标题：Intervening Effect Of Foreign Portfolio Investment On The Relationship Between Macroeconomic Factors And Stock Return Of Firms Listed At The Securities Exchanges In East Africa
摘要：This study examined the intervening effect of foreign portfolio investment on the relationship between macroeconomic factors and stock return of firms listed at the Securities Exchanges in East Africa over the period 2016 - 2020. The macro-economic variables were foreign exchange rate, gross domestic product, interest rate and inflation rate. Regression analysis was used to examine the relationship between the variables. The results showed that foreign portfolio investment positively and significantly affect stock returns and intervenes the relationship between macro environment and stock returns. Policies should thus be put in place to ensure a conducive macro environment in order to attract foreign investment and ensure high stock returns. We recommend that regulators and other stakeholders should establish macro prudential strategies that can attract foreign portfolio investment and boost the stock returns. We also suggest that future research may focus on data from developed and developing countries to compare and contrast the effect of macro prudential policies adopted in the various countries and its effects on foreign portfolio investment and stock returns.
