The effect of e-readiness and business context on the exchange market development: A comparison between developed and developing countries (2010 – 2014)

Document Type : Research Paper

Abstract

E-readiness and the business context have critical role in firms’ development and security exchange efficiency. In this paper we try to analyze the impact of these two contextual factors on multidimensional development of exchange market. To do this, we use the EIU model for e-readiness, doing business model for business context and depth, width and sophistication for exchange market development measurement. The data have been gathered between 2010 and 2014 and the countries include 20 developed and 20 developing country including Iran. We use factor analysis and structural equations modelling to test hypotheses separately in developed and developing countries. Results show that e-readiness has not a significant effect on exchange development in developing countries but the business context has. Alternatively in developing countries both of independent variables have significant positive effect on exchange market development.

Keywords

Main Subjects

References

منابع
احمدی، سید وحید (1387)؛ «بررسی مقایسه‌ای شاخص‌های فضای کسب‌وکار در ایران و جهان»، مجموعه پژوهش‌های اقتصادی بانک مرکزی جمهوری اسلامی ایران، ش 30.          
برومند، شهزاد (1387)؛ امنیت اقتصادی در ایران و چند کشور منتخب (مطالعه تطبیقی)، دفتر مطالعات اقتصادی مرکز پژوهش‌های مجلس شورای اسلامی، چاپ اول، انتشارات نگاران شهر، تهران.
صادقی یارندی، سیف‌الله (1385)؛ نقش تجارت الکترونیکی و فناوری ارتباطات در گسترش تجارت درون‌گروهی کشورهای عضو OIC در راستای تشکیل بازار مشترک اسلامی، انتشارات مؤسسه مطالعات و پژوهش‌های بازرگانی، تهران.
عبدالله‌زاده، رضا (1388)؛ «فناوری اطلاعات و نقش آن در بازارهای مالی»، مجموعه مقالات همایش مدیریت فناوری و نوآوری، دانشگاه پیام نور گرمسار.
لطفعلی‌پور، محمدرضا و زهرا شاکری و فاطمه کبری بطا (1390)؛ «بررسی همگرایی اقتصادی میان ایران و کشورهای امریکای لاتین (کاربرد مدل جاذبه)»، پژوهش‌های رشد و توسعه اقتصادی، سال اول، ش 3.
محمودزاده، محمود (1389)؛ «اثرات فناوری اطلاعات و ارتباطات بر بهره‌وری کل عوامل تولید در کشورهای در‌حال توسعه منتخب»، فصلنامه پژوهشنامه بازرگانی، ش 57، صص 64-29.
مظلوم‌نژاد میبدی، بابک، علی صالح‌آبادی و روح‌الله نجفی (1392)؛ «ارائه مدل ارزیابی آمادگی الکترونیکی برای پیاده‌سازی بورس الکترونیکی در بازار سرمایه کشور (مطالعه موردی: شرکت بورس اوراق بهادار تهران)»، فصلنامه بورس اوراق بهادار، ش 23، صص 5-27.
Akinlo, E. (2009); “Stock Market Development and Economic Growth: Evidence from Seven Sub-Sahara African Countries”, Journal of Economics and Business, vol: 61, pp. 162–171.
Black, B. (2001); “The Legal and Institutional Preconditions for Strong Securities Markets”, UCLA Law Review, vol. 48, pp. 781−858.
Boubakri, N. and O. Hamza (2007); “The Dynamics of Privatization, the Legal Environment and Stock Market Development”, International Review of Financial Analysis, vol. 16, pp. 304-331.
Bui, T.; I. Sebastian, W. Jones and S. Naklada (2002); E-Commerce Readiness in East Asian APEC Economies, A Precursor to Determine HRD Requirements and Capacity Building, The Apec Study Center, Bangok, Thailand, 1-80.
Busch T.; R. Bauer and M. Orlitzky (2016); “Sustainable Development and Financial Markets: Old Paths and New Avenues”, Business and Society, vol 55, issue 3, pp. 35-53.
Charles, Amo, Yartey. (2008); “The Determinants of Stock Market Development in Emerging Economies: Is South Africa Different?”, International Monetary Fund, IMF Working Paper.
Dos, Santos; L. Brian, Ken Peffers and David C. Mauer (1993); “The Impact of Information Technology Investment Announcements on the Market Value of the Firm”, Information Systems Research, vol.4, pp. 1-23.
Jibril, R. S.; A.A. Salihi, U.S. Wambai, F.B. Ibrahim, S. Muhammad and T.H. Ahmad (2015); “An Assessment of Nigerian Stock Exchange Market Development to Economic Growth”, American International Journal of Social Science, vol. 4, no. 2, pp.51-58.
Jorgenson, D.W. and K. Motohashi (2005); “Information Technology and the Japanese Economy”, NBER Working Paper, no. 11801.
Kamssu, Aurore and Jose Kenmegne (2000); “Financial Analysis and Information Technology: The Impact of Being an Internet –dependent Firm on the Firm Standard Financial Ratios and Stock Returns”, DAI-A 61/08.
La, Porta, R.; F. Lopez-de-Silanes, A. Shleifer and R.W. Vishny (1998); “Law and Finance”, Journal of Political Economy, vol. 106, pp. 1113–1155.
Lahura, E., and M. Vega (2014); Stock Market Development and Real Economic Activity in Peru, Banco Central De Reserva Del Peru.
Lee, Houng and Yougesh Khatri (2003); “Information Technology and Productivity Growth in Asia”, IMF Working Paper, 03/15.
Lee, Sang-Yong Tom, R. Gholami and T.Y. Tong (2005); “Time Series Analysis in the Assessment of ICT Impact at the Aggregate Level-Lessons and Implications for the New Economy”, Information and Management, vol. 42, pp. 1009-1022.
Marco, Martini (1999); “The Impact of Information Technology on the Banking and Financial Industry”, Review of Economic Conditions in Italy, issue.2, pp. 203.
Miller, Robert, M. (2002); The Impact of Privatization on Stock Market Development, University Of Illinois at Urbana-Champaign.
Ng, A.; M. H. Ibrahim and A. Mirakhor (2016); “Does Trust Contribute to Stock Market Development?”, Economic Modelling, vol. 52, part A., pp. 239-250.
Naceur, Samy, B., Samir, Ghazouani and Omran Mohamed (2007); “The Determinants of Stock Market Development in the Middle-Eastern and North African Region”, Managerial Finance, vol. 33, pp. 477-489.
Oliner, S., and D. Sichel (2002); “Information Technology and Productivity: Where Are We Now and Where Are We Going?”, Federal Reserve Bank of Atlanta Economic Review, pp. 15-44.
Pagano, M. (1993); “Financial Markets and Growth: An Overview”, European Economic Review, vol. 37, pp. 613–622.
Paul, Mullign, and Steven, R. Gordon (2002); “The Impact of Information Technology on Customer and Supplier Relationships in the Financial Services”, International Journal of Service Industry Management, vol. 13, no.1, pp. 29-46.
Petros, Theodorou, and Florou Giannoula (2008); “Manufacturing   Strategies and Financial Performance: The Effect of Advanced Information Technology”, The International Journal of Management Science.
Rajan, R.G, and L. Zingales (2003); “The Great Reversals: The Politics of Financial Development in the 20th Century”, Journal of Financial Economics, vol. 69, no. 1, pp. 5–50.
Ramos, Sofia (2009); “Competition and Stock Market Development”, The European Journal of Finance, vol. 15, no.2, pp. 231–247.
Schleifer, A. (2005); “Understanding Regulation”, European Financial Management, vol. 11, no. 4, pp. 349–451.
Seo, H-J, and SL. Lee (2006); “Contribution of Information and Communication Technology to Total Factor Productivity and Externalities Affects”, Information Technology for Development, vol. 12 (2), pp. 159-173.
Shin, N. (2006); “The Impact of Information Technology on the Financial Performance of Diversified Firms”, Decision Support Systems, vol. 41, pp. 698-707.
Torre, Augusto, D.L. Juan Carlos Gozzi and Sergio L. Schmukler (2006); “Stock Market Development under Globalization: Whither the Gains from Reforms?”, Journal of Banking and Finance, vol. 19, pp.1-31.
Van, Ark B; J. Melka, N. Mulder, M. Timmer and Ypma, G. (2003); ICT Investments and Growth Accounts for the European Union. Final Report on “ICT and Growth Accounting” for the DG Economics and Finance of the European Commission. Research Memorandum GD 56, Groningen Growth and Development Centre.
World Bank report. (2009); “Training about doing business”, USAID, November.
Iranian Journal of Trade Studies
Volume 21, Issue 83 - Serial Number 83
September 2017
Pages 253-280

Files

History

  • Receive Date: 24 June 2016
  • Revise Date: 19 January 2017
  • Accept Date: 23 January 2017

Share

How to cite

Statistics