Ahlin, C., & Pang, J. (2008). Are financial development and corruption control substitutes in promoting growth? Journal of Development Economics, 86(2), 414–433. https://doi.org/10.1016/j.jdeveco.2007.07.002.
- Ahmed, K., Khan, B., & Ozturk, I. (2020). Dynamics between disaggregates of governance and stock market performance in selected South Asia countries. International Journal of Finance and Economics. https://doi.org/10.1002/ijfe.1821.
Paper not yet in RePEc: Add citation now
Alonso, J. A., & Garcimartín, C. (2010). The determinants of institutional quality. More on the debate. Journal of International Development, 25(2), 206–226.
Alonso, J. A., Garcimartin, C., & Kvedaras, V. (2020). Determinants of institutional quality: An empirical exploration. Journal of Economic Policy Reform, 23(2), 229–247. https://doi.org/10.1080/17487870.2020.1719102.
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277–297. https://doi.org/10.2307/2297968.
Areneke, G., & Kimani, D. (2019). Value relevance of multinational directorship and cross‐listing on MNEs national governance disclosure practices in sub‐Saharan Africa: Evidence from Nigeria. Journal of World Business, 54(4), 285–306. https://doi.org/10.1016/j.jwb.2018.10.003.
Armour, J., Deakin, S., Sarkar, P., Siems, M., & Singh, A. (2009). Shareholder protection and stock market development: An empirical test of the legal origins hypothesis. Journal of Empirical Legal Studies, 6(2), 343–380. https://doi.org/10.1111/j.1740-1461.2009.01146.x.
Asongu, S. A. (2012). Government quality determinants of stock market performance in African countries. Journal of African Business, 13(3), 183–199. https://doi.org/10.1080/15228916.2012.727744.
- Ballou, B., Chen, P.‐C., Grenier, J. H., & Heitger, D. L. (2018). Corporate social responsibility assurance and reporting quality: Evidence from restatements. Journal of Accounting and Public Policy, 37(2), 167–188. https://doi.org/10.1016/j.jaccpubpol.2018.02.001.
Paper not yet in RePEc: Add citation now
Bayraktar, N. (2014). Measuring relative development level of stock markets: Capacity and effort of countries. Borsa Istanbul Review, 14(2), 74–95. https://doi.org/10.1016/j.bir.2014.02.001.
Beck, T., Demirguc‐Kunt, A., & Levine, R. (2003). Law and finance: Why does legal origin matter? Journal of Comparative Economics, 31(4), 653–676. https://doi.org/10.1016/j.jce.2003.08.001.
- Ben Naceur, S., Ghazouani, S., & Omran, M. (2007). The determinants of stock market development in the Middle‐Eastern and North African region. Managerial Finance, 33(7), 477–489. https://doi.org/10.1108/03074350710753753.
Paper not yet in RePEc: Add citation now
Bolgorian, M. (2011). Corruption and stock market development: A quantitative approach. Physica A: Statistical Mechanics and its Applications, 390(23–24), 4514–4521. https://doi.org/10.1016/j.physa.2011.07.024.
- Breitung, J. (2000). The local power of some unit root tests for panel data. In B. Baltagi (Ed.), Advances in econometrics, 15: Nonstationary panels, panel cointegration and dynamic panels (pp. 161–178). Amsterdam: JAI Press. https://doi.org/10.1016/S0731-9053(00)15006-6.
Paper not yet in RePEc: Add citation now
Breitung, J., & Das, S. (2005). Panel unit root tests under cross‐sectional dependence. Statistica Neerlandica, 59(4), 414–433. https://doi.org/10.1111/j.1467-9574.2005.00299.x.
Buchanan, B. G., Le, Q. V., & Rishi, M. (2012). Foreign direct investment and institutional quality: Some empirical evidence. International Review of Financial Analysis, 21, 81–89. https://doi.org/10.1016/j.irfa.2011.10.001.
Buonanno, P., Montolio, D., & Vanin, P. (2009). Does social capital reduce crime? The Journal of Law and Economics, 52(1), 145–170. https://doi.org/10.1086/595698.
Charron, N., Dijkstra, L., & Lapuente, V. (2014). Regional governance matters: Quality of government within European Union member states. Regional Studies, 48(1), 68–90. https://doi.org/10.1080/00343404.2013.770141.
- Cherif, M., & Gazdar, K. (2010). Institutional and macroeconomic determinants of stock market development in Mena region: New results from a panel data analysis. International Journal of Banking and Finance, 7(1), 139–159.
Paper not yet in RePEc: Add citation now
Chinn, M. D., & Ito, H. (2006). What matters for financial development? Capital controls, institutions, and interactions. Journal of Development Economics, 81(1), 163–192. https://doi.org/10.1016/j.jdeveco.2005.05.010.
Choi, I. (2001). Unit root tests for panel data. Journal of International Money and Finance, 20(2), 249–272. https://doi.org/10.1016/S0261-5606(00)00048-6.
Chong, A., & Zanforlin, L. (2000). Law tradition and institutional quality: Some empirical evidence. Journal of International Development, 12(8), 1057–1068. https://doi.org/10.1002/jid.681.
- Diamonte, R. L., Liew, J. M., & Stevens, R. L. (1996). Political risk in emerging and developed markets. Financial Analysts Journal, 52(2), 71–76. https://doi.org/10.2469/faj.v52.n3.1998.
Paper not yet in RePEc: Add citation now
- Djankov, S., La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (2008). The law and economics of self‐dealing. Journal of Financial Economics, 88(3), 430–465. https://doi.org/10.1016/j.jfineco.2007.02.007.
Paper not yet in RePEc: Add citation now
Dreher, A., Kotsogiannis, C., & McCorriston, S. (2007). Corruption around the world: Evidence from a structural model. Journal of Comparative Economics, 35(3), 443–466. https://doi.org/10.1016/j.jce.2007.07.001.
Dutta, N., & Roy, S. (2016). The interactive impact of press freedom and media reach on corruption. Economic Modelling, 58, 227–236. https://doi.org/10.1016/j.econmod.2016.05.008.
Ekici, A., & Onsel, S. (2013). How ethical behavior of firms is influenced by the legal and political environments: A Bayesian causal map analysis based on stages of development. Journal of Business Ethics, 115(2), 271–290. https://doi.org/10.1007/s10551-012-1393-4.
Fergusson, L. (2006). Institutions for financial development: What are they and where do they come from? Journal of Economic Surveys, 20(1), 27–70. https://doi.org/10.1111/j.0950-0804.2006.00275.x.
Francis, B. B., & Ofori, E. (2015). Political regimes and stock market development. Eurasian Economic Review, 5(1), 111–137. https://doi.org/10.1007/s40822-015-0018-5.
Gani, A., & Ngassam, C. (2008). Effect of institutional factors on stock market development in Asia. American Journal of Finance and Accounting, 1(2), 103–120. https://doi.org/10.1504/AJFA.2008.019947.
Guiso, L., Sapienza, P., & Zingales, L. (2008). Trusting the stock market. The Journal of Finance, 63(6), 2557–2600. https://doi.org/10.1111/j.1540-6261.2008.01408.x.
Guiso, L., Sapienza, P., & Zingales, L. (2009). Culture biases in economic exchange? The Quarterly Journal of Economics, 124(3), 1095–1131. https://doi.org/10.1162/qjec.2009.124.3.1095.
Hail, L., & Leuz, C. (2006). International differences in the cost of equity capital: Do legal institutions and securities regulation matter? Journal of Accounting Research, 44(3), 485–531. https://doi.org/10.1111/j.1475-679X.2006.00209.x.
- Hansen, B. E. (1999). Threshold effects in non‐dynamic panels: Estimation, testing, and inference. Journal of Econometrics, 93(2), 345–368. https://doi.org/10.1016/S0304-4076(99)00025-1.
Paper not yet in RePEc: Add citation now
- Hillman, A. L., & Krausz, M. (2004). Development failure, corruption, and the financial system. Paper presented at the European Public Choice Society Conference in Berlin, April (15–18).
Paper not yet in RePEc: Add citation now
Ho, S.‐Y., & Iyke, B. N. (2017). Determinants of stock market development: A review of the literature. Studies in Economics and Finance, 34(1), 143–164. https://doi.org/10.1108/SEF-05-2016-0111.
Hooper, V., Sim, A. B., & Uppal, A. (2009). Governance and stock market performance. Economic Systems, 33(2), 93–116. https://doi.org/10.1016/j.ecosys.2009.03.001.
Huang, Y. (2010). Political institutions and financial development: An empirical study. World Development, 38(12), 1667–1677. https://doi.org/10.1016/j.worlddev.2010.04.001.
Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74. https://doi.org/10.1016/S0304-4076(03)00092-7.
- IMF. (2005). The IMF approach to promoting good governance and combating corruption—A guide. Washington, D.C., U.S: International Monetary Fund.
Paper not yet in RePEc: Add citation now
Kaufmann, D., Kraay, A. & Mastruzzi, M. (2007). The Worldwide Governance Indicators project: Answering the critics. Policy Research Working Paper 4149. Washington, DC: World Bank.
- Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The worldwide governance indicators: Methodology and analytical issues. Hague Journal on the Rule of Law, 3(2), 220–246. https://doi.org/10.1017/S1876404511200046.
Paper not yet in RePEc: Add citation now
- Kaufmann, D., Kraay, A., & Zoido‐Lobaton, P. (2002). Governance matters II‐updated indicators for 2000/01. World Bank Policy Research Department, Working Paper, no. 2772. Washington DC: World Bank Institute.
Paper not yet in RePEc: Add citation now
Kim, D. H., & Lin, S. C. (2013). Interrelationships among banks, stock markets and economic growth: An empirical investigation. Applied Economics, 45(31), 4385–4394. https://doi.org/10.1080/00036846.2013.786165.
Kraay, A., & Kaufmann, D. (2002). Growth without governance. The World Bank. https://doi.org/10.1596/1813-9450-2928.
- Kruiniger, H. (1999). GMM estimation of dynamic panel data models with persistent data. London: Queen Mary and Westfield College Working Paper No. 428.
Paper not yet in RePEc: Add citation now
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. (2002). Investor protection and corporate valuation. The Journal of Finance, 57(3), 1147–1170. https://doi.org/10.1111/1540-6261.00457.
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal determinants of external finance. Journal of Finance, 52, 1131–1150. https://doi.org/10.1111/j.1540-6261.1997.tb02727.x.
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106, 1113–1155. https://doi.org/10.1086/250042.
Law, S. H., & Azman‐Saini, W. N. W. (2012). Institutional quality, governance, and financial development. Economics of Governance, 13(3), 217–236. https://doi.org/10.1007/s10101-012-0112-z.
Law, S. H., Azman‐Saini, W. N. W., & Ibrahim, M. H. (2013). Institutional quality thresholds and the finance–growth nexus. Journal of Banking & Finance, 37(12), 5373–5381. https://doi.org/10.1016/j.jbankfin.2013.03.011.
Lehkonen, H., & Heimonen, K. (2015). Democracy, political risks and stock market performance. Journal of International Money and Finance, 59(12), 77–99. https://doi.org/10.1016/j.jimonfin.2015.06.002.
- Li, J., Maung, M., & Wilson, C. (2018). Governance and financial development: A cross‐country analysis. Journal of International Financial Markets Institutions and Money, 52, 227–239. https://doi.org/10.1016/j.intfin.2017.09.020.
Paper not yet in RePEc: Add citation now
Low, S.‐W., Kew, S.‐R., & Tee, L.‐T. (2011). International evidence on the link between quality of governance and stock market performance. Global Economic Review, 40(3), 361–384. https://doi.org/10.1080/1226508X.2011.601646.
Low, S.‐W., Tee, L.‐T., & Kew, S.‐R. (2015). Does the quality of governance matter for equity market risk? Evidence from emerging and developed equity markets. Journal of Business Economics and Management, 16(3), 660–674.
Manasseh, C. O., Mathew, T. E., & Ogbuabor, J. E. (2017). Investigating the nexus between institutional quality and stock market development in Nigeria: An autoregressive distributed lag (ARDL) approach. African Development Review, 29(2), 272–292. https://doi.org/10.1111/1467-8268.12256.
- McClendon, M. J. (2002). Multiple regression and causal analysis. Long Grove, IL: Waveland Press.
Paper not yet in RePEc: Add citation now
Modigliani, F., & Perotti, E. (1997). Protection of minority interest and the development of security markets. Managerial and Decision Economics, 18(7–8), 519–528. https://doi.org/10.1002/(SICI)1099-1468(199711/12)18:7/8<519::AID-MDE857>3.0.CO;2-M.
- Mouselli, S., Aljazaerli, M. A., & Sirop, R. (2016). Corruption and stock market development: New evidence from GCC countries. Business: Theory and Practice, 17(2), 117–127.
Paper not yet in RePEc: Add citation now
Naik, P. K., & Padhi, P. (2015). On the linkage between stock market development and economic growth in emerging market economies: Dynamic panel evidence. Review of Accounting and Finance, 14(4), 363–381. https://doi.org/10.1108/RAF-09-2014-0105.
- Ng, A., Ibrahim, M. H., & Mirakhor, A. (2015). Ethical behavior and trustworthiness in the stock market‐growth nexus. Research in International Business and Finance, 33, 44–58. https://doi.org/10.1016/j.ribaf.2014.06.004.
Paper not yet in RePEc: Add citation now
Ng, A., Ibrahim, M. H., & Mirakhor, A. (2016). Does trust contribute to stock market development? Economic Modelling, 52, 239–250. https://doi.org/10.1016/j.econmod.2014.10.056.
Pan, L., & Mishra, V. (2018). Stock market development and economic growth: Empirical evidence from China. Economic Modelling, 68, 661–673. https://doi.org/10.1016/j.econmod.2017.07.005.
Papaioannou, E. (2009). What drives international financial flows? Politics, institutions and other determinants. Journal of Development Economics, 88(2), 269–281. https://doi.org/10.1016/j.jdeveco.2008.04.001.
Pistor, K., Raiser, M., & Gelfer, S. (2000). Law and finance in transition economies. The Economics of Transition, 8(2), 325–368. https://doi.org/10.1111/1468-0351.00047.
Podobnik, B., Shao, J., Njavro, D., Ivanov, P. C., & Stanley, H. E. (2008). Influence of corruption on economic growth rate and foreign investment. The European Physical Journal B, 63(4), 547–550. https://doi.org/10.1140/epjb/e2008-00210-2.
Rajan, R. G., & Zingales, L. (2003). The great reversals: The politics of financial development in the twentieth century. Journal of Financial Economics, 69(1), 5–50. https://doi.org/10.1016/S0304-405X(03)00125-9.
Sarkar, P., & Singh, A. (2010). Law, finance and development: Further analyses of longitudinal data. Cambridge Journal of Economics, 34(2), 325–346. https://doi.org/10.1093/cje/bep055.
Shao, J., Ivanov, P. C., Podobnik, B., & Stanley, H. E. (2007). Quantitative relations between corruption and economic factors. The European Physical Journal B, 56(2), 157–166. https://doi.org/10.1140/epjb/e2007-00098-2.
Su, T. D., & Bui, T. M. H. (2017). Government size, public governance and private investment: The case of Vietnamese provinces. Economic Systems, 41(4), 651–666. https://doi.org/10.1016/j.ecosys.2017.01.002.
Ulusoy, V., & Demiralay, S. (2017). Energy demand and stock market development in OECD countries: A panel data analysis. Renewable and Sustainable Energy Reviews, 71, 141–149. https://doi.org/10.1016/j.rser.2016.11.121.
- UN (United Nations). (2020). Country classification. available at: https://www.un.org/en/development/desa/policy/wesp/wesp_current/2014wesp_country_classification.pdf (accessed 28th October 2020).
Paper not yet in RePEc: Add citation now
Wang, Y., & You, J. (2012). Corruption and firm growth: Evidence from China. China Economic Review, 23(2), 415–433. https://doi.org/10.1016/j.chieco.2012.03.003.
- WEF. (2018). The Global Competitiveness Report 2018. available at: http://reports.weforum.org/global-competitiveness-report-2018/ (accessed 8th February 2019).
Paper not yet in RePEc: Add citation now
Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two‐step GMM estimators. Journal of Econometrics, 126, 25–51. https://doi.org/10.1016/j.jeconom.2004.02.005.
Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. Massachusetts, U.S.: MIT press.
- World Bank. (2019). The World Bank Data Bank. available at: http://databank.worldbank.org/data/home.aspx (accessed 8th February 2019).
Paper not yet in RePEc: Add citation now
Yang, B. (2011). Does democracy foster financial development? An empirical analysis. Economics Letters, 112(3), 262–265. https://doi.org/10.1016/j.econlet.2011.05.012.
- Yartey, C. A. (2007). Macroeconomic and institutional determinants of stock market development in Africa. In J. O. Okpara (Ed.), Management and economic development in sub‐Saharan Africa: Theoretical and applied perspectives (pp. 166–188). London: Adonis and Abbey Publishers.
Paper not yet in RePEc: Add citation now
Yartey, C. A. (2010). The institutional and macroeconomic determinants of stock market development in emerging economies. Applied Financial Economics, 20(21), 1615–1625. https://doi.org/10.1080/09603107.2010.522519.
- Žvirblis, A., & Buračas, A. (2010). The consolidated measurement of the financial markets' development: The case of transitional economies. Technological and Economic Development of Economy, 16(2), 266–279. https://doi.org/10.3846/tede.2010.17.
Paper not yet in RePEc: Add citation now