THE EFFECT OF PROTECTING MINORITY INVESTORS ON THE CAPITAL MARKET VALUE IN SELECTED COUNTRIES BY USING PANEL DATA ANALYSIS, CORRECTIVE RECOMMENDATIONS FOR IRAN'S LAWS AND REGULATIONS

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NADRI KAMRAN; HOSSEINI SAYYED MOHAMMAD REZA

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Journal: ISLAMIC FINANCE RESEARCHES Year:2015 | Volume:4 | Issue:2 (8) Page(s): 159-186

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Title

THE EFFECT OF PROTECTING MINORITY INVESTORS ON THE CAPITAL MARKET VALUE IN SELECTED COUNTRIES BY USING PANEL DATA ANALYSIS, CORRECTIVE RECOMMENDATIONS FOR IRAN'S LAWS AND REGULATIONS

Author(s)

NADRI KAMRAN | HOSSEINI SAYYED MOHAMMAD REZA | Issue Writer Certificate

Keywords

CORPORATE GOVERNANCEQ2

LEGAL PROTECTION OF MINORITY SHAREHOLDERSQ2

THE VALUE OF CAPITAL MARKETQ2

PANEL DATA METHODQ2

THE ECONOMIC ANALYSIS OF LAWQ2

Abstract

Corporation as a legal entity is distinct from its founders. This separation enables a business to either flourish or fail separately from the personal assets and interests of its members (whether owners, directors or employees). The advantages of untying a business from its founders are such that the corporation has today become the most common form of commercial entity around the world. But the separation also creates risks.Without a proper structure and allocation of duties and rights, and without clarity in decision-making processes, corporations can quickly become incapable of generating any wealth. Without adequate safeguards, corporations can become vulnerable to abuse, with insiders using corporate assets for personal gain to the detriment of other stakeholders. If such abuses become widespread in an economy, they can deter investors from participating in any corporation. The quality of the rules and regulations governing corporations is therefore fundamental to functioning markets and wealth-generating economic activity. In this study, we answer the following question: Does improving the protection of minority shareholders affect THE VALUE OF CAPITAL MARKETs in different countries? To answer this question, by using data from the World Bank shareholder protection index, we estimate the effect of protecting minority shareholders on the size of capital market in 27 countries (upper middle income countries, including Iran) for 2006 to 2012. The results show that the LEGAL PROTECTION OF MINORITY SHAREHOLDERS has positive effect on the capital markets.

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APA: Copy

NADRI, KAMRAN, & HOSSEINI, SAYYED MOHAMMAD REZA. (2015). THE EFFECT OF PROTECTING MINORITY INVESTORS ON THE CAPITAL MARKET VALUE IN SELECTED COUNTRIES BY USING PANEL DATA ANALYSIS, CORRECTIVE RECOMMENDATIONS FOR IRAN'S LAWS AND REGULATIONS. ISLAMIC FINANCE RESEARCHES, 4(2 (8)), 159-186. SID. https://sid.ir/paper/254938/en

Vancouver: Copy

NADRI KAMRAN, HOSSEINI SAYYED MOHAMMAD REZA. THE EFFECT OF PROTECTING MINORITY INVESTORS ON THE CAPITAL MARKET VALUE IN SELECTED COUNTRIES BY USING PANEL DATA ANALYSIS, CORRECTIVE RECOMMENDATIONS FOR IRAN'S LAWS AND REGULATIONS. ISLAMIC FINANCE RESEARCHES[Internet]. 2015;4(2 (8)):159-186. Available from: https://sid.ir/paper/254938/en

IEEE: Copy

KAMRAN NADRI, and SAYYED MOHAMMAD REZA HOSSEINI, “THE EFFECT OF PROTECTING MINORITY INVESTORS ON THE CAPITAL MARKET VALUE IN SELECTED COUNTRIES BY USING PANEL DATA ANALYSIS, CORRECTIVE RECOMMENDATIONS FOR IRAN'S LAWS AND REGULATIONS,” ISLAMIC FINANCE RESEARCHES, vol. 4, no. 2 (8), pp. 159–186, 2015, [Online]. Available: https://sid.ir/paper/254938/en

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