出版社：Law Department of the Bucharest University of Economic Studies
摘要：A fundamental objective of stock market regulation is investor protection, which
influences the stability and the degree of development of capital markets. We use eleven
years (2006-2016) of panel data from the World Bank, on the evolution of minority
shareholders' protection. This paper aims at understanding the connection between
regulation and the development of capital markets, both for developed and emerging
European Union countries. The results are consistent with some of the results from
empirical research in law, demonstrating a positive link between investor protection and
stock market development during the analyzed period, after controlling for other drivers of
stock market development, such as GDP growth and level of taxation. The results outline
the importance of stock market regulation, making clear that minority shareholder
regulation and its enforcement should be further improved in the European Union member
states.
关键词：minority shareholder protection; regulation; stock market
development; European Union; GMM system
