Araştırma Makalesi
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Macroeconomic Variables and Equity Market Relation: KASE example

Yıl 2018, , 331 - 354, 29.12.2018
https://doi.org/10.18074/ckuiibfd.444811

Öz

Equity securities are
among the most important investment instruments in terms of investors. For this
reason, estimates of stock price movements concern closely both investors and
researchers working in the field of finance. Until now, many empirical studies
have been conducted on the factors affecting stocks in the literature for
country and country groups but there are very few studies about Kazakhstan
equity market. The reason is that  Kazakhstan
stock exchange (KASE) is a new stock exchange and on the other hand it is a
newly emerging small stock exchange.



In this study, the
relationship between the five macroeconomic variables and the KASE stock market
index was tried to be explained.
The Method of Least Squares in order to determine
the statistical significance of the variables, Johansen cointegration test to
investigate the existence of a long-run relationship between variables, error
correction model for explaining the causality between variables and  Granger causality analysis was used.

Kaynakça

  • Abdullah, D. A., & Hayworth, S. C. (1993). Macroeconometrics of stock price fluctuations. Quarterly Journal of Business and Economics, 50-67.
  • Adrangi, B., Chatrath, A., Pamplin, R. B., & Sanvicente, A. Z. (2002). Inflation, output, and stock prices: Evidence from Brazil. Journal of Applied Business Research, 18(1), 61-76.
  • Aggarwal, R., Inclan, C., & Leal, R. (1999). Volatility in emerging stock markets. Journal of Financial and Quantitative Analysis, 34(1), 33-55.
  • Agrawalla, R. K., & Tuteja, S. K. (2008). Share Prices and Macroeconomic Variables in India. Journal of Management Research (09725814), 8(3).
  • Aktaş, M., & Akdağ, S. (2013). Türkiye’de ekonomik faktörlerin hisse senedi fiyatlari ile ilişkilerinin araştirilmasi. International Journal of Social Science Research, 2(1), 50-67.
  • Al-Jafari, M. K., Salameh, R. M., & Habbash, M. R. (2011). Investigating the relationship between stock market returns and macroeconomic variables: evidence from developed and emerging markets. International Research Journal of Finance and Economics, 79, 6-30.
  • Al-Shubiri, F. N. (2010). Analysis the determinants of market stock price movements: An empirical study of Jordanian commercial banks. International Journal of Business and Management, 5(10), 137.
  • Asprem, M. (1989). Stock prices, asset portfolios and macroeconomic variables in ten European countries. Journal of Banking & Finance, 13(4-5), 589-612.
  • Barrows, C. W., & Naka, A. (1994). Use of macroeconomic variables to evaluate selected hospitality stock returns in the US. International Journal of Hospitality Management, 13(2), 119-128.
  • Bekaert, G., & Harvey, C. R. (1997). Emerging equity market volatility. Journal of Financial economics, 43(1), 29-77.
  • Bhattacharya, B., & Mukherjee, J. (2002). The nature of the causal relationship between stock market and macroeconomic aggregates in India: An empirical analysis. In 4th annual conference on money and finance, Mumbai (pp. 401-426).
  • Bilson, C. M., Brailsford, T. J., & Hooper, V. J. (2001). Selecting macroeconomic variables as explanatory factors of emerging stock market returns. Pacific-Basin Finance Journal, 9(4), 401-426.
  • Brahmasrene, T., & Jiranyakul, K. (2007). Cointegration and causality between stock index and macroeconomic variables in an emerging market. Academy of Accounting and Financial Studies Journal, 11(3), 17-30.
  • Büyüksalvarci, A., & Abdioglu, H. (2010). The causal relationship between stock prices and macroeconomic variables: A case study for Turkey. International Journal of Economic Perspectives, 4(4), 601.
  • Caşkurlu, S. İ. (2001). Kısa Vadeli Sermaye Hareketlerinin Gelişmekte Olan Ülkelere Etkileri ya da Modern Bir Kırmızı Başlıklı Kız. Mülkiye Dergisi, 25(229), 163-184.
  • Celov, D., & Grigaliuniene, Ž. (2013). Economic forces, sentiment and emerging Eastern European stock markets. Research in Economics and Business: Central and Eastern Europe, 2(2).
  • Chen, N. F., Roll, R., & Ross, S. A. (1986). Economic forces and the stock market. Journal of business, 383-403.
  • Çelik, İ. (2011). Vadeli işlem piyasasında fiyat keşfi: izmir vadeli işlem ve opsiyon borsasında ampirik bir uygulama (Doktora Tezi, SDÜ Sosyal Bilimler Enstitüsü).
  • Diacogiamnis, G. P., Tsiritakis, E. D., & Manolas, G. A. (2001). Macroeconomic factors and stock returns in a changing economic framework: The case of the Athens stock exchange. Managerial finance, 27(6), 23-41.
  • Dickey, D. A. ve Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series with a Unit Root. Journal of the American Statistical Association, 74(366a), 427-431.
  • Fama, E. F. (1981). Stock returns, real activity, inflation, and money. The American economic review, 71(4), 545-565.
  • Filis, G. (2010). Macro economy, stock market and oil prices: Do meaningful relationships exist among their cyclical fluctuations?. Energy Economics, 32(4), 877-886.
  • Gay, R. D. (2016). Effect of macroeconomic variables on stock market returns for four emerging economies: Brazil, Russia, India, and China. The International Business & Economics Research Journal (Online), 15(3), 119.
  • Geske, R., & Roll, R. (1983). The fiscal and monetary linkage between stock returns and inflation. The journal of Finance, 38(1), 1-33.
  • Gong, F., & Mariano, R. S. (1997). Stock market returns and economic fundamentals in an emerging market: the case of Korea. Financial Engineering and the Japanese Markets, 4(2), 147-169.
  • Gujarati, D. N., Porter, D. C., Şenesen, Ü., & Günlük-Şenesen, G. (2012). Temel ekonometri. Literatür Yayıncılık.
  • Güngör, B., & Kaygın, C. Y. (2015). Dinamik panel veri analizi ile hisse senedi fiyatini etkileyen faktörlerin belirlenmesi. Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(9).
  • Huang, R. D., & Kracaw, W. A. (1984). Stock market returns and real activity: a note. The Journal of Finance, 39(1), 267-273.
  • Humpe, A., & Macmillan, P. (2009). Can macroeconomic variables explain long-term stock market movements? A comparison of the US and Japan. Applied Financial Economics, 19(2), 111-119
  • Ibrahim, M. (1999). Macroeconomic variables and stock prices in Malaysia: An empirical analysis. Asian Economic Journal, 13(2), 219-231.
  • Ibrahim, M. H., & Aziz, H. (2003). Macroeconomic variables and the Malaysian equity market: A view through rolling subsamples. Journal of economic studies, 30(1), 6-27.
  • IFS. (2018). International Financial Statistics,
  • Kandir, S. Y. (2008). Macroeconomic variables, firm characteristics and stock returns: Evidence from Turkey. International research journal of finance and economics, 16(1), 35-45.
  • Kazakistan Ulusal Bankası, (2018). Dış borç istatistikleri, URL: http://www.nationalbank.kz/?docid=285&switch=kazakh Erişim: 25.05.2018
  • Kwon, C. S., & Shin, T. S. (1999). Cointegration and causality between macroeconomic variables and stock market returns. Global Finance Journal, 10(1), 71-81.
  • Kwon, C. S., Shin, T. S., & Bacon, F. W. (1997). The effect of macroeconomic variables on stock market returns in developing markets. Multinational Business Review, 5(2), 63.
  • Le, T. H., & Chang, Y. (2011). The impact of oil price fluctuations on stock markets in developed and emerging economies.
  • Maysami, R. C., & Koh, T. S. (2000). A vector error correction model of the Singapore stock market. International Review of Economics & Finance, 9(1), 79-96.
  • Mookerjee, R., & Yu, Q. (1997). Macroeconomic variables and stock prices in a small open economy: The case of Singapore. Pacific-Basin Finance Journal, 5(3), 377-388.
  • 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.
  • Muradoglu, G., Taskin, F., & Bigan, I. (2000). Causality between stock returns and macroeconomic variables in emerging markets. Russian & East European Finance and Trade, 36(6), 33-53.
  • Nasseh, A., & Strauss, J. (2000). Stock prices and domestic and international macroeconomic activity: a cointegration approach. The Quarterly Review of Economics and Finance, 40(2), 229-245.
  • Omran, M., & Pointon, J. (2001). Does the inflation rate affect the performance of the stock market? The case of Egypt. Emerging Markets Review, 2(3), 263-279.
  • Park, J., & Ratti, R. A. (2008). Oil price shocks and stock markets in the US and 13 European countries. Energy economics, 30(5), 2587-2608.
  • Patra, T., & Poshakwale, S. (2006). Economic variables and stock market returns: evidence from the Athens stock exchange. Applied Financial Economics, 16(13), 993-1005.
  • Pearce, D. K., & Roley, V. V. (1988). Firm characteristics, unanticipated inflation, and stock returns. The Journal of Finance, 43(4), 965-981.
  • Ratanapakorn, O., & Sharma, S. C. (2007). Dynamic analysis between the US stock returns and the macroeconomic variables. Applied Financial Economics, 17(5), 369-377.
  • Sadorsky, P. (1999). Oil price shocks and stock market activity. Energy economics, 21(5), 449-469.
  • Sayilgan, G., & Süslü, C. (2011). Makroekonomik Faktörlerin Hisse Senedi Getirilerine Etkisi: Türkiye ve Gelişmekte Olan Piyasalar Üzerine Bir İnceleme. Journal of BRSA Banking & Financial Markets, 5(1).
  • Syzdykova, A. (2018). Petrol fiyatlarının BRIC ülkelerinin borsalarına etkisi. Uluslararası Ekonomi, İşletme ve Politika Dergisi, 2(1), 1-20.
  • Syzdykova, A.(2017). Petrol fiyatlarının hisse senedi piyasasına etkisi: Kazakistan borsası örneği. Finans Ekonomi ve Sosyal Araştırmalar Dergisi (FESA), 2(4), 259-269.
  • Tarı, R. (2008). Ekonometri (5. Baskı). Kocaeli Üniversitesi Yayın, (172).
  • Thornton, J. (1993). Money, output and stock prices in the UK: Evidence on some (non) relationships. Applied Financial Economics, 3(4), 335-338.
  • Togay, S. (2009). Kazakistan Ekonomisinin Petrole Bağımlılığının Azaltılmasında Para Politikasının Rolü. Bilig, Türk Dünyası Sosyal Bilimler Dergisi, 48, 208-240.
  • Üçdoğruk, Ş. (1996). Türkiye’de Sağlık Harcamalarının Ekonometrik Analizi: Eşbütünleşme Testi. Ekonomik Yaklasim, 7(21), 101-112.
  • Yalçın, Y. (2015). Petrol fiyatı şoklarının BDT borsaları üzerine etkisi: Rusya, Kazakistan Ve Ukrayna. İktisadi ve İdari Bilimler Fakültesi Dergisi, 17(1), 64-81.
  • Yavuz, N. Ç. (2015). Finansal ekonometri. Der Yayınları, İstanbul.

Makroekonomik Değişkenler ve Hisse Senedi Piyasası İlişkisi: KASE Örneği

Yıl 2018, , 331 - 354, 29.12.2018
https://doi.org/10.18074/ckuiibfd.444811

Öz

Hisse senetleri yatırımcılar açısından en önemli yatırım araçları içerisinde yer almaktadır. Bu nedenle hisse senetleri fiyat hareketlerinin tahmini hem yatırımcıları hem de finans alanında çalışma yapan araştırmacıları yakından ilgilendirmektedir. Bugüne kadar literatürde hisse senedini etkileyen faktörleri ülke ve ülke grupları için araştıran ampirik çalışmalar çok sayıda yapılmıştır. Fakat Kazakistan hisse senedi piyasasını konu alan çalışmalar çok az sayıdadır. Bunun sebebi Kazakistan borsasının (KASE) yeni bir borsa olması ve diğer yandan daha yeni gelişmekte olan küçük borsa olmasıdır.
Bu çalışmada beş adet makro ekonomik değişken ile KASE borsa endeksi arasındaki ilişki açıklanmaya çalışılmıştır. Değişkenlerin istatistiksel açıdan anlamlılığını tespit etmek için EKK yöntemi, değişkenler arasındaki uzun dönemli ilişkinin varlığını araştırmak için Johansen eşbütünleşme testi, değişkenler arasındaki nedenselliğin açıklanması için hata düzeltme modeli ve Granger nedensellik analizi kullanılmıştır.

Kaynakça

  • Abdullah, D. A., & Hayworth, S. C. (1993). Macroeconometrics of stock price fluctuations. Quarterly Journal of Business and Economics, 50-67.
  • Adrangi, B., Chatrath, A., Pamplin, R. B., & Sanvicente, A. Z. (2002). Inflation, output, and stock prices: Evidence from Brazil. Journal of Applied Business Research, 18(1), 61-76.
  • Aggarwal, R., Inclan, C., & Leal, R. (1999). Volatility in emerging stock markets. Journal of Financial and Quantitative Analysis, 34(1), 33-55.
  • Agrawalla, R. K., & Tuteja, S. K. (2008). Share Prices and Macroeconomic Variables in India. Journal of Management Research (09725814), 8(3).
  • Aktaş, M., & Akdağ, S. (2013). Türkiye’de ekonomik faktörlerin hisse senedi fiyatlari ile ilişkilerinin araştirilmasi. International Journal of Social Science Research, 2(1), 50-67.
  • Al-Jafari, M. K., Salameh, R. M., & Habbash, M. R. (2011). Investigating the relationship between stock market returns and macroeconomic variables: evidence from developed and emerging markets. International Research Journal of Finance and Economics, 79, 6-30.
  • Al-Shubiri, F. N. (2010). Analysis the determinants of market stock price movements: An empirical study of Jordanian commercial banks. International Journal of Business and Management, 5(10), 137.
  • Asprem, M. (1989). Stock prices, asset portfolios and macroeconomic variables in ten European countries. Journal of Banking & Finance, 13(4-5), 589-612.
  • Barrows, C. W., & Naka, A. (1994). Use of macroeconomic variables to evaluate selected hospitality stock returns in the US. International Journal of Hospitality Management, 13(2), 119-128.
  • Bekaert, G., & Harvey, C. R. (1997). Emerging equity market volatility. Journal of Financial economics, 43(1), 29-77.
  • Bhattacharya, B., & Mukherjee, J. (2002). The nature of the causal relationship between stock market and macroeconomic aggregates in India: An empirical analysis. In 4th annual conference on money and finance, Mumbai (pp. 401-426).
  • Bilson, C. M., Brailsford, T. J., & Hooper, V. J. (2001). Selecting macroeconomic variables as explanatory factors of emerging stock market returns. Pacific-Basin Finance Journal, 9(4), 401-426.
  • Brahmasrene, T., & Jiranyakul, K. (2007). Cointegration and causality between stock index and macroeconomic variables in an emerging market. Academy of Accounting and Financial Studies Journal, 11(3), 17-30.
  • Büyüksalvarci, A., & Abdioglu, H. (2010). The causal relationship between stock prices and macroeconomic variables: A case study for Turkey. International Journal of Economic Perspectives, 4(4), 601.
  • Caşkurlu, S. İ. (2001). Kısa Vadeli Sermaye Hareketlerinin Gelişmekte Olan Ülkelere Etkileri ya da Modern Bir Kırmızı Başlıklı Kız. Mülkiye Dergisi, 25(229), 163-184.
  • Celov, D., & Grigaliuniene, Ž. (2013). Economic forces, sentiment and emerging Eastern European stock markets. Research in Economics and Business: Central and Eastern Europe, 2(2).
  • Chen, N. F., Roll, R., & Ross, S. A. (1986). Economic forces and the stock market. Journal of business, 383-403.
  • Çelik, İ. (2011). Vadeli işlem piyasasında fiyat keşfi: izmir vadeli işlem ve opsiyon borsasında ampirik bir uygulama (Doktora Tezi, SDÜ Sosyal Bilimler Enstitüsü).
  • Diacogiamnis, G. P., Tsiritakis, E. D., & Manolas, G. A. (2001). Macroeconomic factors and stock returns in a changing economic framework: The case of the Athens stock exchange. Managerial finance, 27(6), 23-41.
  • Dickey, D. A. ve Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series with a Unit Root. Journal of the American Statistical Association, 74(366a), 427-431.
  • Fama, E. F. (1981). Stock returns, real activity, inflation, and money. The American economic review, 71(4), 545-565.
  • Filis, G. (2010). Macro economy, stock market and oil prices: Do meaningful relationships exist among their cyclical fluctuations?. Energy Economics, 32(4), 877-886.
  • Gay, R. D. (2016). Effect of macroeconomic variables on stock market returns for four emerging economies: Brazil, Russia, India, and China. The International Business & Economics Research Journal (Online), 15(3), 119.
  • Geske, R., & Roll, R. (1983). The fiscal and monetary linkage between stock returns and inflation. The journal of Finance, 38(1), 1-33.
  • Gong, F., & Mariano, R. S. (1997). Stock market returns and economic fundamentals in an emerging market: the case of Korea. Financial Engineering and the Japanese Markets, 4(2), 147-169.
  • Gujarati, D. N., Porter, D. C., Şenesen, Ü., & Günlük-Şenesen, G. (2012). Temel ekonometri. Literatür Yayıncılık.
  • Güngör, B., & Kaygın, C. Y. (2015). Dinamik panel veri analizi ile hisse senedi fiyatini etkileyen faktörlerin belirlenmesi. Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(9).
  • Huang, R. D., & Kracaw, W. A. (1984). Stock market returns and real activity: a note. The Journal of Finance, 39(1), 267-273.
  • Humpe, A., & Macmillan, P. (2009). Can macroeconomic variables explain long-term stock market movements? A comparison of the US and Japan. Applied Financial Economics, 19(2), 111-119
  • Ibrahim, M. (1999). Macroeconomic variables and stock prices in Malaysia: An empirical analysis. Asian Economic Journal, 13(2), 219-231.
  • Ibrahim, M. H., & Aziz, H. (2003). Macroeconomic variables and the Malaysian equity market: A view through rolling subsamples. Journal of economic studies, 30(1), 6-27.
  • IFS. (2018). International Financial Statistics,
  • Kandir, S. Y. (2008). Macroeconomic variables, firm characteristics and stock returns: Evidence from Turkey. International research journal of finance and economics, 16(1), 35-45.
  • Kazakistan Ulusal Bankası, (2018). Dış borç istatistikleri, URL: http://www.nationalbank.kz/?docid=285&switch=kazakh Erişim: 25.05.2018
  • Kwon, C. S., & Shin, T. S. (1999). Cointegration and causality between macroeconomic variables and stock market returns. Global Finance Journal, 10(1), 71-81.
  • Kwon, C. S., Shin, T. S., & Bacon, F. W. (1997). The effect of macroeconomic variables on stock market returns in developing markets. Multinational Business Review, 5(2), 63.
  • Le, T. H., & Chang, Y. (2011). The impact of oil price fluctuations on stock markets in developed and emerging economies.
  • Maysami, R. C., & Koh, T. S. (2000). A vector error correction model of the Singapore stock market. International Review of Economics & Finance, 9(1), 79-96.
  • Mookerjee, R., & Yu, Q. (1997). Macroeconomic variables and stock prices in a small open economy: The case of Singapore. Pacific-Basin Finance Journal, 5(3), 377-388.
  • 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.
  • Muradoglu, G., Taskin, F., & Bigan, I. (2000). Causality between stock returns and macroeconomic variables in emerging markets. Russian & East European Finance and Trade, 36(6), 33-53.
  • Nasseh, A., & Strauss, J. (2000). Stock prices and domestic and international macroeconomic activity: a cointegration approach. The Quarterly Review of Economics and Finance, 40(2), 229-245.
  • Omran, M., & Pointon, J. (2001). Does the inflation rate affect the performance of the stock market? The case of Egypt. Emerging Markets Review, 2(3), 263-279.
  • Park, J., & Ratti, R. A. (2008). Oil price shocks and stock markets in the US and 13 European countries. Energy economics, 30(5), 2587-2608.
  • Patra, T., & Poshakwale, S. (2006). Economic variables and stock market returns: evidence from the Athens stock exchange. Applied Financial Economics, 16(13), 993-1005.
  • Pearce, D. K., & Roley, V. V. (1988). Firm characteristics, unanticipated inflation, and stock returns. The Journal of Finance, 43(4), 965-981.
  • Ratanapakorn, O., & Sharma, S. C. (2007). Dynamic analysis between the US stock returns and the macroeconomic variables. Applied Financial Economics, 17(5), 369-377.
  • Sadorsky, P. (1999). Oil price shocks and stock market activity. Energy economics, 21(5), 449-469.
  • Sayilgan, G., & Süslü, C. (2011). Makroekonomik Faktörlerin Hisse Senedi Getirilerine Etkisi: Türkiye ve Gelişmekte Olan Piyasalar Üzerine Bir İnceleme. Journal of BRSA Banking & Financial Markets, 5(1).
  • Syzdykova, A. (2018). Petrol fiyatlarının BRIC ülkelerinin borsalarına etkisi. Uluslararası Ekonomi, İşletme ve Politika Dergisi, 2(1), 1-20.
  • Syzdykova, A.(2017). Petrol fiyatlarının hisse senedi piyasasına etkisi: Kazakistan borsası örneği. Finans Ekonomi ve Sosyal Araştırmalar Dergisi (FESA), 2(4), 259-269.
  • Tarı, R. (2008). Ekonometri (5. Baskı). Kocaeli Üniversitesi Yayın, (172).
  • Thornton, J. (1993). Money, output and stock prices in the UK: Evidence on some (non) relationships. Applied Financial Economics, 3(4), 335-338.
  • Togay, S. (2009). Kazakistan Ekonomisinin Petrole Bağımlılığının Azaltılmasında Para Politikasının Rolü. Bilig, Türk Dünyası Sosyal Bilimler Dergisi, 48, 208-240.
  • Üçdoğruk, Ş. (1996). Türkiye’de Sağlık Harcamalarının Ekonometrik Analizi: Eşbütünleşme Testi. Ekonomik Yaklasim, 7(21), 101-112.
  • Yalçın, Y. (2015). Petrol fiyatı şoklarının BDT borsaları üzerine etkisi: Rusya, Kazakistan Ve Ukrayna. İktisadi ve İdari Bilimler Fakültesi Dergisi, 17(1), 64-81.
  • Yavuz, N. Ç. (2015). Finansal ekonometri. Der Yayınları, İstanbul.
Toplam 57 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Ekonomi
Bölüm Karatekin İİBF
Yazarlar

Aziza Syzdykova

Yayımlanma Tarihi 29 Aralık 2018
Yayımlandığı Sayı Yıl 2018

Kaynak Göster

APA Syzdykova, A. (2018). Makroekonomik Değişkenler ve Hisse Senedi Piyasası İlişkisi: KASE Örneği. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 8(2), 331-354. https://doi.org/10.18074/ckuiibfd.444811
AMA Syzdykova A. Makroekonomik Değişkenler ve Hisse Senedi Piyasası İlişkisi: KASE Örneği. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. Aralık 2018;8(2):331-354. doi:10.18074/ckuiibfd.444811
Chicago Syzdykova, Aziza. “Makroekonomik Değişkenler Ve Hisse Senedi Piyasası İlişkisi: KASE Örneği”. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 8, sy. 2 (Aralık 2018): 331-54. https://doi.org/10.18074/ckuiibfd.444811.
EndNote Syzdykova A (01 Aralık 2018) Makroekonomik Değişkenler ve Hisse Senedi Piyasası İlişkisi: KASE Örneği. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 8 2 331–354.
IEEE A. Syzdykova, “Makroekonomik Değişkenler ve Hisse Senedi Piyasası İlişkisi: KASE Örneği”, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, c. 8, sy. 2, ss. 331–354, 2018, doi: 10.18074/ckuiibfd.444811.
ISNAD Syzdykova, Aziza. “Makroekonomik Değişkenler Ve Hisse Senedi Piyasası İlişkisi: KASE Örneği”. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 8/2 (Aralık 2018), 331-354. https://doi.org/10.18074/ckuiibfd.444811.
JAMA Syzdykova A. Makroekonomik Değişkenler ve Hisse Senedi Piyasası İlişkisi: KASE Örneği. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2018;8:331–354.
MLA Syzdykova, Aziza. “Makroekonomik Değişkenler Ve Hisse Senedi Piyasası İlişkisi: KASE Örneği”. Çankırı Karatekin Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, c. 8, sy. 2, 2018, ss. 331-54, doi:10.18074/ckuiibfd.444811.
Vancouver Syzdykova A. Makroekonomik Değişkenler ve Hisse Senedi Piyasası İlişkisi: KASE Örneği. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2018;8(2):331-54.