Journal of Current Research on Business and Economics (JoCReBE) - ISSN: 2547-9628

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Abstract


The Effect of Macroeconomic Factors on BIST Index Values

Macroeconomic factors have a very important place for country and world economies. Changes in macroeconomic factors affect all factors in economies, especially capital markets. In the field of finance, the stock market is the most important market for corporate investment decisions. In this study, the changes in the values of the indices in the stock market with the change of macroeconomic factors are examined. Purpose of the study as macroeconomic factors; To demonstrate the effect of inflation rate, unemployment rate, gross domestic product and interest rate on BIST Sports, BIST Textile, BIST Bank, BIST Insurance, BIST Industry, BIST Trade, BIST Technology, BIST Forest Paper Printing, BIST 30 indices. In empirical studies, macroeconomic factors and BIST index values were used in limited numbers, and at the same time, there were studies with few variables as an index. In the study, where annual data for the period 2010-2019 were examined, Augmented Dickey-Fuller unit root tests and Least Squares method regression test analyzes were used. When unit root data are examined, it is seen that some series are stationary in level values, while some series are not stationary in level values and become stationary when their first differences are taken. According to the test results, the Least Squares regression test found a significant relationship between Gross Domestic Product and BIST Insurance, BIST Trade and BIST Technology, while a significant relationship was found between the unemployment rate and BIST Insurance, BIST Textile index values.



Keywords
Regression. BIST Index, Macroeconomic Factors



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