Journal of economics and regional development

Abstract The present study provides new insights into a better understanding of macroeconomic financial and institutional factors influencing Corporate Social Responsibility (CSR) in MENA region countries. To achieve this goal, annual data from 2000 to 2023 and quantile panel regression were utilized. The model estimation results indicated that financial development plays a positive and significant role in Corporate Social Responsibility (CSR). Furthermore, the findings revealed that increased government efficiency and political stability, as institutional factors in MENA region countries, significantly enhance corporate social responsibility. In this study, per capita income and globalization variables were considered as control variables. This study offers an integrated perspective for identifying factors that can influence socially responsible behavior in MENA region countries. By providing empirical insights into the financial and institutional drivers of CSR in MENA countries, this study contributes to the literature and offers implications for policymakers, regulators, and corporate decision-makers aiming to enhance socially responsible business practices.

Abstract One of the most important components of the economy of any country, including Iran, is the industry sector, which is made up of various sub-sectors. The oil sanctions imposed against Iran have directly and indirectly targeted the industrial sector due to the important role it plays in economic growth and development. In this research, in order to investigate the impact of oil sanctions and JCPOA on the position of the industry sector and industrial sub-sectors in Iran's economy, respectively, by applying the theory of complex networks, three 9-sector networks including the industry sector, related to before Applying oil sanctions (1380), after the application of oil sanctions (1390) and after the signing of JCPOA (1395), three networks of 49 sectors were formed, including industrial sub-sectors, related to It is considered before the application of oil sanctions, after the application of oil sanctions and after the signing of the JCPOA. In this research, using centrality criteria, an approach is presented to determine the effect of sanctions and JCPOA on the relationship between the industry sector and its sub-sectors with other sectors in Iran's economy. According to the obtained results, sanctions and JCPOA have not had a significant effect on the position of the industry sector. In addition, the findings show that the impact of sanctions and JCPOA on industrial sub-sectors is not the same. The most important and fundamental industrial sector of Iran is examined every three years, the food and beverage production sector, whose importance in the economic network has decreased after the imposition of sanctions and increased after the signing of the JCPOA.

Abstract This study examines the impact of artificial intelligence on energy consumption and carbon dioxide emissions in the United States over the period 1976 to 2020. Given the potential for nonlinear relationships and varying effects of artificial intelligence under different economic conditions, a Smooth Transition Regression model with a logistic transition function (LSTR) was employed. In this model, the degree of economic openness is considered as a threshold variable to investigate whether the effect of artificial intelligence on environmental variables differs across various levels of economic openness. The estimation results indicate that the relationship between artificial intelligence and both energy consumption and carbon dioxide is threshold-dependent and contingent on economic openness. At the threshold level of openness (approximately 23%), a significant change in the intensity of the effect is observed. In particular, when the degree of economic openness exceeds this level, artificial intelligence has a decreasing effect on carbon dioxide emissions, while its effect on energy consumption initially increases and then tends to stabilize. These findings suggest that integration into the global economy and trade openness can act as mediators in the impact of new technologies. Additionally, control variables such as per capita income and urbanization have significant positive effects on increasing energy consumption and pollution. Based on these results, it is recommended that policymakers, in promoting artificial intelligence development, take economic openness into account and simultaneously focus on advancing clean technologies, technology transfer, and smart environmental policies.

Abstract This study aims to comparatively analyze the role of entrepreneurship in achieving sustainable development in developed and developing countries. Using a dynamic panel data model with the System Generalized Method of Moments (System GMM) estimator, we examine the impact of Total Early-stage Entrepreneurial Activity (TEA) on the three pillars of sustainable development: economic growth (GDPg), human development (HDI), and environmental sustainability (per capita CO2 emissions) over the period 2001–2023. The empirical results reveal significant differences in the effects of entrepreneurship across the two country groups. Findings indicate that entrepreneurship has a stronger and more significant positive effect on economic growth and human development in developing countries. Conversely, the impact of entrepreneurship on CO2 emissions is positive and significant in developing countries, suggesting a short-term trade-off, while this effect is neutral or insignificant in developed countries. These findings support the theoretical distinction between necessity-driven entrepreneurship (prevalent in developing economies) and opportunity-driven entrepreneurship (dominant in developed economies). Consequently, entrepreneurship development policies must be tailored to a country’s specific stage of development, institutional characteristics, and sustainability priorities.

Abstract Over recent decades, the international financial system has been largely built upon infrastructures such as the SWIFT network and the dollar‑based settlement mechanism, a structure that has effectively enabled the use of financial pressure and sanctions against countries such as Iran. Iran’s restricted access to these infrastructures in recent years has led to significant disruptions in the country’s foreign transactions and banking interactions. In this context, the emergence of alliances such as BRICS and the Shanghai Cooperation Organization, along with the development of alternative systems like Russia’s financial messaging system and China’s Cross‑Border Interbank Payment System, has made the diversification of financial cooperation channels a key pillar of Iran’s economic diplomacy. The present study aims to design a model for expanding Iran’s banking cooperation with these alliances within the framework of financial diplomacy. The research adopts a qualitative approach based on grounded theory, with data collected through interviews with 41 experts in banking and economic diplomacy, as well as through analysis of international documents. The analytical process involved three stages—open, axial, and selective coding—through which the core category of “reducing the vulnerability of Iran’s banking system through diversification of financial cooperation infrastructures with Eastern economies” was identified. The findings indicate that obstacles such as technological limitations, secondary sanctions, concerns among Eastern banks regarding sanction risks, and institutional misalignment hinder effective cooperation; nevertheless, the gradual use of local currencies, collaboration with lower‑risk regional banks, and step‑by‑step integration into Asian payment networks could progressively strengthen Iran’s financial diplomacy capacity.

Abstract Economic growth contributes to improving the quality of life and welfare of individuals in society, while social capital leads to personal development. Therefore, social capital is a key prerequisite for economic growth. Accordingly, recent studies have focused on examining the effects of social capital on economic growth. The purpose of this study is to investigate the role of various sub-indices of social capital on economic growth in a selected group of Islamic Cooperation Organization (OIC) member countries using panel data over the period 2000–2022. For this purpose, in this study, the Civil Society Participation Index (CSPI), Social Trust Index (ST), Social Networks Index (SN), and Corruption Perception Index (CP) were considered as indices of social capital. In addition, the Education Index (ED), Participation Rate of Female (PRF), and Inflation Rate (CPI) were included as control variables. The results of estimating the panel model with fixed effects showed that the variables CSPI, ST, SN, CP, and ED have a positive and significant role in determining the level of economic growth in the studied countries. In other words, a one percent increase in each of the above-mentioned significant indices leads to an increase in economic growth. Hence, social capital sub-indices and the education index, as key components, play a major role in determining the level of economic growth in these countries, such that structural changes in areas such as social trust, civic participation, and education can lead to more sustainable and equitable economic growth. Therefore, it is necessary for policymakers to design their programs based on attention to these key variables.

Abstract In today's competitive world, companies face numerous challenges to survive and continue their activities. The ability of managers, especially CEOs, plays a key role in overcoming these obstacles. By using appropriate financial strategies, they can prevent the company's operational activities from stopping. This study aimed to analyze the role of managers' ability in preventing the halt of companies' operations, with an emphasis on financial strategies, in companies listed on the Tehran Stock Exchange. The library study method was used to collect theoretical information. Also, data from the financial statements of 145 listed companies were collected in the period 2016-2023 to test the research hypotheses. For data analysis, a multivariate regression model with a panel data approach and random effects method were used. The findings of the study showed that managerial ability is negatively related to the cessation of operations of companies; meaning that managers with higher skills can prevent the cessation of operations. Also, financial strategies have a negative and significant relationship with the cessation of operations. Finally, the results indicate that financial strategy has a positive and significant effect on the relationship between managerial ability and the prevention of the cessation of operations. In particular, aggressive financial strategies strengthen this relationship and help managers to prevent the cessation of company activities more effectively.

Abstract Human development, as one of the most prominent paradigms of the third millennium, plays a pivotal role in the economic and social sustainability of countries, particularly within the Eurasian region. The expansion of financial inclusion not only provides a fundamental basis for sustainable economic growth but also strengthens individuals’ economic empowerment and, at a higher level, improves human development indicators. Nevertheless, the magnitude and direction of the impact of financial inclusion on human development critically depend on the quality of institutions and the effectiveness of government governance. In light of these considerations, this study investigates the threshold role of the good governance index on the relationship between financial inclusion and human development in the Eurasian Union countries. To this end, the Panel Threshold Regression (PTR) methodology is employed. In addition, two composite indices are constructed to measure good governance and financial inclusion. The analysis is based on annual data covering the period 2011–2021, extracted from the latest statistics published by the World Bank. The results indicate that inclusion exerts a positive and statistically significant impact on human development in Eurasian countries. In addition, a threshold value for the governance index is confirmed. Although, at higher levels of good governance—that is, when the governance index exceeds the estimated threshold—this positive effect is significantly strengthened. Furthermore, the urbanization growth rate, as expected, exhibits a positive and statistically significant effect on human development.

Abstract This study investigates the effects of income inequality and economic pressure on charitable behavior across Iranian provinces during the period 2010–2023, utilizing provincial panel data. The research employs fixed-effects threshold panel regression models, which allow for the identification of nonlinear relationships and critical threshold points of macroeconomic variables. The dependent variable—charitable behavior—is operationalized through the number of active non-governmental organizations (NGOs) in each province, serving as a proxy for social participation in charitable activities. Income inequality is measured using the provincial Gini coefficient, while economic pressure is represented by a composite indicator comprising the unemployment rate, point-to-point inflation rate, and consumer price index (CPI). The results indicate optimal threshold values of 0.386 for income inequality and 1.12 for economic pressure. The impact of both variables on charitable participation is statistically significant and negative in two distinct regimes, with substantially intensified effects in the second regime—beyond the estimated thresholds. Specifically, the marginal effect of income inequality reaches –0.31 in the high-inequality regime, and economic pressure shows a coefficient of –0.27 in the high-pressure regime. Additionally, control variables including the urban population share, provincial GDP per capita, and literacy rate exhibit positive and significant influences on charitable behavior. These findings underscore that surpassing critical thresholds of inequality and economic distress can severely erode social capital and diminish voluntary civic engagement. The study highlights the fragile and nonlinear structure of macroeconomic determinants in shaping charitable behavior in Iran.

Abstract Climate change, driven by anthropogenic pressures on natural systems, poses a critical global challenge requiring nuanced adaptation strategies. This study investigates the nonlinear relationship between ecological footprint and climate change adaptation using data from 104 countries for the period 2005–2023, employing a Panel Smooth Transition Regression (PSTR) model with carbon footprint as the transition variable. Results considering carbon footprint as a transition variable, reveal three distinct economic-regime-dependent responses: (i) low-income countries (Regime I) with minimal emissions but severely constrained adaptive capacity; (ii) transitional economies (Regime II) at risk of environmental lock-in as carbon emissions rise; and (iii) high-income nations (Regime III) with high consumption-driven footprints despite advanced technological capacity. Crucially, adaptation responses vary significantly across regimes — undermining the efficacy of uniform policy prescriptions such as generalized promotion of urbanization or agricultural intensification. The findings underscore that equitable climate action must be regime-specific: low-income nations require targeted technology transfer and institutional support, transitional economies must pursue green development pathways to avoid ecological traps, and high-income countries need systemic decarbonization of energy and consumption systems. This study provides empirical grounding for a differentiated, justice-oriented framework for global climate adaptation.

Abstract From the past until today, tourism has been one of the economic drivers of every region and different countries have benefited from this factor of economic development according to their conditions, geographical location and facilities. One of the tourism services that has received special attention in recent years are tourist-entertainment complexes on the way, which have the role of old caravanserais, with the difference that they provide more services and all services are concentrated in one place. Until now, the planning of the establishment of these communities has mostly been the responsibility of transportation engineers, but considering that these departments have more functions than providing services to road travelers, it seems necessary that these complexes should be considered from other perspectives such as urban planning, economy, environment, etc. For this reason, this study deals with the economic evaluation of the entertainment-tourist complex on the way in Eyvanki New Town. In addition to examining the concepts, history and different roles of these complexes, it has been discussed whether it is justifiable or not from an economic point of view, as well as its cost-benefit analysis. The results showed that the main roles of these complexes are: 1- economic, 2- commercial, 3- political and administrative, 4- social, 5- environmental and 6- visual. Also, according to the results of the indicators calculated for the financial evaluation, the project has a suitable financial justification with an internal rate of return of 36%, a net present value of about 2.8 billion Tomans and a return period of about one year after the start of the operation period, Based on this, it has a good financial justification and can justify the investment based on these studies.

Abstract Aim and Introduction: In the current era, where markets, as a pervasive phenomenon, have transcended economic borders and significantly increased international interactions, two key approaches, "economic integration" and "regionalism," have emerged as solutions to address challenges and leverage the opportunities of globalization. Economic integration is a process that, through the removal of trade barriers, harmonization of economic policies, and the creation of common markets, leads to the integration of national economies at the global level. This process, by increasing efficiency, specializing production, and accessing broader markets, brings significant benefits to participating countries. Therefore, developing and developed countries have taken steps to expand economic cooperation and regional integration to deepen and develop their economic and trade relations in order to achieve rapid economic growth. Also, reviewing previous studies shows that there are different ways that trade affects economic growth. One of these methods is to examine the impact of trade on economic growth through the level of production and economic growth of trading partner countries. In this view, the economic growth of trading partner countries is considered an important factor in long-term economic growth. External economic conditions affect economic growth in various ways. The most obvious of these methods is trade relations, in such a way that increasing the growth of trading partners increases their demand for imports and, as a result, increases the exports of the country of origin. Also, countries benefit from the transfer of technology and other productivity benefits of international trade. Foreign investment is another way in which external economic conditions affect economic growth. Since Afghanistan is geographically landlocked and dependent on its neighbors for trade, internal and external challenges, including drug production and prolonged wars, have affected the country's economy. Due to Afghanistan's strategic location, economic and regional cooperation is of particular importance. Also, Afghanistan, economically as a weak country, has always tried to pave its way for economic development by utilizing regional and international capacities. The Economic Cooperation Organization (ECO), as one of the most important supranational trade agreements in the region, was established with the aim of developing and strengthening trade relations between member countries, as a regional bloc, it has provided potential opportunities for the economic growth of member countries, including Afghanistan. Therefore, this research aims to identify and evaluate these spillover effects of economic and financial growth of ECO member countries and provide policy recommendations for maximizing the opportunities created and the rapid economic growth of Afghanistan. The main question is, how does the economic and financial growth of ECO member countries affect the economy of Afghanistan, and how can these effects be optimized? Answering this question can help Afghan policymakers make more informed decisions and more effective planning for sustainable economic development.
Methodology: In the present study, the panel vector autoregression (PVAR) model is used to investigate the effect of the growth of economic and financial variables on the economy of Afghanistan. In this research, the estimated model includes the member country of the Economic Cooperation Organization in the period (2000-2021) annually. Considering the number of observations, two models are estimated. The first model includes the variables of Afghanistan, Turkmenistan, Iran, Tajikistan, and Kyrgyzstan, and the second model includes the variables of Afghanistan, Turkey, Pakistan, Kazakhstan, and Uzbekistan. Since the purpose of this research is to investigate and analyze the growth of economic and financial variables of ECO member countries on the economic and financial variables of Afghanistan, i represents the sections (gross domestic product, exports, and exchange rate), and the endogenous variables of the model are the member countries of the ECO.
Findings: The results of the research show that in the short term, the economic growth and financial developments of some member countries, such as Iran, Turkmenistan, Pakistan, and Tajikistan, have a significant impact on the economy of Afghanistan. This impact is mainly transmitted through the trade channel, especially the import of capital and intermediate goods. The examination of impulse response functions shows that economic shocks from Iran and Turkmenistan have positive and lasting effects on the economy of Afghanistan, while shocks from Tajikistan, Pakistan, and Kyrgyzstan are accompanied by fluctuations and create relative instability. Also, the results of variance decomposition in the long term indicate that the growth of economic and financial variables of Iran, compared to other ECO member countries, has the largest share (13 percent) in explaining the growth of economic and financial variables of Afghanistan. In contrast, the economic and financial variables of Kazakhstan have the least impact in this regard.
Discussion and Conclusion: According to the findings of this research, which shows the importance of the economic and financial spillover of the countries of the Regional Cooperation Organization for Economic Cooperation, especially Iran, in the economic growth of Afghanistan, strengthening and developing trade relations between the two countries is of particular importance. Policies to eliminate or reduce tariffs and non-tariff barriers, especially for intermediate goods and industrial equipment, through the use of simple and transparent customs mechanisms, can make the flow of trade smoother and more efficient and reduce the costs of trade exchanges. Also, investing in improving Afghanistan's land and rail transport infrastructure, developing transit routes, and facilitating border affairs will help reduce transportation time and costs and provide better access to regional markets. Another thing is to facilitate the exchange of market information and financial services: creating digital platforms for accessing market information and developing financial and banking services related to foreign trade, including facilitating payments and international settlements, can reduce trade risks and increase the confidence of economic actors.

Abstract Optimizing the relationship between resources and expenditures in banking is essential for financial stability and economic growth; however, the increase in non-performing loans (NPLs) resulting from economic fluctuations threatens this stability, making the identification of mitigating factors a critical issue. Based on this, the present study was designed to investigate the impact of integrated electronic services and other macroeconomic factors on the amount of NPLs in branches of Sepah Bank in Fars Province. This research is applied in terms of purpose and descriptive-correlational in terms of method. Panel data from selected branches during the period 2015-2024 were collected and analyzed using Eviews-10 software and the Generalized Least Squares (GLS) method. Due to the existence of high multicollinearity among the variables, two separate models were estimated. The findings of the first model showed that integrated electronic services have a negative and significant impact (coefficient: -12061.09, p=0.000) and the growth of facilities has a positive and significant impact (coefficient: 12.68, p=0.005) on NPLs. The findings of the second model indicated a negative and significant relationship between inflation (coefficient: -352.2, p=0.000) and GDP growth (coefficient: -367.6, p=0.001) with NPLs. The innovation of this research lies in its focus on the role of integrated electronic services as an institutional and technological factor in credit risk management, as well as its investigation within the context of a bank merger event (the merger of Mehr Eghtesad Bank into Sepah Bank). By integrating and extending the existing literature, this study emphasizes the necessity of a combined strategy including macroeconomic stabilization and accelerating digital transformation for effective financial stability management and the reduction of non-performing loans.

Abstract Urban waste management in metropolitan cities such as Mashhad, due to population growth, changes in consumption patterns, and the increasing volume of waste, requires data-driven and transformation-oriented approaches based on the circular economy. The main objective of this study is to conduct a data-driven analysis and ranking of the indicators influencing the improvement of circular economy performance in Mashhad’s urban waste management system and to propose a practical model to support urban decision-making. To this end, the causal relationship structure among the indicators was first extracted using Fuzzy Cognitive Mapping (FCM). Then, the weights obtained from this model were combined with real data from the Mashhad Municipality Waste Management Organization covering the period from 2018 to 2024. Subsequently, a hybrid machine learning–based algorithm was developed by integrating three criteria: fuzzy weights of the indicators, correlation coefficients, and scatter scores, which enabled a multidimensional evaluation and accurate ranking of the indicators. The results indicate that the effectiveness of the circular economy in Mashhad’s urban waste management is primarily influenced by economic–institutional factors, the level of development of technical infrastructure, costs and revenues related to waste management, and the strengthening of intermediate production and consumption loops. Moreover, the roles of managerial policies, private sector investment, and the establishment of environmental management systems were highlighted as key drivers for improving the recycling rate. The proposed final model provides a practical framework for identifying strategic priorities and guiding managerial decisions. It can serve as a basis for formulating urban policies, prioritizing investments, and designing performance improvement programs for the Mashhad Municipality Waste Management Organization toward achieving a circular economy.

Abstract Mineral exploration projects, due to their capital-intensive nature, long development cycles, and reliance on incomplete and uncertain data, are inherently associated with high levels of uncertainty and risk. Decision-making in such projects—particularly in the early stages—without the support of systematic performance evaluation frameworks can lead to resource wastage, cost escalation, and project failure. Accordingly, the present study aims to identify and structure the key performance evaluation indicators for mineral exploration projects and to develop a phase-based conceptual framework tailored to conditions of uncertainty.

In this research, an initial set of indicators was extracted through a systematic review of the scientific literature. Subsequently, the Fuzzy Delphi Method was applied in three consecutive rounds with the participation of 30 experts in the fields of mining and exploration to refine the indicators and achieve consensus. The results of the Fuzzy Delphi analysis indicated that, among the initial indicators, 17 were validated by expert consensus as the final key indicators.

These indicators were then positioned within the three main evaluation study phases—Scoping, Pre-Feasibility Study (PFS), and Feasibility Study (FS)—based on the nature of available information, the level of uncertainty, and the type of managerial decisions required at each stage. The findings demonstrate that a phase-oriented focus on performance evaluation indicators can contribute to the gradual reduction of uncertainty, improvement in decision-making quality, and enhancement of the likelihood of success in mineral exploration projects.

The conceptual framework developed in this study serves as a decision-support tool with practical applicability for project managers, investors, and policymakers in the mining sector. It can also provide a foundation for the development of more advanced performance evaluation and risk management models in exploration projects.

Abstract   1- INTRODUCTION Investigation of the importance and the impact of various factors on the economic growth of countries is crucial in short-term and long-term planning in various countries. Traditional theories and models of economic development only consider capital and labor as economic growth factors for nations and regions. Today, economists consider innovation, along with knowledge and technology, to be one of the fundamental variables in the economic development and development of countries. Knowledge and innovation can generate social welfare in diverse regions and countries and contribute to achieving sustainable economic growth. In this regard, it is crucial to note that the path of innovation development varies across regions and countries, and that a distinct innovative geography is created based on these differences. The issue of inter-regional or inter-country spillover effects of various variables, such as innovation spillovers, is a second crucial aspect of economic growth and development planning in different regions or countries. Thus, innovation can impact both the economic development of the innovating country and the economic growth of neighboring countries with trade linkages to that country. Examination the spatial dimension of the problem will be crucial for determining how spillovers occur and their effectiveness in the innovation process as well as economic growth and development, whereas excluding inter-regional (inter-country) effects will bias the results and misleading results. On the other hand, considering the inter-regional (inter-country) effects of innovation and other variables in the model can help in the planning of regional development in different countries.   2- THEORETICAL FRAMEWORK According to new theories, there are four distinct categories of innovation: product innovation, process innovation, organizational innovation, and marketing innovation. There is substantial evidence that various categories of innovation have distinct economic effects in countries. These differences are primarily attributable to variations in the level of pertinent externalities (spillovers) and the capacity of innovators to internalize the public benefits of these activities (fit). Thus, innovative knowledge penetrates the production process in two different ways. The first instance is when a company utilizes new technical knowledge developed during the production process. The second consequence is the spillovers of such knowledge. However, knowledge diffusion in other innovation institutions can only be observed once innovation and technology have reached a certain level. The concept of knowledge spillover is closely associated with the correlation effect, where in the recipient of an innovation assimilates it to facilitate economic advancement. The spillover effect has the potential to yield beneficial outcomes by fostering innovation and facilitating economic progress, but it can also have negative consequences. The adverse impact of knowledge spillover primarily arises from external circumstances, as well as the inherent uncertainties and risks associated with research and development endeavors. Consequently, the inability of spillovers to fully realize the benefits of their research and development endeavors diminishes enterprises' motivation to allocate resources towards innovation. The positive impact of knowledge spillover is directed towards individuals or organizations that possess absorptive potential, enabling them to effectively assimilate and utilize sophisticated information and technology.   3- METHODOLOGY The primary objective of the present study is to examine the direct and spillover effects of innovation on economic growth within the D8 group of countries during 2012 -2021. This investigation will be conducted through the utilization of a spatial econometric model. Spatial econometrics is widely regarded as a major development in the field of estimation, having emerged alongside the introduction of the "New Economic Geography (NEG)" theory. This technique is associated with the research conducted by Krugman (1991), Fujita, Krugman, and Venable (2001), as well as Venables and Puga (1998). The econometric models under consideration has the capability to incorporate both spillover and indirect impacts of variables, in addition to the direct effects that are typically addressed in classic econometrics.   4- RESULTS & DISCUSSION Based on the results of the model, the direct effect of innovation index on economic growth has been positive and significant. Also, the indirect effects of this variable have been positive and significant. Therefore, it can be said that the amount of innovation in the studied countries has both domestic and international spillover effects (through the establishment of trade relations) on the economic growth of the countries.   5- CONCLUSIONS & SUGGESTIONS Based on this, it is suggested that the studied countries pay special attention to the issue of innovation. Provide the necessary incentives to strengthen innovation in these countries, such as paying special attention to patents. Because having a patent is one of the motivating factors for innovation and further to achieve new technologies. This can be the basis for creating new processes in production, inventing new methods in countries. Paying attention to the spillover and indirect effects of innovation can also be very important. Based on this, it can be suggested that countries should pay attention to the fact that they prioritize the trade of goods with more knowledge (accumulation of knowledge and its transfer) in order to benefit more from the spillover effects of innovation. The higher the trade and especially the import of goods with knowledge and innovation, the countries can use the knowledge and innovation stored in these goods to strengthen knowledge and innovation within the country and economic growth will be strengthened.

Abstract  
1- INTRODUCTION
     Today, the issue of providing financial resources is important for municipalities all over the world, including Iran. These sources of income are influenced by macroeconomic conditions. This means that, in the economic recession, they decrease and city managers can not fulfill their duties. The financing methods required by municipalities in all parts of the world are direct sale of services, local taxes, use of government aid and issuance of bonds. But, the importance of these sources of revenue is different for big and even small cities in Iran. That is, the share of these resources from the total revenue of municipalities in a city like Tehran is low, and about 60-70% of the revenue sources of municipalities are related to housing.
This dependence of the income of municipalities on their housing sector has become a serious challenge, because in times of recession in the housing sector, the income of municipalities decreases. Therefore, during the past decades, Tehran Municipality provides a discount for urban development fees during the recession. Now, the basic question of this study is that the urbaning permit fee have an effect on the private sector's investment in housing in Tehran.
 
2- THEORETICAL FRAMEWORK
      The theoretical analysis of investment in the housing sector is based on conventional investment theories in macroeconomics. Two important investment theories are discussed: the theory of the principle of acceleration (which itself is divided into two models of fixed acceleration and flexible acceleration model) related to the classics and the final efficiency theory of investment related to John Maynard Keynes. Acceleration pattern theory is based on the concept that changes in sales or income cause an increase in total investment. But Keynes believed that the amount of investment depends on the final efficiency of capital and interest rate. The relationship between investment and capital efficiency and interest rate is inverse. Both theories are used in this study.
 
3- METHODOLOGY
      In this study, an attempt is made to investigate the impact of urban development complications (permit issuance complications) on private sector investment in Tehran city housing. To do this, the Auto Regressive Distributed Lag (ARDL) was used, and the data obtained from the Central Bank of the Islamic Republic of Iran and the statistics of the Tehran municipality for the years 2010-2018. In this model, the dependent variable is influenced by the lag of the dependent variable itself and other independent variables. It should be noted that in order to investigate the long-term and short-term relationships between the dependent variable and other explanatory variables, collective methods such as the Engel-Granger method and ECM error correction models have been used.
 
4- RESULTS & DISCUSSION
      The long-term model estimation results show that the coefficients of two macro-economic variables, i.e. GDP and liquidity, are positive and significant. The interest rate of bank deposits has a negative effect (according to common theories), but it is insignificant. The price of coins, as a competitor for housing, has a negative and significant effect, which is consistent with the initial expectation as well as previous studies. The total index of Tehran Stock Exchange has a positive and significant relationship with investment in the housing sector. Finally, the building permit fee do not have a significant impact on private sector investment. This shows that the reduction of building permit fee does not affect the motivation of private sector investors in Tehran housing in the long term.
 
5- CONCLUSIONS & SUGGESTIONS
      The long-term pattern shows that building permit fees do not have a significant effect on private sector investment in Tehran housing. This means that the discount in building permit fees may create sources of revenue for Tehran Municipality in the short term, but it has no effect in the long term. Other results of this model have shown that Tehran, macroeconomic variables such as GDP, liquidity and stock market index have a positive and significant effect on private sector investment in Tehran city housing. This means that the growth of national production will cause the growth of all economic sectors, including housing, and this will provide the necessary ground for the development of investment for the private sector. In addition, the increase in liquidity allows more resources to be transferred to the housing sector. Also, considering the large number of large construction companies in the stock market and providing financial resources from this market, the growth of the market has a positive and significant effect on investment in the housing sector of Tehran. The interest rate of bank deposits also has a negative but insignificant effect on investment in the housing sector, which can be caused by the high inflation in Iran's economy. Finally, coin price has a negative relationship with housing investment.
Therefore, according to our results, it is suggested that Tehran Municipality stop applying discounts on urbaning permit fees and seek to identify sources of revenue and new methods of financing or use the items such as renovation fees, waste, business and trade, advertising boards and instruments available in the financial markets.

Abstract  
1- INTRODUCTION
Financial markets and oil exchanges and their expectations play a major role in understanding oil price changes. To analyze and understand how crude oil prices change, it is important to pay attention to these markets. In IRAN, the International Deputy of National Oil Company determines the price of Iranian oil by using different pricing methods and mechanisms. One of the factors they use for pricing is the price of oil in the FOB Persian Gulf region, including the oil price of Dubai and Oman oil exchanges.
The current pricing models of Iran's crude oil prices in the East Asian market have not yet taken into account the role of stock exchanges and capital markets in price calculations. Current method of determination of the price of Iranian crude oil in Asia, it uses the price of index oil in the physical market and the price of index oil in the stock market of that region. This article examines the impact of the financial layers of the Dubai crude oil market on the price of Iranian crude oil and the extent to which the behavior of the price of Iranian crude oil in the Asian market affects the financial markets of Asia such as the Dubai Stock Exchange.
 
2- THEORETICAL FRAMEWORK
The Asian oil market is one of the largest markets in the world and the largest oil customers such as China, India, etc. are located in this region. Also, this market is one of the largest customers even in the condition of Iran's oil embargo, so investigating various financial factors and market structure of competitive and leading crude oil in the Asian market is one of the important issues in maintaining the country's oil market. If the country's oil price formula is developed based on the oil considerations of other competitors, it will have the characteristic of being competitive with other producers in this region. On the other hand, maintaining the market share in the Asian market depends on the price formula that takes into account the most considerations of the capital market (stocks in this region) along with the fluctuations in the price of crude oil indicators in this market.
 
3- METHODOLOGY
In this research, the multivariate GARCH method and daily time series data of 2010-2019 are used to investigate the impact of the financial structure of the Asian oil market on the price of Iranian oil.
 
4- RESULTS & DISCUSSION
The price of Iranian crude oil in the Asian market is dependent on the financial markets of Dubai index crude oil, and as expected, using the Brent market structure in the ICE exchange for the pricing of Iranian crude oil in the Asian market gives a wrong signal because the European crude oil exchange market has a significant effect on the price of crude oil. Iran has no market in the East and this is despite what is usually said in academic societies. On the other hand, due to the regional nature of the oil market, the price of regional crude oil influences the Iranian oil market, and the stock market has a regional effect on the price of crude oil.
 
5- CONCLUSIONS & SUGGESTIONS
In this research, three markets were examined; the Oil market, the Tokyo stock market and the Iranian crude oil market in the East Asia region. First, a shock is created in the stock market. With the effect of policy changes, market expectations are changed and price shocks are created in the stock market. The effect of turbulence in one market is transferred to other markets. Every shock in one market creates a positive impulse in another market. In other words, if the fluctuations in the futures market (Dubai Stock Exchange) increase, the price of Iranian crude oil will also increase in the market and have a positive effect on the fluctuations.
Based on the findings of this research, it can be stated that oil exchanges play an important, influential and positive role in determining the price of Iranian crude oil, and any fluctuation in the market structure of oil exchanges will cause fluctuations in the price of Iranian crude oil. Also, the price of Iranian crude oil in the Asian market is a function of the structure of the oil market (contango or backward).
The Ministry of Petroleum, especially the international affairs of the National Iranian Oil Company, should pay attention to the developments of the oil market regionally, the connection of the capital and futures markets in crude oil pricing, oil sales negotiations, marketing and conclusion of oil sales contracts. Also, it is suggested to modify the traditional pricing models in the Asian market in such a way that in the oil pricing formulas in the Asian market, especially the changes in the future prices of the index crude oil of this region and its stock market and the financial structure of the oil market of Dubai and Oman are also taken into account.  Also, in the pricing formula of Iranian oil in the Asian market, in addition to the role of Saudi Arabia as a competitor, use the variables of the model used in the current article. It is also suggested that the international affairs of the National Oil Company pay attention to futures contract transactions in paper exchanges in this Asian market to cover the risk caused by crude oil price fluctuations. In short-term and long-term budget planning of the government should pay attention to the relationship between capital markets and oil futures with the oil market, especially in this region; have such models and use them in their policies. The central bank of IRAN also has models to explain the behavior of crude oil prices in the market so that it can control the currency fluctuations that are mainly caused by the fluctuations of the financial markets and the oil market. The Budget Management and Planning Organization needs to estimate the price of crude oil in the annual budget to calculate the country's annual income, and also to implement development plans, it is necessary to estimate oil revenues and oil prices. Based on the analysis of financial factors, they can have a more correct analysis of the price of oil.
For further studies, other target markets for the sale of crude oil (including the Mediterranean and North American markets) and other grades of Iranian crude oil in those markets can be examined. It is better to use other econometric methods, for example, IGARCH, ARFIMA and FIGARCH methods for estimation. In the same way, I suggest that in the next studies, the interest rate and the dollar rate, as well as the effects of other stock exchanges, should be considered as a variable, and the effect of other economic indicators should be investigated, and other non-oil stock market items can also be added to the model and be checked

Abstract 1- INTRODUCTION Cities usually have diverse and large attractions including museums, monuments, theaters, sports stadiums, manques, amusement parks, shopping centers, areas with historical architecture and places related to important events or famous people, which attract many tourists. Since Yazd province is one of the most important destinations for domestic and foreign tourists in the country and has a lot of potential in the field of tourism development (especially based on the cultural, heritage and historical capabilities of the city). Despite the many efforts, the prospect of development of tourism in this province is unclear and undefined.   2- THEORETICAL FRAMEWORK The organization of attracting investment in the tourism industry in the form of an organization and the role of this organization in the development of attracting foreign investment in the tourism industry of countries should be considered. Due to the fact that the regions have many historical and cultural attractions, they are often considered important tourist destinations. Also, in the age of globalization, regional competitiveness has been emphasized as one of the new approaches to regional development. The concept of competitiveness is used by Michael Porter in a wide range from enterprise and industry competitiveness to national and global competitiveness. Today, the importance of this issue has reached the point where the leaders of the countries at the World Economic Forum in Davos evaluate and systematically monitor the competitiveness of their nation and country.   3- METHODOLOGY  The purpose of this research is to discover the relationship between investment and capital attraction in the regional tourism industry and planning to coordinate these relationships to make the region more competitive. The current research is an applied type and it plans for Yazd province by examination the theoretical foundations and extracting common indicators of capital attraction in order to promote regional tourism and regional competitiveness. So, firstly, the indicators of capital attraction were identified in order to promote regional tourism, which is related to regional competitiveness, and in order to check these indicators in Yazd province, the indicators of each component in the projects of Faradast in Yazd province were checked through MAXQDA software, and the level of attention of each plan to each component was determined. Finally, in order to analyze the interrelationships of regional competitiveness components, 5 components were used as input data to MicMAC software. The results show that among the 5 components examined in this research, 2 components have been selected as key factors effective in attracting capital in tourism in order to make a region in Yazd province more competitive.t.   4- RESULTS & DISCUSSION  Among these 2 components, the political and economic management components, which have high influence and the least influence, have been selected as the most effective and key components. Considering that the development plans of Yazd province have paid attention to the economic components to a relatively appropriate extent, but not much attention has been paid to the administrative-political components. Therefore, in order to increase the competitiveness of Yazd province by attracting investment in the tourism industry, it is necessary to improve the indicators of political management components and also pay more attention to economic indicators in Yazd province. Also, by prioritizing the indicators of the economic and political-management components, it was determined that the indicators 1- profit and economic efficiency and currency conversion, 2- correct advertising, 3- coordination of organizations related to tourism affairs, 4- price competitiveness of the travel and tourism industry, and 5_ innovation and creativity, respectively. It has been a priority, and by focusing on these indicators and their improvements, Yazd province will find the ability to compete with other regions from the point of view of attracting investment in tourism.   5- CONCLUSIONS & SUGGESTIONS  The results of our research show that in order to achieve the competitiveness of the region through attracting capital in the tourism industry, we must improve the indicators of the social, economic, physical, environmental, information technology, tourism, transportation and political-management components. However, the most key and main components are the economic and management-political components, which economic component indicators include: the variety and quality of food and beverages, proper advertising, the use of local products, etc. For example, if the variety and quality of food and beverages in an area are promoted can be found and can have a relative advantage in this field and compete with other regions, while the tourism of the region will also be promoted and generate income in this sector. It is also effective for other economic component indicators.

Abstract Well being as a multidimensional concept has been noticed by many economists and politicians in recent years. In most studies, only the combination of non-economic indicators have been used in order to measure well being while constructing the indicator that includes all geographic, economic and human aspects can help us to study the countries development procedure. The aim of this study is constructing a well being indicator for all developing countries with regarding aforementioned aspects. In this study we attempt to construct a composite indicator based on 8 sub indexes by using factor-analysis and objective method. This indicator has been calculated annually for 89 developing countries for the period 2000-2008. Based on the results, African countries have the lowest well being score among selected developing countries. Also the results show an improvement of well being indicator in Turkey, China and Brazil in recent years. In addition, this indicator had been increasingly for Iran during aforesaid period but between the four-year periods 2005-2008, the rate of this growth process has been decreased.

Abstract The GCI combines 113 indicators. These indicators are grouped into 12 pillars: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, good market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication and innovation. These are in turn organized into three sub-indexes, in line with three main stages of development; basic requirements, efficiency enhancers and innovation and sophistication factors. In this paper, the effect of global competitiveness index (GCI) on economic growth has been studied. To this end, panel data of 42 countries collected in the period 2010 to 2014, and the model is estimated. The model estimation results show that the GCI score has positive and significant effects on GDP per capita growth among selected developed and developing countries. Methodology Competitiveness is defined as the set of institutions, policies, and factors that determine the level of productivity of a country. Many determinants drive productivity and competitiveness. Understanding the factors behind this process has occupied the minds of economists for hundreds of years, engendering theories ranging from Adam Smith’s focus on specialization and the division of labor to neoclassical economists’ emphasis on investment in physical capital and infrastructure and, more recently, to interest in other mechanisms such as education and training, technological progress, macroeconomic stability, good governance, firm sophistication, and market efficiency among others. While all of these factors are likely to be important for competitiveness and growth. In economic theory of stages of development, the GCI assumes that, in the first stage, the economy is factor-driven and countries compete based on their factor endowments— primarily unskilled labor and natural resources. Companies compete on the basis of price and sell basic products or commodities, with their low productivity reflected in low wages. Maintaining competitiveness at this stage of development hinges primarily on well-functioning public and private institutions (pillar 1), a well-developed infrastructure (pillar 2), a stable macroeconomic environment (pillar 3), and a healthy workforce that has received at least a basic education (pillar 4). As a country becomes more competitive, productivity will increase and wages will rise with advancing development. Countries will then move into the efficiency-driven stage of development, when they must begin to develop more efficient production processes and increase product quality because wages have risen and they cannot increase prices. At this point, competitiveness is increasingly driven by higher education and training (pillar 5), efficient goods markets (pillar 6), well-functioning labor markets (pillar 7), developed financial markets (pillar 8), the ability to harness the benefits of existing technologies (pillar 9), and a large domestic or foreign market (pillar 10). Finally, as countries move into the innovation-driven stage, wages will have risen by so much that they are able to sustain those higher wages and the associated standard of living only if their businesses are able to compete with new and unique products. At this stage, companies must compete by producing new and different goods using the most sophisticated production processes (pillar 11) and by innovating new ones (pillar12). The Global Competitiveness Index (GCI) has been used by the World Economic Forum to assess the level of productivity of an economy. Hall and Jones (1996) have shown that around 89 percent of the variation in GDP per capita is due to variation in the level of productivity. As a result, GDP per capita can be used as a proxy for the level of productivity of a country. The regress of the log level of GDP per capita on the GCI score reveals that about two-thirds of the variation in GDP per capita can be explained by the GCI. However, estimating a bivariate relation between the growth rate and the GCI would be a mistake. The reason for that lies in what economists call the “conditional convergence effect”, which posits that, all other things being equal, there is a natural tendency for poor economies to grow faster—a phenomenon known as conditional convergence. In other words, if all countries had the same investment and population growth rates and the same levels of productivity, then we should observe poor countries growing faster than rich ones. Conversely, if all countries had the same level of income, then those that were more competitive would experience higher rates of long-term economic growth. In reality, however, countries differ both in their levels of income and their levels of productivity, and therefore it is very hard to predict the relationship between the growth rate and the level of productivity with a bivariate correlation analysis that includes the initial level of income. Formally, in a growth convergence equation, the growth rate of GDP per capita of country is a positive function of the GCI score and a negative function of GDP per capita. Results and Discussion The model estimation results show that the GCI score has positive and significant effects on GDP per capita growth among selected developed countries and a %10 increase in a country’s GCI score would lead to an increase in the economic growth by 17.32588 percentage points. This amount is 15.49522 for selected developing and emerging countries. Results of this paper show that “net growth rate” against the GCI score, revealing a positive and strong correlation, which is consistent with the view that the GCI is a good proxy for the level of productivity or competitiveness of an economy.

Abstract   Expended Abstract: Introduction In the last decades, economic growth is one of the important issues among researchers because economic growth rate is one of the important factors in investigating the performance of different countries' economic policies. So, an investigation of influencing factors on economic growth is necessary. Entrepreneurship can significantly impact economic growth by creating innovation, design, diversity of product production, and increasing the efficiency and competition of firms, and also higher economic growth will also increase the incentive of innovation and knowledge for entrepreneurs. Also, countries that are on the path to economic growth lead to motivating entrepreneurs innovation and knowledge. As a result, economic growth can affect creating entrepreneurship. Therefore, economic growth and entrepreneurship are recognized as two essential components in economic. In recent economic theories, institutional factors are influential in assessing the relationship between economic growth and entrepreneurship. Therefore, this research seeks to investigate the interaction effects between entrepreneurship and economic growth, emphasizing the quality of institutional factors using the simultaneous equation model and panel data for the OECD and OPEC in the 2000-2016 periods. Theoretical Framework Entrepreneurship is a purposeful activity to create, maintain, and develop profitable businesses. These entrepreneurial activities can be considered three sections: 1) Total entrepreneurial activities; 2) Opportunity for entrepreneurial activities; 3) The need for entrepreneurial activities. The combination of these three components creates a new index called global entrepreneurship. From the perspective of the institutionalism approach, the environment shaping the economy affects entrepreneurship dynamics within each country. This environment is known through interdependencies between growth, economic development, and institutions. Entrepreneurs are the main perpetrators of change that react to unplanned stimuli within the institutional framework. Methodology The present study seeks to assess the interactions between entrepreneurship and economic growth and its relation with institutional quality using the simultaneous equation approach in panel data for two groups of OECD and OPEC countries during the period 2000-2016. The two groups of OECD and OPEC countries differ significantly in terms of economic structure. So the results may be different for them. The selection of these two groups of countries can help obtain actual results of the relationship between entrepreneurship and economic growth and the role of institutional quality on them. Many studies have shown that there are two-way feedback effects between economic growth and entrepreneurship. This feedback on both sides leads to the bias results in the traditional regression. Therefore, in such cases, the system of simultaneous equations is used. In this research, instrumental variables (IV) and generalized method of moments (GMM) methods are used to estimate the equations. The explanatory variables for the economic growth equation are entrepreneurial index, institutional quality index, life expectancy, total government expenditures, fixed capital formation, and labor force growth. The explanatory variables for the entrepreneurship index equation are economic growth, the number of formal stages of starting a business, trust in ability and skill, and institutional quality index. Results and Discussion The results indicate that the variables of economic growth and entrepreneurship have a positive and significant effect on each other, and also the institutional quality variable also has a positive effect on the relationship between the two components. Also, for the OECD countries, the variables of life expectancy, the growth rate of fixed capital formation, and the labor productivity growth have a positive effect, and the total government expenditures hurt economic growth. For the OPEC countries, labor force growth has a positive effect, and total government expenditure has a negative effect on economic growth. Conclusion and Suggestions This research seeks to assess the interaction between entrepreneurship and economic growth with an emphasis on institutional quality. Based on the empirical findings, economic growth and entrepreneurship variables have a positive and significant effect on each other, and the institutional quality variable also has a positive effect on the relationship between the two components. According to the results, encouraging entrepreneurship, the growth of the real private sector in the economy, and the reduction of business start-ups to increase economic growth are recommended.