THE EFFECT OF ECONOMIC AND FINANCIAL COUNTRY RISKS ON STOCK PRICES VOLATILITY

Yıl 2020, Sayı: 38, 1 - 16, 31.12.2020

Zekai Şenol , Selahattin Koç

Öz

Stock prices which are quoted on
stock exchanges may show volatility for many reasons including economic,
financial, political and social reasons. The volatility in share prices
indicates that there are risks related with shares. These volatilities in share
markets are closely related to stock investors, capital mobility between the markets,
policy makers and who want to improve their capital markets. In this study, 38
country samples were investigated between the period of 1999-2016, which
economic and financial country risk factors affecting the stock price
volatilities. According to the results of the panel data analysis, it was seen
that financial risk factors consisting of debt service / export, exchange rate
stability and external debt / GDP variables and economic risk factors
consisting of inflation and economic growth increased the volatility of share prices.

Anahtar Kelimeler

Volatility, Shares, Economics and Financial Risks

EKONOMİK VE FİNANSAL ÜLKE RİSKLERİNİN PAY FİYATLARI OYNAKLIĞINA ETKİSİ

Öz

Borsalarda işlem gören pay senetleri, fiyatları
ekonomik, finansal, politik, sosyal olmak üzere birçok nedenden dolayı
oynaklıklar gösterebilmektedir. Pay fiyatlarında görülen oynaklıklar, paylarla
ilgili risklerin var olduğunu göstermektedir. Pay piyasalarında meydana gelen
bu oynaklıklar, pay senetleri yatırımcılarını, piyasalar arasındaki sermaye
hareketliliğini, ulusal piyasalarını canlandırmak isteyen ekonomi yönetimlerini
ve politika geliştiricileri yakından ilgilendirmektedir. Bu çalışmada,
1999-2016 dönemi ve 38 ülke örnekleminde pay senetleri fiyat oynaklıklarını
etkileyen ekonomik ve finansal ülke risk faktörleri araştırılmıştır. Panel veri
analizi yapılan çalışma sonuçlarına göre, borç servisi/ihracat, döviz kuru
istikrarı ve dış borç/GSYİH değişkenlerinden oluşan finansal risk faktörleri
ile enflasyon ve ekonomik büyümeden oluşan ekonomik risk faktörlerinin, pay
fiyatları oynaklıklarını artırdığı görülmüştür.

Anahtar Kelimeler

Oynaklık, Pay Senetleri, Ekonomik ve Finansal Riskler

Kaynakça

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