Özet:

this study is to discuss the factors that affect share prices in both micro- and macro-economic point of view using dynamic panel data analysis.In this study, quarterly balance sheets and income statements of manufacturing firms, which were publicly traded in Borsa Istanbul between 2005 and 2011 and which displayed continuity, were used to measure effects of the microeconomic factors. Microeconomic factors, namely firm-specific factors or financial ratios consist of liquidity, profitability, activity, leverage, and stock exchange performance ratios. As to macroeconomic factors, they consist of exchange rate, inflation rate, money supply, interest rate, GDP, gold prices, oil prices, balance of trade, and industrial production index. As a result of the analysis in this study, direction of the relationship between micro- and macro- economic factors, and the share price has been determined

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