Institutional quality and stock market development in nigeria – an application of the ardl approach
Table Of Contents
Chapter ONE
1.1 Introduction1.2 Background of Study
1.3 Problem Statement
1.4 Objective of Study
1.5 Limitation of Study
1.6 Scope of Study
1.7 Significance of Study
1.8 Structure of the Research
1.9 Definition of Terms
Chapter TWO
2.1 Overview of Stock Market Development2.2 Historical Perspectives
2.3 Theoretical Frameworks
2.4 Empirical Studies on Stock Market Development
2.5 Institutional Quality and Stock Market Relationship
2.6 Factors Influencing Stock Market Development
2.7 Role of Regulations in Stock Market Development
2.8 Stock Market Efficiency and Development
2.9 Challenges in Stock Market Development
2.10 Future Trends in Stock Market Development
Chapter THREE
3.1 Research Design3.2 Research Philosophy
3.3 Research Approach
3.4 Data Collection Methods
3.5 Sampling Techniques
3.6 Data Analysis Procedures
3.7 Ethical Considerations
3.8 Limitations of the Methodology
Chapter FOUR
4.1 Overview of Findings4.2 Analysis of Data
4.3 Relationship between Institutional Quality and Stock Market Development
4.4 Impact of Regulations on Stock Market Development
4.5 Stock Market Efficiency Analysis
4.6 Comparison of Findings with Existing Literature
4.7 Implications of Findings
4.8 Recommendations for Future Research
Chapter FIVE
5.1 Summary of Findings5.2 Conclusion
5.3 Contributions to Knowledge
5.4 Practical Implications
5.5 Recommendations for Stakeholders
5.6 Areas for Future Research
5.7 Reflections on the Research Process
5.8 Conclusion
Project 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.
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