پیوندهای مفید
آمار
| تعداد نشریات | 21 |
| تعداد شماره‌ها | 663 |
| تعداد مقالات | 9,691 |
| تعداد مشاهده مقاله | 68,983,774 |
| تعداد دریافت فایل اصل مقاله | 48,479,114 |
Regulatory quality, rule of law and stock market performance: A system GMM approach | ||
| International Journal of Nonlinear Analysis and Applications | ||
| مقاله 16، دوره 14، شماره 6، شهریور 2023، صفحه 211-220 اصل مقاله (305.34 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22075/ijnaa.2022.28127.3810 | ||
| نویسندگان | ||
| Zoha Savari1؛ Mohammad Reza Rostami* 2، 1؛ Mirfeiz Fallah Shams3، 4؛ Jafar Jamali1 | ||
| 1Department of Financial Management, Faculty of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran | ||
| 2Faculty of Management, Alzahra University, Tehran, Iran | ||
| 3Department of Financial Management, Centaral Tehran Branch, Islamic Azad University, Tehran, Iran | ||
| 4Department of Financial Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran | ||
| تاریخ دریافت: 26 اردیبهشت 1401، تاریخ بازنگری: 27 مرداد 1401، تاریخ پذیرش: 08 شهریور 1401 | ||
| چکیده | ||
| The stock market has played an undeniable role in economic growth and is a complement to the banking sector in allocating financial resources to manufacturing firms. Hence, the role and importance of the stock market in the economy have always been emphasized. There are several factors that affect stock market returns, one of which is the Rule of the law and the Regulatory Quality of countries. Therefore, in this study, the importance of the Rule of the law and the Regulatory Quality on stock returns has been studied in Iran and selected emerging countries in the period 2000-2021 by the system generalized method of moments. The results of this estimate show that at a significance level of 5%, the rule of law and Regulatory Quality have a positive and significant effect on stock returns. Also, the effects of inflation, exchange rate, and growth of industrial production have been positive and significant. The effect of crude oil prices is negative and significant, and trade openness has a positive effect on stock market returns, but this effect is not statistically significant at the significant level of 5%. | ||
| کلیدواژه‌ها | ||
| Rule of Law؛ Regulatory Quality؛ Stock Market؛ Dynamic Panel Data؛ Iran | ||
| مراجع | ||
|
[1] R. Aggarwal, R. Klapper and P.D. Wysocki, Portfolio preferences of foreign institutional investors, J. Bank. Finance 29 (2005), no. 2, 2919–2946. [2] A. Asadzadeh and Z. Jalili, Institutional quality and economic growth; Democracy or the rule of law? (Case study of Islamic countries), Econ. Soc. Dev. 3 (2014), no. 1, 23–47. [3] Y. Ashrafi, M. Khodaparast Mashhadi and M. Salimifar, The role of governments in financial development: a case study of OPEC countries, Quart. J. Econ. Res. Policy 22 (2014), no. 70, 205–222. [4] S.A. Asongu, Government quality determinants of stock market performance in African countries, J. Afr. Bus. 13 (2012), no. 3, 183–199. [5] M. Cherif, Institutional and macroeconomic determinants of stock market development in MENA region: New results from a panel data analysis, Int. J. Bank. Finance 7 (2020), no. 1, 139–159. [6] A. Daron, S. Johanson and J. Robinson, Institutions as the fundamental cause of long-run growth, working paper, 2004. [7] A. Ejaz, R. Birau, C. Spulbar, R. Buda and A.C. Tenea, The impact of domestic portfolio diversification strategies in Toronto stock exchange on Canadian textile manufacturing industry, Ind. Text. 71 (2020), no. 3, 215–222. [8] Fagbemi et al. Stock market development: A reflection of governance regulatory framework in Nigeria, J. Capital Markets Stud. 6 (2022), no. 1, 71–89. [9] A.V. Farman, A. Komijani, A. Farzinvash and F. Ghaffari, The role of the capital market in financing and economic growth: A case study of Iran and a selection of developing countries, Financ. Econ. 13 (2019), no. 47, 19–37. [10] V. Hooper, A.B. Sim and A. Uppal, Governance and stock market performance, Econ. Syst. 33 (2009), no. 2, 93–116. [11] A. Imran et al. Measuring the impact of governance quality on stock market performance in developed countries, Econ. Res. Ekonomska Istrazivanja 33 (2020), 3406–3426. [12] Javaheri et al. Investigating the effect of the quality of institutions on the financial development of developing countries, Quart. J. Appl. Theor. Econ. 16 (2019), 57–79. [13] M. Khodaparast Mashhadi, M.A. Fallahi and N. Rajabzadeh Moghani, Investigating the role of institutional quality on financial development in selected member countries of the Organization of the Islamic conference, Quart. J. Monetary Financ. Econ. 22 (2016), no. 11. [14] R. La Porta, F. Lopez-de-Silanes, A. Shleifer and R.W. Vishny, Legal determinants of external finance, J. Finance 52 (1997), no. 3, 1131–1150. [15] C.O. Manasseh, T.E. Mathew and E.J. Ogbuabor, Investigating the nexus between institutional quality and stock market development in Nigeria: an autoregressive distributed lag (ARDL) approach, Afr. Dev. Rev. 29 (2017), no. 2, 272–292. [16] S.J. Matadeen, The macroeconomic determinants of stock market development from an African perspective, Theore. Econ. Lett. 7 (2017), no. 7, 1950–1964. [17] Modugu and Dempere, Economics and business, J. Asian Finance 7 (2020), no. 8, 126–143. [18] S. Nazir, H. Younus, A. Kaleem and Z. Anwar, Impact of political events on stock market returns: empirical evidence from Pakistan, J. Econ. Admin. Sci. 30 (2014), no. 1, 61–78. [19] D. North, Institutions, Institutional Change and Economic Performance, Cambridge University Press, Cambridge. 1990. [20] Ozpolat et al. Does rule of Law affect economic growth positively?, Res. World Econ. 7 (2016), no. 1, 263–289. [21] R. Rajan and L. Zingales, The great reversals: the politics of financial development in the twentieth century, J. Financ. Econ. 69 (2003), 5–50. [22] M. Roe and J. Siegel, Political instability: its effects on financial development, its roots in the severity of economic inequality, 2009, available at: http://ssrn.com/abstract=963214. [23] B. Sahabi, M. Etesami and Kh. Aminpour, Investigating the effect of good governance and government size on financial development in selected countries, Quart. J. Econ. Growth Dev. 3 (2013), no. 12, 105–118. [24] A. Sel，cuk, Do industrialization, democracy, and financial openness promote financial development? Evidence from Turkey, Turk. Stud. 20 (2018), 708–727. [25] B. Umar and N. Sabri. Does regulatory quality matters for stock market development? evidence from Africa, Int. J. Econ. Financ. Issues 8 (2018), no. 4, 10. [26] O.E. Williamson, The Economic Institutions of Capitalism, Free Press, New York, 1985. [27] A. Yahyaoui, Financial development, quality of institutions and economic growth: empirical validation on panel data, Int. Rev. Bus. Soc. Sci. 2 (2009), 38–51. | ||
|
آمار تعداد مشاهده مقاله: 16,880 تعداد دریافت فایل اصل مقاله: 8,569 |
||