European Journal of Accounting, Auditing and Finance Research (EJAAFR)

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The study of Targeted Subsidies plan on market returns of listed companies on Tehran Stock Exchange


This research has examined the relation between the targeted subsidies plan and the market returns of Tehran stock exchange. The aim of the study is to examine the market returns in the years after and before the implementing plan and the relation of it on the returns of Tehran stock exchange. It is expected that the implementing plan and actualization of prices have more influence on energy industry, so 3 energy industry indexes (cars and parts manufacturing, cement, gypsum and lime, and transportation, warehousing and communications) are used to calculate the market returns. Therefore, the study applies 3 dependent variables (the returns of automotive industry and parts manufacturing, cement, gypsum and lime, and transportation and warehousing) and 1 control variable (gold and dollar rate) and 1 independent variable (targeted subsidies plan) is used which the last one has 2 values and its value before and after the implementing of the plan is 0 and 1, respectively. In this study, we have examined 3 hypotheses in relation with the study of market returns and the targeted subsidies plan separately in 3 industries using multiple linear regression analysis during 28/09/2008 to 28/09/2010. The obtained results have rejected the relation of market returns and the targeted subsidies plan. To ensure the obtained results, a one more test (T-test) was done which approved the related findings

Keywords: Targeted subsidies plan, Tehran stock exchange, market returns

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