Analysis of the Role of Protecting Shareholders Rights in Expanding Stock Market in a Chosen Developing Countries
Akbar Komijani, Habib Soheili Ahmadi

Abstract
The aim of this study is to understand whether in developing countries, level of legal protection of shareholders, considering other important factors which affect the expansion of stock market has a meaningful role in expansion of stock market or not. By using strength of investor protection index which was calculated by the World Bank and using data from 46 developing countries in interval of 2006-2010, we have investigated empirically this hypothesis. Estimation results of econometric model confirm this hypothesis meaning that countries making more legal protection of shareholders have got more expanded stock market.

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