Pamukkale University, College of Applied Sciences, International Trade and Logistics Department, Denizli, Turkey
Online published on 25 February, 2016.
Investment decisions are quite difficult to perform and have very important implications for research and practice. In this research, the fundamental aim is to comprehensively investigate the most influential macro and micro factors of stock movements in Istanbul Stock Exchange market in Turkey. This study includes 48 companies in 11 different sectors of Istanbul Stock Exchange containing electric, food, communication, paper, chemistry, metal-main, metal-product, stone, textile, commerce and transportation sectors for the data between the second quarter of 2005 and the third quarter of 2012 with 30 quarterly observations. The study reveals different factors for different sectors. Book value is observed to be the most influential micro factor for the sectors. Sector Indices and ISE are observed to be the most influencing macroeconomic factor in national setting. In international setting, there is no dominant influencing factor. The influences of the selected international macroeconomic factors vary with respect to the considered sectors. It is expected that the study will be useful for policy makers and investment decisions.
Stock movements, microeconomic factors, macroeconomic factors, developing economies, Istanbul Stock Exchange, sectoral study
