In this paper we obtain a consistent estimator when there exist some measurement errors and multicollinearity in the INSTRUMENTAL VARIABLES in a two stage least square estimation of parameters. We investigate the asymptotic distribution of the proposed estimator and discuss its properties using some theoretical proofs and a simulation study. A real numerical application is also provided for more illustration.

The INSTRUMENTAL variable (IV) regression is a common model in econometrics and other applied disciplines. This model is one of the proper candidate in dealing with endogeneity phenomenon which occurs in analyzing the multivariate regression when the errors are correlated with some covariates. One can consider IV regression as an special case of simultaneous equation models (SEM). There are some cases in which the normality assumption might not hold for the error term in these models and so the skew-normal distribution might be a suitable candidate. The present paper tackle the Bayesian inference based on Markov Chain Monte Carlo (MCMC) using this density for the error term while some INSTRUMENTAL VARIABLES are considered in the corresponding regression model. The proposed model is utilized to analysis the Iranian rural households income and expenditure collected in 2009.

ABSTRACTDuring the last century, ports of Persian Gulf become the most important storage, refining and transportation of crude oil, oil derivation, petrochemical products and also, business activities. Nowadays, due to functional diversity between ports, the impact of port activities on the development of urban spaces will be different, and this issue leads to structural differences of port cities. The purpose of this research is to identify the key VARIABLES affecting the relations and spatial structure of port-city in Dubai as the most thriving and successful port-city in the Persian Gulf. This research is based on deductive reasoning and carried out by analysis of cross effects with secondary data (results of other prominent articles) and also primary data (questionnaire). sampling method is based on purposive sampling and Micmac software was used to analyze the data. Output of Micmac software shows the position of the instability of the system. Therefore, the position of each VARIABLES in the conceptual model can be categorized to driver, linkage, dependent, and autonomous factors. The research findings indicate 4 VARIABLES (like as “income, cost and investmnets in port-city”) can be introduced as a driver factor, 5 VARIABLES (like as “advanced multimodal transportation in the port”) can be introduced as a linkage factor, 6 VARIABLES (like as “quality of living environment and desirable city”) can be introduced as a dependent factor, 3 VARIABLES (like as “environmental protection and sustainable development of the city-port”) can be introduced as an autonomous factor. The rapid development of Dubai can be explained by the purposeful distribution of revenues from trade and tourismExtended AbstractIntroductionDuring the last century, ports of Persian Gulf become the most important storage, refining and transportation of crude oil, oil derivation, petrochemical products and also, business activities. The global increase in oil demand since the 1950s led to the creation of discovery of new oil wells and large industrial areas. With the construction of new oil or gas facilities in the port areas, increasing oil revenues contributed to the countries of the Persian Gulf region and form a new geographical relationship between ports and coastal cities which had an impact on the spatial structure and relation of them. Nowadays, due to functional diversity between ports, the impact of port activities on the development of urban spaces will be different, and this issue leads to structural differences of port cities. In the 1950s, Containerization (container loading technology) was based in some of the world's ports and created a huge transformation in the shipping industry, which had a significant impact on the development of ports. Although the ports of the Persian Gulf have made a significant contribution to the economic growth and physical development of other ports in the world, but few researches have been done on the VARIABLES and factors affecting the development of the spatial structure of the important ports of the Persian Gulf. This region, due to its unique geographical location, has always been considered as a most important corridor in the field of economic and transportation throughout history. Some of the most important energy and commercial ports in this region are: Dubai, Manama, Kuwait, Dammam, Doha, Bushehr, Bandar-Abbas and Assaluyeh. In this regard, the purpose of this research is to identify the key VARIABLES affecting the relations and spatial structure of port-city in Dubai as the most thriving and successful port-city in the Persian Gulf. MethodologyThis research is based on deductive reasoning and carried out by analysis of cross effects with secondary data (results of other prominent articles) and also primary data (questionnaire). The method used in this research is quantitative and the sampling method is based on purposive sampling. the VARIABLES affecting the spatial structure of port-city relations were identified in the form of a review of 31 prominent articles. 25 experts (who had comprehensive knowledge and information about the development process of the city-port of Dubai) participated to determine the effectiveness or influence of VARIABLES. Finally, the output of data analysis was done by the Micmac software. Results and discussionOutput of Micmac software shows the position of the VARIABLES in the diagram that it indicates their status in the system and their role in the dynamics and changes of the system. The method of distribution and dispersion of the VARIABLES in the spatial structure of port-city relations indicates the instability of the system. Therefore, based on the output of the system, the position of each VARIABLES in the conceptual model can be identified in five categories (driver, linkage, dependent, autonomous and regulatory VARIABLES). According to the results, some VARIABLES such as “the changes in the strategic positions” and “geopolitics of port-city”, “the modification of the management method” and “regional planning of the ports”, “the promotion of local governance in the relations between port-city” and “the way of national and international management of ports have been introduced as driver VARIABLES. On the other hand, five VARIABLES consist of “advanced multimodal transportation in the port” and “income, cost and investment in the port-city”, “the contrast and physical integration of the port - city space”, “the development of various industrial and production activities in the ports and their local hinterland” and “their qualities Financial and commercial policies of ports” have been introduced as linkage VARIABLES. Findings of research also shows that some VARIABLES consist of “quality of living environment and desirable city”, “quantity and quality of transit corridors (rail, road and air) to hinterland”, “construction and launching the new port (sea port or dry port)”, “terminal facilities and infrastructure and warehousing”, “conflict or convergence between the city and the port” and “increase in population growth rate and migration to the port - city” categorized as dependent VARIABLES. Three VARIABLES including “cultural and historical background of ports”, “use of cheaper energy, Less-polluted, clean and renewable energies in the city-port” and “environmental protection and sustainable development of the city-port” categorized as autonomous VARIABLES. Finally, a variable with the title of “improvement in management and information technology and development in loading, unloading and storage of commodities” have been introduced as regulatory VARIABLES. The findings of this research have a remarkable similarity with other researches carried out in the field of city-port relation and clearly emphasize the direct impact of the "investment in port-city" in the development of them. For example, Grossmann (2008) emphasized that city-port of Hamburg has become one of the largest ports in Northern Europe during the last few decades due to huge domestic and foreign investment. ConclusionThis research carried out in order to introduce and explain the key VARIABLES affecting the development of the spatial structure of the port-city of Dubai. On this basis, 21 VARIABLES have been extracted by systematic reviews of prominent articles. In the following, 25 experts were selected with the purposive sampling method. Among the 21 VARIABLES extracted, 4 VARIABLES (like as “geopolitics of port-city”) introduced as a driver factor, 5 VARIABLES (like as “advanced multimodal transportation in the port”) introduced as a linkage factor, 6 VARIABLES (like as “quality of living environment and desirable city”) introduced as a dependent factor, 3 VARIABLES (like as “environmental protection and sustainable development of the city-port”) introduced as an autonomous factor. The rapid development of Dubai can be explained by the purposeful distribution of revenues from trade and tourism. A part of these revenues has been directed towards investment in important transportation infrastructures such as airports and ports of this city. These strategies have a wide impact on improving the economic growth of the city and the development of the port in order to adapt with the global trade and advanced technologies. FundingThere is no funding support. Authors’ ContributionAuthors contributed equally to the conceptualization and writing of the article. All of the authors approved the content of the manuscript and agreed on all aspects of the work declaration of competing interest none. Conflict of InterestAuthors declared no conflict of interest. Acknowledgments We are grateful to all the scientific consultants of this paper.

This paper is an examination of Robert Nozick's argument in The Nature of Rationality that INSTRUMENTAL rationality is defective, and that the defects of INSTRUMENTAL rationality can be understood through a careful appraisal of the significance of Newcomb's paradox and the prisoners' dilemma.In both Anarchy, State and Utopia and in The Nature of Rationality, Nozick considers the question of why we should be rational, and concludes that the call of reason issues from the fact that we value what we are. Rationality is so important to us that it becomes a duty because it is in terms of and by means of rationality that we understand who we are. Our worldview is an artifact shaped, at least in part, by our evaluative standards of cognitive assessment.Nozick goes on to ask why we should value that. And to answer the query, he considers the functions that rationality may have, beginning with INSTRUMENTAL rationality. To be INSTRUMENTALly rational is to pursue one's goals and desires in the most efficient and effective way. Hence, prudence and self-interest commend INSTRUMENTAL rationality, or, what amounts to the same thing, INSTRUMENTALity commends itself. Being prudent is itself prudent. However, Nozick concedes that the value of rationality goes beyond what can be explained in terms of a purely INSTRUMENTAL rationality.Even if we were to begin with a purely INSTRUMENTAL view of rationality, we might come to value it for its own sake, and so it may come to have intrinsic value. We should be rational because we value being that way. The endorsement given by reason to INSTRUMENTAL rationality, however, is not the issuing of a blank check. INSTRUMENTAL rationality itself will counsel that we not put too much time and effort into developing the skills of INSTRUMENTAL rationality, for beyond a certain point the amount gained in overall efficiency will not be worth the lost opportunities for other pursuits. Nozick argues that actions could acquire value not only because of the consequences which can be expected to follow from them, but because of what Nozick calls their symbolic utility. Some, but not all, cases in which one decides to perform an act because of its symbolic utility appear to be rational. All of the convincing cases of rational action performed because of symbolic utility offered by Nozick are cases of action performed in accordance with principle. Consideration of the sage provides the occasion to introduce additional means by which value may accrue to an action, in terms of which we may judge the performance of the action to be rational. There is no harm in considering these means as independent elements of symbolic utility, provided we bear in mind that these elements may be quantitatively incommensurable with those derived from accordance with principle. Rules or principles provide only one way in which actions may be guided. Another way is by consideration of consequences. A third way in which actions may be guided is with reference to virtue. Sometimes the appeal to virtue will be personified in an exemplar. We acquire skills by imitation of the actions of teachers. We may attempt to acquire virtues by acting in ways that are typical of the virtuous exemplar. This mode of practical guidance plays an important role in various traditions, from those of the ancient Greeks to those of the Abrahamic religions.While Nozick argues in favor of an expanded notion of INSTRUMENTAL rationality, I counter that the notion of practical rationality should be expanded beyond that which can be considered as INSTRUMENTAL rationality.

The Saqifa incident after the Prophet’ s departure was a starting point in the formation of new arrangements of political power in the traditional context of the religious society in that era. In that political struggle (i. e. Saqifa), Ali bin Abi Talib was ignored and, afterwards, other Imams were not much directly present, if at all, in the political and governmental sphere, except for the presence of Imam Ali and Imam Hassan as caliphs and Imam Reza’ s presence as vicegerent or crown prince. The swing of Imams’ entering the sphere of political power and their withdrawal had numerous reasons, among them one can refer to the violent governance and behavior of the ruling power, Imams’ approach to the political power and the government as well as explaining it in its subject matter and its creed. Meanwhile, the sphere of social power was open to them and spread before them. The social power was the best channel through which Imams could rightly explain the religious thought in theory and practice. The present study attempts to answer the question of “ how was the Imams’ approach and performance in the two spheres of political and social power? ” and investigates it assuming that the power was a subject matter and creed for Imams. In this regard, to explain the study better, we have used the political sociology and political sciences, including Parsons’ theory on political and social power to theoretically explore the issue.

Financial statement comparability reduces the information asymmetry between managers and investors not only by making it easier for investors to identify timelier signals about the profitability of projects undertaken by managers, but also by enabling investors to extract from comparable peers information useful for monitoring firms’ use of corporate resources, thereby making them less reliant on the disclosures made by the firms. This research examines the impact of financial statement comparability on the marginal value of cash holdings and capital expenditure. In order to measure the financial statement comparability, this study uses the method of De Franco et al. The sample consists of 122 companies listed on Tehran Stock Exchange for the period 2013 to 2020. Since, the financial statement comparability is an endogenous variable, this study uses an INSTRUMENTAL VARIABLES approach and a Two-Stage Least Squares estimator to test the research hypotheses. Findings indicate that the increase in financial statement comparability increases the marginal value of cash holdings and the marginal value of capital expenditure.Introduction The purpose of this study is to examine the impact of financial statement comparability on the marginal value of cash holdings and the marginal value of capital expenditure of firms listed on Tehran Stock Exchange (TSE).Financial reporting provides rich information which allows creditors and investors to evaluate firm performance. Specifically, high-quality financial reporting reduces the information asymmetry between managers and shareholders and provides a better monitoring of managers’ investment decisions. Bushman and Smith (2001) suggest that high-quality financial reporting may provide more information to assess project profitability, leading to invest in value-creating projects and avoid from value-destroying projects; as a consequence, managers are less likely to make decisions at the expense of investors. As a result, financial reports with higher quality led to lower the cost of capital and increase related shareholder value.Therefore, in firms with more comparable financial reports, external monitoring of managers is stronger and managers are more disciplined when using corporate resources. Therefore, investors believe that managers in firms with higher comparability will make better use of corporate resources, and assign more value to the firm. Comparability reduces the information asymmetry between managers and investors and make it easier for investors to understand and identify signals about the profitability of projects undertaken by managers. In addition, provide investors with more opportunity to use peer firms in order to asses firm performance. This is because comparability allows investors to make inferences about a firm’s performance from comparison with the performance and/or disclosures of the peer firms (Kim et al., 2021).Comparability facilitates external monitoring of manager performance of using corporate resources in general and of corporate cash in particular. Specifically, financial statement comparability induces managers to use the cash more efficiently ex-ante. Therefore, the market will assign a higher value to the cash holdings of firms with more comparable financial statements. Since comparability facilitates investors’ monitoring of managers’ use of capital resources, managers will use corporate capital more efficiently ex-ante, and therefore investors will perceive capital expenditure to contribute more value to firms with greater financial statement comparability.Based on the stated contents, the research hypotheses are presented as follows:H1: The increase in financial statement comparability increases the marginal value of cash holdings.H2: The increase in financial statement comparability increases the marginal value of capital expenditure. Methods & MaterialThe statistical population in this research is all the companies listed on Tehran Stock Exchange and the period under investigation is from 2013 to 2020. In this research, the systematic elimination method was used to reach the sample, and 122 companies were selected as the research sample. In order to test the hypotheses, the INSTRUMENTAL variable approach and a two-stage least squares estimator (2SLS) have been used.INSTRUMENTAL variable methods are commonly used in accounting research to resolve econometric problems with observational data, such as when the outcome and explanatory VARIABLES are simultaneously determined. Another problem occurs when a variable that affects both the outcome and explanatory VARIABLES is not included in the regression model. Both of these problems frequently occur in accounting research. To resolve these problems, INSTRUMENTAL variable methods are used in both multiple equation models and single equation models. Because financial statement comparability is affected by other factors, endogeneity bias is created in the model and the results will not be reliable. In the prior studies that have been conducted in the field of the comparability of financial statements, the possibility of this issue has not been mentioned, and the ordinary least squares approach has been used. Because the financial statement comparability is an endogenous variable, an INSTRUMENTAL variable approach and a two-stage least squares estimator (2SLS) have been used to test the research hypotheses. FindingsFindings of first hypothesis shows that financial statement comparability has a significant and positive effect on the marginal value of cash holdings. In addition, findings of second hypothesis shows that financial statement comparability has a significant and positive effect on the marginal value of capital expenditure. Conclusion & ResultsFindings of this study indicate as firms’ financial information becomes more comparable, corporate cash holdings are more valuable to shareholders, and capital expenditure contributes more to shareholder value. In addition, financial statement comparability provides investors with an opportunity to assess the firm performance, which in turn increases the efficacy of monitoring managerial investment decisions. This study contributes to the literature that examines the benefits of financial statement comparability. Based on the results enhanced efficiency in the use of corporate cash reserves and capital expenditure decisions, are two possible avenues through which comparability enhances shareholder value. This study also contributes to the literature on the value of cash holdings. Prior studies show that holding cash is, on average, value-destroying. This research suggests that the value destruction associated with cash holdings can be mitigated by financial statement comparability. Based on the findings, as the financial statement comparability increases the marginal value of cash holdings and the marginal value of capital expenditure increase. These findings are consistent with Kim et al. (2021) * Corresponding author