Stock Market Development and Capital Accumulation: Does Law Matter? A Case Study of India

Prabirjit Sarkar

MPRA Paper from University Library of Munich, Germany

Abstract: Stock market development has been an important part of financial liberalisation in the less developed countries (LDCs). In the pro-liberalisation circle, stock market is assigned to play an important role in the capitalist development of the LDCs. This is also true for the liberalisation regime of India. With the recognition of the importance of stock market in economic development there is a call for a better protection of the interests of the shareholders. In this perspective we shall examine whether share market developments have any long-term relationship with capital accumulation and whether legal changes promoting the interest of the shareholders exerted any long-term effect on Indian share market developments.

Keywords: corporate governance; shareholder protection; capital accumulation; development; India (search for similar items in EconPapers)
JEL-codes: K22 O16 O53 (search for similar items in EconPapers)
Date: 2007-02-06
New Economics Papers: this item is included in nep-cwa
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Citations: View citations in EconPapers (17)

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