Reconciling Macroeconomic Determinants with Stock Market Performance in Selected Sub-Saharan African Countries: an ARDL Approach
Prior studies have adduced unstable macroeconomic factors to stock price movement overtime but the relationship between the duo remained unsettled. Autoregressive Distributed Lag (ARDL) technique was used to reconcile the macroeconomic determinants with performance of stock markets in selected Sub-S...
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| Format: | Article |
| Language: | English |
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University of Warsaw
2020-10-01
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| Series: | Journal of Banking and Financial Economics |
| Subjects: | |
| Online Access: | https://press.wz.uw.edu.pl/cgi/viewcontent.cgi?article=1037&context=jbfe |
| _version_ | 1826953231450767360 |
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| author | Kareem Arikewuyo Akeem Adekunle Adeyemi Eunice Titilayo Omodara Lateef Adewale Yunusa |
| author_facet | Kareem Arikewuyo Akeem Adekunle Adeyemi Eunice Titilayo Omodara Lateef Adewale Yunusa |
| author_sort | Kareem Arikewuyo |
| collection | DOAJ |
| description | Prior studies have adduced unstable macroeconomic factors to stock price movement overtime but the relationship between the duo remained unsettled. Autoregressive Distributed Lag (ARDL) technique was used to reconcile the macroeconomic determinants with performance of stock markets in selected Sub-Saharan Africa (SSA) covering the period of 1999:1–2017:4. It was found that macroeconomic indicators were essential in determining stock market performance in Nigeria while South African stock market did not show any predictable linkage but the contemporaneous effect of oil price changes on stock market performance in selected SSA. The study, therefore, recommended that countries in SSA should reduce overdependence on oil to minimize external influence in order to promote stability of the stock markets. |
| first_indexed | 2024-04-24T15:25:24Z |
| format | Article |
| id | doaj.art-3f2b739662b74337bd6260fcb15cd08d |
| institution | Directory Open Access Journal |
| issn | 2353-6845 |
| language | English |
| last_indexed | 2025-02-17T23:18:48Z |
| publishDate | 2020-10-01 |
| publisher | University of Warsaw |
| record_format | Article |
| series | Journal of Banking and Financial Economics |
| spelling | doaj.art-3f2b739662b74337bd6260fcb15cd08d2024-12-02T06:17:22ZengUniversity of WarsawJournal of Banking and Financial Economics2353-68452020-10-0120201233910.7172/2353-6845.jbfe.2020.1.2Reconciling Macroeconomic Determinants with Stock Market Performance in Selected Sub-Saharan African Countries: an ARDL ApproachKareem Arikewuyo0https://orcid.org/0000-0002-0439-8859 Akeem Adekunle Adeyemi1https://orcid.org/0000-0003-2625-4781 Eunice Titilayo Omodara2https://orcid.org/0000-0001-6242-5184 Lateef Adewale Yunusa3https://orcid.org/0000-0001-7958-8844Southwestern University, Okun-Owa, NigeriaOlabisi Onabanjo University, Ago-Iwoye, NigeriaOlabisi Onabanjo University, Ago-Iwoye, NigeriaOlabisi Onabanjo University, Ago-Iwoye, Nigeria Prior studies have adduced unstable macroeconomic factors to stock price movement overtime but the relationship between the duo remained unsettled. Autoregressive Distributed Lag (ARDL) technique was used to reconcile the macroeconomic determinants with performance of stock markets in selected Sub-Saharan Africa (SSA) covering the period of 1999:1–2017:4. It was found that macroeconomic indicators were essential in determining stock market performance in Nigeria while South African stock market did not show any predictable linkage but the contemporaneous effect of oil price changes on stock market performance in selected SSA. The study, therefore, recommended that countries in SSA should reduce overdependence on oil to minimize external influence in order to promote stability of the stock markets.https://press.wz.uw.edu.pl/cgi/viewcontent.cgi?article=1037&context=jbfemacroeconomic determinantsstock market performanceexternal shocksub-saharan africa |
| spellingShingle | Kareem Arikewuyo Akeem Adekunle Adeyemi Eunice Titilayo Omodara Lateef Adewale Yunusa Reconciling Macroeconomic Determinants with Stock Market Performance in Selected Sub-Saharan African Countries: an ARDL Approach Journal of Banking and Financial Economics macroeconomic determinants stock market performance external shock sub-saharan africa |
| title | Reconciling Macroeconomic Determinants with Stock Market Performance in Selected Sub-Saharan African Countries: an ARDL Approach |
| title_full | Reconciling Macroeconomic Determinants with Stock Market Performance in Selected Sub-Saharan African Countries: an ARDL Approach |
| title_fullStr | Reconciling Macroeconomic Determinants with Stock Market Performance in Selected Sub-Saharan African Countries: an ARDL Approach |
| title_full_unstemmed | Reconciling Macroeconomic Determinants with Stock Market Performance in Selected Sub-Saharan African Countries: an ARDL Approach |
| title_short | Reconciling Macroeconomic Determinants with Stock Market Performance in Selected Sub-Saharan African Countries: an ARDL Approach |
| title_sort | reconciling macroeconomic determinants with stock market performance in selected sub saharan african countries an ardl approach |
| topic | macroeconomic determinants stock market performance external shock sub-saharan africa |
| url | https://press.wz.uw.edu.pl/cgi/viewcontent.cgi?article=1037&context=jbfe |
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