Macroeconomic Factor with positive for relationship with stock returns

Studies

Positive score of factor out of 18 studies reviewed (A)

Positive score out of studies that featured factor (B)

Weighted average score

(C)

Interest rate

Amtiran et al. (2017); Benaković & Posedel (2010); Olorunleke (2014); R ashid, (2008); Wongbampo and Sharma (2002, as cited in Olorunleke, 2014 ); Rahman et al. (2009) ; Hunjra et al. (2014) ; Issahaku et al. (2013) ; Al-Abdallah & Aljarayesh (2017) ; Barakat et al. (2016, as cited in Reza et al., 2018 ); Chen et al. (1986 as cited in Naik, 2013 )

61%

73%

45%

Inflation

Chen et al. (1986 as cited in Naik, 2013 ); Al-Abdallah & Aljarayesh (2017) ; Zulfa and Tan (2009, as cited in Reza et al., 2018 ); Paavola (2006) ; Olorunleke (2014) ; Issahaku et al. (2013) ; Hunjra et al. (2014)

39%

58%

23%

Exchange rates

Barakat et al. (2016, as cited in Reza et al., 2018 ); Reza et al. (2018); Amtiran et al. (2017); Paavola (2006); Rashid, (2008); Rahman et al. (2009); Hunjra et al. (2014)

39%

64%

25%

GDP

Amtiran et al. (2017); Olorunleke (2014); Hunjra et al. (2014)

17%

75%

13%

Industrial production

Chen et al. (1986 as cited in Naik, 2013 ); Paavola (2006); Benaković & Posedel (2010); Rashid (2008); Rahman et al. (2009) ; Naik (2013)

33%

75%

25%

CPI

Barakat et al. (2016, as cited in Reza et al., 2018 ); Rashid (2008)

11%

67%

7%

Money supply

Barakat et al. (2016, as cited in Reza et al., 2018 ); Paavola (2006) ; Rahman et al. (2009) ; Issahaku et al. (2013) ; Naik (2013)

28%

83%

23%

Oil prices

Benaković & Posedel (2010) ; Paavola (2006)

11%

66%

7%

Market index

Benaković & Posedel (2010)

6%

33%

2%

Reserves

Rahman et al. (2009)

6%

50%

3%