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The Profitability of Afghanistan’s Coal Industry: An ARDL Analysis of the North Coal Enterprise | ||
| Iranian Economic Review | ||
| مقاله 8، دوره 29، شماره 4، اسفند 2025، صفحه 1361-1376 اصل مقاله (988.32 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22059/ier.2024.360371.1007743 | ||
| نویسندگان | ||
| Abbas Erfan1؛ Mohammad Fidakar2؛ Atefa Hussaini* 3 | ||
| 1Faculty of Mining and Geological Engineering, Kabul University, Kabul, Afghanistan | ||
| 2Faculty of Economics, Emory University, Atlanta, Georgia. | ||
| 3Department of Economics, Baghlan University, Baghlan, Afghanistan. | ||
| چکیده | ||
| This study examines the determinants of profitability in the North Coal Enterprise (NCE), Afghanistan’s only state-owned profit-generating company authorized to operate coal mines. Despite the partial privatization of several collieries, four major mines remain under NCE’s management. Using annual data from 1989 to 2019 obtained from the Ministry of Industries and Mines and the Northern Coal Office, the study employs the ARDL model to estimate short- and long-term relationships between profitability (net profit-to-capital ratio), capital structure (debt-to-capital ratio), and liquidity (current ratio). The findings indicate that sales revenue has a positive long-term impact on profitability, while liquidity has a short-term positive influence. Conversely, capital structure shows a negative relationship with profitability. These results underscore the importance of sound financial management and effective liquidity control in maintaining NCE’s profitability. | ||
| کلیدواژهها | ||
| ARDL؛ Coal Mining؛ Capital Structure؛ North Coal Enterprise؛ Profitability | ||
| مراجع | ||
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