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Analysis of Micro and Macro Factors Affecting Stock Returns: An Application on BIST Manufacturing Sector

Year: 2025

Type: article

Abstract: This study analyses the micro and macro factors affecting the stock returns of manufacturing companies listed on BIST in Turkiye.While examining micro factors, the effects of variables such as operating cash flow, profitability and liquidity on stock returns are analysed.As a result of the findings of the study, it was determined that cash flow from operations and indebtedness ratios have a negative effect on stock returns, while current ratio and gross profit margin have a positive effect.In macro factors, variables such as exchange rate, interest rates, inflation expectation and finally industrial capacity ratios were used.As a result of the findings, consumer price index and interest rates have a negative effect on stock returns, while inflation expectation and exchange rate have a positive effect.

Source: International Journal of Academic Research in Business and Social Sciences

DOI: 10.6007/ijarbss/v15-i8/26191

Authors: Cihan Canan, Aysegul Ertugrul

Institution: İstanbul Gelişim Üniversitesi

Language: English

Topic: Financial Markets and Investment Strategies

Subfield: Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Decent work and economic growth

Open Access status: diamond

OpenAlex ID: W4413377991