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

Ahmad Maulin Naufa (), Mamduh M. Hanafi () and I Wayan Nuka Lantara ()
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Ahmad Maulin Naufa: Bina Nusantara University
Mamduh M. Hanafi: Universitas Gadjah Mada
I Wayan Nuka Lantara: Universitas Gadjah Mada

Bulletin of Monetary Economics and Banking, 2021, vol. 24, issue 1, 151-168

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.

Keywords: Foreign ownership; Stock performance; Risk; Macroeconomic factors; ASEAN countries (search for similar items in EconPapers)
JEL-codes: F21 G12 G15 G32 R53 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:idn:journl:v:24:y:2021:i:1g:p:151-168

DOI: 10.21098/bemp.v24i1.1165

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