The Role of Macroeconomic Factors in Explaining the Cost of Capital: Evidence from a Group of Emerging Economies | Zendy

Nicholas Apergis | Zendy; Sofia Eleftheriou | Zendy

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The Role of Macroeconomic Factors in Explaining the Cost of Capital: Evidence from a Group of Emerging Economies

Author(s) -

Nicholas Apergis,

Sofia Eleftheriou

Publication year - 2012

Publication title -

asian journal of finance and accounting

Language(s) - English

Resource type - Journals

ISSN - 1946-052X

DOI - 10.5296/ajfa.v4i1.1694

Subject(s) - emerging markets , economics , capital (architecture) , bond , monetary economics , capital market , empirical evidence , cost of capital , empirical research , macroeconomics , microeconomics , finance , profit (economics) , philosophy , archaeology , epistemology , history

This study analyzes the dynamic relationship between the cost of capital and macroeconomic factors for a group of emerging markets spanning the period 1996-2009 and using the GMM estimator methodology, suggested in Arellano and Bond (1991). The empirical findings indicate that these macroeconomic factors play a significant role in explaining the cost of capital in the emerging markets.

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