RELATIONSHIP BETWEEN STOCK MARKET INDICATORS AND FOREIGN PORTFOLIO INVESTMENT (FPI): EVIDENCE FROM PAKISTAN

被引：0
|
作者：
Zahirullah [1 ]
Shah, Mumtaz Hussain [1 ]
机构：
[1] Univ Peshawar, Inst Management Studies, Peshawar, Pakistan
来源：
INTERNATIONAL TRANSACTION JOURNAL OF ENGINEERING MANAGEMENT & APPLIED SCIENCES & TECHNOLOGIES | 2019年 / 10卷 / 17期
关键词：
Foreign Portfolio Investment (FPI); Co-Integration; VECM; Pakistan Stock Exchange (PSX); Stock Market Returns; DIVERSIFICATION; COINTEGRATION; GAINS;
D O I：
10.14456/ITJEMAST.2019.231
中图分类号：
O [数理科学和化学]; P [天文学、地球科学]; Q [生物科学]; N [自然科学总论];
学科分类号：
07 ; 0710 ; 09 ;
摘要：
This research study is designed to study the relationship between stock market indicators and net foreign portfolio investment (NFPI). Long-term and short-term relationships of five stock market indicators namely stock market capitalization, market returns, market turnover, market risk and market indices with NFPI are analysed through co-integration and vector error correction models (VECM). Three co-integrated vectors are found to show long term relationships and three variables are found to have short term relationships. Similarly, past values have an impact on current values. Regression analysis displays the impact of stock market indicators on NFPI. The results demonstrate that all the stock market indicators have positive and significant impact on NFPI except the market risk which has a negative relation with NFPI. (C) 2019 INT TRANS J ENG MANAG SCI TECH.
引用
收藏
页数：10
相关论文
共 50 条
  • [41] THE ROLE OF ACQUISITIONS IN FOREIGN DIRECT-INVESTMENT - EVIDENCE FROM THE UNITED-STATES STOCK-MARKET
    HARRIS, RS
    RAVENSCRAFT, D
    JOURNAL OF FINANCE, 1991, 46 (03): : 825 - 844
  • [42] The Role of Cross-border Mergers and Acquisitions in Foreign Direct Investment: Evidence from the Chinese Stock Market
    An, Yu Hua
    JOURNAL OF EAST ASIAN ECONOMIC INTEGRATION, 2009, 13 (02): : 39 - 85
  • [43] The Relationship Between Stock Return Volatility and Trading Volume: Evidence from the Investors in the Taiwan Stock Market
    Kuo, Shewhuei
    Hsiao, Junglieh
    Chan Huiju
    ENVIRONMENT, LOW-CARBON AND STRATEGY, 2011, : 956 - 959
  • [44] The relationship between tourism, foreign direct investment and economic growth: evidence from Iran
    Yazdi, Soheila Khoshnevis
    Salehi, Khadijeh Homa
    Soheilzad, Mahshid
    CURRENT ISSUES IN TOURISM, 2017, 20 (01) : 15 - 26
  • [45] Examining the Relationship Between Foreign Direct Investment and Economic Growth: Evidence from Croatia
    Bilas, Vlatka
    MONTENEGRIN JOURNAL OF ECONOMICS, 2020, 16 (02) : 117 - 129
  • [46] HERDING BEHAVIOUR IN EMERGING MARKET: EVIDENCE FROM PAKISTAN STOCK EXCHANGE
    Imran, Rida
    Rafique, Amir
    Aslam, Faheem
    INTERNATIONAL TRANSACTION JOURNAL OF ENGINEERING MANAGEMENT & APPLIED SCIENCES & TECHNOLOGIES, 2020, 11 (09):
  • [47] Political conflict and foreign portfolio investment: Evidence from North Korean attacks
    Gerlach, Jeffrey R.
    Yook, Youngsuk
    PACIFIC-BASIN FINANCE JOURNAL, 2016, 39 : 178 - 196
  • [48] The impact of social influence on the relationship between personality traits and perceived investment performance of individual investors Evidence from Indian stock market
    Akhtar, Fatima
    Thyagaraj, K. S.
    Das, Niladri
    INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE, 2018, 14 (01) : 130 - 148
  • [49] Causal relationship between macro-economic indicators and stock exchange prices in Pakistan
    Ali, Imran
    Rehman, Kashif Ur
    Yilmaz, Ayse Kucuk
    Khan, Muhammad Aslam
    Afzal, Hasan
    AFRICAN JOURNAL OF BUSINESS MANAGEMENT, 2010, 4 (03): : 312 - 319
  • [50] Jump dynamics in the relationship between oil prices and the stock market: Evidence from Nigeria
    Fowowe, Babajide
    ENERGY, 2013, 56 : 31 - 38
12345