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HİSSE SENEDİ PİYASASININ GELİŞMESİNİN MAKROEKONOMİK VE KURUMSAL BELİRLEYİCİLERİ ÜZERİNE BİR ARAŞTIRMA: PANEL VERİ ANALİZİ

AN EXAMINATION ON MACROECONOMIC AND INSTITUTIONAL DETERMINANTS OF STOCK MARKET DEVELOPMENT: PANEL DATA ANALYSIS

Journal Name:

  • The Journal of Academic Social Science Studies

Publication Year:

  • 2013
DOI: 
http://dx.doi.org/10.9761/JASSS878

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
In recent years, studies relating to the imposition of the factors that determine financial development increased rapidly attract attention. However, the literature on the factors that determine the development of emerging economies stock market appears to be a small number of theoretical and empirical studies. From this point, in this study, macroeconomic and institutional factors that affect the development of the stock market is investigated in developing countries, the period of 2000-2011 using yearly panel data for 39 developing countries. In this study, three different models were used. The results of study achieved are supporting a relationship between the quality of governance in countries and the development of the stock market, indicate that there isn’t a relationship between the level of political freedom and the development of the stock market. The findings obtained in terms of macroeconomic variables in the model, all three findings overlap with each other. Findings of macroeconomic variables, shows that except the gross national savings other variables under consideration effect the development of the stock market. According to the results, there is a the same way relationship between stock market development and Gross Domestic Product, private sector loans, foreign direct investment banks. These factors will have a positive effect on increase in stock markets development. Finally, an inverse relationship between the stock markets development and inflation rate is examined. This finding shows that a rise in the inflation rate affects negatively stock market development.
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Abstract (Original Language): 
Son yıllarda finansal gelişmeyi belirleyen faktörlerin ortaya konmasına ilişkin çalışmaların hızla arttığı dikkati çekmektedir. Bununla birlikte, literatürde gelişmekte olan ekonomilerde hisse senedi piyasasının gelişmesini belirleyen faktörler üzerine teorik ve ampirik çalışmaların az sayıda olduğu görülmektedir. Bu noktadan hareketle bu çalışmada, 2000-2011 dönemi için 39 gelişmekte olan ülkenin yıllık panel verisi kullanılarak, gelişmekte olan ülkelerde hisse senedi piyasası gelişmesine etki eden makroekonomik ve kurumsal faktörler araştırılmıştır. Çalışmada üç farklı model kullanılmıştır. Çalışmada ulaşılan sonuçlar; ülkelerdeki yönetişimin kalitesi ile hisse senedi piyasasının gelişmesi arasındaki bir ilişkiyi desteklerken, politik özgürlükler düzeyi ile hisse senedi piyasasının gelişmesi arasında bir ilişki olmadığını ortaya koymaktadır. Çalışmada ulaşılan bulgular makroekonomik değişkenler açısından değerlendirildiğinde her üç modeldeki bulguların birbiriyle örtüştüğü söylenebilir. Makroekonomik değişkenlere ait bulgular gayri safi yurt içi tasarruflar hariç ele alınan diğer değişkenlerin hisse senedi piyasası gelişimine etkide bulunduğu yönündedir. Araştırma sonuçlarına göre, Gayri Safi Yurtiçi Hasıla, bankaların özel sektör kredileri ve doğrudan yabancı yatırımlar ile hisse senedi piyasalarının gelişmesi arasında doğru yönlü bir ilişki vardır. Söz konusu faktörlerdeki bir artış hisse senedi piyasalarının gelişmesine olumlu etkide bulunacaktır. Son olarak enflasyon oranı ile hisse senedi piyasaları gelişimi arasında ters yönlü bir ilişki söz konusudur. Bu bulgu enflasyon oranındaki bir yükselişin hisse senedi piyasasının gelişmesini negatif yönde etkileyeceği anlamına gelmektedir.
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