Stock return indices and macroeconomic factors : evidence from Borsa Istanbul

This study analyses the relationship between oil prices, interest rates, exchange rates, industrial production and world equity index on four main sectors return indices (BIST National Industry Sector Return Index, BIST National Service Sector Return Index, BIST National Financial Sector Index and BIST National Technology Sector Index) over the period of 2000:8-2008:11 in Turkey. Interest rates and exchange rates have negative effect on all of the sectors. World equity return index has positive effect on all of the sector returns except for the technology sector. Although the industrial production index doesn’t have a significant impact on Industry and Technology Sector Return Indices, it affects BIST National Service Sector Return Index and BIST National Technology Sector Index negatively. Oil prices do not have a significant effect on return indices. The results are expected to be beneficial for the potential investors and policymakers.peer-reviewe

Faktory ovlivňující kapitálovou strukturu podniků v EU

The aim of this study is to indicate the influence of several internal determinants on capital structure in different European countries and retrace its tendency taking into consideration the membership of the European Union. Nowadays there are a lot of debates according the future of the European Union. The recent global financial crisis and the following European debt crisis show the significance of the country financial stability and its impact on the private sector. The paper investigates 32 European countries divided into three groups as (1) old EU members (15 countries), (2) new EU members (12 countries) and (3) EU candidates (4 candidate countries and 1 acceding country). The managers make their financial decisions according to the source of financing and capital structure based on the macroeconomic conditions and country specifics and obviously on companys advantages and disadvantages, i.e. its internal characteristics. Based on the analysis of previous studies we have chosen several significant internal determinants of capital structure as profitability, tangibility, growth opportunities, non-debt tax shields and size of the company. The findings show that the countrys specifics, EU membership and corporate debt structure influence the relation between capital structure and its internal characteristics. The old members rely more on debt then candidates or new members. There is no doubt that the majority of countries support Pecking Order Theory then Trade off Theory regarding investigated relations. In most countries the profitability and size have negative and significant influence on corporate capital structure. At the same time tangibility, growth opportunities and non-debt tax shields split up: selected countries experience positive impact, another part negative, supporting different theories.Cílem studie je zhodnotit vliv vybraných interních faktorů ovlivňujících kapitálovou strukturu v podmínkách 32 evropských zemí. Výzkumu byly podrobeny následující interní faktory: rentabilita, růstové příležitosti, nedluhový daňový štít a velikost podniku. Výsledky naznačují existenci statistiky významného vztahu mezi interními faktory a kapitálovou strukturou: ve většině evropských je vztah mezi velikostí podniku a jeho kapitálovou strukturou negativní. To stejné platí o vztahu mezi rentabilitou podniku a kapitálovou strukturou. Na druhou stranu, v případě růstových příležitostí a nedluhového daňového štítu jsou výsledky nejednoznačné. V části sledovaných zemí existuje pozitivní statisticky významný vztah, ve druhé části zemí pak negativní statisticky významný vztah