Institutional quality and stock market development in nigeria – an application of the ardl approach
Table Of Contents
Chapter ONE
INTRODUCTION
- 1.1Introduction
- 1.2Background of Study
- 1.3Problem Statement
- 1.4Objective of Study
- 1.5Limitation of Study
- 1.6Scope of Study
- 1.7Significance of Study
- 1.8Structure of the Research
- 1.9Definition of Terms
Chapter TWO
LITERATURE REVIEW
- 2.1Overview of Stock Market Development
- 2.2Historical Perspective of Stock Markets
- 2.3Theoretical Frameworks on Stock Market Development
- 2.4Empirical Studies on Stock Market Development
- 2.5Institutional Quality and its Importance
- 2.6Relationship between Institutional Quality and Stock Market Development
- 2.7Factors Affecting Stock Market Development
- 2.8Role of Regulations in Stock Market Development
- 2.9Stock Market Efficiency and Development
- 2.10Challenges Facing Stock Market Development
Chapter THREE
RESEARCH METHODOLOGY
- 3.1Research Methodology Overview
- 3.2Research Design and Approach
- 3.3Data Collection Methods
- 3.4Sampling Techniques
- 3.5Data Analysis Procedures
- 3.6Model Specification
- 3.7Hypothesis Formulation
- 3.8Validity and Reliability
Chapter FOUR
DATA PRESENTATION AND ANALYSIS
- 4.1Overview of Findings
- 4.2Analysis of Institutional Quality and Stock Market Development
- 4.3Empirical Results of the ARDL Approach
- 4.4Discussion on the Relationship between Institutional Quality and Stock Market Development
- 4.5Comparison with Previous Literature
- 4.6Implications of Findings
- 4.7Recommendations for Policy and Practice
- 4.8Areas for Future Research
Chapter FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS
- 5.1Summary of Findings
- 5.2Conclusion
- 5.3Implications for Stock Market Development
- 5.4Contributions to Knowledge
- 5.5Limitations and Suggestions for Future Research
Thesis Abstract
This study was motivated by the growing concern on the impact of Institutional Quality on economic outcomes. The study focused specifically on the Nigerian Stock Market due to its critical role in the economy as a vehicle for efficient resource allocation. The Autoregressive Distributed Lag (ARDL) bounds testing procedure is employed using data from 1985 to 2012. The study used the ARDL model to ascertain the long-run impact of institutional quality on stock market development in Nigeria. The results from Empirical analysis of level of corruption, democratic accountability and bureaucratic quality exert significant impacts on stock market development as measured by market capitalisation ratio. Also, Banking sector development and stock market liquidity contribute significantly to stock market development. Moreover, a unidirectional causality runs from institutional quality to stock market development. The study therefore, recommends that the fight against corruption should be intensified while the market administrative and regulatory qualities should be enhanced for a sustainable stock market development in Nigeria.
Keywords Institutional Quality, Stock market, development, Market capitalisation ratio, corruption, democratic accountability, bureaucratic quality.
Thesis Overview
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