International Research Journal of Finance and Economics
 Issue 148
 June, 2016
Review on the Effect of Development of Shareholder Culture On Individual Financial Planning Among the Households
Masoud Nasouri and B. Jamshidi Navid

The main objective of writing this study is review the effect of the development of shareholder culture on individual financial planning and as a case study in households at Kermanshah Province. This study is type of descriptive - survey of field branch. Collection method of theoretical issues as library and its data has been sampling from the larger community by questionnaire, the statistical population is all the investors referring to stock hall of Kermanshah and among the mentioned community by using Cochran formula the total of 200 samples was selected.
The results of the study reveals that the culture factor of shareholder has been effective on the people investing policy, the analysis of households’ Exchange and preparing investment portfolio of individuals in Kermanshah regional exchange and among these factors, the analysis of Exchange and investment policy has been known as the two more important factor and having most influence. The results of this study is used for decision-makers of Stock Exchange, especially regional Stock Exchange of Kermanshah , policymakers in capital market and all factors involved in the development of the stock exchange, development and dynamism of stock exchange in Iran.
Keywords: capital, investment, Exchange analysis, stock exchange, shareholder culture
Check of Sensitivity Financing Sources External to the Free Cash Flow Under Financial Constraints the Companies Listed in Tehran Stock Exchange
Saeed Chaghamirza, Babak Jamshidinavid and Farhad Shahveisi

In the last decade, financial constraints when funding is dramatically studied. Given the above, the main purpose of this study was to evaluate the sensitivity of external financing to the free cash flow is under financial constraints. The research from the perspective of objective research, applied research, Methods on how to apply, is that the data related to the calculation and measurement of variables related to the model, Exchange databases, and software obtaining new RAHAVARD and then calculating the variables, using the techniques of descriptive and inferential statistics, the variables were analyzed and tested hypotheses. The study based on the data type, a quantitative. The population consisted of 112 companies of all listed companies in Tehran Stock Exchange in the period 2009-2013.The six research hypotheses, second and third hypothesis that the financing through debt and free cash flow in companies with financial constraints, there is a significant and negative relationship And between the return on common stock and free cash flow in companies with financial constraints and there is a significant negative relationship was rejected and other hypothesis calling for between the financing through the sale of shares and free cash flow in companies with financial constraints, there is a significant and negative relationship. Between the volatility of cash flow and tangible assets in companies with financial constraints there is a significant and positive relationship. The relationship between free cash flow and financing through the sale of common stock between companies with financial constraints and corporations without financial constraints there are significant differences. The relationship between free cash flow and financing through debt, between the companies with financial constraints and companies without financial constraints, there are significant differences were confirmed. The results showed that a strong long-term relationship between the variables there.
Keywords: sensitivity to external sources of financing, free cash flow, financial constraints.
The Estimating of Volume of the Liquidity and Its Impact on the Bank Resource: Case Study SADERAT Bank in City of Kermanshah
Parastoo Salimi and Babak Jamshidinavid

This study aims to estimate the volume of liquidity and its impact on bank reserves, Saderat bank branches in Kermanshah City. This study is a kind of applied research, the administrative logic, inductive type, and the historical financial statements used to collect data from the study plan after the event. So do research in the context of the argument - descriptive and correlational survey and the type of data is small. The population of the research branch of Saderat Bank city of Kermanshah. Sampling for this study is the census, which means that the number branch of Saderat Bank city of Kermanshah in this year has 50 branches, that all the 50 branches were selected as the sample for data collection. To analyze the data, the software SPSS, EVIEWS 8 and Excel is used. The results suggest that the liquidity of the branches of Saderat Bank city of Kermanshah on current accounts, savings accounts and long-term accounts have a significant positive impact, but did not have any significant impact on short-term account.
Keywords: Liquidity, Current account, Savings account, Short-term accounts, Long-term accounts.
Education and Training in Ethics Affect the Ethical Awareness of Practicing Accountants
Maryam Hatami Yadegari, Ramazanali Royaee and Babak Jamshidinavid

The purpose of this study is to determine the effect of formal and mid¬¬-term education and training in ethics on the ethical awareness of practicing accountants. Regarding purpose, this study is the applied one and regarding the data, this is the descriptive one and regarding its conducting, this is the causal survey-descriptive one. The statistic society of this study includes all of accounting students, the professor as well as the accounting professional which are 358. The sample needed for this study which was selected based on test de Cochran is 150. The findings of the first hypothesis showed that training ethics lead to enhance commitment to the moral training courses as priority of moral values over the other values. The finding of second hypothesis indicates that enforcing moral reasoning makes people. Of an organization treat according to the Standards of professional and moral behavior. It can be concluded from the findings of third hypothesis that enhancement of moral intentions in accounting students leads them to be more able in making good treat. Also, it makes the instructors to have more motivation in improving moral reasoning and moral sensitivity of the students.
Keywords: Moral Motivaition, Moral Reasoning, Ethical intention.
The Impact of Health Inequalities on Economic Growth in MENA’s Countries
Hoda Mehdizadeh, Mostafa Emadzadeh and Saeed Daei-Karimzadeh

Prevention of health inequalities needs to address the social determinants of health. Today, the efforts of countries to reduce health inequalities is determined by considering the social determinants. Health inequality distribution in developing countries is a major challenge for health systems which lead to inequality in social status and living conditions of the people.
Because of the health care services market in Iran and in many other developing countries require the intervention of state and government to cover services for all people, so inequality study can provide detailed and reliable information about distribution of health services to health planners and policymakers to use in order to determine the demographic groups that have the lowest use of these services and make an effective intervention.
In this study, the effect of health inequalities on economic growth in selected MENA’s countries (Middle East and North Africa) is investigated in which for the test of hypotheses, the regression model based on the panel data is applied. The statistical data used in this study is related to the period 1998-2012.
Statistical findings of this study show that the impact of health inequalities on economic growth is negative and significant impact. The effect of fertility and the effect of the share of government consumption expenditure in GDP on economic growth are negative and significant impact, and the effect of health expenditure per capita and trade openness on economic growth are positive and significant.
Keywords: health inequality, economic growth, MENA’s countries, health
A Comparison on Income Distribution in Kordestan Province and Entire the Country Iran Separated by Urban and Rural Areas (1988-2008)
Hadi Ghaffari

A comparison was conducted in present work on income distribution status in Kordestan province and entire the country Iran within the years 1988-2008, separating by urban and rural areas (1988-2008). Using the statistics of the families’ cost and income- provided by Statistical Center of Iran- income distribution changes were calculated in rural and urban areas of Kordestan province and entire the country Iran. For this purpose, Gini coefficient, Theil index, and Atkinson coefficient along with an inequality aversion coefficient of 0.5 and ratio of the tenth income decile to the first one were used. The software packages Stata and MS. Excel were used for calculations.
The results of present study are briefly presented as follows:
a. Income distribution status in rural areas of Kordestan province relative to those of Iran is more equal.
b. Income distribution status in urban areas of Kordestan province relative to those of Iran is more equal, while changes rate in urban areas of the province is so high.
c. No precise and definitive statement can be addressed for income distribution status is more equal either in urban areas or rural areas of the province since the changes in rural and urban areas of the province are highly irregular, while they are more equal in rural areas in few years and are more equal in other years. Therefore, income distribution seems to be more equal in urban areas of the province compared to rural areas.
Keywords: Income distribution, Gini coefficient, Theil index, Atkinson coefficient, ratio of the tenth income decile to the first decile (P10/P1), Kordestan Province, Iran
JEL classification: D31,D33
Assessing Impact of Individual Investors Ambiguity Aversion Bias on Investment in Tehran Stock Exchange Market According to Age, Gender, Education & Investment history in ‘TSE’
Reza Gholami Jamkarani, Farrokh Pourbijan and Sasan Pourbijan

Investment is sacrifice any worth that now has commonly known value, hoping to gain more value in the future in which its size or quality are usually unknown. It can be investing in certificates of deposit, bonds, equities or mutual funds investment. A large number of capital market research used the hypothesis of efficient market to explain the behavior of the price. In the early '70s, efficient market theory reach its most application into university studies in which most of financial models investigate the relationship between asset prices and macroeconomic variables and using the theory of rational expectations, trying to link financial and economic sciences in an attractive theory, but there is some empirical evidence such as market anomalies that could not be explained by current models of efficient market hypothesis, underlying the emergence of behavioral finance theory. Behavioral finance includes a large part of the aspects of psychology and social sciences that are opposed with the efficient market hypothesis so much. This paper introduces bias and Ambiguity averse of investor and measures its impact on people investing in Tehran Stock Exchange. The results of this research indicate a direct effect of Ambiguity Aversion Bias on the investors in the Tehran Stock Exchange.
Keywords: Behavioral finance, Investment, Tehran Stock Exchange Behavioral bias, Ambiguity aversion
The Effect of Exogenous Factors on Changes and Improvement in Iran Automotive Industry Brand Image from the View of Society
Ali Mesrian

Context: Brand image is an extensive inferential and thematic process that is formed based on consumer perception and interpretation and continues through realistic or emotional expectations. One of the most important improvements in the organizations regarding the interaction with customers is the improvement of the brand image of organization and its products.
Purpose: The research main purpose is studying the impact of exogenous factors on changes and improvement in Brand image of Iran automotive industry from the view of society.
Method: This study is descriptive survey research. Statistical population of this study is the public and customers of Iran Khodro Company in Tehran. According to Charles Cochran's sample size formula for indefinite communities, 384 people were selected as sample and on this basis, a questionnaire related to the topic was designed and then, by collecting the required data to define and prioritize the effect of exogenous factors on changes and improvement.
Findings: The results show that factors of price, quality, and after-sales service have a positive impact on improving the image of Iran Khodro. Also aspects related to standard factors, the Ministry of Industry and police considerations have a positive impact. The results also show that projection of the media has a negative impact but the release of information and interaction with the media have a positive impact on improving the brand image. The study's respondents also believe that paying attention to the economic trends such as inflation rate, unemployment and sanctions has a positive impact on improving brand image. Finally, the results show that paying attention to political and social trends has a positive impact on changing and improving the brand image.
Conclusion: One of the ways to change and improve the organization is to improve the brand image of the organization. Iran Khodro Company can improve its image among people by increasing its commitment to customers, consumer protection in terms of price and quality of the produced car, paying more attention to safety factors and maintaining the health of passengers in car production, timely and accurate notification of the media to alert the public of the changes and developments of Iran Khodro Company, and pricing goods due to inflation and the needs of different social classes.
Keywords: exogenous factors, brand image, Iran Automotive Industry, society view
Analysis of Households Spending in the Health Sector (Kakwani Model, 2007-2011)
Amir Hallaji

One of the common challenges for all social systems is achieving fairness in financial contribution and the prevention of financial losses. In the health sector achieving this goal due to unpredictable and staggering nature of some of the costs of particular importance and has its own problems. This study aimed to evaluate the justice of financial burden on the health system entitled the analysis of households spending in the health sector based on Kakwani model for the years of 2007-2011.The collection of needed data for this study has been based on available documents in the Statistical Center of Iran.
The results of the study are as follows:
- The amount of fair financial contribution index of selected years in Iran is 0.82.
- Lorenz curve for health care payments in all deciles has Progressive Mode.
- Job and marital status of householder statistically has no significant effect on the likelihood of placing the household in the region of catastrophic costs.
- Rural households and households whose heads are illiterate, households with children under 12 more years, households with over age 60 members, households that do not have insurance and households with aged head, are more faced with the risk of catastrophic costs of health burden.
- Payment of health and treatment in all deciles for urban and rural areas is progressive. (People with higher incomes pay more than those with a lower income).
Keywords: Kakwani Index - Catastrophic health costs - Fair financial contribution index (FFCI)
Evaluate the Influence of Financial Variable, Cash Funds on Performance Index in Tehran Stock Exchange (2006-2011)
Seyyed Farhad Anousheh and Rezvan Torabi

This study with the aim of investigates the effect of financial variable; cash funds on performance and profitability of Tehran Stock Exchange companies for the period from 2006 to 201. Sample includes 79 units of companies of Tehran Stock Exchange. Research Methodology; Research has been estimated by using panel data method by method of GLS and using the F-Limer and Hausman tests with the help of Eviews software.Two ways of status index and eigenvalues have been used to test the linearity by using SPSS software that this software is very accurate in the assessing value of linearity. Results of this research show the effect of financial variable of cash funds in t year is not positive and significant on performance index.