The effect of some macroeconomic variables on the performance indicators of selected industrial companies of the Tehran Stock Exchange in the periods of sanctions (before and after JCPOA)

Document Type : Original Article

Authors

• hashem manzarzadeh tamam ¹
• Mohammad Reza Abbaszadeh ²
• reza hesarzadeh ³
• Seyed Saeed Malek Sadati ⁴

¹ PhD student, Department of Accounting, Faculty of Administrative Sciences and Economics, Ferdowsi University of Mashhad, Mashhad, Iran

² Ferdowsi University of Mashhad

³ Associate Professor, Department of Accounting, Faculty of Administrative Sciences and Economics, Ferdowsi University of Mashhad, Mashhad, Iran

⁴ Department of Economics, Ferdowsi University of Mashhad, Mashhad, Iran

https://doi.org/10.22067/mfe.2023.79490.1246

Abstract

With the tightening of sanctions and the unilateral withdrawal of the United States from the JCPOA in 2017, the maximum pressure on Iran caused great damage to Iran's economy. It is predicted that in the new period after the JCPOA, these sanctions will have many destructive effects on the performance indicators of selected industries of the Tehran Stock Exchange. Based on this, the purpose of this research is to investigate the effect of some macroeconomic variables. During the sanctions periods (before and after the JCPOA), it is based on the performance indicators of the companies admitted to the Tehran Stock Exchange (selected industries: automobile, chemical, medicine and steel).
In terms of the purpose of this research, it is considered as applied research, and the current research is of the post-event type, that is, it is based on the analysis of past information (financial statements of companies). Also, the method of this research is correlational in nature and content. The time period of the research includes 11 consecutive years from 1389 to 1399.
The results of the research showed that sanctions had a moderating role on the relationship between exchange rate fluctuations and added value of companies. Sanctions in all selected industries, except the automobile industry, have had a moderating role on the relationship between the volume of foreign investment and the investment activities of companies. Sanctions in all selected industries, except the automobile industry, have had a moderating role on the relationship between the price index of products and the profitability of companies. Sanctions in the whole sample and in the chemical industry, on the relationship between the import of intermediate goods and capital and operational activities of companies have a moderating role.
Keywords: sanctions, exchange rate fluctuations, volume of foreign investment, performance indicators of companies.

Keywords

• "sanctions"
• "exchange rate fluctuations"
• " volume of foreign investment"
• "performance indicators of companies"

Main Subjects

• Financial monetary economy