Petroleum University of Technology Petroleum Business Review 2645-4726 3 1 2019 03 01 Investigating the Effects of New Corporate Liquidity and Market Operational Performance Indicators on the Markowitz Model Portfolio Returns Using Genetic Algorithm: A Case Study on Refineries and Petrochemical Companies Listed on Tehran Stock Exchange 1 15 104107 10.22050/pbr.2019.104107 EN Mohammad Tavakkoli Mohammadi Assistant Professor, Accounting and Finance Department, Petroleum Faculty of Tehran, Petroleum University of Technology, Tehran, Iran. Abbas Alimoradi Assistant Professor, Accounting and Finance Department, Petroleum Faculty of Tehran, Petroleum University of Technology, Tehran, Iran. Mohsen Sarvi M.A. Student in Finance, Petroleum Faculty of Tehran, Petroleum University of Technology, Tehran, Iran. Journal Article 2018 11 08 The research on the Markowitz model and optimization of its portfolio using a variety of evaluation indicators and metaheuristic-algorithms has always been the focus of attention of accounting and finance researchers. The results of studies carried out by various types of optimization method are different in the Markowitz modified models. The purpose of this study is to measure the optimal portfolio and its corresponding return with respect to the portfolio in the traditional Markowitz model as well as comparing the position of the refining and petrochemical companies versus stock market outperformers through integrating the operational criteria and the new indicators of liquidity by using the genetic algorithm in the Markowitz model. Therefore, financial data related to the research variables of 35 cases of refinery and petrochemical companies listed on Tehran Stock Exchange (TSE) from 2012 to 2016 fiscal years were extracted from Rahavard Novin database software and simulated by the genetic algorithm. The results show that returns on the stock portfolios optimized using the genetic algorithm without considering the liquidity limitations and filters are significantly and positively different from the returns on the stock portfolios optimized with regarding the liquidity limitations and filters. Furthermore, the application of liquidity limitations and filters to the formation of the optimal stock portfolios leads to a conservative increase in the choice of stocks (portfolio formation), which results in a reduction in the risk and return of investment in such portfolios.

https://pbr.put.ac.ir/article_104107_613392037a72c55309f4592ae30595dd.pdf

Petroleum University of Technology Petroleum Business Review 2645-4726 3 1 2019 03 01 Oil and Gas Investor-State Dispute Settlement: Is Mediation-Arbitration Considered a Mechanism for Common Interests? 17 28 104109 10.22050/pbr.2019.104109 EN Naqmeh Javadpour PhD. Student in law, Faculty of Law and Political Sciences, Allameh Tabataba'i University, Tehran, Iran Hamid Reza Oloumi Yazdi Associate Professor, Faculty of Law and Political Sciences, Allameh Tabataba'i University, Tehran, Iran Seyyed Nasrollah Ebrahimi Assistant Professor, Faculty of Law and Political Sciences, Allameh Tabataba'i University, Tehran, Iran 0000-0002-4942-0431 Journal Article 2018 12 17 International oil and gas investment disputes constitute an important part of investor-state dispute settlement (ISDS) system. Investment arbitration which is regarded as a prevalent dispute settlement mechanism in this area has come under severe criticism since it creates huge costs, lengthens the process, and devastates the parties’ long-term investment relationship. In recent years, the possibility of applying alternative dispute resolution (ADR) and hybrid dispute settlement mechanisms has largely been discussed. Mediation-arbitration (Med-Arb) is one of the hybrid integrated dispute settlement mechanisms which embodies flexibility, nonjudicial, and negotiate-oriented benefits of mediation and the finality advantage of arbitration simultaneously in a single process. In this method, mediation is first attempted by the parties before arbitration could be started; if settlement is not reached during the mediation phase, the appointed neutral or mediator will then act as (an) independent arbitrator(s), will continue the case under the arbitration process, and will render a binding arbitration award. In this method, if parties reach an agreement during the first phase (mediation process), they will not incur huge costs of lengthy investment arbitration. In this method, even if the first stage (mediation process) fails, since it has further clarified and narrowed down the disputes, then the arbitration process will be less lengthy and proceed more efficiently. Moreover, both investors and host states in oil and gas investment area do have strong ambitions to maintain the investment relationships. These goals are achieved better via adopting Med-Arb proceedings. The most noted concerns in this method relates to the issue of the impartiality of the neutral (mediator in the first stage) who acts as an arbitrator at the next stage. In other words, it may be argued that the confidential information learned by the neutral from the parties in the mediation stage may seriously impact on his/her impartiality in the arbitration stage. This issue can be responded in light of respecting party autonomy principle which selects the Med-Arb clearly and correctly for dispute settlement. This approach is affirmed and proposed by the UNCITRAL model law on international commercial conciliation (2002) as well. Also, concerns regarding the enforcement of international agreements resulting from mediation have already been addressed in the United Nations Convention on International Settlement Agreements Resulting from Mediation (Singapore Convention on Mediation), which has attained international acceptance by 51 state members so far.

https://pbr.put.ac.ir/article_104109_986b701d5b9bb1e34b79d0266dc18c7d.pdf

Petroleum University of Technology Petroleum Business Review 2645-4726 3 1 2019 03 01 An Integrated Knowledge Management Framework for Sustainable Supply Chain Using a System Dynamics Model for POGC 29 50 104182 10.22050/pbr.2019.104182 EN Sayyed Abolfazl Hosseini Moghaddam Ph.D. Student in Management, Department of Industrial Management, University of Tehran, PARDIS International Campus, Tehran, Iran 0000-0002-7553-7166 Mohammad Reza Mehregan Professor, Department of Industrial Management, University of Tehran, PARDIS International Campus, Tehran, Iran Mehdi Shamizanjani Associate Professor, Department of Industrial Management, University of Tehran, PARDIS International Campus, Tehran, Iran Journal Article 2019 01 01 Supply chains have experienced rapid growth in recent years. Focusing purely on economic performance so as to optimize costs or return on capital can no longer guarantee development or sustainability in the chain. Hence, the concepts of green supply chain management and sustainable supply chain management emerged to emphasize the importance of social and environmental concerns along with economic factors in supply chain programming. Using the system dynamics method and considering knowledge management, this study investigates the variables related to this topic and the variables of sustainable supply chain management, and it determines the relationships between these variables and their impact on the research purpose. To achieve this, first, previous studies are reviewed, and the relevant variables are extracted and finalized according to the experts. Next, a system dynamics model is designed, and various scenarios are defined by changing the effective values of the system. Eventually, several policies are presented to achieve the optimal situation. The optimal values of the ten main influential variables are extracted according to the expert opinion, and the effects revealed by the model are determined by these changes.

https://pbr.put.ac.ir/article_104182_5f4745b73f28844f12dae3fe3b36fb93.pdf

Petroleum University of Technology Petroleum Business Review 2645-4726 3 1 2019 03 01 Selecting the Appropriate Physical Asset Life Cycle Model with a Multi-Criteria Decision-Making Approach (Case Study: Petroleum Pipelines) 51 62 110990 10.22050/pbr.2019.110990 EN Mohammad Reza Shokouhi Assistant Professor, Energy Economics and Management Department, Petroleum Faculty of Tehran , Petroleum University of Technology, Tehran, Iran 0000-0001-7917-6241 Mohammad Reza Moniri PhD Candidate in Operation and Production Management, Faculty of Management & Accounting, Shahid Beheshti University, Tehran, Iran Behnaz Shahheidar M.A. Student in Project Management, Energy Economics and Management Department, Petroleum Faculty of Tehran , Petroleum University of Technology, Tehran, Iran Journal Article 2018 10 04 Companies need to exactly manage their assets to balance performance, risk, and cost. The ability of equipment to provide a certain level of performance is influenced by its design, utilization, deterioration, and life. On the other hand, in order to obtain the desired level of performance and reduce risk, proper planning of maintenance activities during the period must be done. To manage this issue, organizations must develop a suitable method for their assets from the acquisition stage to the disposal to obtain the required processes and, ultimately, to earn the desired profit. In this study, petroleum pipelines have been considered as a case study, and life cycle cost (LCC), risk, and key performance indicators (KPI) have been identified as the criteria for decision making. KPI is itself composed of three sub criteria, including reliability, availability, and maintainability. They are weighted by using the opinions of eight expert and DANP method. The final weights of LCC, risk, and KPI (reliability, availability, and maintainability) are 0.269, 0.301, and 0.429 respectively. Considering different strategies in each phase of the asset life cycle, different scenarios are described for the asset life cycle as follows: 1) RCM-replacement, 2) RCM-overhaul, 3) CBM-replacement, 4) CBM-overhaul, 5) TPM-replacement, and 6) TPM-overhaul. Finally, based on the gained experts’ viewpoint from questionnaire and MOORA technique to rank the scenarios, the desired scenario, namely Buy-TPM-Replacement, is selected. Due to the use of experts’ opinions, these results will vary with the change of people, and due to the lack of relevant data, it is not possible to avoid this issue.

https://pbr.put.ac.ir/article_110990_9e27678ec8bf5c95eeca9ea5a35c0678.pdf

Petroleum University of Technology Petroleum Business Review 2645-4726 3 1 2019 03 01 The Impact of Oil Price Movements on Bank Nonperforming Loans (NPLs): The Case of Iran 63 78 109394 10.22050/pbr.2019.109394 EN Ameneh Nadalizadeh Ph.D Student, Management and Economy Faculty, Islamic Azad University, Science and Research Branch, Tehran, Iran. Kambiz Kiani Professor, Management and Economy Faculty, Islamic Azad University, Science and Research Branch, Tehran, Iran. Shamseddin Hoseini Assistant Professor, Economic Department, Allameh Tabataba'i University, Tehran, Iran Kambiz Peykarjou Assistant Professor, Economy Faculty, Islamic Azad University, Science and Research Branch, Tehran, Iran. Journal Article 2018 12 06 It is generally believed that macroeconomic and financial performance in oil exporting countries is interlinked to oil price movements. Regarding that assumption, the present study aims to examine the impact of oil price movements on bank nonperforming loans (NPLs) ,as a criterion for evaluation of bank credit risk, by applying the Generalized Method of Moments (GMM) on data from 18 Iranian banks data over period 2006–2017. The result of the estimated model indicates that there is a significant relation between fluctuations of oil price and bank nonperforming loans; accordingly, any decrease in the price of oil will result in an increase in bank nonperforming loans. Also, in order to have comprehensive assessment, economic and bank specific control variables were used in the model. Findings show that the NPLs ratio increases as economic growth decreases and exchange rate and real interest rates rise. Among bank specific factors, equity ratio as a criterion for efficiency and loan growth has a negative effect on NPLs, but by raising bank industry concentration, credit risk and financial stability can be threatened. Thus, the reliance of oil rich economies on oil incomes leads to the linkage of oil prices, and macroeconomic and financial performance. Therefore, the result of this study will be useful in adapting and diversifying macroeconomic policies in the face of drastic changes in oil prices and mitigating its adverse effects.

https://pbr.put.ac.ir/article_109394_15d36258181597d23f16bbcfa25202ec.pdf

Petroleum University of Technology Petroleum Business Review 2645-4726 3 1 2019 03 01 Measuring Supply Network Resilience Using a Mixed Approach (Case Study: Oil and Gas Companies) 79 97 107913 10.22050/pbr.2019.107913 EN Hadi Salami Phd Student, Production and Operations Management, Industrial Management Department, Yazd University, Yazd, Iran Seyed Haidar Mirfakhradini Associate Professor, Industrial Management Department, Yazd University, Yazd, Iran Davood Andalib Ardakani Assistant Professor, Industrial Management Department, Yazd University, Yazd, Iran Seyed Mahmoud Zanjirchi Associate Professor, Industrial Management Department, Yazd University, Yazd, Iran Journal Article 2019 01 06 Today, random and intelligent risks have made supply management disruptive much more than before. Over the past decade, many supply network (SN) disruptions in oil and gas industry have been due to the deliberate risks posed by international sanctions. Undoubtedly, resilience in general and resilience of SN in particular has been a systematic method for firms and organizations to deal with disruptions. This study aimed to measure, assess, and compare the resilience of SNs in oil and gas companies based on a mixed approach of systematic literature review (SLR) and complex adaptive systems (CAS). The statistical population of the study consisted of 11 subsidiaries of the National Iranian Oil Company. A robust systematic review of the literature was conducted to collect all the crucial components of supply network resilience (SNR) from 608 articles that ultimately resulted in 40 key factors based on the context intervention mechanism outcome logic (CIMO-logic). Quantitative analysis was carried out in the upstream sector of three subsidiaries of Iranian Central Oil Fields Company (ICOFC) including South Zagros, East and West Oil and Gas Production Companies. The results demonstrated a relationship between components and their measurement in upstream companies. A further finding is that South Zagros Oil and Gas Production Company was more resilient than the other two companies.

https://pbr.put.ac.ir/article_107913_9ff3fb64f91036f566086396c348b95e.pdf