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Does Financial Liberalization Stimulate Businesses’ Growth?

Author

Listed:
  • Kashif Imran

    (Institute of Business Management, Karachi, Pakistan.)

Abstract

The present study attempts to identify the impact of financial liberalization on non-financial Pakistani firms’ growth. Since Pakistan is one of those few developing countries where financial reforms were implemented successfully in the 1990s, and a large portion of public sector financial institutions were transferred to private ownership. For the empirical investigation, a data set of 515 firms listed on the Pakistan Stock Exchange (PSX) is used. The results indicate that the financial development of the country is negatively associated with firms’ growth. Equity finance is found as an important source of raising finance for firms in Pakistan. Economic development also played a crucial role to boost local business.

Suggested Citation

  • Kashif Imran, 2019. "Does Financial Liberalization Stimulate Businesses’ Growth?," Pakistan Journal of Economic Studies, Department of Economics, The Islamia University of Bahawalpur, Pakistan., vol. 2(1), pages 99-117, June.
    • Handle: RePEc:akw:iupjes:v:2:y:2019:i:1:p:99-117
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    File URL: https://journals.iub.edu.pk/index.php/pjes/article/view/20/40
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    File URL: https://journals.iub.edu.pk/index.php/pjes/article/view/20
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    More about this item

    Keywords

    Financial Reforms; PSX; Equity Finance; Economic Development;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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