거시경제 불확실성과 주가동조화 현상

This study empirically investigates the effect of macroeconomic uncertainty on stock price synchronicity. Fluctuations in the macroeconomic environment significantly affect not only corporate management activities but also investor decision-making. In particular, during periods of heightened uncertainty, firms face increased risks and become less inclined to provide forward-looking information such as earnings forecasts due to greater disclosure burdens (Kim et al. 2016). As a result, investors tend to rely more on readily available market- or industry-level information rather than firm-specific information when making investment decision. Against this backdrop, this study examines whether stock price synchronicity increases as macroeconomic uncertainty rises. The empirical findings are as follows. First, greater macroeconomic uncertainty is associated with a higher degree of stock price synchronicity, suggesting that investors under uncertain conditions are more likely to base their decisions on broad market or industry trends rather than firm-specific fundamentals. Second, the positive relationship between macroeconomic uncertainty and stock price synchronicity is more pronounced when the level of information asymmetry is high. This indicates that in environments with limited access to firm-level information, investors increasingly depend on macro-level signals. This study contributes to the literature by providing empirical evidence that macroeconomic uncertainty influences the way information is reflected in capital markets and affects the price formation process. The findings underscore the importance of incorporating macroeconomic conditions into investment strategies and policy considerations.