride penetration. Overall, choosing the best performance for each test result, using ternaries and quadratics decreased compressive strength, pulse velocity, water absorption, water penetration and rapid chloride penetration by 5%, 3%, 15%, 61%, 71% respectively, while increased electrical resistivity by 55% compared to binary mixture. In addition, all mixtures had desirable, water absorption below 2% and binaries, ternaries and quadratics had similar results with no significant differences.
Mr Seyed Mahdi Hosseini Maasoum, Dr Amineh Mahmoudzadeh, Dr Seyyed Ali Madanizadeh,
Volume 24, Issue 2 (summer 2024)
Volume 24, Issue 2 (summer 2024)
Abstract
Introduction
The question of why different countries vary in terms of per capita welfare, has always been a fundamental issue in economics. It is generally agreed within the economic literature that the disparity in per capita income among nations cannot be primarily attributed to differences in the production inputs. Instead, it seems that the main discrepancy lies in the total factor productivity (TFP) of each country.
Another crucial question is what factors contribute to the differences in TFP. The related literature generally falls into two categories. The first suggests the problem is the lack of advanced technology usage. According to these theories, various factors, including detrimental government businesses in developing countries fail to utilize the recent technologies, which lead to lower TFP.
The second, more recent line of thought emphasizes the heterogeneity and disparity of firms within each country rather than considering a representative firm for each nation. The "misallocation" literature builds on the idea that differences in TFP among countries not only depend on individual firms productivity but also on how production inputs are distributed among these firms.
This research seeks to answer what factors contribute to the misallocation of physical capital in the Iranian economy. Such an unnderstanding is crucial to address misallocation and move towards optimal allocation, thereby enhancing productivity and welfare. However, it is first necessary to identify what factors cause misallocation as each one demands a distinct solution. Some of these factors are inherently optimal, such as misallocation caused by the firms technology heterogeneity or the presence of physical capital adjustment costs, which do not require any corrective action. In contrast, others result from disruptive government policies and a hostile economic environment that stifle the economy.
Methodology
In order to address this research question, we utilize a general equilibrium model based on the work of David and Venkateswaran (2019), featuring heterogeneous firms. We estimate the parameters using panel data from industrial workshops from 2003 to 2013 (the most recent data available) and employ the Generalized Method of Moments (GMM). The estimation of structural parameters allows us to disentangle the influences of five misallocation-causing factors. These are: 1. Investment adjustment costs, 2. Information frictions, 3. Distortions, 4. Heterogeneity in firms mark-ups, and 5. Heterogeneity in firms technology. It should be noted that in this model, information frictions refer only to firm's uncertainty about its own future productivity, not macro-level uncertainty.
One notable feature of this research is its consideration of several misallocation factors within a single model. As will be discussed further, concentrating on one misallocation factor without considering others could significantly bias estimates of that factor role. By incorporating multiple factors into a unified framework, we can obtain unbiased estimates of each factor. Choosing appropriate moments to match the data and the model is a major challenge in this process. David and Venkateswaran (2019) demonstrate that by selecting five specific moments, the model parameters can be estimated uniquely and without bias.
Another strength of this study lies in its use of statistical data from the annual survey of industrial plants. Given the significant differences between smaller businesses and large corporations, along with the former considerable role in employment in Iran, studies based solely on large corporations cannot paint an accurate picture of the Iranian economy.
Results and Conclusion
Our findings indicate that capital adjustment costs, heterogeneity in the production function, and heterogeneity in firms mark-ups are the three primary causes of misallocation in the Iranian economy, accounting for over 80% of the variance in average capital production. Furthermore, the results demonstrate that misallocation has grown during the study period, with a particularly notable increase after 2007 due to the growing impact of disturbances.
The question of why different countries vary in terms of per capita welfare, has always been a fundamental issue in economics. It is generally agreed within the economic literature that the disparity in per capita income among nations cannot be primarily attributed to differences in the production inputs. Instead, it seems that the main discrepancy lies in the total factor productivity (TFP) of each country.
Another crucial question is what factors contribute to the differences in TFP. The related literature generally falls into two categories. The first suggests the problem is the lack of advanced technology usage. According to these theories, various factors, including detrimental government businesses in developing countries fail to utilize the recent technologies, which lead to lower TFP.
The second, more recent line of thought emphasizes the heterogeneity and disparity of firms within each country rather than considering a representative firm for each nation. The "misallocation" literature builds on the idea that differences in TFP among countries not only depend on individual firms productivity but also on how production inputs are distributed among these firms.
This research seeks to answer what factors contribute to the misallocation of physical capital in the Iranian economy. Such an unnderstanding is crucial to address misallocation and move towards optimal allocation, thereby enhancing productivity and welfare. However, it is first necessary to identify what factors cause misallocation as each one demands a distinct solution. Some of these factors are inherently optimal, such as misallocation caused by the firms technology heterogeneity or the presence of physical capital adjustment costs, which do not require any corrective action. In contrast, others result from disruptive government policies and a hostile economic environment that stifle the economy.
Methodology
In order to address this research question, we utilize a general equilibrium model based on the work of David and Venkateswaran (2019), featuring heterogeneous firms. We estimate the parameters using panel data from industrial workshops from 2003 to 2013 (the most recent data available) and employ the Generalized Method of Moments (GMM). The estimation of structural parameters allows us to disentangle the influences of five misallocation-causing factors. These are: 1. Investment adjustment costs, 2. Information frictions, 3. Distortions, 4. Heterogeneity in firms mark-ups, and 5. Heterogeneity in firms technology. It should be noted that in this model, information frictions refer only to firm's uncertainty about its own future productivity, not macro-level uncertainty.
One notable feature of this research is its consideration of several misallocation factors within a single model. As will be discussed further, concentrating on one misallocation factor without considering others could significantly bias estimates of that factor role. By incorporating multiple factors into a unified framework, we can obtain unbiased estimates of each factor. Choosing appropriate moments to match the data and the model is a major challenge in this process. David and Venkateswaran (2019) demonstrate that by selecting five specific moments, the model parameters can be estimated uniquely and without bias.
Another strength of this study lies in its use of statistical data from the annual survey of industrial plants. Given the significant differences between smaller businesses and large corporations, along with the former considerable role in employment in Iran, studies based solely on large corporations cannot paint an accurate picture of the Iranian economy.
Results and Conclusion
Our findings indicate that capital adjustment costs, heterogeneity in the production function, and heterogeneity in firms mark-ups are the three primary causes of misallocation in the Iranian economy, accounting for over 80% of the variance in average capital production. Furthermore, the results demonstrate that misallocation has grown during the study period, with a particularly notable increase after 2007 due to the growing impact of disturbances.
Dr Amineh Mahmoudzadeh, Mr Kamyab Rajabizadeh, Dr Majid Einian,
Volume 24, Issue 4 (Winter 2024)
Volume 24, Issue 4 (Winter 2024)
Abstract
Aim and introduction
The conventional notion of the permanent income hypothesis is that individuals aim to smooth their consumption over time, demonstrating resistance to fluctuations in income. This foundational concept assumes that individuals utilize savings or credit when faced with expected income changes or temporary income shocks, preserving their ultimate well-being. However, empirical evidence challenges this hypothesis, revealing that consumers often exhibit responsiveness to income changes, both expected and temporary. This phenomenon is called "excess sensitivity of consumption". Various factors underpin this apparent excess sensitivity of consumption, encompassing demographic dynamics, labor market decisions, reliance on aggregated data, superior information within households, income measurement inaccuracies, and liquidity constraints.
Methodology
This study employs the Panel-IV method to estimate the coefficient of excess sensitivity of consumption. It utilizes two financial development indicators, namely access to financial services and financial depth, to evaluate their impact on this coefficient. The significance of this investigation lies in the Iranian economic history, which witnessed financial development in the late 1990s, followed by a financial downturn. The data are derived from household income and expenditure surveys conducted by the Iranian Statistical Center. The analysis encompasses the years 2004 to 2020. These surveys incorporate data on various aspects of household’s financial information, including the amount and number of loans received and essential details about their employment status.
Due to the cross-sectional nature of the data, it is imperative to use a pseudo-panel approach, providing several advantages. First, it eliminates the individual-specific measurement errors. Second, it mitigates the issues arising from the short time series data, which can lead to estimation errors. Previous research has estimated the coefficient of excess sensitivity of consumption. However, this study contributes by examining the effects of financial development on consumption smoothing in the Iranian economy. Notably, previous research in Iran focused solely on estimating the coefficient of excess sensitivity of consumption without investigating the influence of financial development.
Findings
The findings indicate the excess sensitivity of consumption coefficient is 0.266 for the Iranian households. In practical terms, a 10% expected increase in income results in a 2.66% increase in consumption. This finding indicates liquidity constraints faced by the Iranian households. Such constraints may manifest as limitations on borrowing amounts or high interest rates, leading individuals to opt for non-borrowing. The examination of financial development reveals a negative and significant relationship between improved financial access and depth and the coefficient of excess sensitivity of consumption. Specifically, a 10% improvement in the average loan amount and loan-to-income ratio (financial depth indicators) results in 12.5% and 13% reductions, respectively, in the coefficient of excess sensitivity of consumption. Additionally, a 10% enhancement in the average number of loans received by households (financial access indicator) leads to an impressive 20.5% reduction in the coefficient of excess sensitivity of consumption.
Discussion and Conclusion
This study challenges the traditional concept of permanent income hypothesis while emphasizing the importance of understanding excess sensitivity of consumption in economic research. Furthermore, it underscores the role of financial development, characterized by improved access to credit and financial services, in diminishing households' vulnerability to income fluctuations. These results hold substantial implications for policymakers and researchers alike, offering insights into addressing income volatility and its effects on household consumption in Iran and similar economies
The conventional notion of the permanent income hypothesis is that individuals aim to smooth their consumption over time, demonstrating resistance to fluctuations in income. This foundational concept assumes that individuals utilize savings or credit when faced with expected income changes or temporary income shocks, preserving their ultimate well-being. However, empirical evidence challenges this hypothesis, revealing that consumers often exhibit responsiveness to income changes, both expected and temporary. This phenomenon is called "excess sensitivity of consumption". Various factors underpin this apparent excess sensitivity of consumption, encompassing demographic dynamics, labor market decisions, reliance on aggregated data, superior information within households, income measurement inaccuracies, and liquidity constraints.
Methodology
This study employs the Panel-IV method to estimate the coefficient of excess sensitivity of consumption. It utilizes two financial development indicators, namely access to financial services and financial depth, to evaluate their impact on this coefficient. The significance of this investigation lies in the Iranian economic history, which witnessed financial development in the late 1990s, followed by a financial downturn. The data are derived from household income and expenditure surveys conducted by the Iranian Statistical Center. The analysis encompasses the years 2004 to 2020. These surveys incorporate data on various aspects of household’s financial information, including the amount and number of loans received and essential details about their employment status.
Due to the cross-sectional nature of the data, it is imperative to use a pseudo-panel approach, providing several advantages. First, it eliminates the individual-specific measurement errors. Second, it mitigates the issues arising from the short time series data, which can lead to estimation errors. Previous research has estimated the coefficient of excess sensitivity of consumption. However, this study contributes by examining the effects of financial development on consumption smoothing in the Iranian economy. Notably, previous research in Iran focused solely on estimating the coefficient of excess sensitivity of consumption without investigating the influence of financial development.
Findings
The findings indicate the excess sensitivity of consumption coefficient is 0.266 for the Iranian households. In practical terms, a 10% expected increase in income results in a 2.66% increase in consumption. This finding indicates liquidity constraints faced by the Iranian households. Such constraints may manifest as limitations on borrowing amounts or high interest rates, leading individuals to opt for non-borrowing. The examination of financial development reveals a negative and significant relationship between improved financial access and depth and the coefficient of excess sensitivity of consumption. Specifically, a 10% improvement in the average loan amount and loan-to-income ratio (financial depth indicators) results in 12.5% and 13% reductions, respectively, in the coefficient of excess sensitivity of consumption. Additionally, a 10% enhancement in the average number of loans received by households (financial access indicator) leads to an impressive 20.5% reduction in the coefficient of excess sensitivity of consumption.
Discussion and Conclusion
This study challenges the traditional concept of permanent income hypothesis while emphasizing the importance of understanding excess sensitivity of consumption in economic research. Furthermore, it underscores the role of financial development, characterized by improved access to credit and financial services, in diminishing households' vulnerability to income fluctuations. These results hold substantial implications for policymakers and researchers alike, offering insights into addressing income volatility and its effects on household consumption in Iran and similar economies
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