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This study investigates the cointegration between institutional quality (IQ) and stock
market development (SMD) of Pakistan, over the period 1996-2016. We use robust
autoregressive distributed lag (ARDL) bounds test to cointegration and error correction
model (ECM) for estimation purpose. Empirical findings of ARDL bounds test ratify
cointegration between IQ and SMD − while controlling for inflation. Moreover, the
result of the ECM confirms the dynamic and long-run equilibrium association. Literature
reveals that there is no formal evidence of IQ on SMD in the context of Pakistan. Thus,
this research endeavor contributes to existing literature in this vital area. The study
examines cointegration between IQ and SMD in Pakistan that limits the generalizability
of findings. Nevertheless, it offers valuable policy implications to Pakistan’s stock market
regulators, government bodies and investors. The researchers may expand the research
question to the Asian region regarding IQ and its impact translated by capital markets.
Muhammad Asif Khan, Raja Muhammad Ahsan Ilyas, Shujahat Haider Hashmi. (2018) Cointegration between Institutional Quality and Stock Market Development, NUML International Journal of Business & Management, Volume 13, Issue 2.
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