摘要：According to the 4th Iran’s development plan, there must an increase in energy prices and removal of subsidies paid to energy sector. Therefore, it is necessary to study the effects of removing subsidies paid on energy on different industries and the subsequent impact on economic growth. This study aims to investigate the effects of subsidies on the market value of listed companies in Tehran Stock Exchange in automotive and cement industries. The study selects two firms, Fars & Khuzestan Cement Co. and Irank Khodro using Auto Regressive Distributed Lags (ARDL) over the period 2008-2013. The results of study have indicated that there was a meaningful relationship between removal of subsidies and market value of the firms.
关键词：Tehran Stock Exchange; Subsidy removal; Cement industry; Auto industry
