─Abstract─ This research investigates the correlation between firm-level and macroeconomic factors and stock prices in Iran, Saudi Arabia (KSA), and Iraq, countries characterised by volatile economic conditions. The sample consists of all companies that are publicly traded on the stock exchanges of the mentioned countries during the period from 2015 to 2019. This comprehensive dataset includes information from 154 Iranian firms, 82 firms from the Kingdom of Saudi Arabia (KSA), and 33 firms from Iraq. The application of a fixed effect model reveals compelling associations between firm-level and macroeconomic factors on the stock price (SP). The results suggest a statistically significant relationship between the Gross Domestic Product (GDP) of Iran and Iraq and their corresponding Social Progress (SP) scores, with a significance level of 1%. In the Kingdom of Saudi Arabia (KSA), there exists a positive and statistically significant association between Gross Domestic Product (GDP) and Social Progress (SP) at a significance level of 5%. Furthermore, it is worth noting that there exists a robust and statistically significant positive correlation between the inflation rate and the stock price index (SP) across all three countries. Furthermore, there exists a significant and positive correlation between exchange rates and stock prices in the Kingdom of Saudi Arabia (KSA) and Iraq. However, in Iran, this correlation is found to be negative and statistically significant at the 1% level of significance.Moreover, it is observed that in the Kingdom of Saudi Arabia (KSA), there exists a positive and statistically significant correlation between oil prices and the stock market performance (SP). Conversely, in Iran, the relationship between these two variables is found to be negative at a significance level of 1%. Remarkably, there exists no discernible correlation between the cost of oil and the Iraqi Stock Exchange. In the context of intangible assets, their influence on stock prices in Iran and Saudi Arabia is minimal. In the context of Iraq, it is observed that there exists a statistically significant negative relationship at a significance level of 5%. This suggests that intangible assets have an adverse effect on the performance of the firm, specifically on its stock price. The aforementioned results shed light on the intricate relationship between macroeconomic variables, intangible assets, and stock performance in the countries under investigation. Policymakers and governments should prioritise the implementation of measures aimed at promoting sustainable economic growth, effectively managing inflation, and achieving exchange rate stability. These measures have the potential to enhance investor confidence and make a significant contribution to the overall growth and progress of the stock market.

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