تأثیر کیفیت نهادی در رابطه کنترل فساد با توسعه بازار سهام در کشورهای منتخب
محورهای موضوعی : بازارها و نهادهای مالی
1 - گروه حسابداری، واحد ابرکوه، دانشگاه آزاد اسلامی، ابرکوه، ایران.
کلید واژه: توسعه بازار سهام, کنترل فساد, کیفیت نهادی, نرخ ارز خارجی,
چکیده مقاله :
هدف: در خصوص گرایش دولت‌ها به توسعه مالی دو دیدگاه وجود دارد. دیدگاه اول، دولت‌ها به حمایت از بخش‌های اعتباری می‌پردازند و با نظارت مناسب در بازارهای مالی، دسترسی بنگاه‌های تولیدی به منابع مالی را تسهیل می‌کنند. دیدگاه دوم، دیدگاه سیاسی نام دارد که بر مبنای آن، دولت‌ها با پیگیری اهداف خویش، منجر به افزایش هزینه‌ها می‌گردد درنهایت باعث، تنزل شاخص‌های توسعه مالی می‌شوند. باتوجه‌به این موضوع، پژوهش حاضر به بررسی عوامل مؤثر بر توسعه بازار سهام با تأکید بر کنترل فساد و کیفیت نهادی پرداخته است.
روش‌شناسی پژوهش: تحقیق حاضر به لحاظ هدف از نوع کاربردی است. همچنین، این تحقیق در گروه تحقیقات توصیفی-تحلیلی قرار می‌گیرد. داده‌ها به شیوه کتابخانه‌ای جمع‌آوری شده است. سطح تحلیل، کشورهای منتخب است. برای تحلیل داده‌ها از روش پانل دیتا در نرم‌افزار استتا استفاده شد.
یافته‌ها: نتایج تخمین مدل به روش حداقل مربعات تعمیم‌یافته عملی نشان داده است که کنترل فساد و کیفیت نهادی تأثیر مثبت و معنی‌داری بر توسعه بازار سهام‌دارند و کیفیت نهادی، رابطه کنترل فساد با توسعه بازار سهام را تعدیل می‌کند، به‌نحوی‌که با بهبود کیفیت نهادی، تأثیر کنترل فساد بر توسعه بازار سهام تقویت می‌شود. همچنین، درآمد سرانه تأثیر مثبت و معنی‌داری بر توسعه بازار سهام دارد، درحالی‌که تأثیر نرخ ارز خارجی بر توسعه بازار سهام معنی‌دار نمی‌باشد.
اصالت / ارزش‌افزوده علمی: یافته‌های این پژوهش می‌تواند به کاهش و کنترل فساد با توسعه بازار سهام از طریق کیفیت نهادی منجر گردد.
Objective: There are two perspectives regarding governments’ inclination toward financial development. The first perspective suggests that governments support credit sectors and, through appropriate supervision of financial markets, facilitate production firms' access to financial resources. The second perspective, known as the political view, argues that governments, in pursuit of their own objectives, increase overall costs, ultimately leading to a decline in financial development indicators. Considering this, the present study examines the factors affecting stock market development, with an emphasis on corruption control and institutional quality.
Research Methodology: This study is applied in nature. Additionally, it falls within the category of descriptive-analytical research. The data were collected using library-based methods. The level of analysis includes selected countries. To analyze the data, the panel data method was employed using Stata software.
Findings: The estimation results using the Feasible Generalized Least Squares (FGLS) method demonstrate that corruption control and institutional quality have a positive and significant impact on stock market development. Moreover, institutional quality moderates the relationship between corruption control and stock market development, such that an improvement in institutional quality strengthens the effect of corruption control on stock market development. Additionally, per capita income has a positive and significant effect on stock market development, whereas the impact of the foreign exchange rate on stock market development is not statistically significant.
Originality/Scientific Contribution: The findings of this study suggest that reducing and controlling corruption through enhanced institutional quality can contribute to stock market development.
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