Financial markets are considered important due to their fundamental role in collecting resources through small and large savings in the national economy, optimizing the flow of financial resources, and directing them towards spending and investment needs in productive sectors of the economy. On the other hand, Health-related studies show that industrial pollutants have a negative effect on people's mental state. The financial market is one of the sectors that is affected by industrial pollutants. Therefore, the present study investigated the effect of industrial pollutants on the stock returns of 51 selected industrial companies in the provinces of Iran during the years 1387-1400 using the dynamic spatial econometric technique. The results of the study show that industrial pollutants have a negative effect on the stock returns of industrial companies. In addition to the main variable of industrial pollutants, the effect of some environmental variables and internal factors of companies have also been investigated; Wind, humidity, temperature and the dependent variable interval have a positive effect on the stock returns of industrial companies, and the industrial nature of the regions, rainfall, volatility, liquidity and transaction turnover have a negative effect on the stock returns of industrial companies. The effect of industrial pollutants has been statistically significant. Also, the impact of these variables on the internal factors of industrial companies has been measured separately.