Market capitalization and factors of its determination – the case of Republic of Macedonia
Date Issued
2016
Author(s)
Djambaska, Elizabeta
Georgieva Svrtinov, Vesna
Abstract
The development of the capital market considered thru the market
capitalization coefficient (in total amount and in percentage changes) in relation with the GDP
of the Republic of Macedonia is the subject of research of this paper. The analysis identifies
and explains the factor of capital market development. The focus of the paper is to determine
the effects of different factors on the capital market development in the Republic of Macedonia.
For these purpose a multivariate linear regression is conducted using the data from 1997-2013.
The analysis indicates that the capital market in the Republic of Macedonia is small and
underdeveloped. Therefore the economic growth factors taken into consideration for the
research have not shown considerable impact on the capital market due to its
underdevelopment
capitalization coefficient (in total amount and in percentage changes) in relation with the GDP
of the Republic of Macedonia is the subject of research of this paper. The analysis identifies
and explains the factor of capital market development. The focus of the paper is to determine
the effects of different factors on the capital market development in the Republic of Macedonia.
For these purpose a multivariate linear regression is conducted using the data from 1997-2013.
The analysis indicates that the capital market in the Republic of Macedonia is small and
underdeveloped. Therefore the economic growth factors taken into consideration for the
research have not shown considerable impact on the capital market due to its
underdevelopment
Subjects
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