BACKGROUND The pharmaceutical industry in Iran is influenced by various parameters such as internal factors caused by the financial information of each economic unit and external factors including major economic and non-economic variables. METHODS This study is aiming to examine the effect of such variables on the stock return of 34 pharmaceutical companies in the Tehran Securities Exchange market using quarterly data from 1995 to 2016. In this research, an autoregressive model was utilized to examine the way that variables affect the stock market index. In such patterns, there is no need for explicit short-term structural relationships and structural knowledge is extracted from causal relationships. Finally, to analyze the results, impulse-response functions, forecast error variance, and historical decomposition were collected. RESULTS Results of this research show that positive shock to the variables, namely the currency rate, collection period of quests, and healthcare costs lead to a decrease in the return of pharmaceutical companies. On the other hand, a positive shock to the variables such as GDP, and money volume, leads to an increase in the stock return of pharmaceutical companies. CONCLUSION Different factors contribute to the stock return of pharmaceutical companies. Among the variables examined in this study, market currency rate, money volume, pharmaceutical sector inflation, bank interest rate, GDP in the healthcare sector, healthcare costs, and collection period of quests have the most effect on describing changes within the stock return of pharmaceutical companies.

中文翻译：

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伊朗制药公司财务业绩的经济和非经济决定因素：实证研究。

背景技术伊朗制药业受到各经济单位财务信息引起的内部因素和包括主要经济和非经济变量在内的外部因素等多种参数的影响。方法本研究旨在使用 1995 年至 2016 年的季度数据来检验这些变量对德黑兰证券交易所市场 34 家制药公司股票回报的影响。在本研究中，利用自回归模型来检验变量影响的方式股市指数。在这种模式中，不需要明确的短期结构关系，结构知识是从因果关系中提取的。最后，为了分析结果，收集了脉冲响应函数、预测误差方差和历史分解。结果本研究结果表明，汇率、任务领取期限、医疗费用等变量的正向冲击会导致制药公司的回报下降。另一方面，GDP、货币量等变量的正向冲击导致制药公司股票回报率上升。结论 不同因素影响制药公司的股票回报。在本研究考察的变量中，市场货币汇率、货币量、医药行业通胀、银行利率、医疗保健行业GDP、医疗保健成本和任务收集期限对描述医药股票回报变化的影响最大。公司。