摘要
The objective of Autoregressive Distributed Lag （ARDL） investigation of macroeconomic mechanisms on ASEAN-5 stock earnings equation can contribute to analyzing and demonstrating macroeconomic forces acting a statistically and economically significant effect on rate of return of securities for a given time through the application of the ARDL approach to cointegration when the variables are mixed degrees of integration in cointegrated time series, i.e. I（0） and I（1）. This results in a long-run or a short-run relationship between macroeconomic force acting for a given time affecting 24 quarterly rates of return for listed companies in Information and Communication Technologies OCT） sector of Stock Exchange of Thailand （SET）, the Kuala Lumpur Composite Index （KLSE） index （Malaysia）, Financial Times Share Index （FTSI）, Philippine Stock Exchange （PSE）, and Jakarta Composite Index （JKSE） （Indonesia）. The impulses of three ASEAN macroeconomic forces---GDPt, EXt, and INTt acting for a given time influence the earnings of selected 23 1CT returns for listed companies on both domestic investments and outsider investments in the same period. This paper has investigated how other-concerning macroeconomic force acting might interrelate with rate of return of securities in the ICT sector, debt and financial innovations, in line with some significant formalized facts. The funding of capital inflow in part of ICT securities was statistically globally significant to recognize significant achievement in ICT specific pathways to distinction as the science of accomplishment. The public sector performing as a key purchaser of ICT security solutions related to integrate the ASEAN exchange members into modern capitalization can lead to adverse effects, such as risky investment-hub interventions due to the mixing financial systems in three ASEAN regional integrations through investments.
