Determinants of Capital Market Performance in the Era of Digital Transformation and Global Uncertainty

The performance of capital markets is a crucial indicator of a country’s financial health and economic development. In recent years, capital market dynamics have undergone significant changes due to the increasing impact of digital transformation, global trade uncertainties, climate change, and the evolving role of data as a strategic asset. This study aims to explore the key determinants influencing capital market performance, including market liquidity, corporate innovation, digital transformation, ESG strategies, and macroeconomic shocks such as pandemics and trade wars. Using a descriptive-analytical framework supported by survey-based insights, the research identifies how digitalization and enterprise-level innovation strategies affect stock returns, market efficiency, and valuation. Furthermore, the paper highlights the growing relevance of data governance, stock liquidity, and investor behavior in shaping market outcomes. The findings offer valuable implications for policymakers, institutional investors, and corporate decision-makers seeking to navigate an increasingly complex capital market landscape.

کلیدواژه ها:

Capital market performance ، stock liquidity ، digital transformation ، corporate innovation ، ESG ، data governance ، investor behavior ، macroeconomic uncertainty ، financial markets ، enterprise strategy