The Relationship Between Ethnic Diversity and Stock Market Development: A Global Perspective

Saqib Amin ()
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Saqib Amin: National College of Business Administration and Economics

A chapter in Contemporary Trends and Challenges in Finance, 2021, pp 3-24 from Springer

Abstract: Abstract Diversity plays a crucial role in investor’s decision-making behaviour. If the culture of heterogeneity escalates, consumer choices also create catastrophic shifts in the financial markets. This study aims to investigate the relationship between diversity and stock market development by using the data of 187-countries of the world. The results indicate that diversity either ethnic or religious, or both have a significant positive association with stock market development (including market capitalization, market liquidity, turnover ratio, listed domestic companies, S&P/global equity index). This study suggests that diversity is a natural phenomenon; however, productive results of diversity can be obtained by providing an equal and peaceful society through cohesiveness.

Keywords: Ethnic diversity; Religious diversity; Stock market development (search for similar items in EconPapers)
JEL-codes: G0 Z10 Z13 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-030-73667-5_1

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DOI: 10.1007/978-3-030-73667-5_1

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