OICC Press Agricultural Marketing and Commercialization 2676-7570 8 2 2024 12 09 Testing and analyzing the effect of business risk and liquidity variables on the return rate of shares of manufacturing companies listed in Tehran Stock Exchange 10.71735/amc.2024.8291 EN Seyed Mahdi Mirfathi Barkeiani Department of Accounting, Islamshahr Branch, Islamic Azad university, Islamshahr, Iran. somayeh shokravi Assistant Professor, Department of Economics, Islamshahr Branch, Islamic Azad University, Islamshahr, Iran. Reza Khoshsima Assistant Professor, Department of Economics, Islamshahr Branch, Islamic Azad University, Islamshahr, Iran. Journal Article 2024 12 09 Several factors affect the liquidity of companies' shares. According to the research, the most important factors are the number of traded shares, the number of traded companies, the value of traded shares, the percentage of the total volume of the transaction to the total market value, the number of buyers and the frequency of purchases. The present research examines and analyzes the effect of business risk and liquidity variables on the return rate of manufacturing companies admitted to the Tehran Stock Exchange in the period from 1397 to the end of 1401 and among the 494 companies admitted to the Tehran Stock Exchange, with the method of systematic elimination. 165 manufacturing companies have been selected. In this research, research hypotheses have been tested by using Limer's F test, Hausman test, fixed effects model and random effects model. The results obtained from the research show that the commission rate and business risk have a positive and significant effect on the stock returns of selected companies. On the other hand, the difference in the proposed price of buying and selling shares has a negative and significant effect on the stock returns of the investigated companies.