The article explores the connection between stock prices and industrial production in developing countries. The researchers analyzed data from nine countries, including BRIC nations, from 2008 to 2010. They used statistical tests to compare different models and found that Random Effect is better than Fixed Effect due to consistency issues. The results showed a negative relationship between real stock prices and industrial production. In the long run, this relationship remained the same across countries, but in the short run, it varied. The study concluded that the Pool Mean Group model is the most efficient for estimating this relationship.