Main Article Content
Abstract
Seiring dengan perkembangan perekonomian, kontribusi variabel makroekonomi disinyalir cukup besar dalam mempengaruhi return saham. Beberapa teori sejak lama dikembangkan guna menangkap hipotesis ini. Artikel ini bertujuan untuk mengkaji literatur dan fakta empiris mengenai pengaruh variabel makroekonomi terhadap return saham pada Emerging Market Economy. Penelitian ini menggunakan pendekatan literature review dimana artikel yang relevan dikumpulkan dan dianalisis untuk memahami hubungan antara faktor eksternal makroekonomi dan kondisi pasar saham. Hasil penelitian menunjukkan bahwa metode perhitungan dengan pendekatan berbeda mempengaruhi interpretasi data pasar. Faktor-faktor seperti tingkat bunga, inflasi, dan nilai tukar memiliki dampak signifikan yang bervariasi terhadap return saham. Pertumbuhan ekonomi nampaknya menunjukkan pengaruh yang tidak selalu jelas, sehingga memerlukan analisis lebih lanjut. Pendekatan CAPM dan APT sejak lama digunakan untuk menganalisis return saham, dimana CAPM fokus pada risiko sistematik, sedangkan APT menawarkan pendekatan lebih luas dengan mempertimbangkan berbagai faktor risiko yang memungkinkan analisis yang lebih komprehensif terhadap pergerakan harga saham itu sendiri. Penelitian ini juga mengeksplorasi bagaimana pengaruh faktor-faktor makroekonomi utama seperti inflasi, tingkat bunga, nilai tukar, dan pertumbuhan ekonomi (GDP) terhadap return saham di pasar negara sedang berkembang. Temuan ini memberikan pemahaman yang lebih dalam tentang peran kritis faktor-faktor makroekonomi tersebut dalam mempengaruhi dinamika pasar modal di negara-negara sedang berkembang.
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References
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- Akonnor, N. Y. (2016). The Effects of Macroeconomic Factors On Stock Price Movement in Ghana. Ashesi University College.
- Algaeed, A. H. (2020). CAPITAL MARKET DEVELOPMENT AND ECONOMIC GROWTH: AN ARDL APPROACH FOR SAUDI ARABIA, 1985–2018. Journal of Business Economics and Management, 22(2), 388–409. https://doi.org/10.3846/jbem.2020.13569
- Al-Hanif, M. F. I., Qurrota’aini, F. R., Muna, N., & Prastiwi, H. R. (2023). Analisis Pengaruh Inflasi dan Kurs Terhadap Indeks Harga Saham Gabungan (IHSG). AKUA: Jurnal Akuntansi Dan Keuangan, 2(1), Article 1. https://doi.org/10.54259/akua.v2i1.1340
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- Anaf Mohammed Tukur & Salihu Zummo Hayatudeen. (2023). Assessing the Impact of Changes in Crude Oil Prices and Exchange Rates on the Performance of Nigeria’s Stock Market. https://doi.org/10.5281/ZENODO.8421276
- Ardian, R., Hendayana, Y., & Sulistyowati, A. (2024). Pengaruh Inflasi, Suku Bunga dan Nilai Tukar Terhadap Indeks Harga Saham Gabungan. Kinerja, 6(01), 180–193. https://doi.org/10.34005/kinerja.v6i01.3580
- Arhenful, P., Ntiamoah, J. A., & Kwaning, C. O. (2022). Analysis Of The Interactions Between Inflation And Stock Prices In Ghana. Journal Of Finance And Economics, 10(2), 5156.
- Bhattacharjee, A., & Das, J. (2023). Assessing the long-run and short-run effect of monetary variables on stock market in the presence of structural breaks: Evidence from liberalized India. IIM Ranchi Journal of Management Studies, 2(1), 70–81. https://doi.org/10.1108/IRJMS-03-2022-0034
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- Chen, L., Novy-Marx, R., & Zhang, L. (2011). An Alternative Three-Factor Model (SSRN Scholarly Paper 1418117). https://doi.org/10.2139/ssrn.1418117
- Chen, N.-F., Roll, R., & Ross, S. A. (1986). Economic Forces and the Stock Market. The Journal of Business, 59(3), 383–403.
- Daffa, M. (2023). Pengaruh Inflasi, Tingkat Suku Bunga dan Nilai Tukar Terhadap Indeks Harga Saham Gabungan (IHSG) Bursa Efek Indonesia. Journal of Business & Management, 1(1), Article 1. https://doi.org/10.47747/jbm.v1i1.935
- El-Diftar, D. (2023). The impact of exchange rates on stock market performance of the Emerging 7. Journal of Capital Markets Studies, 7(2), 125–139. https://doi.org/10.1108/JCMS-03-2023-0005
- Eldomiaty, T., Saeed, Y., Hammam, R., & AboulSoud, S. (2019). The associations between stock prices, inflation rates, interest rates are still persistent: Empirical evidence from stock duration model. Journal of Economics, Finance and Administrative Science, 25(49), 149–161. https://doi.org/10.1108/JEFAS-10-2018-0105
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- GaJdka, J., & PietraSzewSki, P. (2016). Economic growth and stock prices: Evidence from Central and Eastern European countries. Studia Prawno-Ekonomiczne, XCVIII, 179–196.
- Haque, M. S., Amin, M. S., Miah, J., Cao, D. M., & Ahmed, A. H. (2024). Boosting Stock Price Prediction with Anticipated Macro Policy Changes. Journal of Mathematics and Statistics Studies. https://doi.org/10.32996/jmss
- Hasnawati, S., Hendrawaty, E., Taher, A. R. Y., Riyadi, S. E. E., Hutabarat, F. G., & Syafis, K. S. (2023). Pemodelan Kausal Pengaruh Tingkat Suku Bunga dan Inflasi terhadap IHSG di BEI. Studi Ekonomi Dan Kebijakan Publik, 1(2), Article 2. https://doi.org/10.35912/sekp.v1i2.1475
- Hunjra, A. I., Chani, D. M. I., Ijaz, M. S., & Farooq, M. (2014). The Impact of Macroeconomic Variables on Stock Prices in Pakistan (SSRN Scholarly Paper 3229710). https://papers.ssrn.com/abstract=3229710
- Husnan, S. (2016). Teori Portofolio dan Analisis Investasi (Edisi Kesepuluh ed.). Yogyakarta: BPFE.
- Khan, M. K., Teng, J., Khan, M. I., & Khan, M. F. (2023). Stock market reaction to macroeconomic variables: An assessment with dynamic autoregressive distributed lag simulations. International Journal of Finance & Economics, 28(3), 2436–2448. https://doi.org/10.1002/ijfe.2543
- Kitati, E., Zablon, E., & Maithya, H. (2015). Effect of Macro-Economic Variables on Stock Market Prices for the Companies Quoted on the Nairobi Securities Exchange in Kenya. International Journal of Sciences, 21(2).
- Levine, R. (2005). Finance and growth: Theory and evidence. Handbook of Economic Growth, 1, 865–934.
- Liantanu, A. (2023). PENGARUH SUKU BUNGA, NILAI TUKAR (KURS) RUPIAH, INFLASI, DAN PERTUMBUHAN PRODUK DOMESTIK BRUTO TERHADAP INDEKS HARGA SAHAM GABUNGAN (IHSG) DI BURSA EFEK INDONESIA PERIODE 2014-2021 [Bachelor, Universitas Buddhi Dharma]. http://repositori.buddhidharma.ac.id
- Lintner, J. (1965). The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets. The Review of Economics and Statistics, 47(1), 13–37. https://doi.org/10.2307/1924119
- Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77–91. https://doi.org/10.1111/j.1540-6261.1952.tb01525.x
- Mossin, J. (1966). Equilibrium in a Capital Asset Market. Econometrica, 34(4), 768–783. https://doi.org/10.2307/1910098
- Mroua, M., & Trabelsi, L. (2020). Causality and dynamic relationships between exchange rate and stock market indices in BRICS countries: Panel/GMM and ARDL analyses. Journal of Economics, Finance and Administrative Science, 25(50), 395–412. https://doi.org/10.1108/JEFAS-04-2019-0054
- Musharbash, B. (2016). Capital asset pricing model versus arbitrage pricing theory. Masaryk University, Faculty of Economics and Administration.
- Nazir, M. S., Nawaz, M. M., & Gilani, U. J. (2010). Relationship between economic growth and stock market development. African Journal of Business Management, 4(16), 3473.
- Nguyen, T., Stalin, O., Diagne, A., Aukea, L., Rootzen, P. H., & Herbertsson, A. (2017). The Capital asset pricing model and the Arbitrage pricing theory. Gothenburg University, Financial Risk, MSA400.
- Osmani, F., Cheshomi, A., Salehnia, N., & Shadmehri, M.-T. A. (2023). The Reaction of S tock Returns of Iranian Different Indus tries to Inflation and Interes t Rates with the Panel-ARDL Approach. Planning and Budgeting, 28(1), 53–75.
- Othman Abbas, A. (2016). Impact of Stock Market on Economic Growth Evidence: Dar-es Salaam Stock Exchange - Tanzania. Journal of Finance and Accounting, 4(6), 321. https://doi.org/10.11648/j.jfa.20160406.12
- Perold, A. F. (2004). The Capital Asset Pricing Model. Journal of Economic Perspectives, 18(3), 3–24. https://doi.org/10.1257/0895330042162340
- Pradhan, R. P., Arvin, M. B., Norman, N. R., & Bahmani, S. (2019). The dynamics of bond market development, stock market development and economic growth: Evidence from the G-20 countries. Journal of Economics, Finance and Administrative Science, 25(49), 119–147. https://doi.org/10.1108/JEFAS-09-2018-0087
- Rahayu, P. S. P. S., & Diatmika, I. P. G. (2023). Pengaruh Inflasi, Harga Minyak Dunia, Dan Dow Jones Industrial Average Terhadap Indeks Harga Saham Gabungan Di Bursa Efek Indonesia (Periode Januari 2019-Agustus 2022). JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 14(04), Article 04. https://doi.org/10.23887/jimat.v14i04.61121
- Reza, F., Nurqamarani, A. S., & Solihin, D. (2018). IS ARBITRAGE PRICING THEORY IS A FAIRY TALE ?: THE EVIDENCE FROM INDONESIA WITH ORDINARY LEAST SQUARE ESTIMATION. RJABM (Research Journal of Accounting and Business Management), 2(1), Article 1. https://doi.org/10.31293/rjabm.v2i1.3475
- Reza, F., Ruliana, T., Nazarudin Latif, I., & Nurqamarani, A. S. (2020). Causality between exchange rate and stock prices: Evidence from ASEAN-5 countries. https://doi.org/10.35808/ijfirm/212
- Sajor, B., Ulla, A., & Pizzaro-Uy, A. C. (2023). Impact of Macroeconomic Variables on Stock Market Price Levels: Evidence from the Philippines. Journal of Economics, Finance and Accounting Studies, 5(2), 116–138.
- Shabbir, M. S., Said, L. R., Pelit, I., & Irmak, E. (2023). The Dynamic Relationship among Domestic Stock Returns Volatility, Oil Prices, Exchange Rate and Macroeconomic Factors of Investment. International Journal of Energy Economics and Policy, 13(3), 560–565. https://doi.org/10.32479/ijeep.14263
- Sharpe, W. F. (1964). CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*. The Journal of Finance, 19(3), 425–442. https://doi.org/10.1111/j.1540-6261.1964.tb02865.x
- Sreenu, N. (2023). Effect of Exchange Rate volatility and inflation on stock market returns Dynamics—Evidence from India. International Journal of System Assurance Engineering and Management, 14(3), 836–843. https://doi.org/10.1007/s13198-023-01914-3
- Stiglitz, J. E. (1989). FINANCIAL MARKETS AND DEVELOPMENT. Oxford Review of Economic Policy, 5(4), 55–68. https://doi.org/10.1093/oxrep/5.4.55
- Treynor, J. L. (1961). Market Value, Time, and Risk (SSRN Scholarly Paper 2600356). https://doi.org/10.2139/ssrn.2600356
- Wong, H. T. (2022). The impact of real exchange rates on real stock prices. Journal of Economics, Finance and Administrative Science, 27(54), 262–276. https://doi.org/10.1108/JEFAS-03-2021-0011
- Zainuri, Z., Oktavani, Z. T., & Viphindrartin, S. (2023). PENGARUH PERTUMBUHAN EKONOMI, KETERBUKAAN PERDAGANGAN, DAN STABILITAS POLITIK TERHADAP PERKEMBANGAN PASAR SAHAM ASEAN-5. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 17(1), Article 1. https://doi.org/10.32815/jibeka.v17i1.1374
References
Agrawal, G., Srivastav, A. K., & Srivastava, A. (2010). A study of exchange rates movement and stock market volatility. International Journal of Business and Management, 5(12), 62.
Ahmadzai, S. A., Ebrahimi, M. S., Arshad, N., & Amani, N. (2024). Impact of Exchange Rates on Returns in Share Market: A Case of Pakistan. Journal for Research in Applied Sciences and Biotechnology, 2(6), 156–164. https://doi.org/10.55544/jrasb.2.6.23
Akonnor, N. Y. (2016). The Effects of Macroeconomic Factors On Stock Price Movement in Ghana. Ashesi University College.
Algaeed, A. H. (2020). CAPITAL MARKET DEVELOPMENT AND ECONOMIC GROWTH: AN ARDL APPROACH FOR SAUDI ARABIA, 1985–2018. Journal of Business Economics and Management, 22(2), 388–409. https://doi.org/10.3846/jbem.2020.13569
Al-Hanif, M. F. I., Qurrota’aini, F. R., Muna, N., & Prastiwi, H. R. (2023). Analisis Pengaruh Inflasi dan Kurs Terhadap Indeks Harga Saham Gabungan (IHSG). AKUA: Jurnal Akuntansi Dan Keuangan, 2(1), Article 1. https://doi.org/10.54259/akua.v2i1.1340
Ali, M. B. (2023). Co integrating Relation between Macroeconomic Variables and Stock Return: Evidence from Dhaka Stock Exchange (DSE). IJESPG (International Journal of Engineering, Economic, Social Politic and Government), 1(1), Article 1. https://doi.org/10.26638/ijespg.v1i1.3
Anaf Mohammed Tukur & Salihu Zummo Hayatudeen. (2023). Assessing the Impact of Changes in Crude Oil Prices and Exchange Rates on the Performance of Nigeria’s Stock Market. https://doi.org/10.5281/ZENODO.8421276
Ardian, R., Hendayana, Y., & Sulistyowati, A. (2024). Pengaruh Inflasi, Suku Bunga dan Nilai Tukar Terhadap Indeks Harga Saham Gabungan. Kinerja, 6(01), 180–193. https://doi.org/10.34005/kinerja.v6i01.3580
Arhenful, P., Ntiamoah, J. A., & Kwaning, C. O. (2022). Analysis Of The Interactions Between Inflation And Stock Prices In Ghana. Journal Of Finance And Economics, 10(2), 5156.
Bhattacharjee, A., & Das, J. (2023). Assessing the long-run and short-run effect of monetary variables on stock market in the presence of structural breaks: Evidence from liberalized India. IIM Ranchi Journal of Management Studies, 2(1), 70–81. https://doi.org/10.1108/IRJMS-03-2022-0034
CANDERA, M., WIARTA, I., HUSTIA, A., & PUTRA, I. E. (2021). Macroeconomic Variables and Capital Market Performance: Evidence in Asia Pacific Region. International Journal of Pharmaceutical Research (09752366), 13(2).
Chen, L., Novy-Marx, R., & Zhang, L. (2011). An Alternative Three-Factor Model (SSRN Scholarly Paper 1418117). https://doi.org/10.2139/ssrn.1418117
Chen, N.-F., Roll, R., & Ross, S. A. (1986). Economic Forces and the Stock Market. The Journal of Business, 59(3), 383–403.
Daffa, M. (2023). Pengaruh Inflasi, Tingkat Suku Bunga dan Nilai Tukar Terhadap Indeks Harga Saham Gabungan (IHSG) Bursa Efek Indonesia. Journal of Business & Management, 1(1), Article 1. https://doi.org/10.47747/jbm.v1i1.935
El-Diftar, D. (2023). The impact of exchange rates on stock market performance of the Emerging 7. Journal of Capital Markets Studies, 7(2), 125–139. https://doi.org/10.1108/JCMS-03-2023-0005
Eldomiaty, T., Saeed, Y., Hammam, R., & AboulSoud, S. (2019). The associations between stock prices, inflation rates, interest rates are still persistent: Empirical evidence from stock duration model. Journal of Economics, Finance and Administrative Science, 25(49), 149–161. https://doi.org/10.1108/JEFAS-10-2018-0105
Fama, E. F. (1981). Stock Returns, Real Activity, Inflation, and Money. The American Economic Review, 71(4), 545–565.
Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3–56. https://doi.org/10.1016/0304-405X(93)90023-5
Fama, E. F., & French, K. R. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116(1), 1–22. https://doi.org/10.1016/j.jfineco.2014.10.010
GaJdka, J., & PietraSzewSki, P. (2016). Economic growth and stock prices: Evidence from Central and Eastern European countries. Studia Prawno-Ekonomiczne, XCVIII, 179–196.
Haque, M. S., Amin, M. S., Miah, J., Cao, D. M., & Ahmed, A. H. (2024). Boosting Stock Price Prediction with Anticipated Macro Policy Changes. Journal of Mathematics and Statistics Studies. https://doi.org/10.32996/jmss
Hasnawati, S., Hendrawaty, E., Taher, A. R. Y., Riyadi, S. E. E., Hutabarat, F. G., & Syafis, K. S. (2023). Pemodelan Kausal Pengaruh Tingkat Suku Bunga dan Inflasi terhadap IHSG di BEI. Studi Ekonomi Dan Kebijakan Publik, 1(2), Article 2. https://doi.org/10.35912/sekp.v1i2.1475
Hunjra, A. I., Chani, D. M. I., Ijaz, M. S., & Farooq, M. (2014). The Impact of Macroeconomic Variables on Stock Prices in Pakistan (SSRN Scholarly Paper 3229710). https://papers.ssrn.com/abstract=3229710
Husnan, S. (2016). Teori Portofolio dan Analisis Investasi (Edisi Kesepuluh ed.). Yogyakarta: BPFE.
Khan, M. K., Teng, J., Khan, M. I., & Khan, M. F. (2023). Stock market reaction to macroeconomic variables: An assessment with dynamic autoregressive distributed lag simulations. International Journal of Finance & Economics, 28(3), 2436–2448. https://doi.org/10.1002/ijfe.2543
Kitati, E., Zablon, E., & Maithya, H. (2015). Effect of Macro-Economic Variables on Stock Market Prices for the Companies Quoted on the Nairobi Securities Exchange in Kenya. International Journal of Sciences, 21(2).
Levine, R. (2005). Finance and growth: Theory and evidence. Handbook of Economic Growth, 1, 865–934.
Liantanu, A. (2023). PENGARUH SUKU BUNGA, NILAI TUKAR (KURS) RUPIAH, INFLASI, DAN PERTUMBUHAN PRODUK DOMESTIK BRUTO TERHADAP INDEKS HARGA SAHAM GABUNGAN (IHSG) DI BURSA EFEK INDONESIA PERIODE 2014-2021 [Bachelor, Universitas Buddhi Dharma]. http://repositori.buddhidharma.ac.id
Lintner, J. (1965). The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets. The Review of Economics and Statistics, 47(1), 13–37. https://doi.org/10.2307/1924119
Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77–91. https://doi.org/10.1111/j.1540-6261.1952.tb01525.x
Mossin, J. (1966). Equilibrium in a Capital Asset Market. Econometrica, 34(4), 768–783. https://doi.org/10.2307/1910098
Mroua, M., & Trabelsi, L. (2020). Causality and dynamic relationships between exchange rate and stock market indices in BRICS countries: Panel/GMM and ARDL analyses. Journal of Economics, Finance and Administrative Science, 25(50), 395–412. https://doi.org/10.1108/JEFAS-04-2019-0054
Musharbash, B. (2016). Capital asset pricing model versus arbitrage pricing theory. Masaryk University, Faculty of Economics and Administration.
Nazir, M. S., Nawaz, M. M., & Gilani, U. J. (2010). Relationship between economic growth and stock market development. African Journal of Business Management, 4(16), 3473.
Nguyen, T., Stalin, O., Diagne, A., Aukea, L., Rootzen, P. H., & Herbertsson, A. (2017). The Capital asset pricing model and the Arbitrage pricing theory. Gothenburg University, Financial Risk, MSA400.
Osmani, F., Cheshomi, A., Salehnia, N., & Shadmehri, M.-T. A. (2023). The Reaction of S tock Returns of Iranian Different Indus tries to Inflation and Interes t Rates with the Panel-ARDL Approach. Planning and Budgeting, 28(1), 53–75.
Othman Abbas, A. (2016). Impact of Stock Market on Economic Growth Evidence: Dar-es Salaam Stock Exchange - Tanzania. Journal of Finance and Accounting, 4(6), 321. https://doi.org/10.11648/j.jfa.20160406.12
Perold, A. F. (2004). The Capital Asset Pricing Model. Journal of Economic Perspectives, 18(3), 3–24. https://doi.org/10.1257/0895330042162340
Pradhan, R. P., Arvin, M. B., Norman, N. R., & Bahmani, S. (2019). The dynamics of bond market development, stock market development and economic growth: Evidence from the G-20 countries. Journal of Economics, Finance and Administrative Science, 25(49), 119–147. https://doi.org/10.1108/JEFAS-09-2018-0087
Rahayu, P. S. P. S., & Diatmika, I. P. G. (2023). Pengaruh Inflasi, Harga Minyak Dunia, Dan Dow Jones Industrial Average Terhadap Indeks Harga Saham Gabungan Di Bursa Efek Indonesia (Periode Januari 2019-Agustus 2022). JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 14(04), Article 04. https://doi.org/10.23887/jimat.v14i04.61121
Reza, F., Nurqamarani, A. S., & Solihin, D. (2018). IS ARBITRAGE PRICING THEORY IS A FAIRY TALE ?: THE EVIDENCE FROM INDONESIA WITH ORDINARY LEAST SQUARE ESTIMATION. RJABM (Research Journal of Accounting and Business Management), 2(1), Article 1. https://doi.org/10.31293/rjabm.v2i1.3475
Reza, F., Ruliana, T., Nazarudin Latif, I., & Nurqamarani, A. S. (2020). Causality between exchange rate and stock prices: Evidence from ASEAN-5 countries. https://doi.org/10.35808/ijfirm/212
Sajor, B., Ulla, A., & Pizzaro-Uy, A. C. (2023). Impact of Macroeconomic Variables on Stock Market Price Levels: Evidence from the Philippines. Journal of Economics, Finance and Accounting Studies, 5(2), 116–138.
Shabbir, M. S., Said, L. R., Pelit, I., & Irmak, E. (2023). The Dynamic Relationship among Domestic Stock Returns Volatility, Oil Prices, Exchange Rate and Macroeconomic Factors of Investment. International Journal of Energy Economics and Policy, 13(3), 560–565. https://doi.org/10.32479/ijeep.14263
Sharpe, W. F. (1964). CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*. The Journal of Finance, 19(3), 425–442. https://doi.org/10.1111/j.1540-6261.1964.tb02865.x
Sreenu, N. (2023). Effect of Exchange Rate volatility and inflation on stock market returns Dynamics—Evidence from India. International Journal of System Assurance Engineering and Management, 14(3), 836–843. https://doi.org/10.1007/s13198-023-01914-3
Stiglitz, J. E. (1989). FINANCIAL MARKETS AND DEVELOPMENT. Oxford Review of Economic Policy, 5(4), 55–68. https://doi.org/10.1093/oxrep/5.4.55
Treynor, J. L. (1961). Market Value, Time, and Risk (SSRN Scholarly Paper 2600356). https://doi.org/10.2139/ssrn.2600356
Wong, H. T. (2022). The impact of real exchange rates on real stock prices. Journal of Economics, Finance and Administrative Science, 27(54), 262–276. https://doi.org/10.1108/JEFAS-03-2021-0011
Zainuri, Z., Oktavani, Z. T., & Viphindrartin, S. (2023). PENGARUH PERTUMBUHAN EKONOMI, KETERBUKAAN PERDAGANGAN, DAN STABILITAS POLITIK TERHADAP PERKEMBANGAN PASAR SAHAM ASEAN-5. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 17(1), Article 1. https://doi.org/10.32815/jibeka.v17i1.1374