Abstract
The study aimed to determine the effect of the external environmental factors as independent variables on the market value (Tobin's Q) as a dependent variable. The study was conducted on a sample of Iraqi commercial banks, based on quarterly data from 2011 to 2021. The study used an autoregressive distributed lag time (ARDL) model, The study concluded that there is a long-term co-integration between the variables of the external environment and the market value of all study sample banks, The results also indicated that the relationship between the dependent variable (market value) and the independent variables was significant and not spurious relationship, study recommends The Iraqi monetary and financial authority must carry out radical reforms and to develop appropriate strategies to achieve monetary and financial stability in Iraq, as it plays an effective role in influencing the movement of stock prices in the long and short terms.
