Beyond the balance sheet: Navigating the effects of selected macroeconomic variables on the stock market performance of the ASEAN economic region and ASEAN+3 from 2012 to 2019
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ID: 284611
2024
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Abstract
Traditionally, the understanding of the stock market and valuation had been centric on companies' accounting information, while its association with external factors, like macroeconomics, had been minimal. However, with the growing interest and demand from stakeholders in understanding the stock market, it had been more apparent that the activities of the stock markets go beyond their ties to firm-specific performance and are also connected to the broader economy, as contemporary researchers had suggested. In the attempt to better understand the stock market beyond the realms company-specific accounting information, this research paper aimed to analyze the effects of ten macroeconomic variables related to economic and fiscal performance (i.e., GDP growth, inflation, and tax revenue), monetary environment (i.e., exchange rate, money supply, and interest), and international trade (i.e., oil price, trade openness, foreign direct investments, and economic freedom) on the stock market performance of the ASEAN region and ASEAN+3. Using the panel regression analysis, this study concluded that the exchange rate and money supply have a positive and negative effect, respectively, on the stock market performance of the ASEAN+3 countries. On the other hand, oil price and trade openness negatively and positively affect the stock markets at both the ASEAN region and ASEAN+3 level.
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| Authors | Arellano, Michelle Dianne A. |
| Journal | Malay Journal |
| Year | 2024 |
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