Interference of macroeconomy in the performance of stock markets in Latin America and Asia

Detalhes bibliográficos
Autor(a) principal: Costa, Edgar Maria Ferreira da
Data de Publicação: 2023
Outros Autores: Martins Noriller, Rafael, Nogueira, Maria Aparecida Farias de Souza, Silva, Josimar Pires da
Tipo de documento: Artigo
Idioma: eng
Título da fonte: RACE (Joaçaba. Online)
Texto Completo: https://periodicos.unoesc.edu.br/race/article/view/29417
Resumo: This research aims to investigate the effects of macroeconomic variables on stock market performance in Latin America and Asia. To achieve this objective, we considered data from 2000 to 2018 from nine countries located in Latin America and Asia, namely Brazil, Chile, China, India, Japan, Malaysia, Mexico, Peru, and Russia. The independent variables used in the work to determine the macroeconomic effects on the financial market were ec onomic freedom D(Ln(EF)), unemployment rate D(UNE), gross domestic product D(%ΔGDP) and exchange rate D(ER). We used the score of the local stock exchange D(SE) as a proxy for performance and as a dependent variable. Subsequently, multiple panel data regression was performed. The results show that all variables are significant at 10%. D(Ln(EF)) and D(ER) show a negative relation with D(SE), and D(UNE) and D(%ΔGDP) show a positive relation with D(SE). Important macroeconomic results with company performance.
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spelling Interference of macroeconomy in the performance of stock markets in Latin America and AsiaInterferência da macroeconomia no desempenho dos mercados de ações na América Latina e ÁsiaPanel DataPerformanceStock MarketNewey-WestMacroeconomic variablesPanel DataPerformanceStock MarketNewey-WestMacroeconomic variablesThis research aims to investigate the effects of macroeconomic variables on stock market performance in Latin America and Asia. To achieve this objective, we considered data from 2000 to 2018 from nine countries located in Latin America and Asia, namely Brazil, Chile, China, India, Japan, Malaysia, Mexico, Peru, and Russia. The independent variables used in the work to determine the macroeconomic effects on the financial market were ec onomic freedom D(Ln(EF)), unemployment rate D(UNE), gross domestic product D(%ΔGDP) and exchange rate D(ER). We used the score of the local stock exchange D(SE) as a proxy for performance and as a dependent variable. Subsequently, multiple panel data regression was performed. The results show that all variables are significant at 10%. D(Ln(EF)) and D(ER) show a negative relation with D(SE), and D(UNE) and D(%ΔGDP) show a positive relation with D(SE). Important macroeconomic results with company performance.Esta investigación tiene como objetivo analizar los impactos de los cambios en el desempeño del mercado de valores. Para lograr este objetivo, consideramos datos de 2000 a 2018 de nueve países ubicados en América Latina y Asia, a saber, Brasil, Chile, China, India, Japón, Malasia, México, Perú y Rusia. Las variables independientes utilizadas en el trabajo para determinar los efectos macroeconómicos sobre el mercado financiero fueron la libertad económica D (Ln (EF)), la tasa de desempleo D (UNE), el producto interno bruto D (% ΔPIB) y el tipo de cambio D (ER). Utilizamos el puntaje de la bolsa de valores local D (SE) como proxy del desempeño y como variable dependiente. Posteriormente, se realizó la regresión de datos de panel. Los resultados muestran que todas las variables son significativas al 10%. D (Ln (EF)) y D (ER) muestran una relación negativa con D (SE), y D (UNE) y D (% ΔPIB) muestran una relación positiva con D (SE).A presente pesquisa teve por objetivo analisar o impacto das variações no desempenho do mercado de ações. Para atingir o objetivo foram considerados dados de 2000 a 2018, de nove países situados na América Latina e Ásia, sendo eles: Brasil, Chile, China, Índia, Japão, Malásia, México, Peru e Rússia. As variáveis independentes utilizadas no trabalho para encontrar os efeitos macroeconômicos sobre o mercado financeiro foram a Liberdade Econômica D(Ln(EF)), Taxa de Desemprego D(DES), Produto Interno Bruto D(%Δ PIB) e Taxa de Câmbio D(TC). Ainda foi utilizada como proxy para o desempenho e como variável dependente a Pontuação da Bolsa de Valores Local D(BOLSA). Posteriormente foi feita a regressão por dados em painel. Os resultados mostraram que todas as variáveis são significativas a 10%, sendo que D(Ln(EF)) e D(TC) apresentaram relação negativa com D(BOLSA), enquanto D(DES) e D(%Δ PIB) apresentaram relação positiva com D(BOLSA).Universidade do Oeste de Santa Catarina2023-11-09info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdftext/htmlhttps://periodicos.unoesc.edu.br/race/article/view/2941710.18593/race.29417RACE - Revista de Administração, Contabilidade e Economia; Vol. 21 No. 2 (2022): RACE maio/ago. 2022; 241-260RACE - Revista de Administração, Contabilidade e Economia; v. 21 n. 2 (2022): RACE maio/ago. 2022; 241-2602179-49361678-6483reponame:RACE (Joaçaba. Online)instname:Universidade do Oeste de Santa Catarina (UNOESC)instacron:UNOESCenghttps://periodicos.unoesc.edu.br/race/article/view/29417/19173https://periodicos.unoesc.edu.br/race/article/view/29417/19186Copyright (c) 2023 Edgar Maria Ferreira da Costa, Rafael Martins Noriller, Maria Aparecida Farias de Souza Nogueira, Josimar Pires da Silvahttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessCosta, Edgar Maria Ferreira daMartins Noriller, RafaelNogueira, Maria Aparecida Farias de SouzaSilva, Josimar Pires da2023-11-30T18:16:53Zoai:ojs.periodicos.unoesc.edu.br:article/29417Revistahttps://portalperiodicos.unoesc.edu.br/racehttps://portalperiodicos.unoesc.edu.br/race/oairace@unoesc.edu.br||editora@unoesc.edu.br2179-49361678-6483opendoar:2023-11-30T18:16:53RACE (Joaçaba. Online) - Universidade do Oeste de Santa Catarina (UNOESC)false
dc.title.none.fl_str_mv Interference of macroeconomy in the performance of stock markets in Latin America and Asia
Interferência da macroeconomia no desempenho dos mercados de ações na América Latina e Ásia
title Interference of macroeconomy in the performance of stock markets in Latin America and Asia
spellingShingle Interference of macroeconomy in the performance of stock markets in Latin America and Asia
Costa, Edgar Maria Ferreira da
Panel Data
Performance
Stock Market
Newey-West
Macroeconomic variables
Panel Data
Performance
Stock Market
Newey-West
Macroeconomic variables
title_short Interference of macroeconomy in the performance of stock markets in Latin America and Asia
title_full Interference of macroeconomy in the performance of stock markets in Latin America and Asia
title_fullStr Interference of macroeconomy in the performance of stock markets in Latin America and Asia
title_full_unstemmed Interference of macroeconomy in the performance of stock markets in Latin America and Asia
title_sort Interference of macroeconomy in the performance of stock markets in Latin America and Asia
author Costa, Edgar Maria Ferreira da
author_facet Costa, Edgar Maria Ferreira da
Martins Noriller, Rafael
Nogueira, Maria Aparecida Farias de Souza
Silva, Josimar Pires da
author_role author
author2 Martins Noriller, Rafael
Nogueira, Maria Aparecida Farias de Souza
Silva, Josimar Pires da
author2_role author
author
author
dc.contributor.author.fl_str_mv Costa, Edgar Maria Ferreira da
Martins Noriller, Rafael
Nogueira, Maria Aparecida Farias de Souza
Silva, Josimar Pires da
dc.subject.por.fl_str_mv Panel Data
Performance
Stock Market
Newey-West
Macroeconomic variables
Panel Data
Performance
Stock Market
Newey-West
Macroeconomic variables
topic Panel Data
Performance
Stock Market
Newey-West
Macroeconomic variables
Panel Data
Performance
Stock Market
Newey-West
Macroeconomic variables
description This research aims to investigate the effects of macroeconomic variables on stock market performance in Latin America and Asia. To achieve this objective, we considered data from 2000 to 2018 from nine countries located in Latin America and Asia, namely Brazil, Chile, China, India, Japan, Malaysia, Mexico, Peru, and Russia. The independent variables used in the work to determine the macroeconomic effects on the financial market were ec onomic freedom D(Ln(EF)), unemployment rate D(UNE), gross domestic product D(%ΔGDP) and exchange rate D(ER). We used the score of the local stock exchange D(SE) as a proxy for performance and as a dependent variable. Subsequently, multiple panel data regression was performed. The results show that all variables are significant at 10%. D(Ln(EF)) and D(ER) show a negative relation with D(SE), and D(UNE) and D(%ΔGDP) show a positive relation with D(SE). Important macroeconomic results with company performance.
publishDate 2023
dc.date.none.fl_str_mv 2023-11-09
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://periodicos.unoesc.edu.br/race/article/view/29417
10.18593/race.29417
url https://periodicos.unoesc.edu.br/race/article/view/29417
identifier_str_mv 10.18593/race.29417
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://periodicos.unoesc.edu.br/race/article/view/29417/19173
https://periodicos.unoesc.edu.br/race/article/view/29417/19186
dc.rights.driver.fl_str_mv http://creativecommons.org/licenses/by-nc/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
text/html
dc.publisher.none.fl_str_mv Universidade do Oeste de Santa Catarina
publisher.none.fl_str_mv Universidade do Oeste de Santa Catarina
dc.source.none.fl_str_mv RACE - Revista de Administração, Contabilidade e Economia; Vol. 21 No. 2 (2022): RACE maio/ago. 2022; 241-260
RACE - Revista de Administração, Contabilidade e Economia; v. 21 n. 2 (2022): RACE maio/ago. 2022; 241-260
2179-4936
1678-6483
reponame:RACE (Joaçaba. Online)
instname:Universidade do Oeste de Santa Catarina (UNOESC)
instacron:UNOESC
instname_str Universidade do Oeste de Santa Catarina (UNOESC)
instacron_str UNOESC
institution UNOESC
reponame_str RACE (Joaçaba. Online)
collection RACE (Joaçaba. Online)
repository.name.fl_str_mv RACE (Joaçaba. Online) - Universidade do Oeste de Santa Catarina (UNOESC)
repository.mail.fl_str_mv race@unoesc.edu.br||editora@unoesc.edu.br
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