Roya  Darabi, Reza  Nemati Koshteli, Nastaran  Khalafi, 
    Investigating the Role of Financial Institutions in the Development of
Capital Market in Iran,
    International Business Management,
    Volume 10,Issue 28,
    2016,
    Pages 6307-6312,
    ISSN 1993-5250,
    ibm.2016.6307.6312,
    (https://makhillpublications.co/view-article.php?doi=ibm.2016.6307.6312)
    Abstract: Financial markets have a key role in mobilizing and channeling funds towards sectors of the economy
and industry and thus improve economic growth, as according to some economists, development of financial
markets is economic growth thrusters of countries. In this study, the role of financial institutions in the
development of capital market in Iran is studied. Therefore, to do research, data and time-series regression
model are used to test the hypothesis of the distribution.The results of tests show that, firstly, financial
institutions has a direct role in the development of stock exchanges in the Tehran Stock Exchange and
secondly, financial institutions have a direct role in increasing the play value of the rial in Tehran Stock
Exchange. Therefore, it can be concluded that there is a significant positive relationship between the
development of financial institutions and the stock market’s development.
    Keywords: Financial institutions;time series;ARDL Model;Iran capital market;hypothesis