Analyzing the Impact of Fundamental Conditions of Listed Companies and Macroeconomic Variables on Price and Dividend Yield Indices of the Capital Market

garmabi, abolfazl; Khanlou Savojbolaghi, Mojgan

doi:10.61186/qjfep.12.47.67

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Volume 12, Issue 47 (Quarterly Journal of Fiscal and Economics Policies 2024)

qjfep 2024, 12(47): 67-95

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Analyzing the Impact of Fundamental Conditions of Listed Companies and Macroeconomic Variables on Price and Dividend Yield Indices of the Capital Market

Abolfazl Garmabi ^*

, Mojgan Khanlou Savojbolaghi

budget and planing organization

Abstract: (355 Views)

Assessing the interplay between the fundamental conditions of listed companies and stock price movements provides insights into the relationship between stock market indices and economic growth. This study examines the mutual effects of Tehran Stock Exchange indices, including the total Index (TEDPIX), Price Index (TEPIX), and Dividend Yield Index (TEDIX), as well as their responses to changes in non-oil economic growth and inflation rates during the period Q4 1389 to Q2 1402, using a Structural Vector Autoregressive (SVAR) model. The findings reveal that the TEDIX, representing the overall profitability of listed companies, is influenced by non-oil economic growth but is not significantly affected by inflation and TEPIX. Furthermore, the TEPIX does not exhibit a positive response to non-oil economic growth or the TEDIX. Therefore, the notion that stock price movements in the capital market and the subsequent growth of stock indices reflect the fundamental conditions and profitability of companies is not supported. Additionally, the results indicate that increased investor interest in purchasing a company's stock and the resulting rise in its stock price do not necessarily lead to improved corporate financing or fundamental conditions.

Keywords: total Index, Stock Price Index, Dividend Yield Index, Inflation, Economic Growth

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Type of Study: Research | Subject: Special

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garmabi A, Khanlou Savojbolaghi M. Analyzing the Impact of Fundamental Conditions of Listed Companies and Macroeconomic Variables on Price and Dividend Yield Indices of the Capital Market. qjfep 2024; 12 (47) :67-95
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