{"id":"https://openalex.org/W2000034862","doi":"https://doi.org/10.3846/16111699.2012.720595","title":"DOES THE QUALITY OF GOVERNANCE MATTER FOR EQUITY MARKET RISK? EVIDENCE FROM EMERGING AND DEVELOPED EQUITY MARKETS","display_name":"DOES THE QUALITY OF GOVERNANCE MATTER FOR EQUITY MARKET RISK? EVIDENCE FROM EMERGING AND DEVELOPED EQUITY MARKETS","publication_year":2014,"publication_date":"2014-12-22","ids":{"openalex":"https://openalex.org/W2000034862","doi":"https://doi.org/10.3846/16111699.2012.720595","mag":"2000034862"},"language":"en","primary_location":{"id":"doi:10.3846/16111699.2012.720595","doi":"https://doi.org/10.3846/16111699.2012.720595","is_oa":true,"landing_page_url":"https://doi.org/10.3846/16111699.2012.720595","pdf_url":"https://journals.vilniustech.lt/index.php/JBEM/article/download/2656/2169","source":{"id":"https://openalex.org/S66524056","display_name":"Journal of Business Economics and Management","issn_l":"1611-1699","issn":["1611-1699","2029-4433"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","doaj","erih-plus","fnege-4","jufo-1","norway-1","poland-70","russia-white-list-1"],"host_organization":"https://openalex.org/P4310317518","host_organization_name":"Vilnius Gediminas Technical University","host_organization_lineage":["https://openalex.org/P4310317518"],"host_organization_lineage_names":["Vilnius Gediminas Technical University"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Business Economics and Management","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://journals.vilniustech.lt/index.php/JBEM/article/download/2656/2169","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5112166372","display_name":"Soo-Wah Low","orcid":"https://orcid.org/0009-0006-7445-3215","observed_orcids":["https://orcid.org/0009-0006-7445-3215"]},"institutions":[{"id":"https://openalex.org/I885383172","display_name":"National University of Malaysia","ror":"https://ror.org/00bw8d226","country_code":"MY","type":"education","lineage":["https://openalex.org/I885383172"]}],"countries":["MY"],"is_corresponding":false,"raw_author_name":"Soo-Wah Low","raw_affiliation_strings":["Universiti Kebangsaan Malaysia","Graduate School of Business (UKM-GSB), Universiti Kebangsaan Malaysia, 43600 UKM Bangi, Selangor, Malaysia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universiti Kebangsaan Malaysia","institution_ids":["https://openalex.org/I885383172"]},{"raw_affiliation_string":"Graduate School of Business (UKM-GSB), Universiti Kebangsaan Malaysia, 43600 UKM Bangi, Selangor, Malaysia","institution_ids":["https://openalex.org/I885383172"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5055167490","display_name":"Lain-Tze Tee","orcid":"https://orcid.org/0009-0006-1468-6332","observed_orcids":["https://orcid.org/0009-0006-1468-6332"]},"institutions":[{"id":"https://openalex.org/I885383172","display_name":"National University of Malaysia","ror":"https://ror.org/00bw8d226","country_code":"MY","type":"education","lineage":["https://openalex.org/I885383172"]}],"countries":["MY"],"is_corresponding":false,"raw_author_name":"Lain-Tze Tee","raw_affiliation_strings":["Universiti Kebangsaan Malaysia","School of Management, Faculty of Economics and Management, Universiti Kebangsaan Malaysia, 43600 UKM Bangi, Selangor, Malaysia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universiti Kebangsaan Malaysia","institution_ids":["https://openalex.org/I885383172"]},{"raw_affiliation_string":"School of Management, Faculty of Economics and Management, Universiti Kebangsaan Malaysia, 43600 UKM Bangi, Selangor, Malaysia","institution_ids":["https://openalex.org/I885383172"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5110950937","display_name":"Si-Roei Kew","orcid":"https://orcid.org/0009-0007-1342-9374","observed_orcids":["https://orcid.org/0009-0007-1342-9374"]},"institutions":[{"id":"https://openalex.org/I885383172","display_name":"National University of Malaysia","ror":"https://ror.org/00bw8d226","country_code":"MY","type":"education","lineage":["https://openalex.org/I885383172"]}],"countries":["MY"],"is_corresponding":false,"raw_author_name":"Si-Roei Kew","raw_affiliation_strings":["Universiti Kebangsaan Malaysia","School of Management, Faculty of Economics and Management, Universiti Kebangsaan Malaysia, 43600 UKM Bangi, Selangor, Malaysia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universiti Kebangsaan Malaysia","institution_ids":["https://openalex.org/I885383172"]},{"raw_affiliation_string":"School of Management, Faculty of Economics and Management, Universiti Kebangsaan Malaysia, 43600 UKM Bangi, Selangor, Malaysia","institution_ids":["https://openalex.org/I885383172"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I885383172"],"apc_list":{"value":600,"currency":"EUR","value_usd":647},"apc_paid":{"value":600,"currency":"EUR","value_usd":647},"fwci":0.5857,"has_fulltext":true,"cited_by_count":17,"citation_normalized_percentile":{"value":0.78890002,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":96},"biblio":{"volume":"16","issue":"3","first_page":"660","last_page":"674"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.6669999957084656,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.6669999957084656,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.06719999760389328,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11042","display_name":"Corruption and Economic Development","score":0.05270000174641609,"subfield":{"id":"https://openalex.org/subfields/3312","display_name":"Sociology and Political Science"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/governance-quality","display_name":"governance quality","score":0.9810000061988831},{"id":"https://openalex.org/keywords/stock-market-risk","display_name":"stock market risk","score":0.9670000076293945},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.7789999842643738},{"id":"https://openalex.org/keywords/developed-markets","display_name":"developed markets","score":0.9940000176429749},{"id":"https://openalex.org/keywords/cross-national-differences","display_name":"cross-national differences","score":0.7049999833106995},{"id":"https://openalex.org/keywords/governance-dimensions","display_name":"governance dimensions","score":0.6359999775886536},{"id":"https://openalex.org/keywords/stock-market-pricing","display_name":"stock market pricing","score":0.6079999804496765},{"id":"https://openalex.org/keywords/policy-implications","display_name":"policy implications","score":0.41200000047683716}],"concepts":[{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.7368731498718262},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.6851532459259033},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.6456747055053711},{"id":"https://openalex.org/C143801662","wikidata":"https://www.wikidata.org/wiki/Q5384683","display_name":"Equity capital markets","level":3,"score":0.6030527949333191},{"id":"https://openalex.org/C149866677","wikidata":"https://www.wikidata.org/wiki/Q5384698","display_name":"Equity risk","level":3,"score":0.5711584091186523},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.5386699438095093},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.5085843801498413},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4835336208343506},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4716220200061798},{"id":"https://openalex.org/C73858035","wikidata":"https://www.wikidata.org/wiki/Q1164550","display_name":"Market risk","level":2,"score":0.41178983449935913},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.3872326910495758},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3247864842414856},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.21012738347053528},{"id":"https://openalex.org/C71110296","wikidata":"https://www.wikidata.org/wiki/Q476115","display_name":"Private equity","level":2,"score":0.15707090497016907},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.3846/16111699.2012.720595","doi":"https://doi.org/10.3846/16111699.2012.720595","is_oa":true,"landing_page_url":"https://doi.org/10.3846/16111699.2012.720595","pdf_url":"https://journals.vilniustech.lt/index.php/JBEM/article/download/2656/2169","source":{"id":"https://openalex.org/S66524056","display_name":"Journal of Business Economics and Management","issn_l":"1611-1699","issn":["1611-1699","2029-4433"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","doaj","erih-plus","fnege-4","jufo-1","norway-1","poland-70","russia-white-list-1"],"host_organization":"https://openalex.org/P4310317518","host_organization_name":"Vilnius Gediminas Technical University","host_organization_lineage":["https://openalex.org/P4310317518"],"host_organization_lineage_names":["Vilnius Gediminas Technical University"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Business Economics and Management","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:taf:jbemgt:v:16:y:2015:i:3:p:660-674","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.3846/16111699.2012.720595","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:doaj.org/article:bcb5fffc07f340c9974ab05de5657b62","doi":null,"is_oa":false,"landing_page_url":"https://doaj.org/article/bcb5fffc07f340c9974ab05de5657b62","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Journal of Business Economics and Management, Vol 16, Iss 3 (2014)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.3846/16111699.2012.720595","doi":"https://doi.org/10.3846/16111699.2012.720595","is_oa":true,"landing_page_url":"https://doi.org/10.3846/16111699.2012.720595","pdf_url":"https://journals.vilniustech.lt/index.php/JBEM/article/download/2656/2169","source":{"id":"https://openalex.org/S66524056","display_name":"Journal of Business Economics and Management","issn_l":"1611-1699","issn":["1611-1699","2029-4433"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","doaj","erih-plus","fnege-4","jufo-1","norway-1","poland-70","russia-white-list-1"],"host_organization":"https://openalex.org/P4310317518","host_organization_name":"Vilnius Gediminas Technical University","host_organization_lineage":["https://openalex.org/P4310317518"],"host_organization_lineage_names":["Vilnius Gediminas Technical University"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Business Economics and Management","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Peace, justice, and strong institutions","score":0.5473999977111816,"id":"https://metadata.un.org/sdg/16"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2000034862.pdf","grobid_xml":"https://content.openalex.org/works/W2000034862.grobid-xml"},"referenced_works_count":30,"referenced_works":["https://openalex.org/W401489879","https://openalex.org/W1964907452","https://openalex.org/W1968037652","https://openalex.org/W1969519191","https://openalex.org/W1974925053","https://openalex.org/W2011139617","https://openalex.org/W2022038646","https://openalex.org/W2024176129","https://openalex.org/W2026092445","https://openalex.org/W2042502701","https://openalex.org/W2073861195","https://openalex.org/W2087760094","https://openalex.org/W2101720440","https://openalex.org/W2108390659","https://openalex.org/W2119668799","https://openalex.org/W2148533317","https://openalex.org/W2165559086","https://openalex.org/W2528295441","https://openalex.org/W3021830562","https://openalex.org/W3022360661","https://openalex.org/W3121297842","https://openalex.org/W3121759882","https://openalex.org/W3122054839","https://openalex.org/W3122248399","https://openalex.org/W3124391672","https://openalex.org/W3124454571","https://openalex.org/W3124631106","https://openalex.org/W3125453467","https://openalex.org/W3126094941","https://openalex.org/W4233420185"],"related_works":["https://openalex.org/W2022038646","https://openalex.org/W311948274","https://openalex.org/W4412602317","https://openalex.org/W4412966513","https://openalex.org/W2130845188","https://openalex.org/W3123929795","https://openalex.org/W2004231334","https://openalex.org/W7057049854","https://openalex.org/W2485127588","https://openalex.org/W7134083520"],"abstract_inverted_index":{"This":[0],"paper":[1],"examines":[2],"the":[3,41,46,77,95],"relation":[4,56],"between":[5,57],"country-level":[6],"governance":[7,28,58,79],"and":[8,60],"cross-country":[9],"differences":[10],"in":[11,94,103],"equity":[12,37,61],"market":[13,38,62,87,102],"risk":[14],"by":[15,75],"employing":[16],"panel":[17],"data":[18],"regressions.":[19],"For":[20],"emerging":[21,73,104],"markets,":[22,45],"we":[23],"find":[24],"consistent":[25],"evidence":[26],"that":[27,49,81],"quality":[29,59],"of":[30,72,85,97,100],"various":[31],"dimensions":[32,80],"is":[33,51],"negatively":[34],"related":[35],"to":[36,69],"risk.":[39,63,88],"On":[40],"contrary,":[42],"for":[43],"developed":[44],"results":[47,65],"show":[48],"there":[50],"generally":[52],"little":[53],"or":[54],"no":[55],"The":[64,89],"provide":[66],"practical":[67],"implication":[68,93],"policy":[70],"makers":[71],"markets":[74],"highlighting":[76],"relevant":[78],"constitute":[82],"important":[83],"drivers":[84],"stock":[86,101],"findings":[90],"have":[91],"academic":[92],"context":[96],"equilibrium":[98],"pricing":[99],"market.":[105]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":2},{"year":2016,"cited_by_count":1},{"year":2013,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}
