Kurumsal Kalitenin ve Makroekonomik Göstergelerin Finansal Piyasalara Etkisi: Gelişmekte Olan Piyasalar Üzerine Bir Araştırma

Esra Karpuz; Nasıf Özkan

doi:10.46520/bddkdergisi.986671

Research Article

Kurumsal Kalitenin ve Makroekonomik Göstergelerin Finansal Piyasalara Etkisi: Gelişmekte Olan Piyasalar Üzerine Bir Araştırma

Year 2021, Volume: 15 Issue: 1, 147 - 173, 10.08.2021

Esra Karpuz Nasıf Özkan

https://doi.org/10.46520/bddkdergisi.986671

Cited By: 2

Abstract

Bu çalışma, 2002-2017 yılları arasında Morgan Stanley Capital International Gelişmekte Olan Piyasalar Endeksi’nde (MSCIEF) yer alan borsaların gelişimini etkileyen kurumsal
ve makroekonomik faktörleri saptamayı amaçlamaktadır. Bu bağlamda çalışmada, 25 gelişmekte olan piyasanın verileri panel veri modelleriyle analiz edilmektedir. Elde
edilen bulgulara göre, kurumsal kalite değişkenlerinden politik istikrar ve şiddetsizlik ile ifade özgürlüğü ve hesap verilebilirlik değişkenlerinin, pay piyasalarının gelişimi üzerindeki
etkisi pozitiftir. Benzer şekilde, makroekonomik değişkenlerden gayrisafi yurtiçi hasıla (GSYH) yıllık büyüme oranı, özel sektöre verilen yurtiçi krediler ve yurtiçi tasarruflar da
pay piyasalarının gelişimini pozitif etkilemektedir.

Keywords

Borsalar, Finansal gelişme,, Gelişmekte olan ülkeler

References

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4. Ajide, K. B. (2014). Quality of Governance and Stock Market Performance: The Nigerian Experience. Journal of Economics and Development Studies, 2(2), 501–522.
5. 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
6. Ayaydın, H., ve Baltacı, N. (2013). Corruption, banking sector, and stock market develop- ment: A panel data analysis. European Jour- nal of Research on Education, Special Issue: Human Resource Management, 94–99.
7. Ayaydın, H., Barut, A., ve Pala, F. (2019). Farklı Gelişmişlik Düzeylerinde Kurumsal Kalitenin Borsa Performansı Üzerindeki Etkisi: Ampirik Bir Analiz. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 22, 107–122. https://doi. org/10.18092/ulikidince.414985
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10. Cherif, M., ve Gazdar, K. (2010). Institutional and Macroeconomic Determinants of Stock Market Development in Mena Region: New Results From a Panel Data Analysis. The International Journal of Banking and Finance, 7(1), 139–159.
11. Claessens, S., Klingebiel, D., ve Schmukler, S. (2001). FDI and stock market development: Complements or substitutes? World Bank Working Paper.
12. Garcia, V. F., ve Liu, L. (1999). Macroeconomic Determinants of Stock Market Development. Journal of Applied Economics, 2(1), 29–59.
13. Garson, G. David. 2016. Partial Least Squares (PLS-SEM): 2016 Edition. Statistical Associates Publishing, Asheboro.
14. Güvercin, D. ve Gök, A. (2019). Institutions, Financial Development and Economic Growth. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 124-141.
15. International Monetary Fund (IMF). External Relations Dept., . (1996). Stock Markets: A Spur to Economic Growth. In Finance ve Development, March 1996. USA: INTER NATIONAL MONETARY FUND. doi: https://doi. org/10.5089/9781451953190.022
16. İltaş, Y., ve Üçler, G. (2019). Kurumsal Kalite ve Finansal Riskin Menkul Kıymetler Borsası Üzerine Etkisi: Türkiye İçin Ampirik Bir İnceleme. Sosyoekonomi, 27(41), 113–128. https://doi.org/10.17233/sosyoekonomi.2019.03.06
17. Karaca, O. (2012). Finansal Gelişme ve Ekonomik Büyüme: Türkiye İçin Bir Nedensellik Analizi. BDDK Bankacılık ve Finansal Piyasalar, 6(2), 2012, 85- 111.
18. Kaufmann, D., Kraay, A., ve Mastruzzi, M. (2010). The Worldwide Governance Indicators: Methodology and Analytical Issues. In World Bank Policy Research Working Paper. www.govindicators.org.
19. Kemboi, J. K., ve Tarus, D. K. (2012). Macroeconomic Determinants of Stock Market Development in Emerging Markets: Evidence from Kenya. Research Journal of Finance and Accounting, 3(5), 57–69.
20. Khan, M.A., Kong, D., Xiang, J. ve Zhang, J., (2019). Impact of institutional quality on financial development: cross-country evidence based on emerging and growth-leading economies. Emerg. Mark. Finance Trade, 1–17. http:// dx.doi.org/10.1080/1540496X.2019.1588725.
21. Law, S. H. ve Azman-Saini, W. N. W. (2008). The Quality of Institutions and Financial Development, MPRA Paper No. 12107, posted 12.
22. Law, S. H., ve Azman-Saini, W. N. W. (2012). Institutional Quality, Governance, and Financial Development. Economics of Governance, 13, 217–236.
23. Law, S. H., ve Habibullah, M. S. (2009). The Determinants of Financial Development: Institutions, Openness and Financial Liberalisation. South African Journal of Economics, 77(1), 45–58. https://doi.org/10.1111/j.1813- 6982.2009.01201.x
24. Lombardo, D., ve Pagano, M. (2000). Legal Determinants of the Return on Equity. Centre for Studies in Economics and Finance Working Paper, 24.
25. Narayan, P. K., Sharma, S. S., ve Thuraisamy, K. S. (2015). Can governance quality predict stock market returns? New global evidence. Pacific Basin Finance Journal, 35, 367–380.
26. Pesaran, M. H., (2004). General Diagnostic Tests for Cross Section Dependence in Panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economic, 0435.
27. Raza, A., Iqbal, N., Zeshan, A., Ahmed, M., ve Ahmed, T. (2012). The Role of FDI on Stock Market Development: The Case of Pakistan. Journal of Economics and Behavioral Studies, 4(1), 26–33. https://doi.org/10.22610/jebs. v4i1.299
28. Ringle, Christian M., Wende, Sven, & Becker, Jan-Michael. (2015). SmartPLS 3. Bönningstedt: SmartPLS.
29. Rogerson, P.A. (2001). Statistical Methods for Geography. London: Sage. https://dx.doi.org/10.4135/9781849209953
30. Sarstedt, M., Ringle, C. M., & Hair, J. F. (2017). Partial least squares structural equation modelling. In: C. Homburg, et al. (Eds.), Handbook of market research (pp. 1–40). Springer International Publishing AG. https://doi. org/10.1007/978-3-319-05542-8_15-1
31. Shahbaz, M., Rehman, I. U., ve Afza, T. (2016). Macroeconomic Determinants of Stock Market Capitalization in an Emerging Market: Fresh Evidence from Cointegration with Unknown Structural Breaks. Macroeconomics and Finance in Emerging Market Economies, 9(1), 75–99. https://doi.org/10.10 80/17520843.2015.1053820
32. Şahin, D., ve Temelli, F. (2018). APEC Ülkelerinde Hisse Senedi Piyasası Gelişimin Makroekonomik ve Kurumsal Belirleyicileri Üzerine Bir Analiz. Uluslararası İktisadi ve İdari İncelemeler Dergisi, Prof. Dr. Harun Terzi Özel Sayısı, 257–270.
33. Thanh, S. D., Hoai, B. T. M., ve Bon, N. VAN. (2016). Determinants of Stock Market Development: The Case of Developing Countries and Vietnam. Journal of Economics Development, 24(1), 32–53. https://doi.org/10.24311/ jed/2017.24.1.05
34. Umar, B., ve Nayan, S. (2018). Does Regulatory Quality Matters for Stock Market Development? Evidence from Africa. International Journal of Economics and Financial Issues, 8(4), 10-15.
35. Yartey, C. A. (2008). The Determinants of Stock Market Development in Emerging Economies: Is South Africa Different? IMF Working Paper, 8(32), 1.
36. Yerdelen Tatoğlu, F (2012). Panel Veri Ekonometrisi, 2nd Ed.; Beta Yayınevi: Istanbul, Turkey.
37. Winful, E. C., Sarpong, D., ve Agyei-Ntiamoah, J. (2016). Relationship between institutional quality and stock market performance: Evidence from emerging economies. African Journal of Business Management, 10(19), 469–484.

The Effect of Institutional Quality and Macroeconomic Indicators on Financial Markets: A Research on the Emerging Markets

Year 2021, Volume: 15 Issue: 1, 147 - 173, 10.08.2021

Esra Karpuz Nasıf Özkan

https://doi.org/10.46520/bddkdergisi.986671

Cited By: 2

Abstract

Keywords

Borsalar, Finansal gelişme

References

1. Abdi, H,, ve Williams, L, J, (2010), Principal component analysis, Principal Component Analysis, 2, 433–459, https://doi,org/10,1002/wics,101
2. Acquah-Sam, E. (2016). Determinants Of Capital Market Development In Ghana. European Scientific Journal, ESJ, 12(1), 251. https://doi.org/10.19044/ esj.2016.v12n1p251
3. Aduda, J., Masila, J. M., ve Onsongo, E. N. (2012). The Determinants of Stock Market Development : The Case for the Nairobi Stock Exchange. International Journal of Humanities and Social Science, 2(9), 214–230.
4. Ajide, K. B. (2014). Quality of Governance and Stock Market Performance: The Nigerian Experience. Journal of Economics and Development Studies, 2(2), 501–522.
5. 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
6. Ayaydın, H., ve Baltacı, N. (2013). Corruption, banking sector, and stock market develop- ment: A panel data analysis. European Jour- nal of Research on Education, Special Issue: Human Resource Management, 94–99.
7. Ayaydın, H., Barut, A., ve Pala, F. (2019). Farklı Gelişmişlik Düzeylerinde Kurumsal Kalitenin Borsa Performansı Üzerindeki Etkisi: Ampirik Bir Analiz. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 22, 107–122. https://doi. org/10.18092/ulikidince.414985
8. Bartlett, M.S. (1950). Tests of Significance in Factor Analysis. British Journal of Statistical Psychology, 3, 77-85. https://doi.org/10.1111/j.2044-8317.1950. tb00285.x
9. Boadi, I., ve Amegbe, H. (2017). The Link between Quality of Governance and Stock Market Performance: International Level Evidence. European Journal of Government and Economics, 6(1), 78–101. https://doi.org/10.17979/ ejge.2017.6.1.4324
10. Cherif, M., ve Gazdar, K. (2010). Institutional and Macroeconomic Determinants of Stock Market Development in Mena Region: New Results From a Panel Data Analysis. The International Journal of Banking and Finance, 7(1), 139–159.
11. Claessens, S., Klingebiel, D., ve Schmukler, S. (2001). FDI and stock market development: Complements or substitutes? World Bank Working Paper.
12. Garcia, V. F., ve Liu, L. (1999). Macroeconomic Determinants of Stock Market Development. Journal of Applied Economics, 2(1), 29–59.
13. Garson, G. David. 2016. Partial Least Squares (PLS-SEM): 2016 Edition. Statistical Associates Publishing, Asheboro.
14. Güvercin, D. ve Gök, A. (2019). Institutions, Financial Development and Economic Growth. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 124-141.
15. International Monetary Fund (IMF). External Relations Dept., . (1996). Stock Markets: A Spur to Economic Growth. In Finance ve Development, March 1996. USA: INTER NATIONAL MONETARY FUND. doi: https://doi. org/10.5089/9781451953190.022
16. İltaş, Y., ve Üçler, G. (2019). Kurumsal Kalite ve Finansal Riskin Menkul Kıymetler Borsası Üzerine Etkisi: Türkiye İçin Ampirik Bir İnceleme. Sosyoekonomi, 27(41), 113–128. https://doi.org/10.17233/sosyoekonomi.2019.03.06
17. Karaca, O. (2012). Finansal Gelişme ve Ekonomik Büyüme: Türkiye İçin Bir Nedensellik Analizi. BDDK Bankacılık ve Finansal Piyasalar, 6(2), 2012, 85- 111.
18. Kaufmann, D., Kraay, A., ve Mastruzzi, M. (2010). The Worldwide Governance Indicators: Methodology and Analytical Issues. In World Bank Policy Research Working Paper. www.govindicators.org.
19. Kemboi, J. K., ve Tarus, D. K. (2012). Macroeconomic Determinants of Stock Market Development in Emerging Markets: Evidence from Kenya. Research Journal of Finance and Accounting, 3(5), 57–69.
20. Khan, M.A., Kong, D., Xiang, J. ve Zhang, J., (2019). Impact of institutional quality on financial development: cross-country evidence based on emerging and growth-leading economies. Emerg. Mark. Finance Trade, 1–17. http:// dx.doi.org/10.1080/1540496X.2019.1588725.
21. Law, S. H. ve Azman-Saini, W. N. W. (2008). The Quality of Institutions and Financial Development, MPRA Paper No. 12107, posted 12.
22. Law, S. H., ve Azman-Saini, W. N. W. (2012). Institutional Quality, Governance, and Financial Development. Economics of Governance, 13, 217–236.
23. Law, S. H., ve Habibullah, M. S. (2009). The Determinants of Financial Development: Institutions, Openness and Financial Liberalisation. South African Journal of Economics, 77(1), 45–58. https://doi.org/10.1111/j.1813- 6982.2009.01201.x
24. Lombardo, D., ve Pagano, M. (2000). Legal Determinants of the Return on Equity. Centre for Studies in Economics and Finance Working Paper, 24.
25. Narayan, P. K., Sharma, S. S., ve Thuraisamy, K. S. (2015). Can governance quality predict stock market returns? New global evidence. Pacific Basin Finance Journal, 35, 367–380.
26. Pesaran, M. H., (2004). General Diagnostic Tests for Cross Section Dependence in Panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economic, 0435.
27. Raza, A., Iqbal, N., Zeshan, A., Ahmed, M., ve Ahmed, T. (2012). The Role of FDI on Stock Market Development: The Case of Pakistan. Journal of Economics and Behavioral Studies, 4(1), 26–33. https://doi.org/10.22610/jebs. v4i1.299
28. Ringle, Christian M., Wende, Sven, & Becker, Jan-Michael. (2015). SmartPLS 3. Bönningstedt: SmartPLS.
29. Rogerson, P.A. (2001). Statistical Methods for Geography. London: Sage. https://dx.doi.org/10.4135/9781849209953
30. Sarstedt, M., Ringle, C. M., & Hair, J. F. (2017). Partial least squares structural equation modelling. In: C. Homburg, et al. (Eds.), Handbook of market research (pp. 1–40). Springer International Publishing AG. https://doi. org/10.1007/978-3-319-05542-8_15-1
31. Shahbaz, M., Rehman, I. U., ve Afza, T. (2016). Macroeconomic Determinants of Stock Market Capitalization in an Emerging Market: Fresh Evidence from Cointegration with Unknown Structural Breaks. Macroeconomics and Finance in Emerging Market Economies, 9(1), 75–99. https://doi.org/10.10 80/17520843.2015.1053820
32. Şahin, D., ve Temelli, F. (2018). APEC Ülkelerinde Hisse Senedi Piyasası Gelişimin Makroekonomik ve Kurumsal Belirleyicileri Üzerine Bir Analiz. Uluslararası İktisadi ve İdari İncelemeler Dergisi, Prof. Dr. Harun Terzi Özel Sayısı, 257–270.
33. Thanh, S. D., Hoai, B. T. M., ve Bon, N. VAN. (2016). Determinants of Stock Market Development: The Case of Developing Countries and Vietnam. Journal of Economics Development, 24(1), 32–53. https://doi.org/10.24311/ jed/2017.24.1.05
34. Umar, B., ve Nayan, S. (2018). Does Regulatory Quality Matters for Stock Market Development? Evidence from Africa. International Journal of Economics and Financial Issues, 8(4), 10-15.
35. Yartey, C. A. (2008). The Determinants of Stock Market Development in Emerging Economies: Is South Africa Different? IMF Working Paper, 8(32), 1.
36. Yerdelen Tatoğlu, F (2012). Panel Veri Ekonometrisi, 2nd Ed.; Beta Yayınevi: Istanbul, Turkey.
37. Winful, E. C., Sarpong, D., ve Agyei-Ntiamoah, J. (2016). Relationship between institutional quality and stock market performance: Evidence from emerging economies. African Journal of Business Management, 10(19), 469–484.

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Details

Primary Language	Turkish
Subjects	Finance
Journal Section	Research Articles
Authors	Esra Karpuz 0000-0003-2765-4082 Nasıf Özkan 0000-0003-2612-6368
Publication Date	August 10, 2021
Published in Issue	Year 2021 Volume: 15 Issue: 1

Cite

APA	Karpuz, E., & Özkan, N. (2021). Kurumsal Kalitenin ve Makroekonomik Göstergelerin Finansal Piyasalara Etkisi: Gelişmekte Olan Piyasalar Üzerine Bir Araştırma. BDDK Bankacılık Ve Finansal Piyasalar Dergisi, 15(1), 147-173. https://doi.org/10.46520/bddkdergisi.986671

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