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https://ptsldigital.ukm.my/jspui/handle/123456789/513718| Title: | Country-level governance quality and pension funds-stock market deleopment relations : evidence from panel data |
| Authors: | Sharifa Omar Salim (ZP02033) |
| Supervisor: | Rasidah Mohamed Said, Assoc. Prof. Dr. |
| Keywords: | Capital market Institutional investors Universiti Kebangsaan Malaysia -- Dissertations Dissertations, Academic -- Malaysia |
| Issue Date: | 7-Aug-2019 |
| Description: | The relationship between institutional investors and capital market development has been empirically studied and the results are mixed. Some argue that institutional investors funds can have an accelerating effect on financial development by channelling the saving to investment and enhancing capital market development, whereas others hold that institutional investors has little or no relevance to the development of capital market. This dissertation argues that, focusing on the direct link between institutional investors and capital market development without considering other contingent factors might be among the reasons of the mixed results. This dissertation therefore seeks to investigate the overlooked indirect relation using country-level governance quality as a contingency factor. The motivation to use country-level governance is driven by the belief that, it is a crucial factor in relationship among economic agents. Panel data for sixteen countries are analysed for the period 1996 to 2016. For estimation techniques, the study uses Common Correlated Mean Group (CCEMG) and Augmented Mean Group (AMG) techniques that account for cross-sectional dependence and endogeneity. In summary, when group analyses are considered, the most important finding indicated that country governance moderate the link between pension funds and stock market development only in some countries in the sample. The study also provides evidence that regulatory quality has substantial large moderating effect as compared to the rest of governance indicators. Furthermore, Pension funds promote the size and liquidity of stock market, however the effect is marked more in market-based economies as compared to bank-based economies. Finally, by categorising countries into pension welfare model, findings show that the impacts of pension funds on stock market development pronounced most in the category that are not Anglo-Saxon, continental or Mediterranean models. The findings of this thesis contribute to the governance and financial development literature giving new insight on the role played by governance framework in the operations of financial sectors. The implications of the present study are multifaceted, and the findings of the study implies that, the stock markets can be flourished by institutional funds of the country, if good governance mechanisms are at place,Ph.D |
| Pages: | 245 |
| Call Number: | HG4523.S533 2019 tesis |
| Publisher: | UKM, Bangi |
| Appears in Collections: | Graduate School of Business / Pusat Pengajian Siswazah Perniagaan |
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| ukmvital_127737+SOURCE1+SOURCE1.0.PDF Restricted Access | 3.63 MB | Adobe PDF |  View/Open |
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