تخمين رابطه انتشار سهام و عوامل نهادي با سرمايه‌گذاري بخش خصوصي به روش تجزيه واريانس (1384-1353)

Estimating Relationship between Stock Issues and Institutional Factors with Private Sector Investment: Variance Decomposition Approach

The main purpose of this paper is to assess the effects of stock issues and Institutional factors (Such as Non-Security, ownership rights, laws and regulations quantity and etc) on private investment. The long-run relationship between studied variables and its relation with Short - time, have estimated with using of Variance Decomposition and Error correction mechanism techniques.The results show that Institutional factors have a negative effect on private Investment, a.nd the stock issue has a positive effect on. The fact is that, the Institutional negative effect is greater than the stock issues positive effect. In addition, the government expenditure for Investment is negatively related with Private investment, but the growth of gross domestic product has a positive effect on private investment. Moreover, the small coefficient of Error Correction mechanism shows the slow velocity of convergences to the long-run equilibrium.