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from secondary data. Thus, all the limitations that pertain to secondary data will present such as the accuracy of the data relies on the accuracy of the published data.

This study used the annual data of share price and GDP for the purpose of the analysis. However, the results could be more refined if the shorter intervals of the data could be used.

Recommendation

There are several recommendations that can be highlighted in order to ensure that future research will yield more accurate and comprehensive results. The recommendations are:

Number of Sample

Due to limitation on data availability, this study consists five ASEAN countries as a sample, where as the total number of ASEAN are 9. If possible, more samples should be included in future research in order for the result to be more comprehensive, in a way that the characteristic of the sample can be used to generalized the characteristic of the population (Sekaran, 2006).

Method of Analysis

Other than the panel data methodology, there are other methods of analysis that could be conducted to tap the relationship between stock market and economic development. For example, the Calderon-Rrossell model that can give a comparison of result between the existing methods and hence, adds to existing literature.

Comparative Study

It is also recommendation that a comparative study of relationship between stock market and economic development can be extended to liquidity, investment, saving, level of investment and more variables be added for comprehensive results.
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