Qasim Khan, Mao Xinshu, M. Haider, Afaq Haider Jaffari
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Impact of Stock Market and Bank Development on the Firm’s Growth: Evidence from Pakistan
Aim: Despite years of empirical research, the nexus between banks development and the stock market with economic growth is still controversial. This study examined the impact of the stock market and banks development on the firm’s growth in Pakistan. The sector of non-financial firms chosen for analysis and financial firms ignored because of different structure. The sample of 45 firms listed on the Pakistan Stock Exchange (PSX) from the period of 2014-2019 used for the analysis. The sample has been selected based on the firm’s market capitalisation and random effect model to estimate both institution development and firm growth. We controlled the firm’s profitability, interest, and inflation. The results are robust to the Estimated Generalised Least Squares (EGLS) method. Results showed that significant positive relation exists between stock market development and firm growth, while a negative association exists between banks development and firm growth. Furthermore, control variables (profitability, interest, and inflation) have a significant negative impact on firm growth. The findings contribution in literature with perspective to Pakistan because prior studies done related to developed countries. Policymakers may use this study for making policy related to firms and economic growth.
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The Journal will serve and provide a forum for exchange of ideas among business executives and academicians concerned with global business and economic issues. With the rapid evolution of corporate business from international to global in recent years, general business has been one of the areas of greatest added complexity and concern for corporate managers. It is no longer sufficient for the corporate manager to limit his/her study simply to the domestic aspects of general business. Almost every single topic that can be studied in general business now has global dimensions that are equally important. As such, practitioners and academicians, each with a unique perspective on global business, must go beyond the presently limited sharing of information and ideas. The Journal will be an academic journal combining academic inquiry and informed business practices. It will publish empirical, analytical, review, and survey articles, as well as case studies related to all areas of global business and economics. A sentiment often expressed by practitioners is that academic research in general may not be addressing the most relevant questions in the real world. To bridge some gaps in our knowledge of the real world, the Journal is thereby willing to sponsor a field research (such as surveys, in-depth interviews, on-site studies, etc.). It is fair to say that the Journal will publish high-quality applied-research papers. Nevertheless, studies that test important theoretical works and shed additional light on the issue with some business implications will also be solicited.
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