Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
412 I Policies and Sustainable Economic DevelopmentDeterminants of Stock Market Development: The Case of Developing Countries and Vietnamsu DINH THANH Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam HUniversity of Economics IICMC - dinhthanh(<2>ueh.edu.vnBUI nil MAI IIOAIUniversity of Economics IICMC - maihoai®ueh.edu.vnNGUYEN VAN BONUniversity of Economics IICMC - bonvnguven( Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam ts of stock market development in developing countries are still undecided. This paper aims to investigate these determinants in Vietnam and other devLuận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
eloping countries, whose differences are also pointed out by applying two-way Generalized .Method of Moments to the panel data of36 developing countri412 I Policies and Sustainable Economic DevelopmentDeterminants of Stock Market Development: The Case of Developing Countries and Vietnamsu DINH THANH Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam ity are positive determinants of the development of stock market. While the effect of money supply is negative, institutional factors such as government effectiveness and rule of law have significantly positive impacts, in contrast to corruption control and political stability (whose impacts are sig Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam nificant and negative). Second, regarding the development of the stock market in Vietnam, the effects of such macroeconomic factors as economic growthLuận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
, domestic investment, foreign direct investment, domestic credit, broad money supply, stock market liquidity, and inflation are significant and negat412 I Policies and Sustainable Economic DevelopmentDeterminants of Stock Market Development: The Case of Developing Countries and Vietnamsu DINH THANH Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam ule of law, and voice and accountability, are significant and positive, this implies that well established institutions are crucial for promoting a demand for stocks and slock market performance in Vietnam.Keywords: stock market development; macroeconomic factors; institutions; two wag (ỈM.M estimat Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam ionPolicies and Sustainable Economic Development I 4131.IntroductionOver two past decades. slock market development has surged as an noteworthy financLuận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
ial channel to raise long-run capital in developing countries. As a result, stock marker has a considerable contribution to long-run economic grow th,412 I Policies and Sustainable Economic DevelopmentDeterminants of Stock Market Development: The Case of Developing Countries and Vietnamsu DINH THANH Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam eterminants of stock market development in developing countries (Quartcy & Gaddah, 2007; l .l-Nader & Alraimony, 2013; Ev rim-Mandaci el al.. 2013; Phan & Vo, 2013; Shahbaz el al. 2015; Acquah-Sam, 2016). However, empirical results are still debatable due to rhe inconsistency5 of data and empirical Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam estimators. In addition, there have been very few investigations into the role of institutional quality in determining stock market development.The ViLuận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
etnam stock market has been developed since early 2000s with the first establishment of stock exchange in Ho Chi Minh City and the later in Hanoi. It 412 I Policies and Sustainable Economic DevelopmentDeterminants of Stock Market Development: The Case of Developing Countries and Vietnamsu DINH THANH Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam rrently, there are over 800 listed firms in the two exchanges. Further growth of the stock market is expected as the Vietnam's government is carrying out polity reforms and restructuring of the market to raise funds in order to meet the demand for long-run capital in Vietnam's industrialization proc Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam ess. However, the literature on determinants of insightful stock market development in Vietnam is still limited.Our study is motivated by the followinLuận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
g reasons. The first motivation is from the huge literature central to the question of whether macroeconomic factors affect the development of stock m412 I Policies and Sustainable Economic DevelopmentDeterminants of Stock Market Development: The Case of Developing Countries and Vietnamsu DINH THANH Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam velopment of stock markets are stressed by policy makers, practitioners, and academic researchers. Recent evidence pros ided by Claessens el al. (2001), Gani &Ngassam (2008). Yartcy (2010), Asongu (2012), and Ayaydin & Baltaci (2013) supports the argument that institutional quality is crucial to the Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam development ol stock market. However, it is the inconsistency of data and estimators that restrains empirical findings. .Another is generated from thLuận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
e Vietnamese context. Different aspects of the stock marker in Vietnam, as an emerging marker where determinants of slock market development are insig412 I Policies and Sustainable Economic DevelopmentDeterminants of Stock Market Development: The Case of Developing Countries and Vietnamsu DINH THANH Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam done to identify the effects of institutional quality and macroeconomic factors on its development.rhe rest of rhe paper is structured as follows. Section 2 reviews rhe literature concerning determinants of slock market development. Section 3 introduces the model, method, and data for further empiri Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam cal analysis. Section 4 presents and discusses the results. Finally, Section 5 concludes the study.414 I Policies and Sustainable Economic DevelopmentLuận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
2.Literature reviewStudies on slock market development can be categorized into three major strands. The first focuses on the macroeconomic determinant412 I Policies and Sustainable Economic DevelopmentDeterminants of Stock Market Development: The Case of Developing Countries and Vietnamsu DINH THANH Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam role of 11)1 inflows in stock market development.Given the macroeconomic determinants of slock market development, most investigations ascribe the macroeconomic factor's such as economic growth. saving rate, investment rate, development of financial intermediaries, and capital market liquidity to th Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam e critical determinants of slock market capitalization. Quarley and Gaddah (2007) find that economic growth, credit to private sector, exchange rate,Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
and gross domestic savings have positive effects while interest rare has a negative impact on stock market development in Ghana over the period of 199412 I Policies and Sustainable Economic DevelopmentDeterminants of Stock Market Development: The Case of Developing Countries and Vietnamsu DINH THANH Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam 13) conclude that money supply, capital market liquidity, investment rate, inflation, and credit to private sector have positive influence while nominal gross domestic product and net remittances negatively affect stock market development in Jordan from 1990 to 2011. Meanwhile. Evrim-Mandaci et al. Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam (2013) analyze the key determinants of stock market development in 30 advanced and emerging countries during the period between i960 and pre-financialLuận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
global meltdown (2007) using random-effect SUR estimation. The results show that credit to private sector, foreign direct investment, and remittances412 I Policies and Sustainable Economic DevelopmentDeterminants of Stock Market Development: The Case of Developing Countries and Vietnamsu DINH THANH Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam for 6 Southeast Asian countries over the period of 1990-2008. recognize economic growth rate, stock market, gross domestic savings, credit to private sector, M2 money supply, and inflation change as key determinants of slock market development. Accordingly, macroeconomic instability (inflation chan Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam ge) has a negative impact while the remaining variables have positive effects on stock market capitalization. Conversely, the empirical results from SLuận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
hahbaz Ct al. (2015), which employ V ECM with ARDL bounds lest, show that inflation has a significantly positive impact on slock market development in412 I Policies and Sustainable Economic DevelopmentDeterminants of Stock Market Development: The Case of Developing Countries and Vietnamsu DINH THANH Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam ess impacts negatively on stock market development. More recently, using Structural Equation Modeling approach (SEM) for quarterly secondary data spanning from 1991 to 2011 in Ghana, Acquah-Sam (2016) provide empirical evidence that the effects of investment rate and economic growth on slock market Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam development are significantly positive while the negative sign is found of interest rates.In parallel, some studies of this strand also find that finaLuận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
ncial intermediary development and stock market capitalization are complements instead of substitutes. The estimated results from Garcia and I .ill (1412 I Policies and Sustainable Economic DevelopmentDeterminants of Stock Market Development: The Case of Developing Countries and Vietnamsu DINH THANH Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam during the period from 1980 to 1995. Moreover, economic growth rate, saving rate, investment rate, and stock market liquidity are thePolicies and Sustainable Economic Development I 415positive determinants of stock market development in these countries. With the same methodology and results as Garc Luận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam ia and Liu (1999), Ben Naceur et al. (2007) show that financial intermediaries and stock markets are complements rather than substitutes in the growthLuận văn thạc sĩ determinants of stock market development, the case of developing countries and vietnam
process in 12 Middle Eastern and North African (MENA) countries from 1979 to 1999. In addition, Ben Naceur et al. (2007) also verify that saving rateGọi ngay
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