Regulatory quality, rule of law and stock market performance: A system GMM approach

سال انتشار: 1402
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 120

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شناسه ملی سند علمی:

JR_IJNAA-14-6_016

تاریخ نمایه سازی: 18 شهریور 1402

چکیده مقاله:

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 ۲۰۰۰-۲۰۲۱ by the system generalized method of moments. The results of this estimate show that at a significance level of ۵%, 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 ۵%.

نویسندگان

Zoha Savari

Department of Financial Management, Faculty of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran

Mohammad Reza Rostami

Faculty of Management, Alzahra University, Tehran, Iran

Mirfeiz Fallah Shams

Department of Financial Management, Centaral Tehran Branch, Islamic Azad University, Tehran, Iran

Jafar Jamali

Department of Financial Management, Faculty of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran

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