{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,31]],"date-time":"2026-10-31T01:17:59Z","timestamp":1793409479173,"version":"4.5.0"},"reference-count":98,"publisher":"Public Library of Science (PLoS)","issue":"10","license":[{"start":{"date-parts":[[2022,10,19]],"date-time":"2022-10-19T00:00:00Z","timestamp":1666137600000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":["www.plosone.org"],"crossmark-restriction":false},"short-container-title":["PLoS ONE"],"abstract":"<jats:p>Over the past decades, emerging stock markets have started to significantly contribute to economic growth through mobilizing long-term capital by pooling funds, facilitating savings and investments into profitable projects and improving corporate governance structure. A plethora of empirical studies is devoted to investigate the determinants of different capital markets but due to highly controversial and inconclusive findings about macroeconomic determinants, this study contributes to the body of existing literature by empirically investigating the macroeconomic forces that drive the stock market development of Pakistan from 1980 to 2019. By applying Ng-Perron and Zivot-Andrews unit root tests (to determine the integrating orders of variables) and Autoregressive Distributed Lag (ARDL) bounds testing approach, our results confirm cointegration among variables and exhibit the significant positive impact of economic growth and banking sector development on stock market development and negative affect of inflation, foreign direct investment and trade openness on it in long run. At the same time, the short run results show a significant relationship of economic growth, inflation and foreign direct investment with stock market development. Our study has some important policy implications.<\/jats:p>","DOI":"10.1371\/journal.pone.0275708","type":"journal-article","created":{"date-parts":[[2022,10,19]],"date-time":"2022-10-19T13:39:27Z","timestamp":1666186767000},"page":"e0275708","update-policy":"https:\/\/doi.org\/10.1371\/journal.pone.corrections_policy","source":"Crossref","is-referenced-by-count":19,"title":["Is stock market development sensitive to macroeconomic indicators? A fresh evidence using ARDL bounds testing approach"],"prefix":"10.1371","volume":"17","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-6320-4295","authenticated-orcid":true,"given":"Abdullah Bin","family":"Omar","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Anis","family":"Ali","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Salma","family":"Mouneer","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Robina","family":"Kouser","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1665-807X","authenticated-orcid":true,"given":"Mamdouh Abdulaziz Saleh","family":"Al-Faryan","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"340","published-online":{"date-parts":[[2022,10,19]]},"reference":[{"issue":"1","key":"pone.0275708.ref001","doi-asserted-by":"crossref","first-page":"e2316","DOI":"10.1002\/pa.2316","article-title":"A critical review of stock market development in India.","volume":"22","author":"S Salameh","year":"2022","journal-title":"Journal of Public Affairs"},{"key":"pone.0275708.ref002","volume-title":"A New Database on Financial Development and Structure: World Bank","author":"T Beck","year":"1999"},{"issue":"2","key":"pone.0275708.ref003","doi-asserted-by":"crossref","first-page":"241","DOI":"10.1093\/wber\/10.2.241","article-title":"Equity Markets, Transactions Costs, and Capital Accumulation: An Illustration.","volume":"10","author":"VR Bencivenga","year":"1996","journal-title":"The World Bank Economic Review"},{"issue":"1","key":"pone.0275708.ref004","doi-asserted-by":"crossref","first-page":"145","DOI":"10.1016\/0165-1889(95)00928-0","article-title":"Financial markets in development, and the development of financial markets.","volume":"21","author":"J Greenwood","year":"1997","journal-title":"Journal of Economic Dynamics and Control"},{"issue":"4","key":"pone.0275708.ref005","doi-asserted-by":"crossref","first-page":"1445","DOI":"10.1111\/j.1540-6261.1991.tb04625.x","article-title":"Stock Markets, Growth, and Tax Policy","volume":"46","author":"R. 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