Analyzing the Impact of Quality of Public Governance on the Market Value of Companies Listed on the Amman Stock Exchange

International Journal of Economics and Financial Issues Pub Date : 2024-01-20 DOI:10.32479/ijefi.15371

Amjad S. Qwader

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Abstract

This study aimed to examine the impact of public governance quality on the market value of companies listed on the Amman Stock Exchange from 2002 to 2021. The study utilized the Autoregressive Distributed Lag (ARDL) model to analyze slow-moving distributed time series. The findings indicated a significant and positive correlation between various indicators of quality of public governance, such as voting and accountability, political stability and absence of violence, and organizational quality, with the market value of the listed companies. These results align with economic theory assumptions. However, in terms of Monetary freedom, another important indicator of the quality of public governance, the study found no statistically significant relationship with the market value of the listed companies at a significant level. This observation may be attributed to the government's limited capacity to manage the country's public financial resources efficiently and effectively, particularly regarding transparent and responsible administration of taxation, debt, and government expenditure.

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分析公共治理质量对安曼证券交易所上市公司市场价值的影响

本研究旨在探讨 2002 年至 2021 年期间公共治理质量对安曼证券交易所上市公司市场价值的影响。研究采用了自回归分布滞后（ARDL）模型来分析缓慢移动的分布式时间序列。研究结果表明，投票和问责制、政治稳定和无暴力以及组织质量等各种公共治理质量指标与上市公司的市场价值之间存在明显的正相关关系。这些结果符合经济理论假设。然而，在衡量公共治理质量的另一个重要指标--货币自由度方面，研究发现它与上市公司的市场价值在统计上没有显著的关系。出现这种情况的原因可能是政府有效管理国家公共财政资源的能力有限，特别是在税收、债务和政府支出的透明和负责任的管理方面。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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International Journal of Economics and Financial Issues

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期刊介绍： International Journal of Economics and Financial Issues (IJEFI) is the international academic journal, and is a double-blind, peer-reviewed academic journal publishing high quality conceptual and measure development articles in the areas of economics, finance and related disciplines. The journal has a worldwide audience. The journal''s goal is to stimulate the development of economics, finance and related disciplines theory worldwide by publishing interesting articles in a highly readable format. The journal is published Bimonthly (6 issues per year) and covers a wide variety of topics including (but not limited to): Macroeconomcis International Economics Econometrics Business Economics Growth and Development Regional Economics Tourism Economics International Trade Finance International Finance Macroeconomic Aspects of Finance General Financial Markets Financial Institutions Behavioral Finance Public Finance Asset Pricing Financial Management Options and Futures Taxation, Subsidies and Revenue Corporate Finance and Governance Money and Banking Markets and Institutions of Emerging Markets Public Economics and Public Policy Financial Economics Applied Financial Econometrics Financial Risk Analysis Risk Management Portfolio Management Financial Econometrics.