Javad Sadeghi Panah - Department of Accounting and Management, Gonbad Kavoos Branch, Islamic Azad University, Gonbad Kavoos, Iran
Rahebeh Boroumand - Department of Accounting, Minoodasht Branch, Islamic Azad University, Minoodasht, Iran
Amir Hassan Susaraie - Department of Accounting and Management, Gonbad Kavoos Branch, Islamic Azad University, Gonbad Kavoos, Iran
Karim Esgandari - Department of Public Administration, Payam Noor University, PO BOX ۱۹۳۹۵-۴۶۹۷ Tehran, Iran
Leila Beigloo - Young Researchers and Elite Club, East Azarbaijan Science and Research Branch, Islamic Azad University, Tabriz, Iran

This study investigates the separate relationships between three macroeconomic variables the consumer price index, oil prices, and foreign exchange rates and the consolidated price movements of a ۲۴-industry index of stocks listed on the Tehran Stock Exchange during ۲۰۰۳–۲۰۰۹. We hypothesize a significant and direct relation between each macro variable and price movements of the ۲۴-industry index. To test our hypotheses, we use econometric methods that include ordinary least squares (OLS), linear regression, the Dickey–Fuller test, the Phillips–Perron unit root test, the F test, and the White test. Results indicate a direct and significant relation between the CPI and the ۲۴-industry index. However, results confirm that there is no significant relation between either the oil price or the exchange rate and the index during the period examined.

Consumer Price Index (CPI), Oil Price, Exchange rate, ۲۴-industry index, Tehran Stock Exchange