Corruption and stock market development: A quantitative approach

被引：21
|
作者：
Bolgorian, Meysam [1 ]
机构：
[1] Univ Tehran, Fac Management, Dept Financial Management, Tehran 14155, Iran
来源：
PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS | 2011年 / 390卷 / 23-24期
关键词：
Corruption; Stock market; GROWTH; MODEL;
D O I：
10.1016/j.physa.2011.07.024
中图分类号：
O4 [物理学];
学科分类号：
0702 ;
摘要：
Studying the relation between corruption and economic factors and examining its consequences for economic development have attracted many economists and physicists in recent years. The purpose of this paper is to focus on the role of stock market development on corruption. Analyzing a data set of corruption and stock market development measures such as market capitalization and total value of share trading for 46 countries around the world for the period 2007-2009, we examine the dependence of the Corruption Perception Index (CPI) on stock market development. Our findings suggest that there exists a power-law dependence between corruption and stock market development. We also observe a negative relation between level of corruption and financial system improvement. (C) 2011 Elsevier B.V. All rights reserved.
引用
收藏
页码：4514 / 4521
页数：8
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