THE RESPONSIVENESS OF STOCK MARKET RETURNS TO EXCHANGE RATE AND INFLATION VARIATIONS IN IRAN (THE CASE STUDY OF CHEMICAL AND PETROCHEMICAL COMPANIES)

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BASERI BIJAN; ABBASSI GHOLAMREZA; MORAKABATI MOHAMMADREZA

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Journal: Financial Economics Year:2016 | Volume:10 | Issue:35 Page(s): 172-190

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Title

THE RESPONSIVENESS OF STOCK MARKET RETURNS TO EXCHANGE RATE AND INFLATION VARIATIONS IN IRAN (THE CASE STUDY OF CHEMICAL AND PETROCHEMICAL COMPANIES)

Author(s)

BASERI BIJAN | ABBASSI GHOLAMREZA | MORAKABATI MOHAMMADREZA | Issue Writer Certificate

Keywords

MONETARY FACTORSQ1

STOCK INDEXQ1

CHEMICAL AND PETROCHEMICALQ2

PANEL DATAQ2

Abstract

The aims of this paper is to investigate the effect of macroeconomic variables on the stock market returns in the energy sector (chemical and petrochemical) during 2002-2012 with PANEL DATA models. The influences of liquidity, inflation, exchange rates, energy prices, and financial variables of firms, such as debt structure, asset and returns conditions have been tested in the chemical & petrochemical companies in Tehran Stock Exchange. The findings show that the mentioned macro-variables have deeper effect in chemical firms rather than petrochemical firms, due to different elasticity of their products. Further achievements reveal that macro-variables have been more effective than intrafirms variables in selected sample. The return of these firms is also affected by several factors including sanctions, fluctuation in exchange rate, required importing inputs, export barriers, the higher cost of producing of petrochemical products compared to other countries, lack of diversification, and crude selling.

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APA: Copy

BASERI, BIJAN, ABBASSI, GHOLAMREZA, & MORAKABATI, MOHAMMADREZA. (2016). THE RESPONSIVENESS OF STOCK MARKET RETURNS TO EXCHANGE RATE AND INFLATION VARIATIONS IN IRAN (THE CASE STUDY OF CHEMICAL AND PETROCHEMICAL COMPANIES). JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), 10(35), 172-190. SID. https://sid.ir/paper/228997/en

Vancouver: Copy

BASERI BIJAN, ABBASSI GHOLAMREZA, MORAKABATI MOHAMMADREZA. THE RESPONSIVENESS OF STOCK MARKET RETURNS TO EXCHANGE RATE AND INFLATION VARIATIONS IN IRAN (THE CASE STUDY OF CHEMICAL AND PETROCHEMICAL COMPANIES). JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT)[Internet]. 2016;10(35):172-190. Available from: https://sid.ir/paper/228997/en

IEEE: Copy

BIJAN BASERI, GHOLAMREZA ABBASSI, and MOHAMMADREZA MORAKABATI, “THE RESPONSIVENESS OF STOCK MARKET RETURNS TO EXCHANGE RATE AND INFLATION VARIATIONS IN IRAN (THE CASE STUDY OF CHEMICAL AND PETROCHEMICAL COMPANIES),” JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), vol. 10, no. 35, pp. 172–190, 2016, [Online]. Available: https://sid.ir/paper/228997/en

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