Foreign Direct Investments and Stock Market Development in Sub-Saharan Africa: Does Regulatory Quality Moderate?

IF 2.3 Q3 BUSINESS Global Business Review Pub Date : 2023-08-17 DOI:10.1177/09721509231163712
H. A. Haruna, Hyeladi Stanley Dibal, E. Isichei
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Abstract

The association between foreign direct investment (FDI) and stock market development (SMD) is very crucial given the role of liquidity in the SMD process. However, this association can be affected by regulatory quality. Through the Calderon-Rossell model, this article explored the direct and conditional effects of FDI on SMD in five sub-Saharan African countries (Ghana, Mauritius, Namibia, Nigeria and South Africa) from 1996 to 2020. Regulatory quality was used as a moderator of the association between FDI and SMD. The pooled mean group strategy of the panel Auto Regressive Distributed Lag was implemented and findings suggested that FDI is positively and significantly related to SMD in the long-run. Furthermore, the conditional effect of regulatory quality on the association between FDI and SMD could not be established. This article has policy implications and contributed to the Calderon-Rossell model theoretical debate that liquidity improves SMD.
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撒哈拉以南非洲的外国直接投资和股票市场发展:监管质量适中吗?
鉴于流动性在股票市场发展过程中的作用,外国直接投资与股票市场发展之间的联系至关重要。然而,这种关联可能会受到监管质量的影响。本文通过Calderon-Rossell模型,探讨了1996-2020年外国直接投资对撒哈拉以南非洲五个国家(加纳、毛里求斯、纳米比亚、尼日利亚和南非)SMD的直接和条件影响。监管质量被用作外国直接投资与SMD之间联系的调节因素。实施了自回归分布滞后面板的集合均值群策略,研究结果表明,从长期来看,外国直接投资与SMD呈正相关。此外,监管质量对外国直接投资与SMD之间的关联的条件效应也无法确定。这篇文章具有政策含义,有助于Calderon-Rossell模型关于流动性改善SMD的理论辩论。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.10
自引率
12.50%
发文量
107
期刊介绍: Global Business Review is designed to be a forum for the wider dissemination of current management and business practice and research drawn from around the globe but with an emphasis on Asian and Indian perspectives. An important feature is its cross-cultural and comparative approach. Multidisciplinary in nature and with a strong practical orientation, this refereed journal publishes surveys relating to and report significant developments in management practice drawn from business/commerce, the public and the private sector, and non-profit organisations. The journal also publishes articles which provide practical insights on doing business in India/Asia from local and global and macro and micro perspectives.
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