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Sustainability 2017, 9(12), 2199; doi:10.3390/su9122199

An Empirical Study on the Relationship between Investor Protection, Government Behavior, and Financial Development

1
Department of Finance, Shantou University of Business School, Shantou 515063, China
2
Research Institute for Guangdong-Taiwan Business Cooperation, Shantou University, Shantou 515063, China
3
Zhongshan Institute, University of Electronic Science and Technology of China, Zhongshan 528400, China
4
Economics and Management College, Civil Aviation University of China, Tianjin 300300, China
5
School of Accounting, Zhongnan University of Economics and Law, Wuhan 430073, China
6
Department of Accounting, Finance and Economics, Griffith University, Brisbane 4111, Australia
7
School of Economics and Management, Shanghai Institute of Technology, Shanghai 201418, China
8
School of Economics & Management, Tongji University, Shanghai 200092, China
*
Authors to whom correspondence should be addressed.
Received: 25 September 2017 / Revised: 13 November 2017 / Accepted: 22 November 2017 / Published: 29 November 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. View Full-Text
Keywords: investor protection; government behavior; government intervention; sustainability; financial development; economic growth investor protection; government behavior; government intervention; sustainability; financial development; economic growth
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Chu, C.-C.; Tsai, S.-B.; Chen, Y.; Li, X.; Zhai, Y.; Chen, Q.; Jing, Z.; Ju, Z.-Z.; Li, B. An Empirical Study on the Relationship between Investor Protection, Government Behavior, and Financial Development. Sustainability 2017, 9, 2199.

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