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Makale Özeti:
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Investors and policy makers should carefully analyze stock returns and their possible
relationships with microeconomic and macroeconomic factors in both local and global arena. Since
the markets are increasingly becoming global, the outcomes may be more important for
international factors. Therefore, this study aims to identify the relationship between selected
international macroeconomic variables (FTSE-100 England market index, GDAX Germany market
index, NYSE Composite market index, Gold prices and Crude Oil prices) and 48 companies in 11
different sectors (electric, food, communication, paper, chemistry, metal-main, metal-product,
stone, textile, commerce and transportation) in Istanbul Stock Exchange Market. ARDL is
employed on the data for the period between the second month of 2005 and the second month of
2012 including 85 monthly observations. The research provides mix results for the selected sectors.
Crude oil is found to be significantly effective on almost all the companies in the selected sectors.
The extensive influence of gold prices on the sectors except electric and communication sectors is
also observed. Global market indices (American, English and German) are found to have
influence in various degrees through the sectors. This research is expected to be useful in that it
provides results for different sectors operating in Turkish Stock Exchange Market.
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