The Effects of Macroeconomic Fundamentals on the Stock Prices Movement in Selected Countries

For centuries, the stock market has been the backbone of the economy serving as a crucial platform for buying and selling securities. This study contributes to investigate the symmetric and asymmetric effects of macroeconomic fundamentals on stock prices of the selected countries: Indonesia, Malaysi...

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主要作者:	Peck Ching, Sia
格式:	Thesis
语言:	English English English
出版:	2023
主题:	HB Economic Theory
在线阅读:	http://ir.unimas.my/id/eprint/43200/6/Thesis%20MSc._%20Sia%20Peck%20Ching%20-%2024%20pages.pdf http://ir.unimas.my/id/eprint/43200/10/Sia%20Peck%20Ching_dsva.pdf http://ir.unimas.my/id/eprint/43200/11/Sia%20Peck%20Ching%20ft.pdf
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id	my-unimas-ir.43200
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spelling	my-unimas-ir.432002024-05-13T09:41:22Z The Effects of Macroeconomic Fundamentals on the Stock Prices Movement in Selected Countries 2023-10-23 Peck Ching, Sia HB Economic Theory For centuries, the stock market has been the backbone of the economy serving as a crucial platform for buying and selling securities. This study contributes to investigate the symmetric and asymmetric effects of macroeconomic fundamentals on stock prices of the selected countries: Indonesia, Malaysia, and Singapore. Generally, these three countries have different stages of development where Indonesia and Malaysia are both emerging countries while Singapore is a developed country. These three ASEAN countries have various monetary policies in addition to their disparate economic condition. Previous research has thoroughly investigated the relationship between stock prices and macroeconomic issues, but it was believed that the relationship is symmetrical. There is a scarcity of empirical information on the asymmetric effect of macroeconomic fundamentals on stock prices. This study using two different approaches: autoregressive distributed lag (ARDL) approach and nonlinear autoregressive distributed lag (NARDL) to overcome the limitation of previous studies. The study used time series data based on quarterly observations from 1999 to 2021. Given the results, inflation, interest rate, and exchange rate show nonlinear effect on stock prices in Indonesia. In Malaysia, the results show nonlinear effect of interest rate and exchange rate on stock prices. However, most of the models are insignificant for Singapore. Therefore, policymakers should optimize the asymmetric effect of inflation, interest rate, and exchange rate according to the nature of each country. Universiti Malaysia Sarawak 2023-10 Thesis http://ir.unimas.my/id/eprint/43200/ http://ir.unimas.my/id/eprint/43200/6/Thesis%20MSc._%20Sia%20Peck%20Ching%20-%2024%20pages.pdf text en public http://ir.unimas.my/id/eprint/43200/10/Sia%20Peck%20Ching_dsva.pdf text en public http://ir.unimas.my/id/eprint/43200/11/Sia%20Peck%20Ching%20ft.pdf text en validuser masters Universiti Malaysia Sarawak Faculty of Economics and Business
institution	Universiti Malaysia Sarawak
collection	UNIMAS Institutional Repository
language	English English English
topic	HB Economic Theory
spellingShingle	HB Economic Theory Peck Ching, Sia The Effects of Macroeconomic Fundamentals on the Stock Prices Movement in Selected Countries
description	For centuries, the stock market has been the backbone of the economy serving as a crucial platform for buying and selling securities. This study contributes to investigate the symmetric and asymmetric effects of macroeconomic fundamentals on stock prices of the selected countries: Indonesia, Malaysia, and Singapore. Generally, these three countries have different stages of development where Indonesia and Malaysia are both emerging countries while Singapore is a developed country. These three ASEAN countries have various monetary policies in addition to their disparate economic condition. Previous research has thoroughly investigated the relationship between stock prices and macroeconomic issues, but it was believed that the relationship is symmetrical. There is a scarcity of empirical information on the asymmetric effect of macroeconomic fundamentals on stock prices. This study using two different approaches: autoregressive distributed lag (ARDL) approach and nonlinear autoregressive distributed lag (NARDL) to overcome the limitation of previous studies. The study used time series data based on quarterly observations from 1999 to 2021. Given the results, inflation, interest rate, and exchange rate show nonlinear effect on stock prices in Indonesia. In Malaysia, the results show nonlinear effect of interest rate and exchange rate on stock prices. However, most of the models are insignificant for Singapore. Therefore, policymakers should optimize the asymmetric effect of inflation, interest rate, and exchange rate according to the nature of each country.
format	Thesis
qualification_level	Master's degree
author	Peck Ching, Sia
author_facet	Peck Ching, Sia
author_sort	Peck Ching, Sia
title	The Effects of Macroeconomic Fundamentals on the Stock Prices Movement in Selected Countries
title_short	The Effects of Macroeconomic Fundamentals on the Stock Prices Movement in Selected Countries
title_full	The Effects of Macroeconomic Fundamentals on the Stock Prices Movement in Selected Countries
title_fullStr	The Effects of Macroeconomic Fundamentals on the Stock Prices Movement in Selected Countries
title_full_unstemmed	The Effects of Macroeconomic Fundamentals on the Stock Prices Movement in Selected Countries
title_sort	effects of macroeconomic fundamentals on the stock prices movement in selected countries
granting_institution	Universiti Malaysia Sarawak
granting_department	Faculty of Economics and Business
publishDate	2023
url	http://ir.unimas.my/id/eprint/43200/6/Thesis%20MSc._%20Sia%20Peck%20Ching%20-%2024%20pages.pdf http://ir.unimas.my/id/eprint/43200/10/Sia%20Peck%20Ching_dsva.pdf http://ir.unimas.my/id/eprint/43200/11/Sia%20Peck%20Ching%20ft.pdf
_version_	1804888425429467136

The Effects of Macroeconomic Fundamentals on the Stock Prices Movement in Selected Countries

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