Market Capitalization and Factors of Its Determination – The Case of Republic of Macedonia

Diana Boshkovska (), Elizabeta Djambaska (), Vladimir Petkovski () and Vesna Georgieva Svrtinov ()
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Diana Boshkovska: Ss. Cyril and Methodius University in Skopje, Institute of Economics – Skopje, Republic of Macedonia
Elizabeta Djambaska: Ss. Cyril and Methodius University in Skopje, Institute of Economics – Skopje, Republic of Macedonia
Vladimir Petkovski: Ss. Cyril and Methodius University in Skopje, Institute of Economics – Skopje, Republic of Macedonia
Vesna Georgieva Svrtinov: Ss. Cyril and Methodius University in Skopje, Institute of Economics – Skopje, Republic of Macedonia

Annals of the University of Petrosani, Economics, 2016, vol. 16, issue 1, 41-52

Abstract: The development of the capital market considered thru the market capitalization coefficient (in total amount and in percentage changes) in relation with the GDP of the Republic of Macedonia is the subject of research of this paper. The analysis identifies and explains the factor of capital market development. The focus of the paper is to determine the effects of different factors on the capital market development in the Republic of Macedonia. For these purpose a multivariate linear regression is conducted using the data from 1997-2013. The analysis indicates that the capital market in the Republic of Macedonia is small and underdeveloped. Therefore the economic growth factors taken into consideration for the research have not shown considerable impact on the capital market due to its underdevelopment.

Keywords: capital market; market capitalization; Calderon-Rossell model; regression; Republic of Macedonia (search for similar items in EconPapers)
JEL-codes: C3 G10 O16 P34 (search for similar items in EconPapers)
Date: 2016
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