AYAYDIN, Hasan Gümüşhane Üniversitesi - İşletme Bölümü, Turkey , AYAYDIN, Hasan Bu çalýþma Karadeniz Teknik Üniversitesi - Sosyal Bilimler Enstitüsü’nce, Turkey , DAĞLI, Hüseyin Karadeniz Teknik Üniversitesi - İşletme Bölümü, Turkey

GELİŞEN PİYASALARDA HİSSE SENEDİ GETİRİSİNİ ETKİLEYEN MAKROEKONOMİK DEĞİŞKENLER ÜZERİNE BİR İNCELEME: PANEL VERİ ANALİZİ

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The aim of this study is to; determine macroeconomic variables of stock return affecting the stock returns of emerging markets, and test the relationship between the stock returns and these variables within the frame of a model by using panel data analysis method. It has also been aimed to put forth which of these variables are more effective on the stock returns. Another aim is to make some contributions to the literature for determining the direction and amount of this relation within this scope. According to the empirical findings within the framework of the study, it has been found that the stock returns of all emerging market samples are positively effected by; SP 500 Index, are negatively effected by the exchange rates, 1997-1998 Eastern Asia and Global Financial Crises. The empirical result also suggests that the stock returns of all emerging market samples are not effected by the interest rates.

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emerging markets , emerging equity markets , macroeconomic variables , panel data analysis

Journal Of Economics and Administrative Sciences, Ataturk University

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