THE EVLUATION OF TEHRAN STOCK EXCHANGE (TSE) EFFICIENCY FROM 2003 TO 2012: THE CASE OF ECONOMIC GROWTH
Journal Title: European Journal of Business and Social Sciences - Year 2014, Vol 3, Issue 3
Abstract
This study evaluated Tehran Stock Exchange (TSE) as one of the financial markets in Iran from 2004 to 2012. Since stock exchange institutes are the main factors which determine the economic growth, inflation, fluctuation and the decline for any country, the present study evaluation the role of Tehran stock market in Iranian marketing and business system in TSE. Research problem focuses on the discovering of the enterprise in a period of time which covered the recent decade. Theoretical background of this study may refer to (Nikunj, Petal, Radadia & Dhaun, 2012). who deal with the efficiency of the stock market as a determining factor in measuring the assets and legal bonds. Design of the study is ex-post facto and data were collected from the TSE web site. Data were analyzed through KS and Runs tests to find out the normality of data. Then the correlation analysis evaluated weak efficiency of the TSE in the period of the recent decade. Results showed that there was not a significant growth in the previous decade and TSE lacked economic growth and efficiently at the weak level. Implications of the study suggest that the internal factors (e.g., inflation, lack of investment, information transparency, etc) and outside factors (foreign investment, sanctions, threats, etc) may affect such a problem. The TSE should consider these issues and adjust its strategies to make a balance to cope with such problems in a smooth way.
Authors and Affiliations
Reza Gorjian| Department of Accounting, Kish International Campus, University of Tehran, Iran Email:bahgorji@yahoo.com
Keywords
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