دانشگاه مازندران

 آمار

تعداد نشریات30
تعداد شماره‌ها467
تعداد مقالات4,519
تعداد مشاهده مقاله7,144,859
تعداد دریافت فایل اصل مقاله5,334,672
آقایی, مجید, رضاقلی زاده, مهدیه, جعفری, حسین. (1401). منابع طبیعی و توسعه بازار سهام: بررسی نقش کیفیت نهادی. پژوهشنامه مدیریت اجرایی, 17(35), 155-182. doi: 10.22080/iejm.2023.25755.1982
مجید آقایی; مهدیه رضاقلی زاده; حسین جعفری. "منابع طبیعی و توسعه بازار سهام: بررسی نقش کیفیت نهادی". پژوهشنامه مدیریت اجرایی, 17, 35, 1401, 155-182. doi: 10.22080/iejm.2023.25755.1982
آقایی, مجید, رضاقلی زاده, مهدیه, جعفری, حسین. (1401). 'منابع طبیعی و توسعه بازار سهام: بررسی نقش کیفیت نهادی', پژوهشنامه مدیریت اجرایی, 17(35), pp. 155-182. doi: 10.22080/iejm.2023.25755.1982
آقایی, مجید, رضاقلی زاده, مهدیه, جعفری, حسین. منابع طبیعی و توسعه بازار سهام: بررسی نقش کیفیت نهادی. پژوهشنامه مدیریت اجرایی, 1401; 17(35): 155-182. doi: 10.22080/iejm.2023.25755.1982

منابع طبیعی و توسعه بازار سهام: بررسی نقش کیفیت نهادی

پژوهشنامه اقتصاد کلان Macroeconomics Research Letter
مقاله 6، دوره 17، شماره 35، آبان 1401، صفحه 155-182    اصل مقاله (566.09 K)
نوع مقاله: علمی
شناسه دیجیتال (DOI): 10.22080/iejm.2023.25755.1982
نویسندگان
مجید آقایی* 1؛ مهدیه رضاقلی زاده1؛ حسین جعفری2
1دانشگاه مازندران
2دانشجوی دکتری اقتصاد مالی دانشگاه مازندران
تاریخ دریافت: 29 تیر 1402،  تاریخ بازنگری: 25 مرداد 1402،  تاریخ پذیرش: 31 مرداد 1402 
چکیده
درآمدهای حاصل از منابع طبیعی از راه‌های مختلف می‌تواند زمینه ساز رشد و توسعه اقتصادی کشورها گردد. بر اساس شواهد موجود در کشورهای مختلف، یکی از کانال‌هایی که می‌تواند تحت تاثیر درآمدهای ناشی از منابع طبیعی منجر به رشد و توسعه اقتصادی کشورها گردد، توسعه بازار سهام می‌باشد. تجربه تاریخی برخی از کشورهای توسعه یافته برخوردار از منابع طبیعی نشان می‌دهد که درآمدهای ناشی از منابع طبیعی تنها زمانی منجر به توسعه مناسب بازار سهام گردیده است که کیفیت نهادها در اینگونه کشورها از سطح مطلوبی برخوردار بوده است. به همین منظور در این پژوهش نقش کیفیت نهادها در اثرگذاری درآمد منابع طبیعی بر توسعه بازار سهام در منتخبی از کشورهای برخوردار از این منابع طی سال‌های 2000 تا 2020 میلادی با استفاده از تخمین زن گشتاورهای تعمیم یافته پانلی (Panel GMM) به آزمون و بررسی گذاشته شده است. نتایج حاصل از تحقیق نشان می‌دهد که درآمدهای منابع طبیعی تاثیر مثبت بر توسعه بازار سهام در کشورهای مورد بررسی داشته و در صورت بهبود کیفیت نهادها در این کشورها، تاثیر مثبت این متغیر بیشتر نیز خواهد شد.
کلیدواژه‌ها
درآمد منابع طبیعی؛ توسعه بازار سهام؛ کیفیت نهادی؛ تخمین‌زن گشتاورهای تعمیم یافته (Panel GMM)
عنوان مقاله [English]
Natural Resources and Stock Market Development: Role of Institutional Quality
نویسندگان [English]
majid Aghaei1؛ mahdieh rezagholizadeh1؛ Hossein Jafari2
1Department of economic, university of Mazandaran, Passdaran Street, Babolsar, Iran
2-
چکیده [English]
The revenues generated from natural resources can serve as a catalyst for economic growth and development in different countries. Among the various channels through which the income derived from natural resources can impact the economic growth and development, stock market development plays a significant role. Historical experiences of some developed countries endowed with natural resources reveal that the income from natural resources has led to substantial stock market development only when these countries have had a favorable level of institutional quality. With this in mind, this study examines the role of institutional quality in the effect of natural resource income on stock market development in selected rich in such resource’s countries, during the period from 2000 to 2020, using Panel Generalized Method of Moments (Panel GMM) estimations. The research findings indicate that natural resource income has a positive impact on stock market development in the selected countries and that the positive influence of this variable will increase further if institutional quality improves in these countries. Furthermore, based on the results of the Panel Dumitrescu-Hurlin causality test, a two-way causality between stock market development and the interactive variable is established. Furthermore, based on the results of the Panel Dumitrescu-Hurlin causality test, a two-way causality between stock market development and the interactive variable is established.
کلیدواژه‌ها [English]
Natural Resource Income, Stock Market Development, Institutional Quality, Panel Generalized Method of Moments (Panel GMM)
مراجع
  1. Acemoglu, D., Johnson, S., & Robinson, J. A. (2001). The colonial origins of comparative development: An empirical investigation. American economic review, 91(5), 1369-1401.‏
  2. Ali, A., & Ramakrishnan, S. (2022). Financial development and natural resources. Is there a stock market resource curse? Resources Policy, 75, 102457.‏
  3. Ali, A., & Ramakrishnan, S. (2022). Financial development and natural resources. Is there a stock market resource curse? Resources Policy, 75, 102457.‏
  4. Ali, A., Ramakrishnan, S., Faisal, F., Sulimany, H. G. H., & Bazhair, A. H. (2022). Stock market resource curse: The moderating role of institutional quality. Resources Policy, 78, 102929.‏
  5. Amin, A., Dogan, E., & Khan, Z. (2020). The impacts of different proxies for financialization on carbon emissions in top-ten emitter countries. Science of The Total Environment, 740, 140127.‏
  6. Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The review of economic studies, 58(2), 277-297.‏
  7. Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of econometrics, 68(1), 29-51.‏
  8. Asif, M., Khan, K. B., Anser, M. K., Nassani, A. A., Abro, M. M. Q., & Zaman, K. (2020). Dynamic interaction between financial development and natural resources: Evaluating the ‘Resource curse’hypothesis. Resources Policy, 65, 101566.‏
  9. Atkinson, G., & Hamilton, K. (2003). Savings, growth and the resource curse hypothesis. World development, 31(11), 1793-1807.‏
  10. Badeeb, R. A., Lean, H. H., & Smyth, R. (2016). Oil curse and finance–growth nexus in Malaysia: The role of investment. Energy Economics, 57, 154-165.‏
  11. Bardhan, P. (1997). Corruption and development: a review of issues. Journal of economic literature, 35(3), 1320-1346.‏
  12. Beck, T. (2011). Finance and Oil: Is there a resource curse in financial development? European Banking Center Discussion Paper, (2011-004).‏
  13. Bhattacharyya, S., & Hodler, R. (2014). Do natural resource revenues hinder financial development? The role of political institutions. World Development, 57, 101-113.‏
  14. Canh, N. P., & Thong, N. T. (2020). Nexus between financialisation and natural resources rents: empirical evidence in a global sample. Resources Policy, 66, 101590.‏
  15. Corden, W. M. (1984). Booming sector and Dutch disease economics: survey and consolidation. oxford economic Papers, 36(3), 359-380.‏
  16. Davis, G. A. (1995). Learning to love the Dutch disease: Evidence from the mineral economies. World development, 23(10), 1765-1779.‏
  17. Dogan, E., Altinoz, B., & Tzeremes, P. (2020). The analysis of ‘Financial Resource Curse’hypothesis for developed countries: Evidence from asymmetric effects with quantile regression. Resources Policy, 68, 101773.‏
  18. Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic modelling, 29(4), 1450-1460.‏
  19. Dwumfour, R. A., & Ntow-Gyamfi, M. (2018). Natural resources, financial development and institutional quality in Africa: is there a resource curse? Resources Policy, 59, 411-426.‏
  20. Faisal, F., Sulaiman, Y., & Tursoy, T. (2019). Does an asymmetric nexus exist between financial deepening and natural resources for emerging economy? Evidence from multiple break cointegration test. Resources Policy, 64, 101512.‏
  21. Feng, Y., & Yu, X. (2021). The impact of institutions on financial development: Evidence from East Asian countries. Australian Economic Papers, 60(1), 122-137.‏
  22. Guan, J., Kirikkaleli, D., Bibi, A., & Zhang, W. (2020). Natural resources rents nexus with financial development in the presence of globalization: is the “resource curse” exist or myth? Resources Policy, 66, 101641.‏
  23. Gylfason, T. (2001). Natural resources, education, and economic development. European economic review, 45(4-6), 847-859.‏
  24. Gylfason, T., Herbertsson, T. T., & Zoega, G. (1999). A mixed blessing: natural resources and economic growth. Macroeconomic dynamics, 3(2), 204-225.‏
  25. Herb, M. (2005). No representation without taxation? Rents, development, and democracy. Comparative Politics, 3(37) ,297-316.‏
  26. Ito, H., & Kawai, M. (2018). Quantity and quality measures of financial development: implications for macroeconomic performance. Policy Research Institute, Ministry of Finance, Japan, Public Policy Review, 14(5).‏
  27. Javaheri, B., Ahmadzadeh, K., & Shahveisi, H. (2021). Investigating the Effect of Natural Resources Rents and Institutional Quality on Financial Development in Developing Countries. Economics Research, 21(80), 141-168. (In Persian)
  28. Khan, M. A., Khan, M. A., Ali, K., Popp, J., & Oláh, J. (2020). Natural resource rent and finance: The moderation role of institutions. Sustainability, 12(9), 3897.‏
  29. Khan, M. I., Teng, J. Z., Khan, M. K., Jadoon, A. U., & Khan, M. F. (2021). The impact of oil prices on stock market development in Pakistan: Evidence with a novel dynamic simulated ARDL approach. Resources Policy, 70, 101899.‏
  30. Khodaparast Mashhadi, M., Falahi, M. A., & rajabzadeh moghani, N. (2016). A Study on the Role of Institutional Quality in Financial Development of Selected OIC Countries. Monetary & Financial Economics, 23(11), 26-45. (In Persian)
  31. Law, S. H., Tan, H. B., & Azman-Saini, W. N. W. (2014). Financial development and income inequality at different levels of institutional quality. Emerging Markets Finance and Trade, 50(sup1), 21-33.‏
  32. Leite, M. C., & Weidmann, J. (1999). Does mother nature corrupt? Natural resources, corruption, and economic growth. International Monetary Fund.‏
  33. Maaboudi, R., Nademi, Y., & Dare Nazari, Z. (2022). Resources Curse and Financialization in Iran's Economy. Iranian Energy Economics, 11(42), 127-159. (In Persian)
  34. Mahdavi Adeli, M. H., & Rohani, M. (2019). The effect of the abundance of natural resources on financial development in selected OPEC countries of oil and gas (with emphasis on the multi-dimensional index of financial market development in the stock market). Financial Knowledge of Securities Analysis, 12(42), 71-83. (In Persian)
  35. MAHDAVI, R., & Jahangard, E. (2011). The Impact of Foreign Direct Investment on Economic Growth: The Role of Financial Market Development in Host Countries by Panel Data Method. Journal of Economic Modeling Research, 1(2), 21-40. (In Persian)
  36. Majidzadeh, F., & Dahmardeh, N. (2023). Investigating the role of institutional quality in the impact of natural resource rents on Iran's financial development. Economic Growth and Development Research, 13(49),109-124. (In Persian)
  37. Mehlum, H., Moene, K., & Torvik, R. (2006). Institutions and the resource curse. The economic journal, 116(508), 1-20.‏
  38. Mohammadi, H., & Narouei, M. (2015). The Impact of Foreign Direct Investment in Dealing with Financial Development on Economic Growth (Case Study of Islamic Countries). Iranian Journal of Economic Research, 19(61), 149-171. (In Persian)
  39. Mohammed, J. I., Karimu, A., Fiador, V. O., & Abor, J. Y. (2020). Oil revenues and economic growth in oil-producing countries: The role of domestic financial markets. Resources Policy, 69, 101832.‏
  40. Moradbeigi, M., & Law, S. H. (2017). The role of financial development in the oil-growth nexus. Resources Policy, 53, 164-172.‏
  41. Narayan, P. K., Sharma, S. S., & Thuraisamy, K. S. (2015). Can governance quality predict stock market returns? New global evidence. Pacific-Basin Finance Journal, 35, 367-380.‏
  42. Nawaz, K., Lahiani, A., & Roubaud, D. (2019). Natural resources as blessings and finance-growth nexus: A bootstrap ARDL approach in an emerging economy. Resources Policy, 60, 277-287.‏
  43. Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. University of Cambridge. Cambridge(No. 0435). UK: Working Papers in Economics.‏
  44. Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of applied econometrics, 22(2), 265-312.‏
  45. Richard, A. (1993). Sustaining development in mineral economies: the resource curse thesis. London: Rout-Ledge.‏
  46. Robinson, J. A., Torvik, R., & Verdier, T. (2006). Political foundations of the resource curse. Journal of development Economics, 79(2), 447-468.‏
  47. Rongwei, X., & Xiaoying, Z. (2020). Is financial development hampering or improving the resource curse? New evidence from China. Resources Policy, 67, 101676.‏
  48. Rudari, S., Shahabadi, A., & Argha, L. (2023). The Role of Recession and Boom in the Impact of Oil Resource Rents on Financial Development Index in Iran: Is the Institutional Quality a Matter?. Financial Management Strategy, 11(1), 77-100. (In Persian)
  49. Sachs, J. D., & Warner, A. (1995). Natural resource abundance and economic growth.‏
  50. Sala-i-Martin, X., & Subramanian, A. (2013). Addressing the natural resource curse: An illustration from Nigeria. Journal of African Economies, 22(4), 570-615.‏
  51. Samadi, S., Nasrollahi, K., & Karamalian Cichani, M. (2007). Development of Financial Markets and Economic Growth. The Economic Research, 7(3), 1-16. (In Persian)
  52. Sarmidi, T., Hook Law, S., & Jafari, Y. (2014). Resource curse: new evidence on the role of institutions. International Economic Journal, 28(1), 191-206.‏
  53. Shahabadi, A., Davarikish, R., & ZarrinNa’l, Z. (2017). The Impact of Natural Resource Management on the Development of Stock Market Selected Countries with Natural Resources. Financial Knowledge of Securities Analysis, 10(35), 79-97. (In Persian)
  54. Shahbaz, M., Naeem, M., Ahad, M., & Tahir, I. (2018). Is natural resource abundance a stimulus for financial development in the USA?. Resources Policy, 55, 223-232.‏
  55. Sun, Y., Ak, A., Serener, B., & Xiong, D. (2020). Natural resource abundance and financial development: A case study of emerging seven (E− 7) economies. Resources Policy, 67, 101660.‏
  56. Sun, Y., Ak, A., Serener, B., & Xiong, D. (2020). Natural resource abundance and financial development: A case study of emerging seven (E− 7) economies. Resources Policy, 67, 101660.‏
  57. Tehranchian, A. (2021). Is Oil curse or a Blessing for Iran's Financial Development?. Quarterly Energy Economics Review, 17(70), 85-116. (In Persian)
  58. Wei, H., Rizvi, S. K. A., Ahmad, F., & Zhang, Y. (2020). Resource cursed or resource blessed? The role of investment and energy prices in G7 countries. Resources Policy, 67, 101663.‏
  59. Xu, Y., & Zhao, X. (2023). Financial market risk, technology and natural resources nexus: Evidence from China. Resources Policy, 81, 103332.‏
  60. Zaidi, S. A. H., Wei, Z., Gedikli, A., Zafar, M. W., Hou, F., & Iftikhar, Y. (2019). The impact of globalization, natural resources abundance, and human capital on financial development: Evidence from thirty-one OECD countries. Resources policy, 64, 101476.‏

Zhang, C., & Liang, Q. (2023). Natural resources and sustainable financial development: Evidence from South Asian economies. Resources Policy, 80, 103282.‏

آمار
تعداد مشاهده مقاله: 417
تعداد دریافت فایل اصل مقاله: 355


سامانه مدیریت نشریات علمی. قدرت گرفته از سیناوب