fa و موضوعات مربوط Other Related Subject پژوهشي Research <p dir="ltr">Presently, emerging economies are acquiring singular positions all over the world. The complexities of nowadays economy have caused international companies and investors to be of a tendency towards emerging markets for more profitability and growth. This study aims to find the relationships between firm&#39;s profitability and growth in Iranian manufacturing industry consisting of Tehran Stock Market listed manufacturing firms covering 2005-2014. In order to understand the direction of causality between firm growth and profitability, we use system-GMM (Generalized Method of Moments) to estimate growth and profit regressions. The results obtained indicate that there is positively bilateral relationship between profitability and growth in the case of Iranian manufacturing firms. Also, we find the positive impact of current profit (growth) on current growth (profit) is stronger than the impact of the prior year. &nbsp;</p> Finance, Economics, Firm growth and profitability, Panel data, System-GMM 209 217 http://ijiepr.iust.ac.ir/browse.php?a_code=A-10-118-4&slc_lang=fa&sid=1 Hooman Abdollahi houman.abdolahi@gmail.com 180031947532846005842 180031947532846005842 No MSc Student, Department of Industrial Engineering, Karaj Branch, Islamic Azad University, Alborz, Iran Seyed Babak Ebrahimi b_ebrahimi@kntu.ac.ir 180031947532846005843 180031947532846005843 Yes Assistant Professor, Department of Industrial Engineering, K. N. Toosi University of Technology, Tehran, Iran Ali Farmani Farmani@iust.ac.ir 180031947532846005844 180031947532846005844 No University of Science and Technology, Tehran, Iran