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首页> 外文期刊>British Food Journal >Macroeconomic factors and stock prices in the food and drink industry
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Macroeconomic factors and stock prices in the food and drink industry

机译：食品和饮料行业的宏观经济因素和股价

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Purpose The purpose of this paper is to estimate and evaluate the impact of macroeconomic fundamentals on stock prices of selected food and drink industry stocks during the period of 2005-2015, which saw the global financial crisis and its aftermath. Design/methodology/approach The paper employed correlation analysis and the Johansen cointegration test with the vector error correction mechanism for EU companies operating in the food and drink industry. The paper tested the effects of GDP, inflation and interest rates (IR) on the stock prices of companies from Austria, Croatia, Cyprus, Denmark, Finland, Germany, Ireland, Italy, Lithuania, Poland, Spain and the UK. Findings Based on the results, the authors can see that GDP has a generally positive effect on stock price development. In contrast, the relationship between stock prices and inflation and IR is negative in most cases. Originality/value Despite the fact that a majority of empirical research on companies in the food and drink sector was performed using the microeconomic approach, this paper used the macroeconomic approach and clearly demonstrated the effects of selected macro-variables on stock prices in selected EU markets. Macroeconomic factors shape the company's performance and could potentially lead to persistent changes in supply and demand conditions in food and drink markets.
机译：目的本文旨在评估和评估宏观经济基本面对2005年至2015年期间食品和饮料行业特定股票价格的影响，该事件见证了全球金融危机及其后果。设计/方法/方法本文针对在食品和饮料行业运营的欧盟公司，采用了相关分析和Johansen协整检验以及矢量误差校正机制。本文测试了GDP，通货膨胀和利率（IR）对来自奥地利，克罗地亚，塞浦路斯，丹麦，芬兰，德国，爱尔兰，意大利，立陶宛，波兰，西班牙和英国的公司的股票价格的影响。根据结果​​，作者可以看到GDP对股票价格的发展总体上具有积极的影响。相反，在大多数情况下，股票价格与通胀和投资者关系之间的关系为负。独创性/价值尽管对食品和饮料行业公司的大多数实证研究都是使用微观经济方法进行的，但本文还是使用了宏观经济方法，并清楚地证明了选定的宏观变量对某些欧盟市场股票价格的影响。宏观经济因素影响着公司的业绩，并有可能导致食品和饮料市场供求状况的持续变化。

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