beta Bulletin of Economic Theory and Analysis 2548-0707 Mehmet SONGUR 10.25229/beta.1188081 Business Administration İşletme Investigation of the Effect of Investor Risk Appetite Index and Macroeconomic Indicators on the BIST-100 Index https://orcid.org/0000-0002-3732-5058 Sözen Çağlar Giresun University https://orcid.org/0000-0003-4374-5988 İspiroğlu Ferhat GIRESUN UNIVERSITY https://orcid.org/0000-0002-1105-4034 Şeyranlıoğlu Onur GIRESUN UNIVERSITY 12 31 2022 7 2 355 378 10 12 2022 11 14 2022 Copyright © 2016, Bulletin of Economic Theory and Analysis 2016 Bulletin of Economic Theory and Analysis

In this study, the relationship between Borsa Istanbul 100 Index (BIST-100), Investor Risk Appetite Index (RISE), and macroeconomic indicators are tried to be determined using Autoregressive Distributed Lag (ARDL) Bounds Testing Approach with monthly data covering the periods 01/2011-08/2022. Inflation and interest rate are used as macroeconomic indicators. By taking into account the unit root test results related to the stationary conditions of the series, an econometric model is founded in which the BIST-100 was selected as a dependent variable, and a cointegration relationship was determined. In addition, the parameters of the models were estimated and evaluated. In the long and shortterm forecast results, it was determined that the BIST-100 index is positively related to inflation and the RISE index, and negatively related to the interest rate.

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