Role of Stock Exchanges in Economic Development of Uzbekistan

The paper is devoted to study the contemporary role of investments to economic development in the context of Uzbek stock exchange. The comparative analysis of economic development and stock market trends in Uzbekistan, Kazakhstan and Russia for the period of 2000-2015 are conducted using documentary analysis, quantitative and qualitative analysis, and other statistical methods of research.The results reveal that Uzbekistan has made notable change in regulation and improvement of investment climate and has stable economic development trends for the studied period. However, Stock market development in Uzbekistan remains weak and recent government effort to accelerate privatization is expected to boost the market and support foreign investments attraction.

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The Australian stock market development: Prospects and challenges

Risk Governance and Control Financial Markets & Institutions ◽

10.22495/rgcv3i2art3 ◽

2013 ◽

Vol 3 (2) ◽

pp. 39-48

Author(s):

Sheilla Nyasha ◽

Nicholas M. Odhiambo

Keyword(s):

Stock Market ◽

Financial Markets ◽

Global Financial Crisis ◽

Stock Exchange ◽

Asia Pacific ◽

Stock Exchanges ◽

Stock Market Development ◽

The Global Financial Crisis ◽

Market Capitalisation ◽

Development Prospects

This paper highlights the origin and development of the Australian stock market. The country has three major stock exchanges, namely: the Australian Securities Exchange Group, the National Stock Exchange of Australia, and the Asia-Pacific Stock Exchange. These stock exchanges were born out of a string of stock exchanges that merged over time. Stock-market reforms have been implemented since the period of deregulation, during the 1980s; and the Exchanges responded largely positively to these reforms. As a result of the reforms, the Australian stock market has developed in terms of the number of listed companies, the market capitalisation, the total value of stocks traded, and the turnover ratio. Although the stock market in Australia has developed remarkably over the years, and was spared by the global financial crisis of the late 2000s, it still faces some challenges. These include the increased economic uncertainty overseas, the downtrend in global financial markets, and the restrained consumer confidence in Australia.

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Stock market development and investment growth in Nigeria

Journal of Economics and Management ◽

10.22367/jem.2020.42.05 ◽

2020 ◽

Vol 42 ◽

pp. 99-117

Author(s):

Idowu Daniel Onisanwa ◽

◽

Mercy Ojochegbe Adaji ◽

◽

Keyword(s):

Stock Market ◽

Stock Exchange ◽

Investment Climate ◽

Stock Market Development ◽

Turnover Ratio ◽

Long Run ◽

Short Run ◽

Market Capitalisation ◽

Investment Growth

Aim/purpose – The poor investment climate is one of the reasons advanced for the slow pace of growth in Nigeria; evidenced by the absence or inadequate amount of investible funds in the productive sectors. While the money market in Nigeria provides very limited investment options, the underdevelopment and underutilisation of the Nigerian Stock Market constitute a drawback to the investment climate. However, any economy desiring sustainable development requires a long-term source of fund. Therefore, this study ascertains the perfor-mance of the stock market and investment growth nexus in Nigeria.Design/methodology/approach – The study is based on the neoclassical growth theory with a slight modification in the wake of Levine’s specification (2003), an augmented investment growth relationship was specified. This study utilises the Autoregressive Distributed Lag (ARDL) in establishing the co-integration relation between stock market development and investment growth. Gross capital formation was used as a proxy for investment growth while the stock market indicators are market capitalisation ratio, total value traded ratio and turnover ratio. The study utilises data covering 1981 to 2018, sourced from the Nigerian Stock Exchange annual reports and diverse publication of the Nigerian Bureau of Statistics.Findings – The market capitalisation ratio had a negative impact on gross capital for-mation both in the short run and the long run, but its significance is only evident in the short run. The turnover ratio had a negative and significant impact on investment growth. The total value traded ratio exerted a positive and significant impact on gross capital formation both in the short run and the long run. The coefficient of the error cor-rection term was negative and statistically significant. Research implications/limitations – The total value traded ratio enhanced investment growth in Nigeria. Both market capitalisation and turnover ratio dampen investment growth. The Stock Exchange is not efficient and does not possess the amount of liquidity required to finance long term investment need in Nigeria. Emphasis on measures geared towards increasing efficiency and liquidity should be intensified by the government. Mean-while, the sectorial analysis of the impact of stock exchange movements in Nigeria and the use of other estimation techniques may create room for more robust relationships.Originality/value/contribution – The study directly investigates the capability of the Nigerian stock market in driving investment, both in the short and long run.

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An investigation of the post-privatization firms’ financial performance in Nigeria: the role of corporate governance practices

Corporate Governance ◽

10.1108/cg-05-2018-0190 ◽

2019 ◽

Vol 19 (3) ◽

pp. 404-418 ◽

Cited By ~ 3

Author(s):

Ojonugwa Usman ◽

Umoru Adejo Yakubu

Keyword(s):

Corporate Governance ◽

Stock Market ◽

Financial Performance ◽

Stock Exchange ◽

Market Development ◽

Board Composition ◽

Content Type ◽

Stock Market Development ◽

Governance Practices

Purpose The purpose of this study is to investigate the role of corporate governance practices on the post-privatization financial performance of the firms listed on the Nigerian Stock Exchange (NSE) over the period 2005-2014. Design/methodology/approach The study uses a two-step dynamic system Generalized Method of Moments (GMM) estimation technique for 27 privatized firms by considering a wide range of controlled variables such as managerial shareholdings, board composition, debt financing and stock market development. Findings The empirical result suggests that the improvement in the firms’ financial performance is attributed to good corporate governance practices through effective board composition, debt financing (leverage) and stock market development. The result further shows no substantial evidence to support that managerial shareholding improves firms’ financial performance. Research limitations/implications Therefore, based on the empirical findings of this study, the authors recommend that the firms need to maintain the optimum board composition and the ratio of debt to share capital as well as developing the stock market to function effectively. Originality/value This study contributes to the existing literature in several ways: (1) the first time that the role of corporate governance is considered in explaining the post-privatization financial performance of firms listed on the Nigerian Stock Exchange; (2) the paper applies a two-step dynamic system GMM estimation technique, proposed by Arellano and Bover (1995) and Blundell and Bond (1998) to control for the serial correlation and heterogeneity, which remain the major weaknesses of the panel data modeling in the literature.

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The Reasoning of a Responsible Investment Position in the Structure of the Stock Exchange Market

European Journal of Management Issues ◽

10.15421/192122 ◽

2021 ◽

Vol 29 (4) ◽

pp. 232-240

Author(s):

Anna Vorontsova ◽

Alex Plastun ◽

Hanna Filatova ◽

Elena Kostenko ◽

Eldar Dzhobava

Keyword(s):

Stock Market ◽

Stock Exchange ◽

Socially Responsible Investment ◽

Stock Exchanges ◽

Exchange Market ◽

Socially Responsible ◽

Responsible Investment ◽

Responsible Investing ◽

Market Transformation

Purpose: To substantiate the place and role of the responsible investment in the structure of the stock exchange market. Methods: Structure-functional in order to form an idea of the structure of the stock exchange market, determining the place and role of responsible investment elements in the stock market organization; systematic analysis to identify current trends and patterns in the functioning of the socially responsible investment segment by geographical regions of the world; statistical and graphical methods for quantitative and visual presentation of the results of the stock market sectors analysis, represented by responsible investment elements. Findings: The definition of «responsible investment» and «stock market» has been clarified; a number of subjects, objects and forms of responsible investment, which are elements of the stock market, are singled out and substantiated; the generalization of activities of stock exchanges in the field of responsible investing is carried out; the dynamics of stock market sector indicators, which are represented by elements of responsible investment, are analyzed; key reporting standards used by stock exchanges in disclosing ESG issues are analyzed. Theoretical Implications: A comprehensive assessment of the functioning of socially responsible investment segment as part of the stock market is carried out, the place and role of responsible investing in the stock market structure are substantiated, which creates a basis for the development of effective measures to increase the stock market efficiency of Ukraine and its transformation into an effective and stable source of investment resources. Future Research: The results can be used in the context of further study of the stock market transformation in Ukraine on the basis of a socially responsible trajectory and fractal analysis. Paper Type: Theoretical. The study was performed within the state budget research «Fractal model of the stock market transformation in Ukraine: socially responsible investment to achieve the Sustainable Development Goals» № 0121U100473.

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STOCK EXCHANGE INDICES AS AN INVESTMENT INDICATOR

10.51738/kpolisa2021.18.1r.4.02 ◽

2021 ◽

pp. 267-278

Author(s):

NEDELJKO PRDIĆ

Keyword(s):

Stock Market ◽

Information Technologies ◽

Stock Exchange ◽

Stock Exchanges ◽

Commodity Market ◽

Tradable Goods ◽

Economic Trends ◽

Historical Role ◽

Research Show

Stock exchanges are such specialised market institutions where standardised and tradable goods are traded and exchanged, which means precisely defining the quality and all other performances of goods. Trading is enabled by stock exchange customs and strict rules within the law. Stock exchange indices are the basic indicator of the importance of the stock market in the market on the basis of which decisions on investments in the stock market are made. The aim of this paper is to systematise the knowledge about the historical role of commodity exchanges on the market, but also to indicate the importance of the development of information technologies on the modern significance of stock exchanges. The results of the research show that stock exchange indices are the basic indicator of the state and development of the commodity market and investment tendencies. The conclusion is that stock exchange indices are an important factor in the development of the commodity market with special emphasis on their importance in agriculture. They are an indicator of economic trends and an indicator of investment.

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The dynamics of stock market development in the United States of America

Risk Governance and Control Financial Markets & Institutions ◽

10.22495/rgcv3i1c1art3 ◽

2013 ◽

Vol 3 (1) ◽

pp. 93-102

Author(s):

Sheilla Nyasha ◽

Nicholas M. Odhiambo

Keyword(s):

United States ◽

Stock Market ◽

United States Of America ◽

Stock Exchange ◽

The United States ◽

Stock Exchanges ◽

Stock Market Crash ◽

Stock Market Development ◽

Market Capitalisation ◽

The U.S

This paper highlights the origin and development of the stock market in the United States of America. The country consists of several stock exchanges, with the three largest being the NYSE Euronext (NYX), National Association of Securities Dealers Automated Quotation (NASDAQ), and the Chicago Stock Exchange. Stock market reforms have been implemented since the stock market crash of 1929; and the exchanges responded positively to some of these reforms, but not so positively to some of the reforms. As a result of the reforms, the U.S. stock market has developed in terms of market capitalisation, the total value of stocks traded, and the turnover ratio. Although the U.S. stock market has developed over the years, its market still faces wide-ranging challenges.

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Relationship between Volatilities of Stock Market and Instruments of Monetary Policy in Vietnam

Journal of Asian Business and Economic Studies ◽

10.24311/jabes/2015.22.1.02 ◽

2015 ◽

Vol 22 (1) ◽

pp. 82-99

Author(s):

Thao Tran Phuong ◽

Thuy Phan Chung

Keyword(s):

Monetary Policy ◽

Stock Market ◽

Stock Exchange ◽

Daily Basis ◽

Stock Exchanges ◽

Market Maker ◽

Rate Data ◽

Stock Indexes ◽

The Relationship

Volatility of stock exchange and its determinants always attract the attention of investors, researchers and exchange authorities. The research estimates the volatility of Vietnam stock market by measuring the conditional volatility of VN-Index and HNX-Index, and explores the relationship between the volatility of stock exchanges and the volatility of two instruments of monetary policy (overnight rate and exchange rate). Data are collected on a daily basis from Jan. 5, 2006 to March 31, 2014. The research found evidence of volatility of returns through the two indexes and two instruments, but it detected no relationship between the volatilities of these instruments and the stock indexes. Additionally, the research confirms the role of VN-Index as a market maker over HNX-Index.

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