Effectiveness of legal institutions in stock market development in sub-Saharan Africa

被引：8

作者：

Aluko, Olufemi Adewale ^{[1
]}

Azeez, Bolanle Aminah ^{[2
]}

机构：

[1] Univ Ilorin, Dept Finance, Ilorin, Nigeria

[2] Ekiti State Univ, Dept Finance, Ado Ekiti, Nigeria

来源：

ECONOMIC CHANGE AND RESTRUCTURING | 2019年 / 52卷 / 04期

关键词：

Legal institutions; Stock market development; Sub-Saharan Africa; FINANCIAL DEVELOPMENT; CORPORATE GOVERNANCE; INVESTOR PROTECTION; LAW; GROWTH; OPENNESS; QUALITY; DETERMINANTS; ENDOWMENTS; CULTURE;

D O I：

10.1007/s10644-018-9233-x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The law and finance theory posits that legal institutions are associated with stock market development. We examine the effectiveness of legal institutions in stock market development in 11 countries in sub-Saharan Africa for the period 2000-2014. Based on the two-stage least squares estimator, we find that the effectiveness of legal institutions does not promote stock market development in sub-Saharan Africa, after controlling for income, banking sector development, inflation, endowments, capital account liberalization, culture, and democracy. We provide empirical support for the law and finance theory by establishing that legal institutions explain cross-country differences in stock market development in sub-Saharan Africa.

引用

页码：439 / 451

页数：13

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