The impact of macroeconomic variables on stock market price in asian country: evidence from Indonesia,Malaysia and Japan / Siti Masitah Hajdrah Abdullah

The purpose of this research is to determine the impact of macroeconomic factors on the stock market price of Asian country. This study embraces four macroeconomic variables which is money supply, foreign exchange rate, consumer price index and money market interest rate and the stock market index for each countries which are Indonesia Stock Exchange (IDX), Kuala Lumpur Stock Exchange (KLCI) and Tokyo Stock Exchange (TSE). The data are gathered from the year 2000 until 2010 on monthly basis. Multiple Linear Regression method is used to analyze the data collection in order to understand the determinants of stock market price in Asian countries selected which is Indonesia, Malaysia and Japan. By testing the dependent and independent variables using Multiple Linear Regression method, the empirical results have found significance relationship between macroeconomic indicators and stock market price in all three countries.
The findings show the impact of macroeconomic variable in stock price for Indonesia, Malaysia and Japan country.The conclusion of this study was the outcome from the findings and recommendation that can help the impact of macroeconomic variables on stock market price get more accurate result