Determinants of stock market development: evidence from advanced and emerging markets in a long span Akcijų rinkos vystymosi veiksniai: išsivysčiusių ir besivystančių rinkų elgsenos pavyzdžių tyrimas ilguoju laikotarpiu

EVRİM MANDACI P., Aktan B., KURT GÜMÜŞ G., Tvaronavičiene M.

Business: Theory and Practice, cilt.14, sa.1, ss.51-56, 2013 (Scopus) identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 14 Sayı: 1
  • Basım Tarihi: 2013
  • Doi Numarası: 10.3846/btp.2013.06
  • Dergi Adı: Business: Theory and Practice
  • Derginin Tarandığı İndeksler: Scopus
  • Sayfa Sayıları: ss.51-56
  • Anahtar Kelimeler: Bank credits, FDI, Remittances, Stock market, SUR estimation
  • Dokuz Eylül Üniversitesi Adresli: Evet

Özet

The paper analyses determinants of stock market development in thirty advanced and emerging countries within the period between 1960 and pre-financial global meltdown (2007). Our explanatory variables are foreign direct investment (FDI), remittances and bank credits to private sector. The application of SUR estimation disclosed that all variables had significant positive effects on market development measured by market capitalization. The obtained results unfolded the necessity for the countries to develop policies and regulations on facilitating FDI, remittances and bank credits.