FOREIGN OWNERSHIP, STOCK PERFORMANCE-RISK, AND MACROECONOMIC FACTORS IN ASEAN COUNTRIES

Authors

Ahmad Maulin Naufa, Bina Nusantara University, IndonesiaFollow
Mamduh M. Hanafi, Universitas Gadjah Mada, IndonesiaFollow
I Wayan Nuka Lantara, Universitas Gadjah Mada, IndonesiaFollow

Document Type

Article

Abstract

This research examines the impact of foreign ownership on stock performance-risk and macroeconomic factors in countries of the Association of Southeast Asian Nations (ASEAN). To examine our research question, we utilize annual panel data consisting of listed companies (2007 to 2018). We find that foreign ownership enhances stock performance and gross domestic product, but it decreases risk, exchange, and interest rate. Conversely, performance and GDP attract foreign investors, but risk, exchange, and interest rates reduce it. Those results differ in diverse settings and countries.

Recommended Citation

Naufa, Ahmad Maulin; Hanafi, Mamduh M.; and Lantara, I Wayan Nuka (2021) "FOREIGN OWNERSHIP, STOCK PERFORMANCE-RISK, AND MACROECONOMIC FACTORS IN ASEAN COUNTRIES," Bulletin of Monetary Economics and Banking: Vol. 24: No. 1, Article 1.
DOI: https://doi.org/10.21098/bemp.v24i1.1165
Available at: https://bulletin.bmeb-bi.org/bmeb/vol24/iss1/1

First Page

151

Last Page

168

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License

Country

Indonesia

Affiliation

Bina Nusantara University