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Government Quality Determinants of Stock Market Performance in African Countries

Listed author(s):
  • Asongu Simplice

    ()

    (Yaoundé/Cameroun)

How do government policies and institutions affect stock market performance? As stock markets grow broader and deeper in African countries, the question becomes more critical. Government quality dynamics of corruption-control, government-effectiveness, political-stability or no violence, voice & accountability, regulation quality and rule of law are instrumented with income-levels, religious-dominations, press-freedom degrees and legal-origins to account for stock market performance dynamics of capitalization, value traded, turnover and number of listed companies. The results demonstrate a significant positive association between stock market performance measures and the quality of government institutions. These findings suggest countries with better developed government institutions would favor stock markets with higher market capitalization, better turnover ratios, higher value in shares traded and greater number of listed companies.

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File URL: http://www.afridev.org/RePEc/agd/agd-wpaper/Government-quality-determinants-of-stock-market-performance-in-African-countries.pdf
File Function: Revised version, 2013
Download Restriction: no

Paper provided by African Governance and Development Institute. in its series Working Papers with number 11/019.

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Length: 40
Date of creation: 20 Dec 2011
Publication status: Published in The Journal of African Business
Handle: RePEc:agd:wpaper:11/019
Contact details of provider: Web page: http://www.afridev.org/index.php/en/
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  8. Simplice A. Asongu, 2012. "Law and Finance in Africa," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 55(4), pages 385-408.
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  13. Simplice A. ASONGU, 2011. "Why Do French Civil–Law Countries Have Higher Levels Of Financial Efficiency?," Journal of Advanced Research in Law and Economics, ASERS Publishing, vol. 0(2), pages 94-108, December.
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