This paper intends to investigate foreign direct investment, stock market capitalization, and economic growth for the BRICS countries and G7 countries by using a newly bootstrap autoregressive distributed lag (ARDL) test proposed by McNown, Sam, and Goh (2016) to examine whether the related variables have long-term equilibrium relationship. Economic growth is the dependent variable for Canada is found cointegrated relationship. Degenerate cases #2 are found in South Africa, Germany and Japan. On the other hand, the results of test with foreign direct investment on the stock market capitalization show that foreign direct investment positively or negatively Granger-causes stock market capitalization in Russia Federation (-), India (+), China (+), France (-), Canada (+) and UK (+), and the results of test with economic growth on the stock market capitalization show that economic growth positively or negatively Granger-causes stock market capitalization in Russia Federation (+), India (+), Canada (+), USA (+), Japan (-).
