University of Sistan and Balouchestan International Journal of Business and Development Studies 2538-3302 18 1 2026 06 01 Analyzing the Spillover Effects of Economic and Financial Growth of Developed and Developing Trading Partners on the Economy of Afghanistan: A Panel Vector Auto regression (PVAR) Model Approach 9971 10.22111/ijbds.2026.53260.2281 EN Mohammadyusoaf Khashee Ph.D. Candidate in Financial Economics, Department of Economics, University of Yazd, Yazd, Iran Kazem Yavari Professor of Economics, Department of Economics, Yazd University, Yazd, IRAN Seyed-nezamuddin Makiyan Professor of Economics, Department of Economics, Yazd University, yazd, Iran Journal Article 2025 09 16 The importance of trade partners in the economic growth of countries is central in international economics literature. Mechanisms exist through which economic and financial spillovers affect one another. Trade spillovers and exchange rate fluctuations are important indirect channels influencing partners' growth and dynamism. This research aims to investigate the impact of economic and financial spillovers from developed and developing countries on Afghanistan's economic growth during the period 2000–2021. For this purpose, data related to per capita GDP, exports of goods and services, and the exchange rates of Afghanistan's selected trade partners—in two groups, developed countries (United States, Japan, and Germany) and developing countries (China, Malaysia, and Russia)—were analyzed using the Panel Vector Auto regression (PVAR) model and STATA software. The findings indicate that Afghanistan's economic structure is significantly affected by the economic and financial developments of its trade partners. The results of the Granger causality test show that, in the short term, Afghanistan's economic growth significantly depends on the economic and financial growth of developed countries (United States, Japan, and Germany) and some developing countries (China and Malaysia). This impact is mainly transmitted through the trade channel, especially imports of capital and intermediate goods, and foreign aid. Additionally, the results of variance decomposition in the long run indicate that the growth of economic and financial variables in China, compared to other developed and developing countries, has the largest share in explaining the growth of economic and financial variables in Afghanistan.

University of Sistan and Balouchestan International Journal of Business and Development Studies 2538-3302 18 1 2026 06 01 Assessing the Macroeconomic and Welfare Effects of Government Spending Shocks under Two Banking Systems Via the DSGE Approach 9970 10.22111/ijbds.2026.49211.2133 EN Farideh Khodadadi Economic department, Shahid Beheshti University Journal Article 2024 07 04 The aim of this research was to examine the macroeconomic and welfare effects of shocks to government consumption expenditure and government investment expenditure under fractional reserve banking and full reserve banking in the Iranian economy. To this end, two New Keynesian dynamic stochastic general equilibrium (DSGE) models were developed, and the behavior of the economy under the two banking regimes was analyzed in a comparative framework. Model parameters were calibrated and estimated using quarterly data for the Iranian economy from 1991 to 2023, using the Bayesian estimation method.The impulse response function analysis indicates that the effects of government fiscal shocks depend critically on the type of banking. Under fractional reserve banking, positive shocks to government consumption and investment expenditures increase output and money supply through the credit channel and endogenous money creation. However, the associated rise in the real interest rate constrains private consumption in the short run and generates more persistent inflationary pressures. In contrast, under full reserve banking, the elimination of bank-based money creation and the direct control of money supply dampen monetary and inflationary fluctuations. As a result, both consumption and output increase, while macroeconomic variables return more rapidly to their steady-state paths. Moreover, the results show that government investment expenditure shocks generate more persistent and less volatile effects on real economic activity than government consumption expenditure shocks. To assess welfare implications, a welfare loss function based on inflation volatility and the output gap was specified, and welfare losses under optimal monetary policy were computed under the two types of banking. The results showed that welfare losses are significantly lower under full reserve banking. In both models, policy configurations that assign a relatively lower weight to output gap stabilization compared to inflation stabilization are welfare superior. Overall, the results suggest that a stronger focus on inflation control by the central bank—particularly within a full reserve banking framework—can reduce macroeconomic volatility and enhance economic stability and welfare.

University of Sistan and Balouchestan International Journal of Business and Development Studies 2538-3302 18 1 2026 06 01 Asymmetric Oil Revenues Fluctuations, Government Budget Deficits, and Exchange Rate Volatility under Sanctions: NARDL–TGARCH Evidence from Iran 10115 10.22111/ijbds.2026.48246.2098 EN Hojjat Izadkhasti Assistant Professor of Economics, Faculty of Economics and Politics Sciences, Shahid Beheshti University Farnaz Mirramezani Master of Economics, Faculty of Economics and Political Science, Shahid Beheshti University, Tehran, Iran Journal Article 2024 03 16 Exchange rate volatility has significant implications for trade, investment, and employment. Consequently, managing exchange rate fluctuations remains a major challenge for economic policymakers, making it essential to identify their underlying determinants. Given the substantial contribution of oil revenues to Iran's export earnings, foreign exchange receipts, and government budget financing, this study investigates the effects of asymmetric oil revenue fluctuations and government budget deficit growth on exchange rate volatility under severe economic sanctions. The analysis employs a combined NARDL–TGARCH framework using quarterly data for the period from 2011:Q4-2021:Q1. The empirical findings indicate that oil revenue fluctuations, government budget deficit growth, and severe economic sanctions have significantly increased exchange rate volatility in both the short run and the long run. The results further reveal that the impact of oil revenue fluctuations is asymmetric in the short run but becomes symmetric in the long run. Moreover, severe sanctions intensify exchange rate volatility by amplifying fluctuations in oil revenues and accelerating government budget deficit growth. Conversely, improvements in government effectiveness and stronger economic growth contribute to reducing exchange rate volatility.

University of Sistan and Balouchestan International Journal of Business and Development Studies 2538-3302 18 1 2026 06 01 When Boards Speak for Biodiversity: Empirical Evidence from Biodiversity Disclosure of Environmentally Friendly Firms in Indonesia 10113 10.22111/ijbds.2026.55964.2347 EN Arik Susbiyani Accounting, Faculty of Economics and Business, Universitas Muhammadiyah Jember, Indonesia Ari Sita Nastiti Accounting, Faculty of Economics and Business, Universitas Muhammadiyah Jemebr Animah Animah Accounting, Faculty of Economics and Business, Universitas Mataram Journal Article 2026 06 26 Objective Current environmental degradation is leading to a decline in biodiversity. On the one hand, biodiversity is a vital asset in maintaining ecosystem balance for human well-being and supporting sustainable economic development. Increasing threats to biodiversity have prompted various stakeholders to take an active role in its conservation efforts. This study aims to examine the role of governance, consisting of board size, the proportion of independent commissioners, and board diversity on biodiversity disclosure. Methods: This study used companies listed in the SRIKEHATI index for the period 2022 to 2024. Data were obtained from annual reports and company sustainability reports, then analyzed using a quantitative panel data approach. Biodiversity disclosure variables were measured using a biodiversity index consisting of 53 disclosure items. Next, hypothesis testing was conducted using panel data regression to evaluate the influence of board characteristics on companies' biodiversity disclosure. Results: Our study results found that board size and the proportion of independent commissioners had a positive and significant effect on biodiversity disclosure. However, this study failed to prove that board diversity had an effect on biodiversity disclosure.

University of Sistan and Balouchestan International Journal of Business and Development Studies 2538-3302 18 1 2026 06 01 Public sector performance and public spending efficiency: An international comparative analysis using the DEA approach on a panel of 40 countries 10114 10.22111/ijbds.2026.56059.2350 EN Binafou FASSA Department of Economics, Faculty of Economics, Business and Management Sciences, University of Bejaia, Bejaia, Algeria Rafika ZIDAT Department of Economics, Faculty of Economics, Business and Management Sciences, University of Bejaia, Bejaia, Algeria Abdellatif NAIT-CHABANE Department of Economics, Faculty of Economics, Business and Management Sciences, University of Bejaia, Bejaia, Algeria Journal Article 2026 07 16 Objective: This article evaluates the efficiency of public expenditure allocation to optimize the overall performance of the public sector. Conducted on a panel of forty countries stratified by income level, this study highlights the crucial dimension of expenditure quality. This issue, which remains marginally explored in recent empirical literature, takes on a particular urgency in a context of structural and perpetual growth of global public budgets. Methods: Methodological rigor rests on Data Envelopment Analysis (DEA), a non-parametric approach highly suitable for estimating relative technical efficiency scores from annual data covering the 2015-2025 period. Furthermore, the integration of the Malmquist productivity index captures the dynamic trajectory of public sector performance and disentangles efficiency variations from technological shifts. Results: Empirical estimations reveal substantial technical inefficiency over the entire period, characterized by a disconnect between the hierarchy of scores and countries' income levels. Counterintuitively, middle-income economies, particularly those in the lower-middle bracket, display a better average optimization of their budgetary resources compared to high-income countries. The latter suffer from diminishing marginal returns, attributable to the relative hypertrophy of their public sector. Conclusions: The study advocates for a strategic realignment and a structural reconfiguration of budgetary allocation rather than quantitative expansion for high and middle-income countries. For low-income economies, strengthening institutional quality proves imperative to guarantee increased resilience against exogenous macroeconomic shocks.

University of Sistan and Balouchestan International Journal of Business and Development Studies 2538-3302 18 1 2026 06 01 An examination of the nonlinear causal relationship between oil prices and financial instability using the MS-VAR model 10111 10.22111/ijbds.2026.52654.2260 EN Ali Rezazadeh Associate Professor, Department of Economics, Urmia University, Urmia, Iran. Fahmideh Fattahi Urmia University 0009-0002-3228-5111 Farouq Mahmoudi-Razgeh PhD Candidate in Economics, Faculty of Economics and Management, Urmia University, Urmia, Iran. Journal Article 2025 07 17 In this study, the nonlinear causal relationship between oil prices and financial instability in the United States was examined using monthly data spanning from 1998:8 to 2023:8. The nonlinear approach known as Markov Switching Vector Autoregression (MS-VAR) model was utilized to analyze the non-linear causal relationship. The findings suggest that in the first regime the intercept in the model, where the dependent variable is oil price, exhibits a negative that is statistically significant at the 10% level. Conversely, the in-tercept is positive and statistically significant in the second regime. Hence, within a model wherein the oil price serves as the dependent variable, the first regime corresponds to the recession regime, while the subsequent one rep-resents the boom regime. Furthermore, in the first regime, the intercept in the model where the dependent variable is the financial instability index is positive and statistically significant at the 10% level. However, in the second regime, it becomes negative and statistically significant. Consequently, the first regime within this second model represents boom, whereas the subsequent regime represents recession. Moreover, the outcomes of the probability matrix sug-gest that the second regime is more stable and absorptive in comparison to the first. In summary, the results of the nonlinear causal relationship indicate that during the first regime, there is a two-way nonlinear causal relationship be-tween the oil price difference and the financial instability index. Conversely, within the framework of the second regime, a one-way nonlinear causal relationship is established from oil price to financial instability.

University of Sistan and Balouchestan International Journal of Business and Development Studies 2538-3302 18 1 2026 06 01 The Role of Central Bank Digital Currency in Achieving the Taxation Goals of the Seventh Development Plan 10112 10.22111/ijbds.2026.52748.2264 EN Maysam Nasrindoost Ferdowsi university of mashhad Mahtab MehrjouIrani Ferdowsi university of mashhad Taghi Ebrahimi Salari Ferdowsi university of mashhad Journal Article 2025 07 27 In Iran's economy, particularly over the past few decades as the government's reliance on crude oil revenues has diminished, the issue of taxation and its allocative and distributive effects has gained increased importance. The Seventh Five-Year Development Plan has stipulated that the share of taxes in the general budget should be increased by raising the value-added tax rate. Additionally, the plan mandates the central bank to control liquidity growth and achieve single-digit inflation by the end of the program. Consequently, the issue of tax rate hikes arises amid stagflation in Iran's economy. Since tax increases have inflationary effects, these two objectives—raising taxes and curbing inflation—do not inherently complement each other. This highlights the importance of coordinating monetary policies alongside tax policies to mitigate adverse effects. Despite these concerns, the introduction of central bank digital currency as a new monetary policy tool by central banks worldwide has opened new possibilities. This study employs a dynamic stochastic general equilibrium model to examine the inflationary effects of VAT rate increases under two scenarios: with and without CBDC issuance. The results indicate that the introduction and issuance of CBDC, along with a rule-based monetary policy, could complement fiscal measures, ensuring that tax increases do not further contribute to inflation and economic recession in inflationary conditions.

University of Sistan and Balouchestan International Journal of Business and Development Studies 2538-3302 18 1 2026 06 01 Effects of Integrated Manufacturing Practices on Organizational Performance: Mediation by Management Accounting System Information 9784 10.22111/ijbds.2026.54321.2310 EN Leila Zamani Assistant Professor, Department of Accounting, Faculty of Management and Finance, Khatam University, Tehran, Iran. Samad Borzoian Shirvan Assistant Professor, Department of Management and Educational Planning, Faculty of Psychology and Educational Sciences, Allameh Tabataba'i University, Tehran, Iran. Akram Ghorbani Master's Degree in Accounting and Auditing, Department of Accounting and Auditing, Faculty of Management and Financial Sciences, Khatam University, Tehran, Iran. Journal Article 2025 12 24 This research examines the impact of Integrated Manufacturing Practices (IMP) on organizational performance, while exploring the intermediary role of Management Accounting System (MAS) information in manufacturing companies listed on the Tehran Stock Exchange. Using an applied descriptive-survey approach with a cross-sectional quantitative design, the study targeted firms from the six leading industries on the exchange. A sample of 385 managers (finance, production, and sales roles) from 129 companies was selected via Cochran’s formula and random sampling. Data were collected through a validated questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS. Results showed that IMP positively influences organizational performance both directly and indirectly through MAS information, alongside a strong connection between IMP adoption and greater managerial reliance on MAS data. MAS information also directly improves performance outcomes and acts as a significant mediator in the IMP–performance link. The measurement model displayed strong reliability and validity, with adequate overall fit. These findings provide empirical evidence that benefits from advanced manufacturing practices are primarily realized via access to comprehensive, timely, and integrated accounting information. The study advances Contingency Theory by stressing the need to align manufacturing strategies with suitable information systems. Practically, organizations should develop IMP capabilities while simultaneously improving the quality and scope of MAS information. Managers, especially management accountants, are urged to serve as strategic partners in creating systems that meet complex decision needs in modern production environments. Future research could investigate the role of digital innovations and artificial intelligence in this framework.

https://ijbds.usb.ac.ir/article_9784_be8ca43cf3763ea3741360e742830fbb.pdf

University of Sistan and Balouchestan International Journal of Business and Development Studies 2538-3302 18 1 2026 06 01 The effects of Sustainable Development Index on Economic Complexity in Oil-Exporting Countries 9806 10.22111/ijbds.2026.54501.2320 EN Mahdiyeh Rahimdel PhD student in econometrics, Faculty of Economics and Management, Urmia University, Urmia, Iran Ebrahim Ghaed Ph.D. Student Monetary- International Economics, Faculty of Economic and Administrative Sciences, Ferdowsi University of Mashhad, Mashhad, Iran Hassan Heidari Professor. Faculty of Economics and Management, Urmia University, Urmia, Iran. Journal Article 2026 01 07 The wealth of nations has been attributed to division of labor and knowledge since Adam Smith. Economists have treated the nations' and the world's economies as complex systems, but it took a decade to develop empirical studies on economic complexity with the growth of data and new models. The number of factors affecting economic complexity is large and one of these factors is sustainable development. Economic complexity is capable of representing the country's production structure. This study introduces sustainable development by fusing economic, social, and environmental factors. The research focuses on oil-exporting countries where sustainability is marked by economic development and the challenges of sustainability in the process of economic complexity, thus, it aims to assess the influence of the combined sustainable development index on economic complexity in oil-exporting countries. The paper uses 20 countries data from 1997 to 2023. The findings indicate that the sustainability index, positively and significantly relate to economic complexity. According to the results, throughout the research period in the 20 selected countries, the economic complexity index of each country rise along with an increase in its sustainability index. In other words, the rising sustainability index in these countries has the potential to facilitate economic development. Examining the Effect of Sustainable Development Index on Economic Complexity in Oil-Exporting Countries.

https://ijbds.usb.ac.ir/article_9806_e39e234cb6472086742920ac05f70f42.pdf