Investigation the Relationship Price of Oil with the Price Changes

International Research Journal of Applied and Basic Sciences
© 2015 Available online at www.irjabs.com
ISSN 2251-838X / Vol, 9 (4): 547-555
Science Explorer Publications
Investigation the Relationship Price of Oil with the
Price Changes and the Oil Companies Stock Return
(Petroleum Products, Chemicals, Rubber and
Plastics) On the Tehran Stock Exchange
Jamshid Shahnavazi, Farahdokht Ebadi
Department of Accounting, college of Human Science, zahedan Science and research branch, Islamic Azad
University, Zahedan, Iran
Corresponding author email: ebadpaper@chmail.ir
ABSTRACT: The country's capital market is influenced by internal and external factors. One of the
most important external factors, the volatility of oil prices. Much research on the correlation between
oil price changes has been made to the stock exchange. Most of this research has been done
abroad that this dependence is observed in most of them. The main objective of this study was to
"investigate the relationship between oil prices and changes in yields and stock prices of oil
companies (petroleum, chemical, rubber and plastic) Tehran Stock Exchange during the period 2008
to 2013".In this study, the price and performance of firms as the dependent variable, changes in oil
prices as the dependent variable of the regression models used to test hypotheses. The results
showed that: 1- Between oil prices and oil industry stock price index is imperfect correlation and
straightforward. 2- Between oil prices Chemical substances stock price index is imperfect correlation
and straightforward. 3- Between oil prices Rubber and Plastics stock price index is imperfect
correlation and straightforward. 4- Between oil prices and Petroleum products industry stock returns
in the Tehran Stock Exchange is correlation imperfect and direct. 5- Between oil prices and oil
industry stock returns in the Tehran Stock Exchange is correlation imperfect and direct. 6- Between
oil prices and Rubber and Plastics industry stock returns in the Tehran Stock Exchange is correlation
imperfect and direct.
Keywords: oil prices, oil companies, chemical industry, enterprise efficiency
Statement of the problem
Capital market of each country is influenced by internal and external factors. One of the important
external factors is fluctuation of oil price which much investigation have been done and most of the studies are
done in abroad. In most of the cases dependency has been existed, but in some researches kind of
communication is different from others, some consider the correlation of changes in oil price and stock
exchange negative, and others consider it positive or showed it much or less. In all of these researches, the
cause of oil price change has been considered as an important factor in existence and kind of relationship
among abovementioned variables, in a way that if the reason of oil price change is political changes or war and
conflicts between exporting and importing countries, especially in middle east countries, oil price changes
would have negative effect on the Stock Exchanges. And in the case of oil price changes(especially oil price
changes) is due to growth of global economy and related countries, then it will have a positive effect on Stock
Exchange (Matoufi,1392).
Vast researches which have been done in Iran or abroad in the field of relationship between oil price
changes and economy growth changes, GDP, stock price, stock price index and stock efficiency show different
results. The reason for this difference is time and location of research, because the result can be different in
terms of producer or importer(Mir Torabi,1392). Ramon & Gabriel (2008) in a study which called it " effect of oil
price on the growth of production and stock efficiency, concluded that oil price rise have negative effect on the
industrial production and stock exchange and on the contrast, stock efficiency had reaction on the increase of
oil price and also they have said that stock efficiency react more quickly in short term than oil price change,
which in long term its effect on the industrial productions are more than stock efficiency. Finally, their empirical
research showed that oil price rise have negative effect on the continuing of economical growth and have the
positive effect on the possibility of beginning an economical stagnation.
Intl. Res. J. Appl. Basic. Sci. Vol., 9 (4), 547-555, 2015
Kim & Mohan had done a research with the title of "how oil change stock price?" and this is their
conclusion:
A) It seems that most of stock prices are non sensitive to oil prices
B) This comment that correlation between stock prices and oil prices are less obvious, it is found that unless oil
price shocks can be cause of economical stagnation.
C) There are evident that justify oil is an important factor industry
Martin has done a research under the title of "How oil price change result in change in stock exchange?"
which the time for doing this research is one week from 1989 to 17 weeks of 2005. This research is related to
countries like Japan, Norway, Swede, England and USA; which at the end, strong evidence showed
fluctuations of japan, Norway, USA and England, and weak evidences was indicative of stock exchanges for
Swede. Results of this study showed that stock changes besides of oil price is related to other unspecified
factors, moreover in this study oil price is known as a weak variable in stock exchange fluctuations.
Babatunde in a study that investigated raw oil shocks said that oil price shocks have a negative effect on
the complex efficiency of USA stock exchanges.
The main issue in this study which investigates the relationship between oil price with price changes and
oil companies' stock efficiency in Tehran stock exchange, examining of fluctuations and changes created in
Tehran stock exchange would be investigated by correlation test.
Importance of oil incomes for our economy, especially in current status which in one hand dependency is
more to these incomes and on the other hand import volume is increased vastly and need no more explication.
Any serious decline in oil income can create lots of problems by affecting public section expenses and creating
problem in abroad trade. By postulating consistency of production and exporting raw oil in near future, oil
income actually would be dependence for global oil prices (Mehrani, 1392).
Importance of stock exchange and its performance in industrialized countries is crucial, in a way that in
most of industrialized countries, active stock exchange is part of economical organizations in society.
Importance of stock exchange in these countries is in a way that economy of these countries is dependent
upon stock exchange, if stock exchange market is being developed, economy also develops and if market is
stagnant, this stagnation reflects on the whole of economy. Actually, status of stock exchange in industrialized
countries is a kind of economical index status, which by considering to the status of Tehran Stock Exchange it
is of no exception (Masah, 1392). From one point of view on the role and importance of oil in our economy and
on the other hand stock exchange importance in taking capital and lots of oil companies active in Tehran stock
exchange, unfortunately little research has been done on the importance and role of oil in stock exchange. Now
according to the fact that Iran is exporter of oil and its economy is relied upon oil income, determining the
relationship between oil price with price change and stock efficiency can help policy makers of economy and
stock exchange investors to take more efficient measures, so this study aims to investigate the relationship
between oil price with price change and efficiency of active oil companies efficiency in stock exchange.
Hypothesis of the research
This research consists of two main hypotheses which are as follows:
There are relationships between the price of oil and change of oil companies stock efficiency.
This hypothesis consists of three subsidiary hypothesizes:
There is relationship between oil price and change of oil companies stock efficiency.
There is relationship between oil price and change of chemical companies stock efficiency.
There is relationship between oil price and change of rubber and plastic companies stock efficiency
There are relationships between the price of oil and oil companies stock price.
This hypothesis consists of three subsidiary hypothesizes:
There is relationship between oil price and oil products stock price.
There is relationship between oil price and chemical products stock price.
There is relationship between oil price and rubber & plastic products stock price.
According to the determined goals and specifying kind of companies under research, three industries
were chosen as statistical population which are: Oil, chemical and rubber & plastic products, which these are
three important and vast sections of Tehran stock exchanges which consists of 42 companies.
METHODOLOGY OF RESEARCH
This study is descriptive- correlative and from the standpoint of goal it is practical. Because it is done with the
goal of using these results in market.
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Definition of variables
Independent variable
In this research independent variable is oil price.
This variable is based on Iran's raw oil on the basis of global dollar market which is calculated monthly
in the time interval of 1391 of Solar year.
Dependent variable
In this research, dependent variable is stock price and stock efficiency. Stock exchange price in these
companies in specific time, is the highest price which other buyers, are ready to pay in order to receive future
cash related to stock(received price for stock interest and price changes of this stock). Because price variable
is measurable, is quantitative variable. For calculating stock price changes, we use stock price in Tehran stock
exchange.
Stock price index in Tehran stock exchange is based on Laspeyres coefficient and is calculated as
follows (Ahmad Pour & et.al, 1386).
N= number of accepted companies
O= base
I= determined variable which is between 1 to n.
t 1 = time for calculating the coefficient
Pit = price of company stock, ranking of i in time of t
Pio = price of company stock, ranking of i in time of o
qit= number of company published stock, ranking of i in time of t
qio= number of company published stock, ranking of i in time of o
Base Value= 100(base number)
TEPIX= stock coefficient of whole of accepted companies and registered on the board of Stock exchange
In this study we used stock price coefficient of three products, which are: oil, chemical and rubber &
plastic, and plastic is used as the data in this research for testing subsidiary hypothesis.
Degree of oil products stock efficiency
Degree of efficiency related to each stock, is obtained by input and output process of difference. And it is
composed of two sections (Rayi & Talangi, 1383).
1. received price for the interest of stock
2. price changes of stock in the period of investing
p t = Stock price at the end of t period
pt 1 :Stock price in the beginning of t period with the end t-1
Dt :Cash interest of stock at the end of period t
Research Findings
Descriptive Finding
Oil Price
This variable is performing its role as the main variable of the study. Because the information related to
universal price of Iran's oil is based on AD, but price and stock feedback is based on solar, solar is considered
as base.
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Table 1. descriptive analysis of oil price variable
Variable
Average
Oil price
46.224
Standard
deviation
19.45
Domain of
changes
69.32
Variance
44.378
Skewedness
Kurtosis
0.549
-0.641
Stock price of oil products coefficient in Tehran Stock Exchange
Following table consists of selected coefficients related to data of Stock price of oil products coefficient
within desired time interval in Tehran Stock Exchange
Table 2. descriptive analysis of stock price of oil products coefficient
Variable
Average
Standard
deviation
Variance
Domain of
changes
Skewedness
Kurtosis
Stock price of oil
products coefficient
25873
2825
7981561
15466
0.648
1.044
Stock price of chemical products coefficient in Tehran Stock Exchange
Following table consists of selected coefficients related to data of Stock price of chemical products
coefficient within desired time interval in Tehran Stock Exchange
Table 3. descriptive analysis of stock price of chemical products coefficient
Variable
Average
Standard
deviation
Variance
Domain of
changes
Skewedness
Kurtosis
Stock price of chemical products
coefficient
2938
2837
8046909
9033
0.677
-0.834
Stock price of plastic products coefficient in Tehran Stock Exchange
Following table consists of selected coefficients related to data of Stock price of plastic products
coefficient within desired time interval in Tehran Stock Exchange
Table 4. descriptive analysis of stock price of plastic products coefficient
Variable
Average
Standard
deviation
Variance
Domain of
changes
Skewedness
Kurtosis
Stock price of plastic products
coefficient
2632
812
660144
3490
0.933
0.221
Efficiency of oil products Stock coefficient in Tehran Stock Exchange
Following table consists of selected coefficients related to data of efficiency of Stock oil products
coefficient within desired time interval in Tehran Stock Exchange
Table 5. descriptive analysis of the efficiency of oil products coefficient
Variable
Average
Standard
deviation
Variance
Domain of
changes
Skewedness
Kurtosis
Efficiency of Stock oil
products coefficient
23938
7462
55684280
28628
0.180
-1.052
Efficiency of chemical products Stock coefficient in Tehran Stock Exchange
Following table consists of selected coefficients related to data of efficiency of chemical products
coefficient within desired time interval in Tehran Stock Exchange
Table 6. descriptive analysis of the efficiency of chemical products coefficient
Variable
Average
Standard
deviation
Variance
Domain of
changes
Skewedness
Kurtosis
Stock price of chemical
products coefficient
12666
5716
32668374
20036
0.371
-1.440
Efficiency of plastic products Stock coefficient in Tehran Stock Exchange
Following table consists of selected coefficients related to data of efficiency of plastic products coefficient
within desired time interval in Tehran Stock Exchange
Table 7. descriptive analysis of the efficiency of chemical products coefficient
Variable
Average
Standard
deviation
Variance
Domain of
changes
Skewedness
Kurtosis
Stock price of plastic
products coefficient
4722
1597
2550933
6753
0.217
-0.630
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Test for determining whether variables are normal
For determining whether variables of this study are normal or not, we used Kolomogrov test. In following
table, results of this test are shown.
Table 8. Test for determining whether variables are normal
Order
Variables
Way of test Meaningfulness
Normal
1
Oil price
KS
0.105
Normal
KS
0.686
Normal
KS
0.000
Abnormal
KS
0.132
Normal
KS
0.059
Normal
KS
0.004
Abnormal
KS
0.175
Normal
2
3
4
5
6
7
Price of oil products stock
coefficient
Price of chemical products stock
coefficient
Price of plastic products stock
coefficient
Efficiency of oil products Stock
coefficient
Efficiency of chemical products
Stock coefficient
Efficiency of plastic products Stock
coefficient
Referential statistics
Pearson's correlational
coefficient
Pearson's correlational
coefficient
Spearman's correlational
coefficient
Pearson's correlational
coefficient
Pearson's correlational
coefficient
Spearman's correlational
coefficient
Pearson's correlational
coefficient
Test for Determining Whether Variables is Normal
Hypothesis Test and its Results
For testing between variables in this research, we used correlational analysis, because in this study we
seek for relationship between these two variables. Correlational analysis is the statistical instrument for
determining the type and degree of relationship between a quantitative variable and another one, which by that
we can specify its intensity and type of its relationship(direct or reverse), and this factor is between +1 and -1,
in case of no relationship between these two variables, it is zero. Results from the hypothesizes of this study, is
calculated by SPSS software.
First hypothesis test
Between the price of oil and Price of oil companies stock coefficient there are relationships. For testing
this hypothesis we used three subsidiaries hypothesizes, which each of them try to investigate oil price with
Price of three industries stock coefficients, which are oil, chemical and rubber and plastic.
First subsidiary hypothesis of main hypothesis
Between oil price and Price of oil companies stock coefficient there is relationship.
Considering to the variables degree and kind of their distribution, for testing hypothesis we used
Pearson's correlational coefficient. Results obtained from this test which is calculated by SPSS software is
offered in table 9.
Table 9. results of Pearson's correlational coefficient for the first subsidiary hypothesis of main hypothesis
Variable
Oil price
Pearson's correlational coefficient
Meaningfulness
Numbers
Price of oil companies stock
coefficient
0.414
0.000
72
As the first table shows, in  =0.05 there is a positive relationship between oil price and Price of oil
companies stock coefficient. Besides that, Pearson's correlational coefficient for these two variables is 0/414
which according to correlation analysis, considering to the degree of Pearson's correlational coefficient is
between 0 and +1 (0<r<1), correlation between two variables are direct and faulty, which by increasing the
degree of oil price, Price of oil companies stock coefficient is increased relatively.
second subsidiary hypothesis of main hypothesis
Between oil price and Price of chemical companies stock coefficient there is relationship.
Considering to the variables degree and kind of their distribution, for testing hypothesis we used
Spearman's correlational coefficient. Results obtained from this test which is calculated by SPSS software is
offered in table 10.
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Table 10. results of Spearman's correlational coefficient for the second subsidiary hypothesis of main hypothesis
Variable
Oil price
Spearman's correlational coefficient
Meaningfulness
Number
Price of oil companies stock
coefficient
-0.790
0.000
72
As the first table shows, in  =0.05 there is a negative relationship between oil price and Price of
chemical companies stock coefficient. Besides that, Spearman's correlational coefficient for these two variables
is -0.790 which according to correlation analysis, considering to the degree of Spearman's correlational
coefficient is between 0 and -1, correlation between two variables are reverse and faulty, which by increasing
the degree of oil price, Price of chemical companies stock coefficient is decreased relatively.
Internal and external Issues and problems of Iran like presidential election, vast growth of coefficients in
earlier years, economical, political and governing factors in capacity, substituting the government and ambiguity
of investors in the new economical policies of the new government, also sending Iran's Atomic energy file to
security council, bubbling of bazaar together with underwriting of many investors, density of distributing
governmental companies stocks in the last months of 1388, continuing the pressures against Iran by
International policies, and internal developments, and decreasing abroad investments in Petrochemical industry
and increasing the importing of some chemical products, caused the decreasing of Stock Exchange; that
Tehran Stock Exchange proceed a different procedure compared earlier. For this to happen, relationship
between oil price and Tehran Stock Exchange coefficient in two periods were investigated, one earlier than
1389 and after 1389. results of Spearman's test are given below on 11 and 12 which is calculated by SPSS
software.
Table 11. results of Pearson's correlational coefficient for the total coefficient earlier than 1389
Variable
Oil price
Spearman's correlational coefficient
Meaningfulness
Number
Tehran Stock Exchange
coefficient before 1389
0.817
0.000
33
Table 12. results of Pearson's correlational coefficient for the total coefficient after 1389
Variable
Oil price
Spearman's correlational coefficient
Meaningfulness
Number
Tehran Stock Exchange
coefficient after 1389
-0.575
0.000
39
Considering to the degree of correlational coefficient test between oil price and Tehran Stock Exchange
coefficient before and after 1389, we can conclude that external factors are the cause of negative relationship
of second subsidiary hypothesis.
Third subsidiary hypothesis of first main one
Between oil price and Price of rubber companies stock coefficient there is relationship.
Considering to the variables degree and kind of their distribution, for testing hypothesis we used
Pearson's correlational coefficient. Results obtained from this test which is calculated by SPSS software is
offered in table 13.
Table 13. results of Pearson's correlational coefficient for the third subsidiary hypothesis
Variable
Oil price
Pearson's correlational coefficient
Meaningfulness
Number
Price of rubber companies stock
coefficient
0.103
0.387
72
As the first table shows, in  =%5 there is not a meaningful relationship between oil price and Price of
rubber companies stock coefficient. In other words, there is not any relationship between oil price and Price of
rubber companies stock coefficient. Lack of necessary development, paying less attention to this job, lack of
cash, rise of raw materials and immethodical import of Tires caused the decline of rubber and plastic
coefficients price since 1388. And also by considering to the Security Council resolutions and followed
commercial sanctions, prolonging the process of opening credit, lack of the possibility in purchasing in large
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volumes, problems created when purchasing raw materials, and prolonging the period of returning the capital
has created vast problems in this industry.
Second hypothesis test
Between oil price and efficiency of oil products Stock coefficient there is relationship. For testing this
hypothesis we used three subsidiaries hypothesizes, which each of them try to investigate oil price with Price of
three industries stock coefficients, which are oil, chemical and rubber and plastic.
First subsidiary hypothesis of second main hypothesis
There is a relationship between oil price and efficiency of oil products Stock coefficient.
Considering to the variables degree and kind of their distribution, for testing hypothesis we used
Pearson's correlational coefficient. Results obtained from this test which is calculated by SPSS software is
offered in table 14.
Table 14. results of Pearson's correlational coefficient for the first subsidiary hypothesis of second main hypothesis
Variable
Oil price
Pearson's correlational coefficient
Meaningfulness
Number
efficiency of oil products Stock
coefficient
0.893
0.000
72
As the table shows, in  =0.05 there is a positive relationship between oil price and efficiency of oil
products Stock coefficient. Besides that, Pearson's correlational coefficient for these two variables is 0/893
which according to correlation analysis, and considering to the degree of Perason's correlational coefficient is
between 0 and +1, correlation between two variables are direct and faulty, which by increasing the degree of oil
price, Price of chemical companies stock coefficient is increased relatively.
Second subsidiary hypothesis of second main hypothesis
Between oil price and Price of chemical companies stock coefficient there is relationship.
Considering to the variables degree and kind of their distribution, for testing hypothesis we used
Spearman's correlational coefficient. Results obtained from this test which is calculated by SPSS software is
offered in table 15.
Table 15. results of Spearman's correlational coefficient for the second subsidiary hypothesis of second main hypothesis
Variable
Oil price
Spearman's correlational coefficient
Meaningfulness
Number
efficiency of chemical products
Stock coefficient
0.701
0.000
72
As the first table shows, in  =0.05 there is a positive relationship between oil price and Price of
chemical companies stock coefficient. Besides that, Spearman's correlational coefficient for these two variables
is 0.760 which according to correlation analysis, considering to the degree of Pearson's correlational coefficient
is between 0 and +1 (0<r<+1). Correlation between two variables are direct and faulty, which by increasing the
degree of oil price, efficiency of chemical products Stock coefficient increases relatively.
Third subsidiary hypothesis of second main hypothesis
There is relationship between oil price and Price of rubber and plastic companies stock coefficient.
Considering to the variables degree and kind of their distribution, for testing hypothesis we used
Pearson's correlational coefficient. Results obtained from this test which is calculated by SPSS software is
offered in table 16.
Table 16. results of Spearman's correlational coefficient for the third subsidiary hypothesis of second main hypothesis
Variable
Oil price
Pearson's correlational coefficient
Meaningfulness
Number
efficiency of rubber and plastic products
Stock coefficient
0.402
0.000
72
As the table shows, in  =%5 degree there is a meaningful relationship between oil price and price of
rubber and plastic companies stock coefficient. Besides that, Pearson's correlational coefficient for these two
variables is 0/402 which according to correlation analysis, and considering to the degree of Pearson's
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correlational coefficient is between 0 and +1 (0<r<+1). Correlation between two variables are direct and faulty,
which by increasing the degree of oil price, efficiency of chemical products Stock coefficient increases
relatively.
DISCUSSION AND CONCLUSION
There is a direct and faulty Correlation Between oil price and Price of oil companies stock coefficient,
which by increasing the degree of oil price, efficiency of chemical products Stock coefficient increases
relatively.
There is a reverse and faulty Correlation Between oil price and Price of chemical companies stock
coefficient, which by increasing the degree of oil price, efficiency of chemical products Stock coefficient
decreases relatively.
There is not any relationship between oil price and Price of rubber and plastic companies stock
coefficient in Tehran stock exchange which its reason is Lack of necessary development, paying less attention
to this industry, lack of cash, rise of raw materials and immethodical import of Tires caused the decline of
rubber and plastic coefficients price since 1388. And also by considering to the Security Council resolutions and
followed commercial sanctions, prolonging the process of opening credit, lack of the possibility in purchasing in
large volumes, problems created when purchasing raw materials, and prolonging the period of returning the
capital has created vast problems in this industry.
There is a direct and faulty Correlation Between oil price and efficiency of oil products Stock coefficient,
which by increasing the degree of oil price, efficiency of chemical products Stock coefficient increases
relatively.
There is a direct and faulty Correlation Between oil price and efficiency of chemical products in Tehran
Stock exchange, which by increasing the degree of oil price, efficiency of chemical products Stock coefficient
increases relatively, which it is not due to the price change, rather than because of systematic risk, more profit
is paid to the shareholders to have more tendency to keep the stock.
There is a direct and faulty Correlation Between oil price and efficiency of rubber and plastic products in
Tehran Stock exchange, which by increasing the degree of oil price, efficiency of rubber and plastic products
Stock coefficient increases relatively. Cause of this, is similar to the former one.
Two main hypothesizes of this study were approved
There is a relationship between oil price and Price of oil companies in Tehran Stock Exchange.
There is a relationship between oil price and efficiency of oil products in Tehran Stock exchange.
Based on this, results of this study were compared to the already done researches, first hypothesis of
this study, Moshrefi (1387), Samadi (1385), Samadi & et.al (1392), Shafiyi (1387), Gloob (1983), Hamoudeh &
Eliza (2004) and Kim & Mouhan are approved, also Rayis Tousi & Mousavi study (1384), Hamilton (1983),
Gyser & Gudwin (1986), Mourk & et.al (1994), Hooker (1996), Ferderer (1996), Routemberg & Woodford
(1996), Hamilton (2003), Beat leage Mir (2005) and Ramon & Gabriel (2005) approve the relationship between
oil price with economical growth, Gross domestic product which results in stock exchange change, especially
stock price, but with the difference that some of these researches present negative relationship with
abovementioned variables.
Results of second hypothesis in this study, approves Sadorosky (1999), Sinner (2001), and Lootz &
Cholboom (2007) studies, which investigate the positive relationship between price oil changes and efficiency
of stock. Also, Odosami (2008) and Sridhar (2008) studies approve the relationship between price oil changes
and efficiency of stock, with the difference that some of these researches present negative relationship with two
variables.
Suggestions
In case of oil price rise and this process be continued (this rise of price, result not from oil shocks which
is temporarily, rather than be from developments of economy (economic growth) or effects of distributing oil)
following suggestions are recommended.
It is offered to shareholders to take action for purchasing stocks in case of rise in price index, efficiency
of two industries' stocks, oil and rubber products. And in case of decline in oil price, considering to the decline
of oil price index and efficiency of two industries', oil products and rubber and plastic industry take action to sell
this stock.
It is recommended to the companies of broker to encourage their costumers to purchase this stock,
according to the increase of price index and stock efficiency, oil products and rubber industry. In case of decline
in oil price, according to the decrease of price index and stock efficiency, oil products and rubber industry,
prohibit them from purchasing the stocks.
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It is also recommended to potential investors to according to the obtained information from this study
take action to invest and purchase stocks in oil products and rubber and plastic, and in case of decline in oil
price not to take action in investing and purchasing these stocks.
It is suggested to both of the managers of abovementioned oil companies, which their price index have
increased by rising in the oil price to encourage investors to buy stock by allocating more interest and paying it
timely.
In case of investors, welcome of buying stocks of oil companies, it is suggested to officials to leave the oil
companies among oil and gas companies according to Article 44 of the constitution.
Suggestions for further research
Effects of rise in oil price and efficiency of oil companies Stock in Tehran Stock Exchange can be investigated.
Effects of oil price change on Tehran Stock Exchange in a specified time interval could be investigated.
More investigation in the relationship between changes and increase of oil incomes on the indexes of Tehran
Stock Exchange.
Effects of rise in oil price on the efficiency of non-oil companies Stock in Tehran Stock Exchange can be
investigated.
Comparing the effect of oil price increase on the price index and efficiency of non-oil companies to oil
companies, in Tehran Stock Exchange can be investigated.
REFERENCES
Kim R, Sawyer MN.2003. How Oil Moves Stock Prices?, University of Melbourne And Monash University, Working Paper.
PP 1-28.
Martin A.2006. Does oil price uncertainty transmit to stock markets? Department of Economics, Uppsala University,
Working Paper.
Masah M.1392. investigation of Iran's Stock Exchange future prospect, article, world of economy newspaper.
Matoufi AR.1392. factors effective in partnership in capital market of Iran, MA thesis, Tabriz non-profit organization and nongovernmental Qadir institution, page 52.
Mehrani S, Kaveh. 1388. investigating the relationship between Profitability and efficiency of stock in Tehran Stock
Exchange, Accounting and audit journal, no. 33, pages 93-105
Mir Torabi S.1392. Iran oil issues, Iran Mosavvar, third edition.
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