اقدس قمشه

  International economic sanctions, as one of the foreign policy tools of major powers, have been extensively used against energy-exporting countries in recent decades, leaving profound impacts on the economic structure of these countries; this is while severe and successive fluctuations in revenues from energy exports, as an endogenous and structural shock, have posed additional challenges to macroeconomic stability and the investment climate in these countries. In this regard, the present research, aiming at a comparative analysis of the effects of international sanctions on the economic resilience of Iran and Russia as two major energy-exporting economies under extensive sanctions, has analyzed the role of energy revenues and government effectiveness in shaping the resilience capacity of these two countries. This study employs annual data from the period 2005 to 2022 and utilizes the Time-Series Generalized Method of Moments (GMM) as its analytical tool. The empirical findings reveal striking structural differences between the two economies. Regarding sanctions, a negative and significant coefficient is observed in both countries, but its intensity in Iran (-0.79) is approximately four times stronger than in Russia (-0.21), indicating the higher vulnerability of Iran's economic structure. For the energy revenue variable, the results are even more contradictory: this variable has a weakening effect on resilience in Iran (coefficient -0.01), confirming the "resource curse" phenomenon; while in Russia, a strengthening relationship (positive coefficient 0.00003) is established, indicating more efficient management of oil revenues. The most significant contrast occurs in the role of government effectiveness: this institutional indicator is the strongest factor increasing resilience in Russia (coefficient +1.74); however, in Iran, it shows an inverse and weakening relationship (coefficient -0.46), reflecting the characteristics of a rentier political economy and the inefficiency of government interventions. Finally, the interaction effect of sanctions and energy revenue is positive and significant in both countries, which testifies to the role of energy revenues as a mitigating shield in reducing the destructive effects of sanctio   although the size of this mitigating effect is also estimated to be stronger in Iran. In summary, this research concludes that the difference in the economic resilience of Iran and Russia in the face of external shocks is not only due to the scale of the shocks but is primarily the product of differences in the quality of governance institutions and the structural capacity of the economy to transform resource revenues into productive and resilient investment.

   Liquidity management is one of the most critical components of financial decision-making in companies, which is influenced by various factors. In this regard, understanding the effect of economic policy uncertainty and the level of protection of investors' rights on the behavior of holding excess liquidity is of great importance. The main objective of this study is to investigate the effect of economic policy uncertainty on the holding of excess liquidity by companies and the moderating role of investor protection in this regard. The research period was from 1393 to 1402, and the statistical population included companies listed on the Tehran Stock Exchange, of which 170 companies were selected as the research sample by conducting a systematic exclusion sampling method. In order to test the research hypotheses, the generalized least squares regression method with a panel data approach was used. The results of the hypothesis test showed that there is a positive and significant relationship between economic policy uncertainty and holding excess liquidity; This means that in conditions of uncertainty and instability in economic policies, companies are more inclined to maintain excess cash resources in order to deal with possible risks. Also, investor support has a negative and significant effect on maintaining excess liquidity; so that the stronger the legal and institutional support for investors, the more confident companies use cash resources in economic activities and the less need to maintain excess liquidity is felt. The results indicate that investor support strengthens the positive and significant effect of economic policy uncertainty on maintaining excess liquidity; in other words, even in environments with strong institutional support, increasing economic uncertainty still increases the maintenance of excess liquidity, and this effect is intensified in the presence of stronger institutional support. These results indicate the simultaneous importance of environmental and institutional factors in companies' financial decisions, especially in the area of ??liquidity management.

   In economic literature, financial development is considered one of the prerequisites for the economic growth and development of countries. Financial development significantly impacts economic reconstruction and contributes to long-term economic growth and the performance of relevant institutions. The development of financial markets is considered one of the necessities for the economic prosperity of a country. If financial markets are efficient, all elements of financial markets, including money and capital markets, will also have an efficiency and effectiveness index. Economic growth is known as the main engine of financial development. Increasing GDP and per capita income increase the demand for financial services. As the economy grows, companies and individuals have a greater need for financing; therefore, financial markets develop. Foreign direct investment also plays a key role in financial development as a transfer of capital, technology, managerial knowledge, and experience from developed countries to developing countries. In the most important stage, the effect of the explanatory variables on the dependent variable was analyzed using the generalized moments method, and the results are as follows: All coefficients have an appropriate level of significance, and the sign of the obtained coefficients is consistent with the expected sign of economic theories, and the detection coefficient is at an appropriate level. Keywords: Foreign Direct Investment, Economic Growth, Gross Domestic Product (GNP), Financial Development, Generalized Method of Moments (GMM).

Today, limited energy resources and increasing world population have faced countries with an energy consumption crisis. Considering the contemporary and rapidly changing society, renewable energies are emerging as a key element in advancing environmental resilience and energy independence. The limited resources of non-renewable (fossil) energies and the increase in environmental pollution caused by excessive consumption of fossil fuels are considered problems in energy consumption. These factors increase the importance of renewable energy consumption. The issue of environmental pollution and economic issues has led to the emergence of an approach called green economy. This goal will not be achieved unless the causes and obstacles to achieving it are analyzed. Although there are numerous studies on the effects of renewable energies, few studies have been conducted on the impact of renewable energy consumption on green growth and life expectancy. With the aim of filling this research gap, the effect of renewable energy consumption on green growth and life expectancy in RECAI countries will be examined using a wavelet-based quantile-on-quantile regression model.

The Iranian economy's heavy dependence on oil revenues has challenged financial sustainability, and the tax structure is a key tool to address this problem. This study examines the impact of components of the tax structure on Iran's financial sustainability during the period 1380-1402.    Time series data were collected from official sources and estimated using the autoregressive distributed lag (ARDL) method in two dynamic models. The first model confirms that wealth and import taxes reduce the budget deficit in the short and long run, but the norm and unemployment exacerbate the deficit in the long run. The second model shows an inverse relationship between tax rates and unemployment and the budget deficit in the long run, while economic growth and per capita income reduce it. These results are consistent with the theories of the Laffer curve, optimal taxation, and endogenous growth, and the error correction test confirmed the rapid adjustment of imbalances (50 to 209 percent in each period). This study emphasizes reforming the tax system by broadening the tax base and strengthening wealth and import taxes to reduce dependence on oil and ensure fiscal sustainability  

The physical effects of climate change, especially drought, are a particular threat to the survival of organizations that operate in industries that are exposed to natural conditions. Creditors consider the risks associated with drought changes to be an important oversight for companies with significant financial liabilities and longer payback periods. Many industries are vulnerable to the effects of drought; Therefore, understanding the impact of drought changes on the financial pyramid and dynamic capital structure is important. Therefore, the purpose of this research is to investigate the impact of drought risk on the dynamic capital structure of companies listed on the Tehran Stock Exchange during a period of 10 years from 1392 to 1401. 163 companies admitted to the Tehran Stock Exchange will be selected. The results of the analysis and research hypotheses show that if risk drought reduces the speed of adjustment of capital structure, then with the increasing severity of risk drought, the capital structure of companies will be reduced. On the other hand, the risk of drought causes a decrease in the reliability of companies from external sources, and as a result, a decrease in the companies financial leverage.