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THE ROLE OF MACROECONOMIC INDICATORS ON STOCK INDEX EVIDENCE FROM TURKEY

Yıl 2019, Cilt: 8 Sayı: 15, 61 - 68, 10.07.2019

Öz

The stock exchange indices are an
indicator that is calculated according to the weights of equities that measure
the proportional changes of equity prices and returns of the selected
companies. Besides the company-specific factors affecting the equity prices of
companies, there are also macroeconomic factors. As a result of the influence
of these factors on equity prices occur changes in the indices. From this point
of view the study, it is aimed to measure the effect of selected macroeconomic
variables on BIST 100 index. The BIST 100 Index has been used as dependent
variable, the Inflation Ratio, the Overnight Lending Interest Rate, the Golden
Ounce Price, the Industrial Production Index and the Growth Rate have been used
as the independent variable in the study. Scope of the study, quarterly data
between 2009:Q4-2018:Q3 periods are analyzed by the Multiple-linear Regression
Model. According to the results of the analysis, between BIST 100 index and the
Overnight Lending Interest Rate, the Industrial Production Index and the
Inflation Rate have been found statistically significant relationship. On the
other hand, between BIST 100 index and the Growth Rate and the Golden Ounce
Price variables haven’t got statistically significant relationship.

Kaynakça

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(2011), “The Impact of Macroeconomic Indicators on Stock Prices in Nigeria.” Developing Country Studies, 1(2), 1-14.AKTAS, Metin and Saffet AKDAG (2013), “The Research on the Relation of Economic Factors and Stock Prices in Turkey.” International Journal of Social Science Research, 2(1), 50-67.ALBENI, Mesut and Yusuf DEMIR (2011), “The Effects of Macro Economic Indicators on Stock Prices of Financial Sector: An Application on Istanbul Stock Exchange.” Journal of Social Sciences and Humanities Researches, 1(14), 1-18.AYDEMIR, Oguzhan and Erdal DEMIRHAN, (2009), “The Relationship between Stock Prices and Exchange Rates: Evidence from Turkey.” International Research Journal of Finance and Economics, 23(2), 207-215.BEKHET, Hussain A. and Mohamed Ibrahim MUGABLEH (2012), “Investigating Equilibrium Relationship between Macroeconomic Variables and Malaysian Stock Market Index through Bounds Tests Approach.” International Journal of Economics and Finance, 4(10), 69-81.CIHANGIR, Mehmet and Tugrul KANDEMIR (2010), “An Essay Concerning with Determining Macro Economical Factors Which Affect Share Stocks At Financial Crisis Terms By Arbitrage Pricing Model (Observations and Evaluations on November 2000 and February 2001 Financial Crises).” Süleyman Demirel University the Journal of Faculty of Economics and Administrative Sciences, 15(1), 257-296.FLANNERY, Mark J. and Aris A. 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(2006), “The Effect of Macroeconomic Variables on Stock Prices in Emerging Sri Lankan Stock Market.” Sabaragamuwa University Journal, 6(1), 50-67.OUMA, Wycliffe N. and Peter MURIU (2014), “The Impact of Macroeconomic Variables on Stock Market Returns in Kenya.” International Journal of Business and Commerce, 3(11), 1-31.OZER, Ali; Abdulkadir KAYA and Nevin OZER (2011), “Interaction of Macroeconomic Variables with Stock Prices.” Dokuz Eylul University Faculty of Economics and Administrative Sciences Journal, 26(1), 163-182.RAY, Sarbapriya (2012), “Testing Granger Causal Relationship between Macroeconomic Variables and Stock Price Behaviour: Evidence from India.” Advances in Applied Economics and Finance, 3(1), 470-481.SAYILGAN, Güven (2017), Soru ve Yanıtlarıyla İşletme Finansmanı. 7. 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Toplam 1 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Abdullah Ferit Erol 0000-0001-6898-7540

Sinan Aytekin 0000-0003-1502-2643

Yayımlanma Tarihi 10 Temmuz 2019
Yayımlandığı Sayı Yıl 2019 Cilt: 8 Sayı: 15

Kaynak Göster

APA Erol, A. F., & Aytekin, S. (2019). THE ROLE OF MACROECONOMIC INDICATORS ON STOCK INDEX EVIDENCE FROM TURKEY. Global Journal of Economics and Business Studies, 8(15), 61-68.