When a simple command is executed, the shell performs the following expansions, assignments, and redirections, from left to right, in the following order.
If no command name results, the variable assignments affect the current shell environment. In the case of such a command (one that consists only of assignment statements and redirections), assignment statements are performed before redirections. Otherwise, the variables are added to the environment of the executed command and do not affect the current shell environment. If any of the assignments attempts to assign a value to a readonly variable, an error occurs, and the command exits with a non-zero status.
If no command name results, redirections are performed, but do not affect the current shell environment. A redirection error causes the command to exit with a non-zero status.
If there is a command name left after expansion, execution proceeds as described below. Otherwise, the command exits. If one of the expansions contained a command substitution, the exit status of the command is the exit status of the last command substitution performed. If there were no command substitutions, the command exits with a status of zero.