Factors Affecting the Stock Price Variability of Dhaka Stock Exchange (DSE)

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Factors Affecting the Stock Price Variability of Dhaka Stock Exchange (DSE)

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ABSTRACT

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Independent Business Review, Volume 7 Number 2 July 2014 FG

INTRODUCTION

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LITERATURE REVIEW

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Independent Business Review, Volume 7 Number 2 July 2014 FY

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(5)

g%1:2!5#.33,1:'6=#:/,#$:21D#*!'1,#f%!'%I')':<#23# /%D%#$:21D#OJ1/%6=,#> $O? FX

H/'1/#%!,#!%:,0#].^#%60#]4^#I<#1!,0':#!%:'6=#\!&5#0(!'6=#GcRT#%60#GcRY"#E/'5#9%9,!#

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H'))#),%0#:2#%6#%0+%61'6=#51,6%!'2#23#:/,#9!'1,#+%!'%I')':<#'6#:/,#5:21D#&%!D,:"

METHODOLOGY

E/,methodology'5#:/,#=,6,!%)#!,5,%!1/#5:!%:,=<#:/%:#2(:)'6,5#:/,#H%<#'6#H/'1/#

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f%## l# C,)%:'+,#*!'1,#f%!'%I')':<#23#j.QK!%:,0#$:21D fI## l## C,)%:'+,#*!'1,#f%!'%I')':<#23#j4QK!%:,0#$:21D .## l## L265:%6:#E,!&

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(6)

Independent Business Review, Volume 7 Number 2 July 2014 FF

HYPOTHESES

k,!,# :/,# 0,9,60,6:# +%!'%I),# '5#W_a and W_b# :,!&,0# %5# I2:/# :/,# !,)%:'+,# 9!'1,#

+%!'%I')':<#23#j.QK!%:,0#5:21D#%60#j4QK!%:,0#5:21D7#!,59,1:'+,)<"#E/'5#!,5,%!1/#%'&5#

:2#:,5:#:/,#'60'+'0(%)#5'=6'\1%61,#23#:/,#'60,9,60,6:#+%!'%I),57#6%&,)<7#:/,#%+,!%=,#

9!'1,# 23# :/,# 5:21D# >A_p?7# ,%!6'6=5# +%!'%I')':<# >A_e?7# 9!'1,K,%!6'6=5# !%:'2# 23# :/,# 5:21D#

>A_r?7#%60#%1:'+':<#2!#:(!62+,!#23#:/,#5:21D#>A_a?#2+,!#:/,#&2+,&,6:5#23#:/,#0,9,60,6:#

+%!'%I),5"#[6#5(1/#9!,&'5,7#:/,#/<92:/,5,5#I,:H,,6#:/,#'60,9,60,6:#+%!'%I),5#%60#

:/,#0,9,60,6:#+%!'%I),#%!,#%5#I,)2HN

Null hypothesis Alternative hypothesis

E/,!,#'5#62#5'=6'\1%6:#!,)%:'26#I,:H,,6#:/,#

!,)%:'+,#9!'1,#+%!'%I')':<#23#j.Q#%60#j4QK!%:,0#

5:21D#H':/#:/,#%+,!%=,#9!'1,#23#:/,#5:21D"

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!,)%:'+,# 9!'1,# +%!'%I')':<# 23# j.Q# %60# j4QK

!%:,0# 5:21D# H':/# :/,# %+,!%=,# 9!'1,# 23# :/,#

5:21D"

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:/,#5:21D"

E/,!,#'5#%#5'=6'\1%6:#!,)%:'26#I,:H,,6#:/,#

!,)%:'+,# 9!'1,# +%!'%I')':<# 23# j.Q# %60# j4QK

!%:,0#5:21D#H':/#:/,#,%!6'6=5#+%!'%I')':<#23#

:/,#5:21D"

E/,!,# '5# 62# 5'=6'\1%6:# !,)%:'26# I,:H,,6#

:/,#!,)%:'+,#9!'1,#+%!'%I')':<#23#j.Q#%60#j4QK

!%:,0#5:21D#H':/#:/,#9!'1,K,%!6'6=5#!%:'2#23#

:/,#5:21D"

E/,!,#'5#%#5'=6'\1%6:#!,)%:'26#I,:H,,6#:/,#

!,)%:'+,# 9!'1,# +%!'%I')':<# 23# j.Q# %60# j4QK

!%:,0#5:21D#H':/#:/,#9!'1,K,%!6'6=5#!%:'2#23#

:/,#5:21D"

E/,!,# '5# 62# 5'=6'\1%6:# !,)%:'26# I,:H,,6#

:/,#!,)%:'+,#9!'1,#+%!'%I')':<#23#j.Q#%60#j4QK

!%:,0#5:21D#H':/#:/,#%1:'+':<#2!#:(!62+,!#23#

:/,#5:21D"

E/,!,#'5#%#5'=6'\1%6:#!,)%:'26#I,:H,,6#:/,#

!,)%:'+,# 9!'1,# +%!'%I')':<# 23# j.Q# %60# j4QK

!%:,0#5:21D#H':/#:/,#%1:'+':<#2!#:(!62+,!#23#

:/,#5:21D"

E/,!,#'5#62#5'=6'\1%6:#!,)%:'26#I,:H,,6#:/,#

!,)%:'+,#9!'1,#+%!'%I')':<#23#j.Q#%60#j4QK!%:,0#

5:21D#H':/#:/,#%+,!%=,#9!'1,#23#:/,#5:21D"

E/,!,#'5#%#5'=6'\1%6:#!,)%:'26#I,:H,,6#:/,#

!,)%:'+,# 9!'1,# +%!'%I')':<# 23# j.Q# %60# j4QK

!%:,0# 5:21D# H':/# :/,# %+,!%=,# 9!'1,# 23# :/,#

5:21D"

FINDINGS

E%I),#8#%60#88#2(:)'6,5#:/,#!,=!,55'26#,5:'&%:,5#32!#].^#%60#]4^#!%:,0#12&9%6',5#

5,9%!%:,)<7#H':/#9!'1,#+%!'%I')':<#%5#:/,#0,9,60,6:#+%!'%I),#'6#I2:/#1%5,5"#

(7)

g%1:2!5#.33,1:'6=#:/,#$:21D#*!'1,#f%!'%I')':<#23# /%D%#$:21D#OJ1/%6=,#> $O? F`

7#-%*&=Z&E,+!'#+*,&2.(&[O\P(#+*8&$.'4#"!*,

Independent Variables B Std. Error !"#!$%&#%' (p-value)

>L265:%6:? YW"GYc G`"`SF c"cSS

.+,!%=,mO*$ K#c"TWW c"TWS c"TTR

.+,!%=,m*O K#c"GYX c"TRR c"YYc

.+,!%=,mE(!62+,! Y"FR` `"W`S c"XFX

.+,!%=,m*!'1, K#c"cFR c"RcX c"XFF

C² c"TYF

.0d(5:,0#C² c"RGc

7#-%*&==Z&E,+!'#+*,&2.(&[>\P(#+*8&$.'4#"!*,

Independent Variables B Std. Error !"#!$%&#%(' (p-value)

>L265:%6:? S"FSF RG"RSS c"YT`

.+,!%=,mO*$ K#c"cFW c"cSF c"YWF

.+,!%=,m*O K#c"T`c c"GcY c"cWX

.+,!%=,mE(!62+,! RFR"Y`S XX"SRR c"ccS

.+,!%=,m*!'1, c"R`F c"RT` c"GRX

C² c"`T`

.0d(5:,0#C² c"XYY

.5#62:'1,%I),#3!2&#:/,#*K+%)(,57#26)<#.+,!%=,#*O#!%:'2#%60#:/,#.+,!%=,#:(!62+,!#

H,!,#32(60#:2#I,#'60'+'0(%))<#5'=6'\1%6:#32!#:/,#]4^K!%:,0#5:21D5#%:#Rca#5'=6'\1%61,#

),+,)"#h26,#23#:/,#'60,9,60,6:#+%!'%I),5#H,!,#5'=6'\1%6:#H':/#!,=%!0#:2#:/,#9!'1,#

+%!'%I')':<# 23# ].^K!%:,0# 5:21D5"# .# &%d2!# 126:!'I(:'6=# 3%1:2!# :2# 5(1/# 211(!!,61,#

&'=/:#I,#0(,#:2#:/,#,J:!,&,#9!'1,#+2)%:')':<#2I5,!+,0#'6#:/,#&%!D,:5#I,:H,,6#:/'5#

9%!:'1()%!# :'&,# 9,!'20"# ]4^# !%:,0# 5:21D5# %)52# 0'59)%<,0# 12&9%!%I)<# /'=/# ),+,)# 23#

:(!62+,!# 12&9%!,0# :2# ].^# !%:,0# 5:21D57# 5'=6'3<'6=# :/,# 52%!'6=# ),+,)# 23# :!%0'6=#

+2)(&,# %5521'%:,0# H':/# 5(1/# )2H# !%:,0# 12&9%6',5"# E/,5,# \60'6=5# %)52# '))(5:!%:,#

:/%:7#:/'5#/'=/#),+,)#23#9!'1,#+%!'%I')':<#23#4%6=)%0,5/'#5:21D5#'5#(69!,0'1:%I),#%60#

1%662:#I,#,J9)%'6,0#I<#D62H6#&%!D,:#3%1:2!57#52&,:/'6=#:/%:#5(992!:5#:/,#,J'5:'6=#

\60'6=5#%I2(:#:/,#+2)%:')':<#23#:/,#0,+,)29'6=#&%!D,:5"

(8)

Independent Business Review, Volume 7 Number 2 July 2014 FW

CONCLUSIONS

.112!0'6=# :2# :/,# 1!,0':# !%:'6=# 0,\6':'2657# .K!%:,0# 12&9%6',5# %!,# I,::,!# :/%6#

:/,# 4K!%:,0# 12&9%6',5# '6# :,!&5# 23# %1/',+'6=# :/,# 1%9%I')':<# :2# 9%<# I%1D# :2# :/,#

1!,0':2!5"#k2H,+,!7#:/,#1265'5:,6:#9,!32!&%61,#23#.K!%:,0#12&9%6',57#9%!:'1()%!)<#

'6# 4%6=)%0,5/# 1%6# =,:# '6:,!!(9:,0# I,1%(5,# 23# ,1262&'1# %60# 92)':'1%)# '65:%I')':<"#

A2!,2+,!7#:/,#'6/,!,6:#+2)%:')':<#23#:/,#&%!D,:#),0#:/,#H%<#32!#:/,#4K!%:,0#12&9%6',5#

:2#9,!32!&#H,))#%:#:'&,5"#E/'5#126:!%0'1:5#)':,!%:(!,#'6#&%6<#H%<57#%5#&%d2!#9!,+'2(5#

5:(0',5#'))(5:!%:,0#5:21D5#23#/'=/,!#1!,0':#b(%)':<#%60#/'=/,!#9!'1,#%!,#),55#+2)%:'),#

12&9%!,0# :2# )2H,!# 9!'1,0# 12(6:,!9%!:5"# g(:(!,# 5:(0',5# 1%6# I,# 1260(1:,0# '6# :/'5#

9%!:'1()%!# !,=%!0# :2# '6+,5:'=%:,# H/,:/,!# :/'5# 9/,62&,626# '5# 52),)<# %::!'I(:%I),# :2#

:/,#0,+,)29'6=7#+2)%:'),#6%:(!,#23# /%D%#$:21D#OJ1/%6=,#2!#H/,:/,!#:/,!,#%!,#2:/,!#

3%1:2!5# H':/# 5'=6'\1%6:# '6M(,6:'%)# 92H,!"# *!2%1:'+,# '6+,5:2!5# %60# %!I':!%=,!5# 1%6#

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52&,:/'6=#!'5D#:%D,!5#)22D#32!H%!0#:2"

REFERENCES

4%d%d7# $"# Z# (%7# f"# >GcRY?"# 86+,5:'=%:'26# 23# L%(5%)# C,)%:'265/'9# I,:H,,6# $:21D#

*!'1,5#%60#E!%0'6=#f2)(&,#(5'6=#E20%#%60#n%&%&2:2#*!21,0(!,"

L%&9I,))7#o"n"#Z#$/')),!7#C"o"#>RSWW?"#$:21D#9!'1,57#,%!6'6=57#%60#,J9,1:,0#0'+'0,605"#

73*&R./("#%&.2& !"#"$*6#YT>T?7#FFRK`F"

L/%6=7#k"KP"7#,:#%)"#>GccW?#E/,#!,)%:'265/'9#I,:H,,6#5:21D#9!'1,#%60#O*$N#O+'0,61,#

I%5,0#26#E%'H%6#9%6,)#0%:%"#E$.".'!$,&>/%%*+!"<#T>Tc?7#RKRG"

L/2!0'%7# E"7# C2))7# C"# Z# $(I!%/&%6<%&7#."# >GccR?"# A%!D,:# )'b('0':<# %60# :!%0'6=#

#$+!1!+06&R./("#%&.2&:"#"$*<#XcRKTc"#

$O6& ="+(.8/$+!."& +.& CDE6# GcRX# # GXK`KGcRXVe#.+%')%I),# 3!2&N# /::9NiiHHH"05,I0"

2!=i')3"9/9"

$O"& F*5#%& ]."+(.%6# GcRX# # GXK`KGcRXVe#.+%')%I),# 3!2&N# /::9NiiHHH"05,I0"2!=i')3"

9/9"

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23#+2)(&,#%:#:/,#29,6#%60#:/,#1)25,"#73*&R./("#%&.2& !"#"$*<#Y`>X?7#R`FXKWY"

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:!%0'6=# +2)(&,N# 2&,5:'1# %60# 1!255K12(6:!<# ,+'0,61,"#R./("#%& .2& >#")!"5& ^&

(9)

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