Impact of Macro Factors on Stock Market Capitalization
Authors
DOI: https://doi.org/10.57110/vnujeb.v3i2.155Keywords:
Exchange rate, foreign direct investment, inflation, gross domestic product growth, interest rateReferences
Adam, A.M., Tweneboah, G. (2009). Foreign Direct Investment and Stock Market Development: Ghana’s Evidence. International Research Journal of Finance and Economics, 26, 178-185.
Alfaro, L. et al. (2010). Does Foreign Direct Investment Promote Growth? Exploring the Role of Financial Markets on Linkages. Journal of Development Economics, 91(2), 242-256. https://doi.org/10.1016/j.jdeveco.2009.09.004
Bernanke, B.S., Kuttner, K.N. (2005). What Explains the Stock Market's Reaction to Federal Reserve Policy? The Journal of Finance, 60(3), 1221-1257. https://doi.org/10.1111/j.1540-6261.2005.00760.x
Bryan, L.L., Lyons, T.G., Rosenthal, J. (1998). Corporate Strategy in a Globalizing World: The Market Capitalization Imperative. The McKinsey Quarterly, 3, 6-19.
Çiftçi, S. (2014). The Influence of Macroeconomic Variables on Stock Performance. Master’s Thesis, University of Twente.
Chen, N.F., Roll, R., Ross, S.A. (1986). Economic Forces and the Stock Market. Journal of Business, 383-403.
Dias, A. (2013). Market Capitalization and Value-at-Risk. Journal of Banking & Finance, 37(12), 5248-5260. https://doi.org/10.1016/j.jbankfin.2013.04.015
Fama, E.F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383-417. https://doi.org/10.2307/2325486
Farrar, D.E., Glauber, R.R. (1967). Multicollinearity in Regression Analysis: The Problem Revisited. The Review of Economics and Statistics, 92-107. https://doi.org/10.2307/1937887
Garonfolo, H.J. (2011). Macroeconomic Drivers of Stock Market Capitalization in Sub-Saharan Africa. Copenhagen Business School.
Geske, R., & Roll, R. (1983). The Fiscal and Monetary Linkage between Stock Returns and Inflation. The Journal of Finance, 38(1), 1-33. https://doi.org/10.1111/j.1540-6261.1983.tb03623.x
Hausman, J.A. (1978). Specification Tests in Econometrics. Econometrica: Journal of the Econometric Society, 1251-1271. https://doi.org/10.2307/1913827
Kyereboah-Coleman, A. & Agyire-Tettey, K.F. (2008). Impact of Macroeconomic Indicators on Stock Market Performance: The Case of the Ghana Stock Exchange. The Journal of Risk Finance, 9(4), 365-378. https://doi.org/10.1108/15265940810895025 .
Maghyereh, A.I. (2002). Causal Relations among Stock Prices and Macroeconomic Variables in the Small, Open Economy of Jordan. Open Economy of Jordan. http://dx.doi.org/10.2139/ssrn.317539
McConnell, C.R., Brue, S.L. (2020). Macroeconomics: Principles, Problems, and Policies. McGraw-Hill.
Mjomba, M. (2017). The Effects of Macroeconomic Variables on the Market Capitalisation of Listed Companies in Kenya. International Journal of Finance and Accounting, 2(1), 58-83. https://doi.org/10.47604/ijfa.259 .
Mukherjee, T.K., & Naka, A. (1995). Dynamic Relations between Macroeconomic Variables and the Japanese Stock Market: An Application of a Vector Error Correction Model. Journal of Financial Research, 18(2), 223-237. https://doi.org/10.1111/j.1475-6803.1995.tb00563.x
Mwalukumbi, T.M. (2011). The Impact of Mergers and Acquisitions on Profitability of Commercial Banks in Kenya. Doctoral dissertation, University of Nairobi, Kenya.
Ndunda, A. (2016). Effect of Macro-Economic Factors on the Performance of the Equity Market of Nairobi Securities Exchange. Doctoral dissertation. South Eastern Kenya University.
NBER (2011). US Business Cycle Expansions and Contractions. NBER. <http://www.nber.org/cycles/cyclesmain.html> Accessed 15.1.2023.
Odiche, W., Udeorah, S.F. (2020). Activities of Macroeconomic Variables and Stock Market Performance: Evidence in Nigeria. Asian Journal of Economics. Finance and Management, 21-39. <https://www.globalpresshub.com/index.php/AJEFM/article/view/863> Accessed 15.1.2023.
Odo, S.I. et al. (2016). Impact of Foreign Direct Investment on Stock Market Growth in Nigeria. Asian Research Journal of Arts & Social Sciences, 1(2), 1-14.
OlugBenga, A.A., Grace, O.O. (2015). Impact of Foreign Direct Investment on Nigerian Capital Market Development. International Journal of Academic Research in Accounting, Finance and Management Sciences, 5(1), 103-108. http://dx.doi.org/10.6007/IJARAFMS/v5-i1/1503
Oriwo, E.A. (2012). The Relationship between Macro Economic Variables and Stock Market Performance in Kenya. Doctoral dissertation. University of Nairobi.
Oyama, T. (1997). Determinants of Stock Prices: The Case of Zimbabwe. IMF Working Paper, WP/97/117, 1-44. https://doi.org/10.5089/9781451941616.001
Phuong, L.C.M. (2020a). Institutions, Microeconomic Factors and Stock Market Capitalization: Evidence from the EAP Countries. Accounting, 6(5), 817-824. http://dx.doi.org/10.5267/j.ac.2020.6.001
Phuong, L.C.M. (2020b). Corruption and Stock Market Development in EAP Countries. Investment Management & Financial Innovations, 17(2), 266.
Prescott, J.E., Kohli, A.K., Venkatraman, N. (1986). The Market Share‐Profitability Relationship: An Empirical Assessment of Major Assertions and Contradictions. Strategic Management Journal, 7(4), 377-394. https://doi.org/10.1002/smj.4250070407
Qurashi, M., Zahoor, M. (2016). Impact of Profitability, Bank and Macroeconomic Factors on the Market Capitalization of the Middle Eastern Banks. International Journal of Business and Management Invention, 5(11), 56-62.
Raza, S.A., Jawaid, S.T. (2014). Foreign Capital Inflows, Economic Growth and Stock Market Capitalization in Asian Countries: An ARDL Bound Testing Approach. Quality & Quantity, 48(1), 375-385. https://doi.org/10.1007/s11135-012-9774-4
Raza, S.A. et al. (2015). Is Stock Market Sensitive to Foreign Capital Inflows and Economic Growth? Evidence from Pakistan. Journal of Chinese Economic and Foreign Trade Studies, 8(3), 142-164. https://doi.org/10.1108/JCEFTS-03-2015-0012
Shahbaz, M., Hooi Lean, H., Kalim, R. (2013). The Impact of Foreign Direct Investment on Stock Market Development: Evidence from Pakistan. Economic Research-Ekonomska Istraživanja, 26(1), 17-32.
Toraman, C. et al. (2009). The Long Run Relationship Between Stock Market Capitalization Rate and Interest Rate: Co-integration Approach, International Research Journal of Finance and Economics, 23, 208-215. https://doi.org/10.1016/j.sbspro.2014.07.557
White, H. (1980). A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity. Econometrica: Journal of the Econometric Society, 817-838. https://doi.org/10.2307/1912934
Wooldridge, J.M. (2002). Econometric Analysis of Cross Section and Panel Data. MIT Press, Cambridge, MA, 108(2), 245-254.
Downloads
Downloads
Published
Abstract View
PDF Downloaded
How to Cite
Issue
Section
License
Copyright (c) 2023 Cao Lai Mai Phuong, Tran Thi Quynh, Ho Le Tuong Vi , Dinh Thi Kim Truc
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
by VNU Journal of Economics and Business