The impact of macroeconomic factors on the Portuguese Stock Market

• Autorzy: Mota Jorge , Santos João , Oliveira Helena , Moutinho Victor

Identyfikatory

DOI

10.17512/pjms.2023.27.1.14

Warianty tytułu

PL

Wpływ czynników makroekonomicznych na portugalski rynek akcyjny

• Języki publikacji: EN

Abstrakty

EN

Macroeconomic factors impact both the stock markets and society. However, one generic research question remains unanswered: Do all macroeconomic factors impact all markets and all countries with the same strength? This study aims to contribute to the perception of how macroeconomic factors impact the Portuguese Stock Market. It also considers how the Portuguese Stock Market reacts to various factors compared to the North American and Japanese Stock Markets, focusing on the last decade. Using GARCH Models, the results document that the Portuguese Stock Market suffers significant impacts from the EUR-USD exchange rate. In turn, oil and gold prices also have a significant influence. The Japanese market, at first sight, looks more resilient to outside events, but it is also sensitive to gold price fluctuations and the EUR-JPY exchange rate. The North American market especially feels pressure from exchange rates from both the EUR and JPY and Brent.

PL

Czynniki makroekonomiczne wpływają zarówno na rynki akcji, jak i na społeczeństwo. Jednak jeden generyczny aspekt badawczy pozostaje bez odpowiedzi: Czy wszystkie czynniki makroekonomiczne wpływają na wszystkie rynki i wszystkie kraje w takim samym stopniu? Niniejsze opracowanie ma na celu przyczynienie się do postrzegania wpływu czynników makroekonomicznych na portugalski rynek akcyjny. Rozważono również, w jaki sposób portugalski rynek akcji reaguje na różne czynniki w porównaniu z północno amerykańskim i japońskim rynkiem akcji, koncentrując się na ostatniej dekadzie. Korzystając z modeli GARCH, wyniki dokumentują, że portugalski rynek akcji odczuwa znaczący wpływ kursu wymiany EUR-USD', podobnie jak ceny ropy naftowej i złota. Rynek japoński na pierwszy rzut oka wydaje się bardziej odporny na wydarzenia zewnętrzne, ale jest również wrażliwy na wahania cen złota i kurs wymiany EUR-JPY. Rynek północnoamerykański szczególnie odczuwa presję ze strony kursów wymiany zarówno EUR i JPY, jak i ropy Brent.

Słowa kluczowe

EN

macroeconomic factors; stock exchange market; Portuguese Stock Exchange market

PL

czynniki makroekonomiczne; rynek giełdowy; portugalski rynek akcyjny

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2023
• Tom: Vol. 27, No. 1
• Strony: 241--257
• Opis fizyczny: Bibliogr. 50 poz., rys., tab.

Twórcy

autor

Mota Jorge

• DEGEIT—Department of Economics, Management and Industrial Engineering and Tourism, Campus Universitario de Santiago, University of Aveiro, 3810- 193 Aveiro, Portugal
• GOVCOPP—Research Unit on Governance, Competitiveness and Public Policies, University of Aveiro
• CICEE—Research Center in Business and Economics, UAL

• https://orcid.org/0000-0001-6919-0015

autor

Santos João

• student, Department of Management and Economics, Faculty of Social and Human Sciences – University of Beira Interior (UBI), Portugal
• NECE-UB

autor

Oliveira Helena

• Accounting and Management Department, and CEOS.PP, Polytechnic Porto, School of Accounting and Administration of Porto
• NECE-UBI, University of Beira Interior, Portugal

• https://orcid.org/0000-0001-8153-9005

autor

Moutinho Victor

• Department of Management and Economics, Faculty of Social and Human Sciences – University of Beira Interior (UBI), Portugal
• NECE-UBI

• https://orcid.org/+0000-0003-0811-9033

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Uwagi

Opracowanie rekordu ze środków MEiN, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2022-2023).