نوع مقاله : مقاله پژوهشی
نویسنده
استادیار، گروه اقتصاد، دانشکده مدیریت، اقتصاد و حسابداری، دانشگاه هرمزگان، هرمزگان، ایران.
چکیده
کلیدواژهها
عنوان مقاله [English]
نویسنده [English]
This study examines the effects of economic sanctions and uncertainty surrounding defense-security policies on firms' stock returns volatility. Economic sanctions, used as a tool to change political and economic behavior of target country, create market disruptions that lead to increased stock returns volatility by creating uncertainty in business relations and corporate profitability. At the same time, the unpredictability of defense and security policies contributes to investor anxiety, affecting market sentiment and further exacerbating stock price volatility. The target population of this research includes all firms listed on the Tehran Stock Exchange that were active from the beginning of 2014 to the end of 2023. The research hypotheses were tested based on a statistical sample consisting of 167 forms listed on the Tehran Stock Exchange with the dynamic panel estimation method using generalized moments method and Arellano-Bond estimators. The results show that due to the formation of periods of pessimism and optimism in the market, volatility in stock returns of firms listed in the Tehran Stock Exchange are transferred from the previous period to current period. Also, economic sanctions and defense-security policies uncertainty led to an increase in stock returns volatility of firms listed in Tehran Stock Exchange. Since both economic sanctions and defense-security policies uncertainty are important drivers of stock return volatility, examining the interaction of these variables provides valuable insights for investors, policymakers and financial analysts, leading to informed decision-making, risk management, and better market valuation.
کلیدواژهها [English]
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