The Influence of Governance Quality Factors on Stock Market Performance in ASEAN

IF 0.3 Q4 BUSINESS, FINANCE

Asia-Pacific Management Accounting Journal Pub Date : 2023-04-30 DOI:10.24191/apmaj.v18i1-03

Liyana Syafini Jumaah, N. Bahrudin, Ruhaini Muda, Zahariah Sahudin, Hasni Abdullah

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Abstract

Whilst regional participation across ASEAN induces the liberalization of trade and investment, as well as other forms of economic cooperation, the quality of governance plays a crucial role as it is a key component of sustainability. This study aimed to examine how governance quality factors influenced stock market performance. This study applied the Panel Least Square (PLS) and Panel Cointegration Full-Modified Ordinary Least Squares (FMOLS) estimations to gauge how quality governance factors impact an integrated ASEAN stock market in the long run. This study utilized data from the ASEAN Exchanges covering the period 2002 to 2020. The findings demonstrated the significant positive influence of voice and accountability, as well as political stability and the lack of violence; meanwhile, rule of law negatively affects the stock market performance. The study also identified a long-term relationship between governance quality and stock market performance. This implies that higher-quality governance improves the stock market performance in an integrated market. Keywords: governance quality, stock market performance, ASEAN exchanges

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治理质量因素对东盟股票市场绩效的影响

虽然整个东盟的区域参与促进了贸易和投资以及其他形式的经济合作的自由化，但治理质量发挥着至关重要的作用，因为它是可持续性的关键组成部分。本研究旨在考察治理质量因素对股票市场绩效的影响。本研究应用面板最小二乘（PLS）和面板协整全修正普通最小二乘（FMOLS）估计来衡量质量治理因素如何长期影响东盟一体化股票市场。本研究利用了2002年至2020年期间东盟交易所的数据。调查结果表明，发言权和问责制以及政治稳定和不存在暴力具有重大的积极影响；同时，法治对股票市场的表现也产生了负面影响。该研究还确定了治理质量与股票市场表现之间的长期关系。这意味着更高质量的治理可以改善综合市场中的股票市场表现。关键词：治理质量、股市表现、东盟交易所

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Asia-Pacific Management Accounting Journal BUSINESS, FINANCE-

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