KURUMSAL KALİTE İLE HİSSE SENEDİ PİYASA GELİŞMİŞLİĞİ ARASINDAKİ İLİŞKİNİN İNCELENMESİ: GANA ÖRNEĞİ

Öz

Hisse senedi piyasası gelişimi ile genel ekonomik büyüme arasındaki bağlantı literatürde çok sık tartışılan bir konu olup, hisse senedi piyasalarının gelişimini nelerin motive ettiğine dair ampirik kanıtlar hala yetersiz kalmakta ve daha fazla araştırma çabası gerektirmektedir. Bu çalışmada da, Gana'da kurumsal kalitenin borsa gelişimini nasıl etkilediği, borsa gelişimi için bileşik bir endeks kullanılarak 1995:01-2015:04 dönemini kapsayan üç aylık verilerle incelenmiştir. Çalışmada model olarak Otoregresif Dağıtılmış Gecikme (ARDL) yöntemi uygulanmış olup, sonuçlar kurumsal kalitenin borsa gelişimi üzerinde istatistiksel olarak anlamlı kısa ve uzun vadeli etkisi olduğunu ortaya koymuştur. Makroekonomik faktörler kontrol edildiğinde, doğrudan yabancı yatırım girişlerinin, bankacılık sektörünün büyümesinin ve gelir seviyesinin Gana borsasının büyümesi üzerinde uzun vadeli anlamlı bir etkisi olduğu görülmektedir. Ayrıca, zaman dilimine bakılmaksızın, enflasyonun yurt içi makroekonomik istikrarsızlığın göstergesi olarak alındığında borsa büyümesi için önemli olmadığı da ortaya konulmuştur. Elde edilen temel bulgular doğrultusunda çalışmada, kurumların kalitesini artırmak için sürekli bir çaba gösterilmesi gerektiği önerilmektedir. Özellikle, düzenleyici kaliteyi ve yolsuzluğun kontrolünü iyileştirmeye yönelik politikalar, hisse senedi piyasasındaki etik olmayan uygulamaların azaltılması için zorunludur

Anahtar Kelimeler

• Hisse Senedi Piyasası
• Kurumsal Kalite
• ARDL
• Gana

EXAMINING THE NEXUS BETWEEN INSTITUTIONAL QUALITY AND STOCK MARKET DEVELOPMENT: EVIDENCE FROM GHANA

Abstract

While the link between stock market development and overall economic growth is well discussed, the empirical evidence on what motivates the development of stock markets is still scanty necessitating further research efforts. In this study, how institutional quality affects stock market development in Ghana is examined relying on quarterly data spanning from 1995Q1-2015Q4 using a composite index of stock market development. Applying the Autoregressive Distributed Lag (ARDL) method, the results posit a significant short and long-run effect of institutional quality on stock market development. Controlling for macroeconomic factors, a long-term significant impact of foreign direct investment inflows, banking sector growth, and income level on the growth of Ghana’s stock market is observed. It is further documented that regardless of the time period, domestic macroeconomic instability proxied by inflation does not matter for stock market growth. According to the main findings, it is recommended in the study that continual efforts must be made to enhance the quality of institutions. Particularly, policies geared towards improving regulatory quality and control of corruption are imperative for reducing unethical practices in the stock market.

Keywords

• Stock Market
• Institutional Quality
• ARDL
• Ghana

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