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The Relationship Between Ethnic Diversity and Stock Market Development: A Global Perspective

In: Contemporary Trends and Challenges in Finance

Author

Listed:
  • Saqib Amin

    (National College of Business Administration and Economics
    Wroclaw University of Economics and Business)

Abstract

Diversity plays a crucial role in investor’s decision-making behaviour. If the culture of heterogeneity escalates, consumer choices also create catastrophic shifts in the financial markets. This study aims to investigate the relationship between diversity and stock market development by using the data of 187-countries of the world. The results indicate that diversity either ethnic or religious, or both have a significant positive association with stock market development (including market capitalization, market liquidity, turnover ratio, listed domestic companies, S&P/global equity index). This study suggests that diversity is a natural phenomenon; however, productive results of diversity can be obtained by providing an equal and peaceful society through cohesiveness.

Suggested Citation

  • Saqib Amin, 2021. "The Relationship Between Ethnic Diversity and Stock Market Development: A Global Perspective," Springer Proceedings in Business and Economics, in: Krzysztof Jajuga & Hermann Locarek-Junge & Lucjan T. Orlowski & Karsten Staehr (ed.), Contemporary Trends and Challenges in Finance, pages 3-24, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-73667-5_1
    DOI: 10.1007/978-3-030-73667-5_1
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    More about this item

    Keywords

    Ethnic diversity; Religious diversity; Stock market development;
    All these keywords.

    JEL classification:

    • Z10 - Other Special Topics - - Cultural Economics - - - General
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification
    • G0 - Financial Economics - - General

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