Test of effect the rational speculative bubbles and the political cycle based based on the theory of constraint on the rate of return in selected companies of the Tehran Capital Market

The main purpose of this research is to test the effect of the rational speculative bubbles on the theory of constraint on the total rate of return in selected companies of the chemical and petroleum industry (51 companies) In the Tehran Stock Exchange during the period of 2009-2016 by econometric model of panel data.. results shown represent the confirmation of the positive and significant relationship between the independent variables (political cycles in two periods of fundamentalism and moderation), as well as three variables in the model such as; capital cost, earnings, and operating cash flow, which are based on the theory of constraints. Of course, all the research control variables (financial leverage and firm size) were obtained on the dependent variable (total return on equity) of the companies under review. Also, the hypothesis has been approved, Finally, the suggestions based on the results of the research are presented to adjust the impact of the speculative bubbles on the total real stock return rate.