Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/211459 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Texto para Discussão No. 2508
Verlag: 
Instituto de Pesquisa Econômica Aplicada (IPEA), Brasília
Zusammenfassung (übersetzt): 
Institutional characteristics of each country acquire increasingly importance in the economic literature of the determinants of growth, investment and risk perception, especially in emerging economies. The objective of this work is to quantitatively assess the impact of institutional quality indicators on the risk premium, i.e., the additional return required by the investor to commit investments in the countries. The article draws on the theoretical premises of the Gordon-Williams' discounted dividend model (DDM) and institutional quality indicators to estimate from a set of 4,763 companies located in 48 countries in the period from 2009 to 2015, the required return for investing in a company. Our main result is that by using a broad set of control variables, increasing the aggregate measure of institution quality reduces the required risk premium for the selected countries, contributing to higher levels of investment.
Schlagwörter: 
institutional risk prize
investments
regulation and governance
Gordon model
JEL: 
I23
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.92 MB





Publikationen in EconStor sind urheberrechtlich geschützt.