Relation between the macroeconomic variables and the stock return in companies of the finance and insurance sector from Latin American stock market

• Allison Manoel de Sousa ^[1] ; Rafael Martins Noriller ^[1] ; Cristiane Mallmann Huppes ^[1] ; Antônio Carlos Vaz Lopes ^[1] ; Rodrigo Malta Meure ^[1]
  1. [1] Universidade Federal da Grande Dourados

     Universidade Federal da Grande Dourados

     Brasil

     
• Localización: GCG: revista de globalización, competitividad y gobernabilidad, ISSN 1988-7116, Vol. 12, Nº. 3, 2018, págs. 20-30
• Idioma: inglés
• DOI: 10.3232/GCG.2018.V12.N3.01
• Títulos paralelos:
  • Relación entre las variables macroeconómicas y el volumen de acciones en empresas del sector financiero y de seguros del mercado accionario latinoamericano
  • Relação entre as variáveis macroeconômicas e o volume de ações em empresas do setor financeiro e de seguros do mercado acionário latino-americano
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    Este trabajo tiene como objetivo verificar la relación entre los indicadores macroeconómicos con el Retorno de Acciones (SR) en empresas públicas del sector de finanzas y seguros de América Latina. Los datos fueron analizados de 2010 a 2017 por medio de análisis dinámico de paneles vía Método Generalizado de Momentos (GMM) por dos enfoques:

    Arellano-Bond y System. Los resultados apuntaron que el Retorno de las Acciones presentó una relación positiva con la Tasa de Cambio, pero una relación negativa con el Producto Interno Bruto. Se concluye que las variables macroeconómicas interfieren en el retorno a los accionistas de las empresas del sector de Finanzas y Seguros.

  • English

    This paper aims to verify the relation between the macroeconomic indicators with the Stock Return (SR) in public companies of the finance and insurance sector from Latin America. Data were analyzed from 2010 to 2017 through dynamic panel analysis via Generalized Method of Moments (GMM) by two approaches:

    Arellano-Bond e System. Results pointed that the Stock Return showed a positive relation with Exchange Rate, but a negative relation with Gross Domestic Product. It is concluded that macroeconomic variables interfere with the shareholder return of companies in the Finance and Insurance sector.

  • português

    Este trabalho tem como objetivo verificar a relação entre os indicadores macroeconômicos com o Retorno de Ações (SR) em empresas públicas do setor de finanças e seguros da América Latina. Os dados foram analisados de 2010 a 2017 por meio de análise dinâmica de painéis via Método Generalizado de Momentos (GMM) por duas abordagens: Arellano-Bond e System. Os resultados apontaram que o Retorno das Ações apresentou uma relação positiva com a Taxa de Câmbio, mas uma relação negativa com o Produto Interno Bruto. Conclui-se que as variáveis macroeconômicas interferem no retorno aos acionistas das empresas do setor de Finanças e Seguros.

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