African Journal of
Business Management

  • Abbreviation: Afr. J. Bus. Manage.
  • Language: English
  • ISSN: 1993-8233
  • DOI: 10.5897/AJBM
  • Start Year: 2007
  • Published Articles: 4188

Full Length Research Paper

Relationship between institutional quality and stock market performance: Evidence from emerging economies

Ernest Christian Winful*
  • Ernest Christian Winful*
  • Department of Accountancy, Accra Polytechnic, Ghana.
  • Google Scholar
David Sarpong
  • David Sarpong
  • Department of Accountancy, Accra Polytechnic, Ghana.
  • Google Scholar
Jones Agyei-Ntiamoah
  • Jones Agyei-Ntiamoah
  • Department of Accountancy, Accra Polytechnic, Ghana.
  • Google Scholar

  •  Received: 30 August 2016
  •  Accepted: 21 September 2016
  •  Published: 14 October 2016


Acemoglu D (1998). Why Do New Technologies Complement Skills? Directed Technical Change and Wage Inequality. Q. J. Econ. 113(4):1055-1090.


Acemoglu D, Johnson S, Robinson JA (2001). An African Success Story: Botswana, MIT Department of Economics Working Paper No. 01-37. 


Acemoglu D, Angrist J (2001). How Large are the Social Returns to Education: Evidence from Compulsory Schooling Laws" in B. Bernanke and K. Rogoff (eds.) NBER Macroeconomic Annual, (2000) (Cambridge, MA: The MIT Press) 9-59.


Acemoglu D (2002). Directed Technical Change. Rev. Econ. Stud. 69(4):781-810.


Acemoglu D, Aghion P, Zilibotti F (2006). Distance to Frontier, Selection and Economic Growth. J. the European Econ. Assoc. 4(1):37-74.


Calderon-Rossell RJ (1991). The Determinants of Stock Market Growth," in S. Ghon, Rhee and Rosita P. Chang (eds.), Pacific Basin Capital Markets Research Proceeding of the Second Annual Pacific


Coffee J (1999). Privatization and corporate governance: the lessons from securities market failure. Columbia Law School Center for Law and Economics Studies Working Paper 158, New York, NY.


Demirguc-Kunt A, Maksimovic V (1998). Law, finance and firm growth. J. Financ. 53:2107-2137.


Edison H (2003). Testing the Links; How strong are the links between institutional quality and economic performance, J. Financ. Dev. 40(2):35-37. 



Gani A, Ngassam C (2008). Effect of institutional factors on stock market development in Asia, Am. J. Finance Account. 1:2


Hearn B, Piesse J (2010). Barriers to the Development of Small Stock Markets: A Case Study of Swaziland and Mozambique. J. Int. Dev. 22:1018-1037.


Himmelberg C, Hubbard G, Love I (2004). Investor protection, ownership, and the cost of capital. World Bank Policy Research Working Paper 2834, Washington, DC. Hooper V, Sim


AB, Uppal A (2009). Governance and stock market performance, J. Econ. Syst. 33:93-116.


International Finance Cooperation (1991) IFC Fact book, New York : IFC International Finance Cooperation (1996) IFC Fact book, New York : IFC.


Johnson S, Shleifer A (1999). Coase vs. the Coasians. NBER Working Paper 7447, Cambridge, MA.


Kemboi JK, Taru DK (2012). Macroeconomic Determinants of Stock Market Development in Emerging Markets: Evidence from Kenya, Research J. Financ. Account. 3(5):57-68.


Knack S, Keefer P (1995). Institutions and economic performance: La Porta R, Lopez -de Silanes F, Andrei S, Robert V (1998). Law and Finance, J. Polit. Econ. 106:1113-1155.


La Porta R, Lopez-de Silanes F, Andrei S, Robert V (1997). Legal Determinants of External Finance, J. Financ. 52:1131-1150.


Levine R (1996). Stock Markets: A Spur to Economic Growth, Finance & Development, International Monetary Institute, Washington, D.C.


Levine R, Zervos S (1998). Stock Markets, Banks, and Economic Growth, Am. Econ. Rev. 88:536-558.


Levine R, Zervos S (1996). Stock Market Development and Long-run Growth, Policy Research Working Paper 1582.


Lombardo D (2000). Is there a cost to poor institutions? SIEPR Discussion Paper 00-019, Stanford, CA.


Lombardo D, Pagano M (2000). Legal determinants of the return on equity. CSEF Discussion Paper 24, Naples.


Lombardo D, Pagano M (2002). Law and equity markets: a simple model. CSEF Discussion Paper 25, Naples. MA.


North DC (1995). The Adam Smith Address: Economic Theory in a Dynamic Economic World." Business Economics: 7.


North D (1994). Economic performance through time. Am. Econ. Rev. 84:359-368.


Sala-i-Martin X (1997). I Just Ran Four Million Regressions." National Bureau of Economic Research (Cambridge, MA) Working Paper No. 6252, November 1997.


Sobhee SK (2009). Do Better Institutions Help to Shrink Income Inequality in Developing Economies? Evidence from Latin America and Sub-Saharan Africa.", Paper presented at the PEGnet (Poverty and Economic Growth network) Conference, The Hague, Netherlands, 3-4 Sept.


Subramanian A, Roy D (2001). Who can explain the Mauritian Miracle: Meade, Romer, Sachs or Rodrik, IMF working paper. 7:3.


World Development Indicator (2011), World Bank Group, World Bank, 



William E, Ross L (1997). Africa's Growth Tragedy: Policies And Ethnic Divisions, Quarterly Journal of Economics. 


Winful EC, Kumi-Koranteng P, Owusu-Mensah M (2013). Investment Education" on Stock Market Performance: Case of GSE, J. Contemp. Manage. ID: 1929-0128-2013-04-29-17


Yartey CA (2008). Determinants of Stock Market Development in Emerging Economies: Is South Africa Different? IMF working Paper-WP/08/32 Washington, International Monetary Fund.


Yartey CA, Adjasi CK (2007). Stock Market Development in Sub Saharan Africa: Critical Issues and Challenges, IMF Working Paper, WP/07/209.