The Influence of Global Macroeconomic Factors on Stock Values: A Sector Level Analysis

Evropejskij Issledovatelʹ

Şerife Özlen¹ 

[1] Ishik University, Iraq ;

关键词: Global macroeconomic factors;    Sector level analyses;    ARDL;    ISE;   

DOI  :  10.13187/er.2014.2.1376

来源: DOAJ

【 摘 要 】

Investors and policy makers should carefully analyze stock returns and their possible relationships with microeconomic and macroeconomic factors in both local and global arena. Since the markets are increasingly becoming global, the outcomes may be more important for international factors. Therefore, this study aims to identify the relationship between selected international macroeconomic variables (FTSE-100 England market index, GDAX Germany market index, NYSE Composite market index, Gold prices and Crude Oil prices) and 48 companies in 11 different sectors (electric, food, communication, paper, chemistry, metal-main, metal-product, stone, textile, commerce and transportation) in Istanbul Stock Exchange Market. ARDL is employed on the data for the period between the second month of 2005 and the second month of 2012 including 85 monthly observations. The research provides mix results for the selected sectors. Crude oil is found to be significantly effective on almost all the companies in the selected sectors. The extensive influence of gold prices on the sectors except electric and communication sectors is also observed. Global market indices (American, English and German) are found to have influence in various degrees through the sectors. This research is expected to be useful in that it provides results for different sectors operating in Turkish Stock Exchange Market.

【 授权许可】

Unknown