Abstract: One of the most important roles of financial reporting is improving the firms’ investment decisions; however, there is not much supporting evidence for this claim in emerging markets like Iran. In this study, the effect of financial reporting transparency in investment efficiency of Iranian firms has been investigated. In order to do this, 336 listed companies on Tehran Stock Exchange (TSE) has been selected for time period 2012 to 2015 as research sample. For testing our main hypothesis, we classified sample firms into two groups based on their deviation from expected investment: under-investment and over-investment cases. The results indicate that there is positive significant relationship between financial transparency and investment efficiency. In the other words, transparency can mitigate both underinvestment and overinvestment situations.
Abstract: A preliminary evaluation of the urban land system is
presented in the article together with the instruments of land policy in
Serbia. The main reason for the analysis is demand for
definition of reform framework for urban land management in
Serbia in the period of transition towards market-led system. It
is concluded that due to the limitations of the current regulation it
will be impossible in the future to apply market principles in the
urban land policy (supply and demand of land, land capitalization,
investment efficiency, et al.). Based on the estimation that the urban
land system and land policy are key factors of competitiveness
between regions and towns in Serbia, it is necessary to initiate
changes in this field. There are indicated on an option of privatization
of urban public land and possible establishment of leasehold land. A
comparative analysis of the possibilities of the reform urban land
system in Serbia has been carried out in relation to two approaches of
market systems: (a) with dominant private ownership of urban land
(neo/liberal approach) and (b) with dominant public ownership of
urban land (system of leasehold)whose findings can be a basis for
further study of the new system in Serbia.. The attanied results are
part of studies matter for the making of Strategy of territorial
development of Serbia.