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001-es BibID:	BIBFORM093763
035-os BibID:	(cikkazonosító)190 (WoS)000654128600001 (Scopus)85122175891
Első szerző:	Naseer, Mirza Muhammad
Cím:	Firm, Industry and Macroeconomics Dynamics of Stock Returns: A Case of Pakistan Non-Financial Sector / Mirza Muhammad Naseer, Muhammad Asif Khan, József Popp, Judit Oláh
Dátum:	2021
ISSN:	1911-8074
Megjegyzések:	The available research literature on stock performance has primarily stressed the importance of asset price theories, macroeconomic and microeconomic, and institutional differences. However, there is still an open question: Are there any other factors those influence stock performance? This research aims to answer this question by providing new insights into industry factors along with country-level and firm-specific factors in conjunction with the stock performance of the non-financial sector firms listed at the Pakistan Stock Exchange. The study provides new insights into the prevailing research literature by considering an emerging economy, Pakistan. We find that non-financial sector firms are heterogeneous, suggesting applying a fixed effect approach for reliable estimation. To investigate the issue, data from 80 companies spanning 17 years (2004-2020) were analyzed with a fixed-effect model. Our study results revealed that firm tangibility, munificence, gross domestic product, inflation and money supply have negative, while size, growth, dynamism, Herfindahl-Hirschman index, exchange rate and oil prices have a positive relationship with financial performance. The results are robust under alternative estimation approaches and offer useful policy implications.
Tárgyszavak:	Társadalomtudományok Gazdálkodás- és szervezéstudományok idegen nyelvű folyóiratközlemény külföldi lapban folyóiratcikk stock returns growth industry macroeconomics dynamics non-financial sector
Megjelenés:	Journal of Risk and Financial Management. - 14 : 5 (2021), p. 1-18. -
További szerzők:	Khan, Muhammad Asif (1976-) (közgazdász) Popp József (1955-) (közgazdász) Oláh Judit (1973-) (agrárközgazdász, logisztika)
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