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Stock market resource curse: The moderating role of institutional quality
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NSTL
Elsevier
? 2022 The AuthorsThis study examines the impact of natural resources rents on the stock market and the role of institutional quality in managing resource revenues in shaping the stock market development utilizing data from 1991 to 2019 for G-7 economies. The current study employed the latest econometric techniques to exploit the moderating role of institutional quality in this nexus. The current study applied panel unit root with structural breaks to the envisaged variable. The results confirm the unique order of integration among the variables. Further, the Westerlund Panel cointegration is used that confirmed the long-run relationship among the variables. The long-run elasticities have been identified using the dynamic system GMM. This study found a positive effect of resources rent on the stock market and moderating role of institutional quality in enhancing the stock market resource blessing. Finally, Dumitrescu-Hurlin Causality analysis for possible causation is applied. The results depict that there is bidirectional causality between stock market development and economic growth, and moderating variable. This study recommends that since the stock market and banking system operate differently, a trade-off policy concerning institutional quality is needed to efficiently channel the windfall revenues through the financial system to protect the interest of different stakeholders. With the reinforcement and implementation of the efficient institutional framework, the natural resource revenues can further support stock market development.
Economic growthForeign direct investmentGMMInstitutional qualityNatural resources rentsStock market resource curse
Ali A.、Ramakrishnan S.、Faisal F.、Ghazi H Sulimany H.、Bazhair A.H.
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Azman Hashim International Business School (AHIBS) Universiti Teknologi Malaysia
Institute of Business Studies and Leadership Faculty of Business and Economics Abdul Wali Khan University
Faculty of Business Administration College Accounting Department Taif University
Faculty of Business Administration College Department of Economic and Finance Taif University
NSTL
Elsevier
