Author/Authors :
Najafi، Narjess نويسنده Department of management, Science and Research branch, Islamic Azad University, Kermanshah, Iran , , Ramazanpour، Esmaeel نويسنده Assistant professor, University of Gilan , , Monjazeb، Mohammadreza نويسنده Assistant Professor, Faculty of Engineering Economics, University of Economic Sciences, ,
Abstract :
The main aim of this study is to investigate the impact of oil price fluctuations on stock returns of the Products of Petroleum in Iran Stock Exchange. As well as independent variables and the dependent variables, three variables including inflation rate, company size and the ratio of book to market value as control variables are inserted in the model for checking the simultaneous effect of independent and control variables on the dependent variable. The research hypothesis test is performed under multiple regression analysis. The statistical population consists of all oil and chemical companies listed in Iran stock exchange since 2008 to 2012, by using their annual data. Finally, six companies that among the research attended in exchange in forms of annual data were analyzed. The results indicate that oil price fluctuations have negative impacts on the stock returns of oil products and chemical industries and there is no significant difference between these industries in terms of the relation between oil price fluctuations and the stock return. The results of this study can be used by individuals and companies willing to invest in the stock market and who are interested in financial and energy subjects.
