کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5090308 1375626 2009 11 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Markets and institutions in financial intermediation: National characteristics as determinants
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Markets and institutions in financial intermediation: National characteristics as determinants
چکیده انگلیسی
Given the importance of financial intermediation and the rise of globalization, there is little prior research on how national preferences for financial intermediation (markets versus institutions) are determined by cultural, legal, and other national characteristics. Using panel analysis for data on a recent 8-year period for 30 countries, this paper documents that national preferences for market financing increase with political stability, societal openness, economic inequality, and equity market concentration, and decreases with regulatory quality and ambiguity aversion. We confirm with robustness tests that our result for regulatory quality is independent of differences in national wealth and that our result for political stability is independent of both wealth and political legitimacy. These results should be of much interest to managers, scholars, regulators, and policy makers.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 33, Issue 10, October 2009, Pages 1770-1780
نویسندگان
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