Investigating the relationship between earnings per share and book value considering business cycles

In this research, the relationship between the book value of assets and profit per share has been investigated, taking into account the business cycles between 2011 and 2021. For this purpose, the information of 136 companies admitted to the Tehran Stock Exchange has been collected and summarized through the Rahavard Novin software and the website of the Stock Exchange. Due to the existence of different criteria to measure the general state of the economy, in this article business cycles are considered as a representative for the general state of the economy. Based on the results of the regression analysis, the research hypothesis showed that there is a positive relationship between the profit per share and the book value with the stock price. Also, by entering the variable of business cycles, this relationship is more in the period of recession than in the period of prosperity due to the nature of accounting information.