Determinants of stock market development: The case of developing countries and Vietnam
Stock market is a key channel to the mobilization of long-term capi-tal in an economy, and determinants of stock market development in developing countries are still undecided. This paper aims to inves-tigate these determinants in Vietnam and other developing countries, whose differences are also po...
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University of Economics Ho Chi Minh City
2023
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oai:scholar.dlu.edu.vn:DLU123456789-1155372023-03-08T03:56:54Z Determinants of stock market development: The case of developing countries and Vietnam Su, Dinh Thanh Bui, Thi Mai Hoai Nguyen, Van Bon Stock market is a key channel to the mobilization of long-term capi-tal in an economy, and determinants of stock market development in developing countries are still undecided. This paper aims to inves-tigate these determinants in Vietnam and other developing countries, whose differences are also pointed out by applying two-way Gener-alized Method of Moments to the panel data of 36 developing countries over the period of 2003–2014. Our findings are intriguing. First, in developing countries economic growth, domestic credit, and stock market liquidity are positive determinants of the development of stock market. While the effect of money supply is negative, insti-tutional factors such as government effectiveness and rule of law have significantly positive impacts, in contrast to corruption control and political stability (whose impacts are significant and negative). Second, regarding the development of the stock market in Vietnam, the effects of such macroeconomic factors as economic growth, domestic investment, foreign direct investment, domestic credit, broad money supply, stock market liquidity, and inflation are signif-icant and negative, whereas those of all institution variables, includ-ing control of corruption, government effectiveness, political stabil-ity, regulatory quality, rule of law, and voice and accountability, are significant and positive. This implies that well-established institutions are crucial for promoting a demand for stocks and stock market performance in Vietnam. 2023-03-08T03:56:54Z 2023-03-08T03:56:54Z 2017 Article 2615-9112 http://jabes.ueh.edu.vn/Home/SearchArticle?article_Id=54c208ed-c85e-4ec1-958e-b81293e21b1a https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115537 10.24311/jabes/2017.24.1.05 en Journal of Asian Business and Economic Studies, Volume 24, Issue 01; p. 32-53 application/pdf University of Economics Ho Chi Minh City |
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Thư viện Trường Đại học Đà Lạt |
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English |
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Stock market is a key channel to the mobilization of long-term capi-tal in an economy, and determinants of stock market development in developing countries are still undecided. This paper aims to inves-tigate these determinants in Vietnam and other developing countries, whose differences are also pointed out by applying two-way Gener-alized Method of Moments to the panel data of 36 developing countries over the period of 2003–2014. Our findings are intriguing. First, in developing countries economic growth, domestic credit, and stock market liquidity are positive determinants of the development of stock market. While the effect of money supply is negative, insti-tutional factors such as government effectiveness and rule of law have significantly positive impacts, in contrast to corruption control and political stability (whose impacts are significant and negative). Second, regarding the development of the stock market in Vietnam, the effects of such macroeconomic factors as economic growth, domestic investment, foreign direct investment, domestic credit, broad money supply, stock market liquidity, and inflation are signif-icant and negative, whereas those of all institution variables, includ-ing control of corruption, government effectiveness, political stabil-ity, regulatory quality, rule of law, and voice and accountability, are significant and positive. This implies that well-established institutions are crucial for promoting a demand for stocks and stock market performance in Vietnam. |
| format |
Article |
| author |
Su, Dinh Thanh Bui, Thi Mai Hoai Nguyen, Van Bon |
| spellingShingle |
Su, Dinh Thanh Bui, Thi Mai Hoai Nguyen, Van Bon Determinants of stock market development: The case of developing countries and Vietnam |
| author_facet |
Su, Dinh Thanh Bui, Thi Mai Hoai Nguyen, Van Bon |
| author_sort |
Su, Dinh Thanh |
| title |
Determinants of stock market development: The case of developing countries and Vietnam |
| title_short |
Determinants of stock market development: The case of developing countries and Vietnam |
| title_full |
Determinants of stock market development: The case of developing countries and Vietnam |
| title_fullStr |
Determinants of stock market development: The case of developing countries and Vietnam |
| title_full_unstemmed |
Determinants of stock market development: The case of developing countries and Vietnam |
| title_sort |
determinants of stock market development: the case of developing countries and vietnam |
| publisher |
University of Economics Ho Chi Minh City |
| publishDate |
2023 |
| url |
http://jabes.ueh.edu.vn/Home/SearchArticle?article_Id=54c208ed-c85e-4ec1-958e-b81293e21b1a https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115537 |
| _version_ |
1819789524094418944 |