Meta-analysis of macroeconomic variables on the Capital market with emphasis on the role of the government

Document Type : Research Paper

Authors

1 Ph.D. Student, Department of Accounting, Allameh Tabataba’i University, Tehran, Iran

2 Associate Professor, Department of Accounting, Allameh Tabatabae'i University, Tehran, Iran

3 3. Assistant Professor, Department of Finance and Banking, Allameh Tabataba’i University,

Abstract

The performance of the Capital market is affected by various variables, including macroeconomic variables, and the relationship between macroeconomic variables and the capital market has always been an interesting topic for both researchers and investors, which has led to a large number of research in this field. Despite the extensive research conducted in this regard, there is no complete consensus on the most important variables affecting the Capital market and the role of the government in this regard, and the results presented in different studies are different and sometimes contradictory.
in order to extract a set of variables and integrate them in this study, with a different approach and based on the meta-analysis method using comprehensive software (CMA2), the most important economic variables affecting the Capital market and determining the variables that are most affected by government decisions have been studied, considering the existing literature in this field. For this purpose, based on the search protocol and article selection index, the results of statistical analysis of 61 studies in this field were used.
The review of the selected articles led to the identification of 10 influential economic variables, of which 3 indicators are directly influenced by government decisions and the other indicators are indirectly influenced by government decisions.
Many indicators affecting the capital market, such as interest rates, are directly dependent on government decisions, which itself indicates the importance of the government's role in this market.

Keywords

Main Subjects

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  • Receive Date: 15 December 2025
  • Revise Date: 12 March 2026
  • Accept Date: 14 March 2026

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