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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)
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