ORCID
Kareem Abidemi Arikewuyo 0000-0002-0439-8859
Akeem Adekunle Adeyemi 0000-0003-2625-4781
Eunice Titilayo Omodara 0000-0001-6242-5184
Lateef Adewale Yunusa 0000-0001-7958-8844
Keywords
Macroeconomic Determinants; Stock Market Performance; External Shock; Sub-Saharan Africa
Abstract
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.
Recommended Citation
Arikewuyo, K. A., Adeyemi, A. A., Omodara, E. T., & Yunusa, L. A. (2024). Reconciling Macroeconomic Determinants with Stock Market Performance in Selected Sub-Saharan African Countries: an ARDL Approach. Journal of Banking and Financial Economics, 2020(13), 23-39. https://doi.org/10.7172/2353-6845.jbfe.2020.1.2
First Page
23
Last Page
39
Page Count
17
Received Date
8 February 2020
Revised Date
28 May 2020
Accept Date
19 October 2020
Online Available Date
13 November 2020
DOI
10.7172/2353-6845.jbfe.2020.1.2
JEL Code
E6; G1; R5
Publisher
University of Warsaw