THE IMPACT OF GOVERNANCE STRUCTURES ON ECONOMIC GROWTH IN AFRICA: A PANEL DATA ANALYSIS OF 47 AFRICAN COUNTRIES
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F23%3A96258" target="_blank" >RIV/60460709:41110/23:96258 - isvavai.cz</a>
Result on the web
<a href="https://journals.vilniustech.lt/index.php/TEDE/article/view/20394" target="_blank" >https://journals.vilniustech.lt/index.php/TEDE/article/view/20394</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.3846/tede.2023.20394" target="_blank" >10.3846/tede.2023.20394</a>
Alternative languages
Result language
angličtina
Original language name
THE IMPACT OF GOVERNANCE STRUCTURES ON ECONOMIC GROWTH IN AFRICA: A PANEL DATA ANALYSIS OF 47 AFRICAN COUNTRIES
Original language description
Major international institutions like the World Bank, African Union, and International Monetary Fund have made the development of robust governance systems a “sacred utterance” since the 1990s. Our study aimed to refute this common thinking by examining how governance structures have affected the expansion of the financial market in 47 African countries from 2008 to 2019. Using the availability of venture capital as a proxy for financial market development, our article departed from existing literature which used stock exchange characteristics as benchmarks for growth in the financial market. The governance variables comprise the six global governance indices: control of corruption, government effectiveness, political stability, regulatory quality, the rule of law, and voice and accountability. The model’s control variables include GDP per capita, inflation, and trade openness. Our finding suggests that a great quality governance climate is sig- nificant in explaining the growth of the financial market in Africa using the generalized method of moments (GMM) methodological approach with corrected standard errors. Considering these findings, our research makes the case that solid institutional frameworks might encourage the degree of financial systems growth in Africa. Therefore, the financial development rate in the African region will be significantly influenced by improving the quality of governance through strengthening legal and institutional frameworks to facilitate financial inclusion.
Czech name
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50202 - Applied Economics, Econometrics
Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2023
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Technological and Economic Development of Economy
ISSN
1392-8619
e-ISSN
1392-8619
Volume of the periodical
29
Issue of the periodical within the volume
6
Country of publishing house
CZ - CZECH REPUBLIC
Number of pages
19
Pages from-to
1708-1727
UT code for WoS article
001121801700005
EID of the result in the Scopus database
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