International Journal of Finance & Managerial Accounting

International Journal of Finance & Managerial Accounting

Comparative Analysis of the capital market of Iran, Russia, Turkey, and Poland from the perspective of efficiency

Articles in Press

Document Type : Original Article

Authors
Mohammad Saadatniya 1
Allah Karam Salehi 2
Mohammad Tamimi 3
Ghasem Rekabdar 4
1 Department of Accounting, Arv.C., Islamic Azad University, Abadan, Iran
2 Department of Accounting, MaS.C., Islamic Azad University, Masjed Soleiman, Iran.
3 Department of Accounting, Dez.C., Islamic Azad University, Dezful, Iran.
4 Department of Mathematics, Arv.C., Islamic Azad University, Abadan, Iran
10.22034/ijfma.2026.79085.2356
Abstract
This study conducts a comparative analysis of factors influencing capital market efficiency in Iran, Russia, Turkey, and Poland from 1975 to 2020. Data were sourced from the Tehran Stock Exchange, World Bank, World Federation of Exchanges database, and Global Economy website. Stock market efficiency was measured using Data Envelopment Analysis (DEA). Efficiency levels were compared with Iran’s market via Mann–Whitney and Kruskal–Wallis non-parametric tests. Multiple regression analysis identified key factors affecting efficiency. Findings reveal that Iran’s capital market ranks below Russia and Poland but above Turkey. While Iran lags in indicators such as stock market capitalization to GDP (SMC) ratio, stock market turnover (SMTR) ratio, and Stock Market Value Traded percent of GDP (SMVT), it leads in the stock market capitalization of the top ten companies (SMC10). Iran also outperforms Poland and Russia in stock market return percent (SMR) and stock market value traded of the top ten companies (SMVCT10), and surpasses Russia and Turkey in the number of listed companies (NC). This study contributes to theoretical foundations by elucidating Iran’s capital market efficiency relative to similar emerging markets, highlighting its unique strengths and weaknesses across diverse metrics.
Keywords
Capital Market Efficiency
Comparative Studies
Data Envelopment Analysis (DEA)
International Journal of Finance & Managerial Accounting

Articles in Press, Accepted Manuscript
Available Online from 16 February 2026