The effect of some macroeconomic variables on the performance indicators of companies listed on The Tehran Stock Exchange (selected industries) during sanction periods (before and after the JCPOA)

Iranian Journal of Accounting, Auditing and Finance

مقالات آماده انتشار، پذیرفته شده، انتشار آنلاین از تاریخ 07 مهر 1402   

نوع مقاله: Original Article

شناسه دیجیتال (DOI): 10.22067/ijaaf.2023.84102.1397

نویسندگان

Mohammad Reza Abbaszadeh^{* 1}؛ Reza Hesarzade²؛ Hashem Manzar Zade³؛ سید سعید ملک الساداتی³

¹Ferdowsi University of Mashhad

²Associate Prof. Department of Accounting, Faculty of Economics & Administrative Sciences, Ferdowsi University of Mashhad, Iran.

³Department of Accounting, Faculty of Economics & Administrative Sciences, Ferdowsi University of Mashhad, Iran

چکیده

Purpose: This study is aimed at investigating the effect of some macroeconomic variables on the performance indicators of companies listed on The Tehran Stock Exchange (selected industries) during sanction periods (before and after the JCPOA).

Methodology: This research is an applied and correlated study using deductive-inductive reasoning. Collected data is analyzed (financial reports). Therefore, this study is an ex-post facto. The sample of this study is collected over an 11-year period spanning from 2010 to 2020, including 181 firms listed on The Tehran Stock Exchange. The multivariate linear regression is conducted to test the hypotheses.

Findings: The findings indicate that sanctions (both pre- and post-JCPOA) acted as moderators in the relationship between exchange rate fluctuations and firms’ added-value. Except for the automotive industry, sanctions (pre- and post-JCPOA) moderated the relationship between foreign investment and corporate investment activities in all industries. Sanctions (pre- and post-JCPOA) moderated the relationship between the production price index and corporate profitability in all industries except the automotive industry. Sanctions (pre- and post-JCPOA) moderated the relationship between the import of raw materials for intermediate and capital goods and corporate operational activities.

Conclusion: America’s withdrawal from Iran nuclear deal, JCPOA, in 2018 caused great damage to Iran’s economy. These sanctions are expected to have a more destructive impact on business enterprises in the post-JCPOA era. Testing the hypotheses, the results show that sanctions (pre- and post-JCPOA) moderated the relationship between the exchange rate fluctuations and corporate performance indicators.

کلیدواژه‌ها

Keywords: Exchange Rate Fluctuations؛ Foreign Investment؛ Sanctions؛ Corporate Performance Indicators