期刊名称：European Journal of Business and Social Sciences
印刷版ISSN：2235-767X
出版年度：2017
卷号：6
期号：6
页码：182-194
出版社：European Society of Business and Social Sciences
摘要：There is a growing literature on how macro-economic variables can haveeffects on market capitalization in both developed and emerging stockmarkets. Nairobi Securities Exchange has an important part in the KenyanEconomy as it provides a platform for companies and individuals to invest. Thisstudy sought to determine the effect of macro-economic variables on marketcapitalization of registered firms in Nairobi stock exchange. The study was guidedby the following specific objectives; to determine the effect of exchange rate on themarket capitalization of firms listed in Nairobi stock exchange, to determine theeffect of interest rate on the market capitalization of firms listed in Nairobi stockexchange, to determine the effect of inflation rate on the market capitalization offirms listed on Nairobi stock exchange and to determine the effect of Fuel price onthe market capitalization of firms listed on Nairobi stock exchange. The targetpopulation of this study comprised of Sixty-five (65) listed companies at the NairobiSecurities Exchange and whose data is available for the period from January 2010 toNovember 2015. The study used secondary data covering a five-year period from2010 to 2015. The study used mixed research design encompassing both descriptiveand correlational research techniques. Under the descriptive statistics, importantmetrics including the mean, standard deviation and variance of each of the keyvariables was obtained and analyzed across the listed companies in Nairobi securityexchange. The study found that Exchange rate had a positive influence on themarket capitalization in Agricultural, Industrial allied sectors and a negativeinfluence on Finance and investment sectors and commercial and services sectors.Inflation had a positive influence on the stock market Performance in investmentsector and a negative influence on all the other sectors. Interest rate had a positiveinfluence on the market capitalization in Agricultural and Commercial, sectors and anegative influence on Investment sectors. The study also found that fuel prices had anegative influence on the market capitalization in the Automobile sectors whilehaving a positive influence on the market capitalization in all the other sectors. Thefindings showed that the type of sector characteristics had a moderating effect onthe relationship between macroeconomic variables of exchange rate, Interest rate,Inflation, fuel prices and the market capitalization at the NSE.
关键词：Exchange rate; Interest rate; Inflation; fuel prices and the market;capitalization
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