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Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries

Year 2017, Volume: 7 Issue: 1, 37 - 45, 01.03.2017

Nurasyikin Jamaludin Shahnaz Ismail Syamimi Ab Manaf

https://izlik.org/JA48RK76KG

Abstract

This paper aims to examine the effect of macroeconomic variables namely inflation, money supply, and exchange rate on both conventional and Islamic stock market returns in the three selected ASEAN countries (Singapore, Malaysia, Indonesia) by utilising monthly data over the period of January 2005 to December 2015. Applying the panel least square regression techniques, the results show that both stock market returns are significantly affected by the exchange rate and inflation rate. Money supply is found to be insignificant. The findings of this paper also conclude that inflation poses a greater effect and inversely related to the stock market returns. In this case, there is a need for amendment in monetary policy to ensure that inflation rate is set at a low level, since the results would be able to bring an impact to boost the capital market in the selected ASEAN countries.

Keywords

macroeconomic variables stock market returns ASEAN

Year 2017, Volume: 7 Issue: 1, 37 - 45, 01.03.2017

Nurasyikin Jamaludin Shahnaz Ismail Syamimi Ab Manaf

https://izlik.org/JA48RK76KG

Abstract

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Details

Other ID JA69RS76EH
Authors

Nurasyikin Jamaludin This is me

Shahnaz Ismail This is me

Syamimi Ab Manaf This is me

Publication Date March 1, 2017
IZ https://izlik.org/JA48RK76KG
Published in Issue Year 2017 Volume: 7 Issue: 1

Cite

APA Jamaludin, N., Ismail, S., & Manaf, S. A. (2017). Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries. International Journal of Economics and Financial Issues, 7(1), 37-45. https://izlik.org/JA48RK76KG
AMA 1.Jamaludin N, Ismail S, Manaf SA. Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries. IJEFI. 2017;7(1):37-45. https://izlik.org/JA48RK76KG
Chicago Jamaludin, Nurasyikin, Shahnaz Ismail, and Syamimi Ab Manaf. 2017. “Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries”. International Journal of Economics and Financial Issues 7 (1): 37-45. https://izlik.org/JA48RK76KG.
EndNote Jamaludin N, Ismail S, Manaf SA (March 1, 2017) Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries. International Journal of Economics and Financial Issues 7 1 37–45.
IEEE [1]N. Jamaludin, S. Ismail, and S. A. Manaf, “Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries”, IJEFI, vol. 7, no. 1, pp. 37–45, Mar. 2017, [Online]. Available: https://izlik.org/JA48RK76KG
ISNAD Jamaludin, Nurasyikin - Ismail, Shahnaz - Manaf, Syamimi Ab. “Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries”. International Journal of Economics and Financial Issues 7/1 (March 1, 2017): 37-45. https://izlik.org/JA48RK76KG.
JAMA 1.Jamaludin N, Ismail S, Manaf SA. Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries. IJEFI. 2017;7:37–45.
MLA Jamaludin, Nurasyikin, et al. “Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries”. International Journal of Economics and Financial Issues, vol. 7, no. 1, Mar. 2017, pp. 37-45, https://izlik.org/JA48RK76KG.
Vancouver 1.Nurasyikin Jamaludin, Shahnaz Ismail, Syamimi Ab Manaf. Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries. IJEFI [Internet]. 2017 Mar. 1;7(1):37-45. Available from: https://izlik.org/JA48RK76KG