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11

ABSTRACT
Determining the factors that effect on Stock Return in
Amman Stock Market
Prepared by:
Dana Bassam Moh, d Yousouf
Supervised by:
Prof. Mohammad Al - Nuiami
The purpose of this study is to identify the critical factors that effect on stock
return. Then clarify which factor more impact on stock return (Internal or External
factors). The study population has consist of all companies Amman Stock Market. The
study sample consists of (60) companies. The study founded some of Conclusions:
There is Significant Statistical relationship between inflation rate and stock
return.
There is no Significant Statistical relationship between Payment Balance sheet and
stock return.

12

:
There is Significant Statistical relationship between Interest rate and stock return.
There is no Significant Statistical relationship between the budget deficit and
stock return.
There is no Significant Statistical relationship between the gross domestic product
and stock return.
There is Significant Statistical relationship between the Number of Employees and
stock return.
There is Significant Statistical relationship between the size of the company
capital and Stock return

1-1
2-1
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:
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X6) + (, X7

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. " in Stock Returns of Canadian Oil and Gas Companies

.

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." Perspective Gordon

46

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."between inflation and unemployment

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:
1. Albqami, Raja; Applegate, Michael. (2002). Does Stock Market Make a Difference",
Proc. International Conference of Policy Modeling, Brussels.
2. Berg, Arnold. (1999). Interest Rates & Inflation, Century Management Articles
(CMA).

81

3. Boyer, M. & Filion, D., () Common and Fundamental Factors in Stock Returns of
Canadian Oil and Cas Companies, CIRANO Working Papers.
4. Brown, Patrick. (2006). An Introduction to the Bond Markets, ISBN: 978-0-47001583-4.
5. Brzoza-Brzezina, Micha. (2001). The Relationship between Real Interest Rates and
Inflation, Poland.pp:1-26
6. Chen, Ying. (2002). Term Structure of Interest Rate, Master Thesis, HumboldtUniversity, Berlin.
7. Dickneider, Bill. (2004).Stockpot, the Stock Market Game, Vol.27, No. 2.
8. Hagnal, Vincent, (2000). "The behaviour of inflation and un employment in the

United Status", (electric version), 1MF papers, classification no. E31, E37.

9. Mankiwi, N.Gregory (2000). "The inexorable and mysterious trade of between

inflation and unemployment", Discusin paper no. 1905.
10. Marx, Karl. 1981. "The Capital "New York, Penguin Books.
11. Miller, Stephen.(2005). Equity Markets, the Money Market, and Long-Run Monetary
Neutrality, University of Nevada, Las Vegas and University of Connecticut, Economics
Working Papers.
12. Nieuwerburgh, Stijn; Buelens, Frans. (2006). Cuyvers, Ludo: Stock Market
Development and Economic Growth in Belgium, Explorations in Economic History, pp.
1338.
13. Peterson, Pamela. (2006).Stock Valuation, Florida Atlantic University.
14. Raberg, Johan. (2005). Information Efficiency in the Stock Market, Master thesis,
Umea University.
15. Rochon, Louis.(2007). Setterfield, Mark: Post Keynesian Interest Rate Rules and
Macroeconomic Performance: a Comparative Evaluation, Proc. Eastern Economic
Association Annual Conference.

82

16. Velde, Franois. (2006). "An Alternative Measure of Inflation" Federal Reserve Bank
of Chicago, Economic Perspectives, vol. 30 (no. 1), pp. 55-65.
17. Wildavisky, Aaron. 1979. The Politics of the Budgelary Process. Little Brown Co.
Boston Toronto, Third Edition.

:
1. http://www.ahewar.org/debat/show.art.asp?aid=21141
2. http://www.siironline.org/alabwab/edare-%20eqtesad(27)/736.htm
3. http://www.islamifn.com/mustalahat/mustalah.htm
4. http://www.qataru.com/vb/archive/index.php/t-48653.html

83

:
5. http://www.ssdds.org/arb/index.php?option=com_content&task=view&id=132
&Itemid=18
6. http://www.taif2000.50megs.com/zakat/ttax.htm
7. http://www.almoslim.net/Moslim_Files/SaudiStocks/show_art_main.cfm?id=77
2
8. http://www.almoslim.net/Moslim_Files/SaudiStocks/show_art_main.cfm?id=77
1
9. http://www.mof.gov.eg/Arabic/%D8%B9%D9%86%D8%A7%D9%88%D9%8A
%D9%86+%D8%B1%D8%A6%D9%8A%D8%B3%D9%8A%D9%87/sayasat/pp
ay.htm
10. http://www.nationalagenda.jo/tabid/62/Default.aspx?Location=1
11. http://www.alshamsi.net/friends/b7ooth/buss_agric/mizan_almadfoat.html
12. http://www.majalisna.com/bulletin/index.php?ubb=showflat&Number=351187
13. http://www.aljazeera.net/NR/exeres/D66BEC9D-03BB-4D30-95BBA35CFC854A7E.htm
14. http://www.alaswaq.net/views/2007/09/22/10983.html
15. http://ar.wikipedia.org/wiki/%D9%86%D8%A7%D8%AA%D8%AC_%D9%85
%D8%AD%D9%84%D9%8A_%D8%A5%D8%AC%D9%85%D8%A7%D9%84%
D9%8A
16. http://www.project-syndicate.org/commentary/shiller22/Arabic
17. http://www.ase.com.jo/ar/index.php
18. http://mosgcc.com/mos/magazine/article.php?storyid=860
19. http://www.arab-api.org/course9/c9_1.htm
20. http://ar.wikipedia.org/wiki/%D8%B1%D8%A3%D8%B3_%D8%A7%D9%84
%D9%85%D8%A7%D9%84

84

85

86

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Regression
Variables Entered/Removedb
Method
Enter

Variables
Removed
.

Variables
Entered
Inflationa

Model
1

a. All requested variables entered.

b. Dependent Variable: Growth

92

:
Model Summary
Model
1

R
.841a

R Square
.708

Adjusted R
Square
.672

Std. Error of
the Estimate
1.78870

a. Predictors: (Constant), Inflation

ANOVAb
Model
1

Regression
Residual
Total

Sum of
Squares
62.085
25.596
87.681

df
1
8
9

Mean Square
62.085
3.199

F
19.405

Sig.
.002a

t
6.342
4.405

Sig.
.000
.002

a. Predictors: (Constant), Inflation

b. Dependent Variable: Growth
Coefficientsa

Model
1

(Constant)
Inflation

Unstandardized
Coefficients
B
Std. Error
6.667
1.051
1.387
.315

Standardized
Coefficients
Beta
.841

a. Dependent Variable: Growth

: :

.( 0.05)
Regression
Variables Entered/Removedb
Model
1

Variables
Entered
Pricedema
a
nd

Variables
Removed

Method
.

Enter

a. All requested variables entered.

b. Dependent Variable: Growth

Model Summary
Model
1

R
.544a

R Square
.296

Adjusted R
Square
.207

a. Predictors: (Constant), Pricedemand

Std. Error of
the Estimate
2.77870

93

:
ANOVAb
Model
1

Regression
Residual
Total

Sum of
Squares
25.912
61.769
87.681

df
1
8
9

Mean Square
25.912
7.721

F
3.356

Sig.
.104a

a. Predictors: (Constant), Pricedemand

b. Dependent Variable: Growth

Coefficientsa

Model
1

(Constant)
Pricedemand

Unstandardized
Coefficients
B
Std. Error
14.735
2.438
-4.557
2.488

Standardized
Coefficients
Beta
-.544

t
6.045
-1.832

Sig.
.000
.104

a. Dependent Variable: Growth

: :

.( 0.05)
Regression
Variables Entered/Removedb
Model
1

Variables
Entered
CA2000 a

Variables
Removed

Method
Enter

a. All requested variables entered.

b. Dependent Variable: sumS

Model Summary
Model
1

R
.313a

R Square
.098

a. Predictors: (Constant), CA2000

Adjusted R
Square
-.082

Std. Error of
the Estimate
.15300

94

:
ANOVAb
Model
1

Regression
Residual
Total

Sum of
Squares
.013
.117
.130

df
1
5
6

Mean Square
.013
.023

F
.543

Sig.
.494a

t
3.238
.737

Sig.
.023
.494

a. Predictors: (Constant), CA2000

b. Dependent Variable: sumS

Coefficientsa

Model
1

(Constant)
CA2000

Unstandardized
Coefficients
B
Std. Error
.195
.060
5.1E-005
.000

Standardized
Coefficients
Beta
.313

a. Dependent Variable: sumS

: :

.( 0.05)
Regression
Variables Entered/Removedb
Model
1

Variables
Entered
BD12000 a

Variables
Removed

Method
Enter

a. All requested variables entered.

b. Dependent Variable: sumS

Model Summary
Model
1

R
.217a

R Square
.047

Adjusted R
Square
.031

a. Predictors: (Constant), BD12000

Std. Error of
the Estimate
1.25357

95

:
ANOVAb
Model
1

Regression
Residual
Total

Sum of
Squares
4.490
91.143
95.633

df
1
58
59

Mean Square
4.490
1.571

F
2.857

Sig.
.096a

t
-.407
-1.690

Sig.
.685
.096

a. Predictors: (Constant), BD12000

b. Dependent Variable: sumS

Coefficientsa

Model
1

(Constant)
BD12000

Unstandardized
Coefficients
B
Std. Error
-.130
.319
-.002
.001

Standardized
Coefficients
Beta
-.217

a. Dependent Variable: sumS

: :

.( 0.05)
Regression
Variables Entered/Removedb
Model
1

Variables
Entered
GDP2000 a

Variables
Removed

Method
Enter

a. All requested variables entered.

b. Dependent Variable: sumS

Model Summary
Model
1

R
.702a

R Square
.493

Adjusted R
Square
.391

a. Predictors: (Constant), GDP2000

Std. Error of
the Estimate
.11475

96

:
ANOVAb
Model
1

Regression
Residual
Total

Sum of
Squares
.064
.066
.130

df
1
5
6

Mean Square
.064
.013

F
4.854

Sig.
.079a

t
2.919
-2.203

Sig.
.033
.079

a. Predictors: (Constant), GDP2000

b. Dependent Variable: sumS

Coefficientsa

Model
1

(Constant)
GDP2000

Unstandardized
Coefficients
B
Std. Error
.710
.243
-7E-005
.000

Standardized
Coefficients
Beta
-.702

a. Dependent Variable: sumS

: :

.( 0.05)
Regression
Variables Entered/Removedb
Model
1

Variables
Entered
EmploNoa

Variables
Removed

Method
Enter

a. All requested variables entered.

b. Dependent Variable: Growth

Model Summary
Model
1

R
.858a

R Square
.736

Adjusted R
Square
.703

a. Predictors: (Constant), EmploNo

Std. Error of
the Estimate
1.70022

97

:
ANOVAb
Model
1

Regression
Residual
Total

Sum of
Squares
64.555
23.126
87.681

df
1
8
9

Mean Square
64.555
2.891

F
22.332

Sig.
.001a

t
10.683
4.726

Sig.
.000
.001

a. Predictors: (Constant), EmploNo

b. Dependent Variable: Growth

Coefficientsa

Model
1

(Constant)
EmploNo

Unstandardized
Coefficients
B
Std. Error
8.065
.755
.014
.003

Standardized
Coefficients
Beta
.858

a. Dependent Variable: Growth

: :

.( 0.05)
Regression
Variables Entered/Removedb
Model
1

Variables
Entered
pricedepta

Variables
Removed

Method
Enter

a. All requested variables entered.

b. Dependent Variable: Growth

Model Summary
Model
1

R
.696a

R Square
.485

Adjusted R
Square
.420

a. Predictors: (Constant), pricedept

Std. Error of
the Estimate
2.37672

98

:
ANOVAb
Model
1

Regression
Residual
Total

Sum of
Squares
42.491
45.190
87.681

df
1
8
9

Mean Square
42.491
5.649

F
7.522

Sig.
.025a

t
4.557
-2.743

Sig.
.002
.025

a. Predictors: (Constant), pricedept

b. Dependent Variable: Growth

Coefficientsa

Model
1

(Constant)
pricedept

Unstandardized
Coefficients
B
Std. Error
26.207
5.751
-1.517
.553

a. Dependent Variable: Growth

Standardized
Coefficients
Beta
-.696