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

Öz

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.

Anahtar Kelimeler

• Stock Market
• Institutional Quality
• ARDL
• Ghana

Kaynakça

1. ABUBAKAR, Mika’ilu, & DANLADI, Yunusa Ugbede (2018). Foreign direct investment and stock market development in Nigeria: Evidence from ARDL Bound Test Approach to Cointegration. IOSR Journal of Economics and Finance, 9(1), 79-85.
2. ADJASI, Charles Komla Delali Adjasi, & BIEKPE, Nicholas (2006). Stock market development and economic growth: The case of selected African countries. African Development Review, 18(1), 144-161.
3. AHMED, Khalid, KHAN, Bareerah, & OZTURK, Ilhan (2020). Dynamics between disaggregates of governance and stock market performance in selected South Asia countries. International Journal of Finance & Economics. 26(1), 802-813.
4. AKE, Boubakari (2010). The role of stock market development in economic growth: Evidence from some Euronext countries. International Journal of Financial Research, 1(1), 14-20.
5. ALUKO, Olufemi Adewale, & KOLAPO, Funso Tajudeen (2020). Macroeconomic factors and stock market development in Sub-Saharan Africa: Does the measure of stock market development matter? Transnational Corporations Review, 12(1), 53-62.
6. ANDRIANAIVO, Mihasonirina, & YARTEY, Charles Amo (2010). Understanding the growth of African financial markets. African Development Review, 22(3), 394-418.
7. AZAM, Muhammed, HASEEB, Muhammed, SAMSI, Aznita Binti, & RAJI, Jimoh Olajide (2016). Stock market development and economic growth: Evidence from Asia-4 countries. International Journal of Economics and Financial Issues, 6(3), 1200-1208.
8. BALTAGI, B. H., DEMETRIADES, P. O., & LAW, S. H. (2009). Financial development and openness: Evidence from panel data. Journal of Development Economics, 89(2), 285-296.

9. BAYAR, Yılmaz (2016). Institutional Determinants of Stock Market Development in European Union Transition Economies. The Romanian Economic Journal, 19(61), 211-226.
10. BAYAR, Yılmaz, KAYA, Abdulkadir, & YILDIRIM, Murat (2014). Effects of stock market development on economic growth: Evidence from Turkey. International Journal of Financial Research, 5(1), 93-100.
11. BAYRAKTAR, Nihal (2014). Measuring relative development level of stock markets: Capacity and effort of countries. Borsa Istanbul Review, 14(2), 74-95.
12. BILLMEIER, Andreas, & MASSA, Isabella (2009). What drives stock market development in emerging markets-institutions, remittances, or natural resources? Emerging Markets Review, 10(1), 23-35.
13. CARP, Lenuta (2012). Can stock market development boost economic growth? Empirical evidence from emerging markets in Central and Eastern Europe. Procedia Economics and Finance, 3, 438-444.
14. CAVE, Joshua, CHAUDHURI, Kausik, & KUMBHAKAR, Subal (2020). Do banking sector and stock market development matter for economic growth? Empirical Economics, 59(4), 1513-1535.
15. CHERIF, Mondher, & GAZDAR, Kaouthar (2010). Macroeconomic and institutional determinants of stock market development in MENA region: New results from a panel data analysis. International Journal of Banking and Finance, 7(1), 139-159.
16. EITA, Joel Hinaunye (2012). Modelling macroeconomic determinants of stock market prices: Evidence from Namibia. Journal of Applied Business Research (JABR), 28(5), 871-884.
17. EL-NADER, Hasan Mohammed, & ALRAIMONY, Ahmad Diab (2013). The macroeconomic determinants of stock market development in Jordan. International Journal of Economics and Finance, 5(6), 91-103.
18. GANI, Azmat, & NGASSAM, Christopher (2008). Effect of institutional factors on stock market development in Asia. American Journal of Finance and Accounting, 1(2), 103-120.
19. GARCIA, Valeriano, & LIU, Lin (1999). Macroeconomic determinants of stock market development. Journal of Applied Economics, 2(1), 29-59.
20. GREENWOOD, Jeremy, & SMITH, Bruce (1997). Financial markets in development, and the development of financial markets. Journal of Economic Dynamics and Control, 21(1), 145-181.
21. HABER, Stephen (1991). Industrial concentration and the capital markets: A comparative study of Brazil, Mexico, and the United States, 1830–1930. The Journal of Economic History, 51(3), 559-580.
22. HO, Sin Yu (2018). Determinants of economic growth in Hong Kong: The role of stock market development. Cogent Economics & Finance, 6(1), 1510718.
23. HO, Sin Yu (2019). The macroeconomic determinants of stock market development in Malaysia: An empirical analysis. Global Business and Economics Review, 21(2), 174-193.
24. JENSEN, Michael, & MURPHY, Kevin (1990). Performance pay and top-management incentives. Journal of Political Economy, 98(2), 225-264.
25. KHAN, Muhammad Asif, ILYAS, Raja Muhammad Ahsan, & HASHMI, Shujahat Haider (2018). Cointegration between institutional quality and stock market development. NUML International Journal of Business & Management, 13(2), 90-103.
26. LA PORTA, Rafael, LOPEZ-DE-SILANE, Florencio, SHLEIFER, Andrei, & VISHNY, Robert (1996). Law and finance. National Bureau of Economic Research, Working Paper, No: 5661.
27. LEVINE, Ross (1991). Stock markets, growth, and tax policy. The Journal of Finance, 46(4), 1445-1465.
28. LEVINE, Ross (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688-726.
29. MANASSEH, Charles., MATHEW, Timothy., & OGBUABOR, Jonathan (2017). Investigating the nexus between institutional quality and stock market development in Nigeria: An Autoregressive Distributed Lag (ARDL) Approach. African Development Review, 29(2), 272-292.
30. NACEUR, Sami Ben, GHAZOUANI, Samir, & OMRAN, Mohamed (2007). The determinants of stock market development in the Middle‐Eastern and North African region. Managerial Finance, 33(7), 477-489.
31. NACEUR, Sami Ben, CHERIF, Mondher, & KANDIL, Magda (2014). What drives the development of the MENA financial sector? Borsa Istanbul Review, 14(4), 212-223.
32. NORTH, Douglass (1990). Institutions, institutional change and economic performance. New York: Cambridge University Press.
33. OSEI, Dennis Boahene, SARE, Yakubu Awudu, & IBRAHIM, Muazu (2019). On the determinants of trade openness in low-and lower–middle-income countries in Africa: how important is economic growth? Future Business Journal, 5(1), 1-10.
34. OWIREDU, Alexander, OPPONG, Moses, & ASOMANING, Sandra (2016). Macroeconomic determinants of stock market development in Ghana. International Finance and Banking, 3(2), 33-48.
35. PAN, Lei, & MISHRA, Vinod (2018). Stock market development and economic growth: Empirical evidence from China. Economic Modelling, 68, 661-673.
36. PESARAN, Hashem., SHIN, Yongcheol, & SMITH, Richard (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
37. REHMAN, Mohd Ziaur (2021). The Macroeconomic and Institutional Drivers of Stock Market Development: Empirical Evidence from BRICS Economies. The Journal of Asian Finance, Economics, and Business, 8(2), 77-88.
38. RUTHERFORD, Malcolm (2001). Institutional economics: Then and now. Journal of Economic Perspectives, 15(3), 173-194.
39. SHAHBAZ, Muhammad, AHMED, Nadeem, & ALI, Liaquat (2008). Stock market development and economic growth: ARDL causality in Pakistan. International Research Journal of Finance and Economics, 14(1), 182-195.
40. SHAHBAZ, Muhammad, HOOI LEAN, Hooi, & KALIM, Rukhsana (2013). The impact of foreign direct investment on stock market development: Evidence from Pakistan. Economic Research - Ekonomska Istrazivanja, 26(1), 17-32. SHAHBAZ, Muhammad, REHMAN, Ijaz Ur, & AFZA, Talat (2016). Macroeconomic determinants of stock market capitalization in an emerging market: Fresh evidence from cointegration with unknown structural breaks. Macroeconomics and Finance in Emerging Market Economies, 9(1), 75-99.
41. SHI, Yongming, AHMED, Khalid, & PARAMATI, Sudharshan Reddy (2021). Determinants of stock market development and price volatility in ASEAN plus three countries: The role of institutional quality. International Journal of Finance & Economics, 26(1), 560-572.
42. SUKRUOGLU, Deniz, & NALIN, Halime Temel (2014). The macroeconomic determinants of stock market development in selected European countries: Dynamic panel data analysis. International Journal of Economics and Finance, 6(3), 64-71.
43. YAKUBU, Ibrahim Nandom (2020). Institutional quality and foreign direct investment in Ghana: A bounds-testing cointegration approach. Review of International Business and Strategy, 30(1), 109-122.
44. YARTEY, Charles Amo (2007). Well-developed financial intermediary sector promotes stock market development: Evidence from Africa. Journal of Emerging Market Finance, 6(3), 269-289.
45. YARTEY, Charles Amo (2010). The institutional and macroeconomic determinants of stock market development in emerging economies. Applied Financial Economics, 20(21), 1615-1625.
46. ZHOU, Jun, ZHAO, Hongzhong, BELINGA, Thierry, & GAHE, Zimy Samuel Yannick (2015). Macroeconomic determinants of stock market development in Cameroon. International Journal of Scientific and Research Publications, 5(1), 1-11.