Institute for Management and Planning studies 3115-7092 3115-7106 17 3 2012 11 1 The Factors Determining Liquidity at the Level of Production Enterprises: Demand for Money Approach 3 24 FA Akbar Komijani komijani@ut.ac.ir Y Hamidreza Tabatabaei- Zavareh htaba67@gmail.com N For the first time in the country, this research employs microeconomic fundamentals in a try to estimate and assess the factors that affect the liquidity in production enterprises. For this purpose, the enterprises' demand for money function were estimated with the data related to 161 production enterprises accepted to Tehran Stock Exchange within the 2000-2010 period including the third and fourth five-year development plans of Iran. The empirical results of balanced panel data method indicate the economies of scale in the real demand for money at the level of production enterprises. Meanwhile, more real money balances are kept in the enterprises that have undergone more wage costs. Additionally, estimates illustrate that if the ‘access to banking resources indicator’ is introduced to the demand for money function, less real money balances are kept in the enterprises that have more access to the banking resources. It should be added that estimates of interest rate coefficients indicate that the average weight pertaining to the interest rate of deposit accounts as well as that of the banking facilities are not statistically significant variables for substituting with money opportunity cost in this research therefore, some other variables are needed for developing the model of the study in order to analyze the impact of monetary policy on the liquidity behavior of the production enterprises. Demand for Money, Interest Rate, Monetary Policy, Enterprise Behavior, Panel Data http://eprj.ir/article-1-634-en.html http://eprj.ir/article-1-634-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 17 3 2012 11 1 The Banks’ Transition Procedure from State to Private Ownership considering the Viewpoints in favor or against the State or Private Ownership of Banks 25 51 FA Mahmoud Bagheri mahbagheri@ut.ac.ir Y Siavash Sefidari siavashsefidari@yahoo.com N Banks are essential and necessary links that function as special intermediaries. The type of banks affects their behavior and performance. Banks privatization has been considered as a pivotal tool along the whole continuum of economic development in many countries within the recent 30 years. This signifies that the state banks enjoy less desirability than private ones. Implicitly speaking, the predominance of banks’ private ownership leads to the encouragement of privatization policies. Meanwhile, it seems a must to get familiar with the financial system and banking structure as the right criteria and indicators of optimal privatization as well as with the fact that some critical economic and normative goals are materialized just through state ownership. One of the important subjects related to privatization is to set regulations. Terms of regulations and the rational fundamentals of the regulations should be explained while regulations are set. After privatization process is finalized, the efficiency and stability in the functions of banks as well as receiving the required guarantees from the private sector should be taken into consideration in order to make sure that the more crucial goals of the government are fulfilled and that the role of foreign (mainly private) banks have been envisaged. State and Private Ownership of Banks, Privatization, Banks Structure, Banking Regulations, Efficiency, Banking Stability, Foreign Banks http://eprj.ir/article-1-635-en.html http://eprj.ir/article-1-635-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 17 3 2012 11 1 The Relationship of Dividend Smoothing with Corporate Governance Tools and Stock Liquidity 53 77 FA Naser Izadinia naser@ase.ui.ac.ir Y Amir Rasaiian a.rasaiian@umz.ac.ir N Aliasghar Rezaei- Rajaei a.r.rezaei@gmail.com N This article was aimed to collect and cite evidences about the effect of corporate governance tools on dividend smoothing and, in turn, the latter’s impact on stock liquidity. Therefore, a sample of 115 corporations accepted to Tehran Stock Exchange within a period of eight years, i.e. 2002-2009, were selected and surveyed. Panel data multiple regression analysis were employed to test the hypotheses. Meanwhile, t-statistic and F-statistic were taken to test the significance of the hypotheses. The criteria used for corporate governance mechanism included the percentage of the outside directors as well as the percentage of the institutional stockholders. The results of testing the first hypothesis indicated a positive and significant relationship between the percentage of the institutional stockholders (as a corporate governance mechanism) and dividend smoothing. However, no significant relationship was observed between the percentage of the outside directors and dividend smoothing. The criterion used for the stock liquidity was the bid-ask spread. The results of testing the second hypothesis showed a negative and significant relationship between dividend smoothing and stock liquidity. Dividend Smoothing, Corporate Governance, Institutional Stockholder, Stock Liquidity http://eprj.ir/article-1-636-en.html http://eprj.ir/article-1-636-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 17 3 2012 11 1 The Relationship between Managers’ Standpoints and ‘Sticky Prices’ in Tehran Stock Exchange 79 95 FA Ghassem Bolou N Elaheh Moazez N Davoud Khan-Hosseini khanhossini@gmail.com Y Mohammad NikooNesbati N Studies conducted on the behavior of costs indicate that costs do not change proportionately to the fluctuations of selling. In other words, costs increase in proportion to selling increases, yet they do not decrease proportionate to selling decreases such a disproportionate behavior of costs is known as ‘sticky costs’. There are two prevailing theories on this phenomenon. The first theory holds that sticky costs are as a result of deliberate decisions made by managers while the latter holds that sticky costs might be the result of the fact that costs could not be reduced simultaneously and as speedily as selling decreases. So far, the deliberate decisions of managers have not been tested. Therefore, this study tries to test the former theory, i.e. deliberate decisions through managers’ selling predictions for future. The results of the research, based on the data related to the enterprises admitted to Tehran Stock Exchange for a five year period (2005-2009) shows that when the managers are optimistic about the selling in the future, the sticky prices increase. Selling Predictions, Deliberate Decision, Sticky Costs, Behavior of Costs, Structure of Costs http://eprj.ir/article-1-637-en.html http://eprj.ir/article-1-637-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 17 3 2012 11 1 The Factors Influencing Exports in Iranian Industry with the Emphasis on Market Structure 97 113 FA Gholamreza Abbasi Gabbasi1955@gmail.com N Mohammadreza Mirzaee-nejad moh.mirzaeenejad@iauctb.ac.ir N Fahimeh Donyabin Donyabin@hotmail.com Y Changes introduced to the theories of advantage and the rejection of enterprises homogeneity hypothesis revealed the characteristics of enterprises and environmental factors such as the degree of market competitiveness in trade. It diverted the trade approaches from macroeconomic level and price variables like foreign exchange and inflation rates into the microeconomic level including the size of enterprises, research and development expenditures, labor skills and market structure. This research formulates a model composed of price factors, market structure and other characteristics of enterprises with the aim of identifying the factors affecting industry-level exports with a four-digit ISIC code for 99 industries that have exports in Iran. The results indicate that the foreign exchange rate besides the variables related to the specific characteristics of each industry such as research and development expenditures, the intensity of skills, the influence of imports, market structure (the amount of concentration) as well as the labor to capital ratio are positively and significantly effective on the level of exports in industry. Industrial Exports, market Structure, Research and Development Expenditures, Competitive Advantage, Herfindhal & Hirishman Indicator http://eprj.ir/article-1-638-en.html http://eprj.ir/article-1-638-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 17 3 2012 11 1 Productive and Non-Productive Entrepreneurship Role in Economic Development 115 129 FA Abolfazl Najjarzadeh Noushabadi abolfazlnajarzadeh@gmail.com Y Jahanbakhsh Mehranfar j_mehran2000@yahoo.com N Mahboubeh Tabarsi mahbobetabarsi@yahoo.com N Nowadays, entrepreneurship enjoys an outstandingly important status in economic literature in a way that it is referred to as the engine of economic development. Yet, it is to be noted that in some developing countries the total extent of entrepreneurial activities is high, compared to that of the developed countries though the economic development amount is little among the former group. It is presumed that such a difference could be explained by the share of entrepreneurship in productive and non-productive activities. This article tries to study the role of productive and non-productive entrepreneurship in the economic development of countries. Thus, ‘self-employment’ is taken as an indicator for a non-productive entrepreneurship while ‘innovation’ is employed as an indicator for a productive entrepreneurship. The results of estimating regression model for 60 selected developing and developed countries with panel data method in the period within 1996-2008 demonstrate that ‘self-employment’ has a negative effect on the economic development while ‘innovation’ affects it positively. This research builds on theories of Schumpeter and Baumol and regards innovation-based entrepreneurship as the requirement of accomplishing economic development. Entrepreneurship, Self-Employment, Innovation, Economic Growth, Economic Development http://eprj.ir/article-1-639-en.html http://eprj.ir/article-1-639-en.pdf

Institute for Management and Planning studies 3115-7092 3115-7106 17 3 2012 11 1 Productive and Non-Productive Entrepreneurship Role in Economic Development 131 159 FA Sadegh Bakhtyari bakhtiari_sadegh@yahoo.com N Majid Dehghani-zadeh majeco2003@yahoo.com Y Alireza Rayati alireza_rayati@yahoo.com N Nowadays, entrepreneurship enjoys an outstandingly important status in economic literature in a way that it is referred to as the engine of economic development. Yet, it is to be noted that in some developing countries the total extent of entrepreneurial activities is high, compared to that of the developed countries though the economic development amount is little among the former group. It is presumed that such a difference could be explained by the share of entrepreneurship in productive and non-productive activities. This article tries to study the role of productive and non-productive entrepreneurship in the economic development of countries. Thus, ‘self-employment’ is taken as an indicator for a non-productive entrepreneurship while ‘innovation’ is employed as an indicator for a productive entrepreneurship. The results of estimating regression model for 60 selected developing and developed countries with panel data method in the period within 1996-2008 demonstrate that ‘self-employment’ has a negative effect on the economic development while ‘innovation’ affects it positively. This research builds on theories of Schumpeter and Baumol and regards innovation-based entrepreneurship as the requirement of accomplishing economic development. Entrepreneurship, Self-Employment, Innovation, Economic Growth, Economic Development http://eprj.ir/article-1-640-en.html http://eprj.ir/article-1-640-en.pdf