An empirical study on the relationship between investor protection, government behavior, and financial development

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Chu, Chien-Chi
Tsai, Sang-Bing
Chen, Yinghui
Li, Xiyang
Zhai, Yuming
Chen, Quan
Jing, Zeng
Ju, Zeng-Zi
Li, Bin
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2017
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Abstract

We studied the relationship between investor protection, government behavior, and financial development using data covering six provinces (Guangdong, Jiangsu, Shandong, Zhejiang, Henan, and Sichuan) and two provincial-level cities (Beijing and Shanghai) in China for the period 2005–2014. Using panel data estimation techniques, we found that there is a positive relationship between investor protection and financial development; by contrast, highly-intense government intervention leads to more financial impediments. Moreover, government intervention in education could promote financial development through its contribution to having a higher amount of the fund supply. Our empirical findings have important implications for policy-makers in terms of reforming the capital market regulation.

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Sustainability (Switzerland)

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9

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12

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© 2017 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).

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Environmental management not elsewhere classified

Built environment and design

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