The Impact of Macroeconomic Indicators on the Share Prices of Dividend Companies – A Comparative Analysis of Polish and US Issuers for the Period 2016–2020

Abstract

Research background: The aim of the article is to compare Polish and US dividend companies with potential growth with dividend companies with potential value, including in the period of economic turbulence caused by the pandemic, and to identify macroeconomic determinants that affect changes in the level of share prices of dividend companies with potential value listed on the stock exchange in Poland and the US. An analysis of the literature and international studies conducted allows us to identify inflation, gross domestic product (GDP), interest rate levels, exchange rate changes, and market P/E and P/BV ratios, as well as the PMI index, as the most important macroeconomic factors.

Keywords

• macroeconomic indicators
• portfolio choice
• return rate
• dividend companies with potential value or growth
• stock exchange
• covid-19 pandemic
• e44
• g11
• g30
• g35