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İktisadi yönden küreselleşmenin etkisiyle beraber birçok ülke kapalı ekonomiden dışa açık ekonomiye geçiş yapmıştır. Uluslararası yabancı sermaye hareketleri hız kazanmış, doğrudan yabancı yatırımlar birçok ülke ekonomisi için büyük önem taşır hale gelmiştir. Bu çalışmada doğrudan yabancı yatırımlar ile hisse senedi piyasaları arasındaki ilişki G20 (Avustralya ve Güney Kore hariç) örneklemi için araştırılmıştır. Analizler sırasında panellerin farklı seviyelerde durağan olduğu duruma uygun olan Emirmahmutoğlu ve Köse (2011) panel nedensellik testi kullanılmıştır. 2013Q1 – 2019Q2 dönemine ilişkin çeyreklik verilerin kullanıldığı çalışmanın sonucunda doğrudan yabancı yatırımların hisse senedi piyasaları üzerinde herhangi bir etkiye sahip olmadığı anlaşılmıştır. Öte yandan ülkeler bazındaki bireysel istatistikler incelendiğinde tek ve çift yönlü nedensellik bulgularının elde edildiği görülmektedir. Elde edilen bulgular, hisse senedi yatırımında bulunan yatırımcılara yabancı sermaye girişlerinin dikkate alınıp alınmaması konusunda önemli bulgular sunmaktadır. Bununla birlikte hisse senedi fiyatlarındaki değişimin doğrudan yabancı yatırımlar kararlarında etkili olup olmadığı ortaya konmuştur.
With the effect of globalization in terms of economics, many countries have transitioned from closed economy to open economy. International foreign capital movements have accelerated and foreign direct investments have become very important for the economics of many countries. In this study, the relations between foreign direct investments and stock markets were investigated for the G20 sample (excluding Australia and South Korea). During the analysis, Panel causality test, which is suitable for the situation where the panels are stationary at different levels, was used. As a result of the study in which quarterly data for 2013Q1 - 2019Q2 period was used, it was understood that foreign direct investments did not have any effect on stock markets. On the other hand, when individual statistics based on countries are analyzed, it is seen that unilateral and bilateral causality findings are obtained. The findings provide important findings to investors in equity investments whether to consider foreign capital inflows. In addition, it has been demonstrated whether the change in stock prices is effective in foreign direct investment decisions.
With the effect of globalization in terms of economics, many countries have transitioned from closed economy to open economy. International foreign capital movements have accelerated and foreign direct investments have become very important for economics of many countries. In this study, the relationships between foreign direct investments and stock markets were investigated for the G20 sample (excluding Australia and South Korea). During the analysis, Emirmahmutoğlu and Köse (2011) panel causality test, which is suitable for the situation where the panels are stationary at different levels, was used. As a result of the study in which quarterly data for 2013Q1 – 2019Q2 period was used, it was understood that foreign direct investments did not have any effect on stock markets. On the other hand, when individual statistics based on countries are analyzed, it is seen that unilateral and bidirectional causality findings are obtained. The findings provide important findings to investors in equity investments whether to consider foreign capital inflows. In addition, it has been demonstrated whether the change in stock prices is effective in foreign direct investment decisions.
Alan : Sosyal, Beşeri ve İdari Bilimler
Dergi Türü : Uluslararası
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