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Public Corporations in Africa - A Continental Survey on Stock Exchanges and Capital Markets Performance


  • Dirk Schiereck

    (Chair of Corporate Finance, Darmstadt University of Technology)

  • Andreas Freytag

    (FSU Jena)

  • Maximilian Grimm

    (Chair of Corporate Finance, Technische Universitaet Darmstadt)

  • Wolfgang H. Bretschneider

    (Chair for Economic Policy, Friedrich-Schiller Universität Jena)


While mature capital markets in Western economies suffer from a significant drop in listed companies for two decades, the number of listings at stock exchanges on the African continent is increasing and the importance of stock exchanges for equity issues is growing. This not only raises questions about the future of stock exchanges as platforms to raise equity in different countries (Doidge et al., 2017; Kahle and Stulz, 2017). It also sheds light on the growing importance of African markets for Western actors. The capital markets in Africa, however, are dominated by a very few large stock exchanges while most of the markets are small and underdeveloped based on international standards. The paper serves the purpose of identifying the potential of African stock markets.

Suggested Citation

  • Dirk Schiereck & Andreas Freytag & Maximilian Grimm & Wolfgang H. Bretschneider, 2018. "Public Corporations in Africa - A Continental Survey on Stock Exchanges and Capital Markets Performance," Jena Economics Research Papers 2018-013, Friedrich-Schiller-University Jena.
  • Handle: RePEc:jrp:jrpwrp:2018-013

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    Cited by:

    1. Wabei Catherine Mutafu, 2023. "Evaluation of the Impact of the Lusaka Stock Exchange on the Financial Performance of Telecommunication Companies in Zambia: A Study of Airtel Zambia Limited (2012 – 2021)," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(6), pages 494-508, June.
    2. Joanna Próchniak & Renata Płoska & Anna Zamojska & Błażej Lepczyński & Giuseppe T. Cirella, 2023. "Maturity Analysis of Stock Exchanges in Africa: Prepandemic Sustainability Perspective," Sustainability, MDPI, vol. 15(8), pages 1-18, April.
    3. Iyke, Bernard Njindan & Ho, Sin-Yu, 2021. "Exchange rate exposure in the South African stock market before and during the COVID-19 pandemic," Finance Research Letters, Elsevier, vol. 43(C).

    More about this item


    African capital markets; stock exchange; performance; listings;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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