Corruption in the media's gaze

Vaidya, Samarth

doi:10.1016/j.ejpoleco.2005.03.001

“…(4) GQ improves with press-freedom; contrary to Vaidya (2005) and Oscarsson (2008). Table 2 investigates two main issues: (1) the ability of GQ channels to account for SMP dynamics and; (2) the possibility of the instrumental variables explaining SMP dynamics beyond GQ channels.…”

Section: Quality Of Government and Instrumentsmentioning

confidence: 60%

Government Quality Determinants of Stock Market Performance in African Countries

Asongu

¹

2012

Journal of African Business

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractHow 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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“…(2) Democratic institutions improve with press-freedoms ; contrary to Vaidya (2005) and Oscarsson (2008). …”

Section: Political Regimes and Instrumentsmentioning

confidence: 91%

Democracy and Stock Market Performance in African Countries

Asongu

¹

2011

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in December 2011Abstract Purpose -This paper assesses the incidence of political institutions on stock market performance dynamics in Africa. Design/methodology/approach -The estimation technique used is a Two-Stage-Least SquaresInstrumental Variable methodology. Channels of democracy, polity and autocracy are instrumented with legal-origins, religious-legacies, income-levels and press-freedom qualities to account for stock market performance dynamics of capitalization, value traded, turnover and number of listed companies. To ensure robustness of the analysis, the following checks are carried out: (1) usage of alternative indicators of political institutions; (2) employment of two distinct interchangeable sets of moment conditions that engender every category of the instruments; (3) usage of alternative indicators of stock market performance; (4) account for the concern of endogeneity; (5) usage of Principal Component Analysis(PCA) to reduce the dimensions of stock market dynamics and political indicators and then check for further robustness of findings in the regressions from resulting indexes.Findings -Findings broadly demonstrate that democracy improves investigated stock market performance dynamics.Practical implications -As a policy recommendation, the role of sound political institutions is crucial for financial development in Africa. Democracies have important effects on both the degree of competition for public office and the quality of public offices that favor stock market development in the African continent.Originality/value -To the best of our knowledge this is the first paper to assess the incidence of democracy on stock market performance in an exclusive African context. Political strife has plagued many African countries and continue to pose a significant threat to financial market development.

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“…(1) Consistent with the law-finance (growth) literature (La Portal et al, 1997, 1998Beck et al, 2003;Agbor, 2015), English common-law countries have higher levels of democracy compared to their French civil-law counterparts. (2) Contrary to Vaidya (2005) and Oscarsson (2008), democratic institutions improve with press-freedoms. …”

Section: Political Regimes and Instrumentsmentioning

confidence: 99%

Political Regimes and Stock Market Performance in Africa

Asongu

¹

,

Nwachukwu

²

2016

SSRN Journal

1

0

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This paper assesses the effect of political institutions on stock market performance in 14 African countries for which stock market data is available for the period 1990-2010. The estimation technique used is a Two-Stage-Least Squares Instrumental Variable methodology. Political regime channels of democracy, polity and autocracy are instrumented with legal-origins, religious-legacies, income-levels and press-freedom qualities to account for stock market performance dynamics of capitalization, value traded, turnover and number of listed companies.The findings show that countries with democratic regimes enjoy higher levels of financial market development compared to their counterparts with autocratic inclinations. As a policy implication, the role of sound political institutions has important effects on both the degree of competition for public office and the quality of public offices that favour stock market development on the African continent.

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Corruption in the media's gaze

Cited by 42 publications

References 9 publications

Government Quality Determinants of Stock Market Performance in African Countries

Government Quality Determinants of Stock Market Performance in African Countries

Democracy and Stock Market Performance in African Countries

Political Regimes and Stock Market Performance in Africa

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