Is stock market development sensitive to macroeconomic indicators? A fresh evidence using ARDL bounds testing approach.

ABSTRACT: Over the past decades, emerging stock markets have started to significantly contribute to economic growth through mobilizing long-term capital by pooling funds, facilitating savings and investments into profitable projects and improving corporate governance structure. A plethora of empirical studies is devoted to investigate the determinants of different capital markets but due to highly controversial and inconclusive findings about macroeconomic determinants, this study contributes to the body of existing literature by empirically investigating the macroeconomic forces that drive the stock market development of Pakistan from 1980 to 2019. By applying Ng-Perron and Zivot-Andrews unit root tests (to determine the integrating orders of variables) and Autoregressive Distributed Lag (ARDL) bou

SUBMITTER: Omar AB 

PROVIDER: S-EPMC9581411 | biostudies-literature | 2022

REPOSITORIES: biostudies-literature