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

Nurasyikin Jamaludin; Shahnaz Ismail; Syamimi Ab Manaf

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

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

Abstract

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Details

Other ID	JA69RS76EH
Journal Section	Research Article
Authors	Nurasyikin Jamaludin This is me Shahnaz Ismail This is me Syamimi Ab Manaf This is me
Publication Date	March 1, 2017
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.
AMA	Jamaludin N, Ismail S, Manaf SA. Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries. IJEFI. March 2017;7(1):37-45.
Chicago	Jamaludin, Nurasyikin, Shahnaz Ismail, and Syamimi Ab Manaf. “Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries”. International Journal of Economics and Financial Issues 7, no. 1 (March 2017): 37-45.
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	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, 2017.
ISNAD	Jamaludin, Nurasyikin et al. “Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries”. International Journal of Economics and Financial Issues 7/1 (March 2017), 37-45.
JAMA	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, 2017, pp. 37-45.
Vancouver	Jamaludin N, Ismail S, Manaf SA. Macroeconomic Variables and Stock Market Returns: Panel Analysis from Selected ASEAN Countries. IJEFI. 2017;7(1):37-45.