The Factors Affecting the Development of Capital Markets in the Countries of the Organization of Islamic Cooperation

Year 2020, , 1135 - 1158, 30.11.2020

Gökhan Özkul , Muhammed Kasım

https://doi.org/10.17153/oguiibf.662352

Cited By: 1

Abstract

When the Islamic world is investigated, it is seen that capital markets are not developed sufficiently in many countries. In this context, the factors affecting the development of capital markets in 21 out of 57 member countries of the Organization of Islamic Cooperation were analyzed using data for 1981-2018 period by applying panel data analysis. In this study, capital market development variable is represented by the stock market capitalization ratio. Hausman test was used to choose between fixed effects and random effects. Hausman test results indicate the best estimator for the model is random effect. In addition, there was no autocorrelation problem. Due to the existence of a heteroscedastic problem, a robust test was performed to solve it. Robust test findings show that, fixed capital formation, market liquidity, exports, and corruption control rate variables positively affect the capital market development. However, capital market development was negatively affected by the savings rate, and market turnover variables.

Keywords

Capital Markets, Capital Markets Development, Market Capitalization, Islamic Cooperation Organization, Panel Data Analyses

İslam İşbirliği Teşkilatı Ülkelerinde Sermaye Piyasalarının Gelişmişliğini Etkileyen Faktörler

Abstract

İslam dünyası incelendiğinde birçok ülkede sermaye piyasalarının yeterince gelişmediği görülmektedir. Bu bağlamda çalışmada İslam İşbirliği Teşkilatı örgütüne üye olan ülkelerde sermaye piyasalarının gelişmişliğini etkileyen faktörler, 57 üye ülkeden 21’inin 1981-2018 dönemi verileri kullanılarak panel veri analizi yöntemi ile incelenmiştir. Çalışmada sermaye piyasası gelişmişliği piyasa kapitalizasyonu oranı ile hesaplanmıştır. Modelde sabit etkiler ve rassal etkiler tahminleri arasında tercih yapmak için Hausman testi yapılmış ve rassal etkiler tahmininin kullanılması gerektiği bulunmuştur. Modelde otokorelasyon problemi olmayıp, değişen varyans sorununa rastlanmıştır. Değişen varyans sorununu çözebilmek için ise robust tahmini yapılmıştır. Tahmin sonuçlarına göre sabit sermaye oluşumu, piyasa likiditesi, ihracat ve yolsuzluk kontrolü değişkenlerinin sermaye piyasası gelişmişliğini pozitif yönde etkilediği; buna karşın tasarruf oranı ve piyasa devir hızı değişkenlerinin ise negatif yönde etkilediği sonucuna ulaşılmıştır.

Keywords

Sermaye Piyasaları, Sermaye Piyasası Gelişmişliği, Piyasa Kapitalizasyonu, İslam İşbirliği Teşkilatı, Panel Veri Analizi

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