Stock market capitalization: how to manage its determinants?

• Autorzy: Bui Ngoc Toan

Identyfikatory

DOI

10.17512/pjms.2023.27.2.02

Warianty tytułu

PL

Kapitalizacja giełdy: jak zarządzać jej determinantami?

• Języki publikacji: EN

Abstrakty

EN

The paper investigates the determinants of stock market capitalization in emerging market and developing economies, including China, Indonesia, India, Sri Lanka, Malaysia, the Philippines, Thailand and Vietnam from 2008-2020. Although this is not a new research topic for developed economies, it is less popular for emerging markets and developing economies, which is this paper’s novelty. Moreover, most current studies have focused solely on exploring the determinants of stock market capitalization, with only a few examining how the stock market capitalization responds to a country's corruption control efforts. This study aims to address this gap by thoroughly analyzing how efforts to control corruption by countries impact stock market capitalization and its determinants. By applying the Generalized Method of Moments (GMM), the author has defined inflation as a negative economic determinant of stock market capitalization. However, it positively correlates to the corruption control index and other economic factors, namely GDP per capita, domestic credit and trade. These confirm that the improvements in macro environments and corruption control play a vital role in the emerging market and developing economies in fostering their stock markets.

PL

W artykule zbadano determinanty kapitalizacji rynków akcji w gospodarkach wschodzących i rozwijających się, w tym w Chinach, Indonezji, Indiach, Sri Lance, Malezji, Filipinach, Tajlandii i Wietnamie w latach 2008-2020. Chociaż nie jest to nowy temat badawczy dla gospodarek rozwiniętych, jest on mniej popularny w przypadku rynków wschodzących i gospodarek rozwijających się, co stanowi nowość tego artykułu. Co więcej, większość obecnych badań koncentrowała się wyłącznie na badaniu czynników determinujących kapitalizację giełdową, a tylko nieliczne badały, w jaki sposób kapitalizacja giełdowa reaguje na wysiłki danego kraju w zakresie kontroli korupcji. Niniejsze badanie ma na celu wypełnienie tej luki poprzez dogłębną analizę tego, w jaki sposób wysiłki na rzecz kontroli korupcji w poszczególnych krajach wpływają na kapitalizację giełdową i jej determinanty. Stosując uogólnioną metodę momentów (GMM), autor zdefiniował inflację jako negatywną determinantę ekonomiczną kapitalizacji giełdowej. Jest ona jednak pozytywnie skorelowana ze wskaźnikiem kontroli korupcji i innymi czynnikami ekonomicznymi, a mianowicie PKB per capita, kredytem krajowym i handlem. Potwierdza to, że poprawa otoczenia makroekonomicznego i kontrola korupcji odgrywają istotną rolę na rynkach wschodzących i w gospodarkach rozwijających się we wspieraniu ich rynków akcji.

Słowa kluczowe

EN

corruption control index; emerging market; stock market capitalization

PL

wskaźnik kontroli korupcji; rynek wschodzący; kapitalizacja giełdowa

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2023
• Tom: Vol. 27, No. 2
• Strony: 23--38
• Opis fizyczny: Bibliogr. 52 poz., rys., tab.

Twórcy

autor

Bui Ngoc Toan

• Faculty of Finance and Banking, University of Finance – Marketing (UFM), Ho Chi Minh City, Vietnam

• https://orcid.org/0000-0002-0595-3172

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Uwagi

Opracowanie rekordu ze środków MEiN, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2022-2023).