Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/313435 
Year of Publication: 
2020
Citation: 
[Journal:] Journal of Banking and Financial Economics (JBFE) [ISSN:] 2353-6845 [Issue:] 13 [Year:] 2020 [Pages:] 23-39
Publisher: 
University of Warsaw, Faculty of Management, Warsaw
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.
Subjects: 
Macroeconomic Determinants
Stock Market Performance
External Shock
Sub-Saharan Africa
JEL: 
E6
G1
R5
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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