Stock market participation in less developed countries: a perception-based evidence from Uganda

References

• Ahmadimousaabad, A., Bajuri, N., Jahanzeb, A., Karami, M., & Rehman, S. (2013). Trade-off theory, pecking order theory and market timing theory: A comprehensive review of capital structure theories. International Journal of Management and Commerce Innovations, 1(1), 11–16.
   Google Scholar
• Alam, M. M., Yasmin, S., Rahman, M., & Uddin, M. G. S. (2011), Effect of policy reforms on market efficiency: Evidence from dhaka stock exchange. Economics Research International, 2011 (Article ID: 864940). http://www.hindawi.com/journals/econ/2011/864940/
   Google Scholar
• Allen, F., & Gale, D. (1994). Limited market participation and validity of asset prices. American Economic Review, 84, 933–955.
   Web of Science ®Google Scholar
• Bairagi, R. K., & Dimovski, W. (2012). The direct costs of raising external equity capital for US REIT IPOs. Journal of Property Investment & Finance.
   Google Scholar
• Bananuka, J., Night, S., Ngoma, M., & Najjemba, G. M. (2019). Internet financial reporting adoption: Exploring the influence of board role performance and isomorphic forces. Journal of Economics, Finance and Administrative Science, 24(48), 266–287. https://doi.org/10.1108/JEFAS-11-2018-0120
   Google Scholar
• Bekaert, G., Harvey, C. R., & Lundblad, C. (2001). Emerging equity markets and economic development. Journal of Development Economics, 66(2), 465–504. https://doi.org/10.1016/S0304-3878(01)00171-7
   Web of Science ®Google Scholar
• Brennan, M., Schwartz, E., & Lagnado, R. (1997). Strategic asset allocation. Journal of Economic Dynamics & Control, 21(8–9), 1377–1403. https://doi.org/10.1016/S0165-1889(97)00031-6
   Web of Science ®Google Scholar
• Butler, A., Grullon, G., & Weston, J. (2005). Stock Market liquidity and the cost of issuing Equity. Journal of Financial and Quantitative Analysis, 40(2), 331–348.
   Web of Science ®Google Scholar
• Ciubotariu, M. S. (2013). The role os small and meduim enterprises in the modern economy and the importance of IFRS application to SMEs. The Usv Annals of Economics and Piblic Administration, 13(17), 201–210.
   Google Scholar
• Cronbach, L. J. (1951). Coefficient alpha and the internal structure of tests. Psychometrika, 16(3), 297–334.
   Web of Science ®Google Scholar
• Dash, S. R., & Mahakud, J. (2015). Market anomalies, asset pricing models, and stock returns: Evidence from the Indian stock market. Journal of Asia Business Studies, 9(3), 306–328. https://doi.org/10.1108/JABS-06-2014-0040
   Google Scholar
• Dutta, N., & Mukherjee, D. (2015). Cultural traits and stock market development: An empirical analysis. Journal of Entrepreneurship and Public Policy, 4(1), 33–49. https://doi.org/10.1108/JEPP-01-2013-0003
   Google Scholar
• Ekanem, I. (2010). Liquidity Management in Small firms: A learning perspective. Journal of Small Business and Enterprise Development.
   Google Scholar
• Fama, FE. French, RK (2002). The equity premium. The Journal of Finance, 52 (2), 637–659.
   Google Scholar
• Field, A. (2009). Discovering statistics using SPSS. Sage publications.
   Google Scholar
• Gomes, F., & Michaelides, A. (2003). Portfolio choice with internal habit formation: A life-cycle model with uninsurable labor income risk. Review of Economic Dynamics, 6(6), 729–766, pp.1094–2025. https://doi.org/10.1016/S1094-2025(03)00059-0
   Google Scholar
• Guiso, L., Sapienza, P., & Zingales, L. (2008). Trusting the stock market. Journal of Finance, 63(6), 2557–2600. https://doi.org/10.1111/j.1540-6261.2008.01408.x
   Web of Science ®Google Scholar
• Haliassos, M., & Michaelides, A. (2003). Portfolio choice and liquidity constraints. International Economic Review, 44 (1), 143–177. International Economic Review. https://doi.org/10.1111/1468-2354.t01-1-00065
   Web of Science ®Google Scholar
• Halliassos, M., & Bertaut, C. (1995). Why do so few hold stocks. Economic Journal, 105(432), 1110–1129. https://doi.org/10.2307/2235407
   Web of Science ®Google Scholar
• Hansen, R. S., Fuller, B. R., & Janjigian, V. (1987). The over-allotment option and equity financing flotation costs: An empirical Investigation. Financial Management, 24–32.
   Web of Science ®Google Scholar
• Harris, L. (2003). Trading and exchange: Market Microstructure for practitioners. OUP USA.
   Google Scholar
• Hong, H., Kubik, J.D., & Stein, J. C. (2004). Social interaction and stock market participation. The Journal of Finance, 59(1), 137–163.
   Web of Science ®Google Scholar
• International Federation of Accountants (IFAC) (2011). International Auditing and Assurance Standards Board- Exposure drafts. http:www.ifac.org/publicationn-resources/proposed-international-standard-assurance-engagements
   Google Scholar
• Karolyi, G. A., Doidge, C., & Stulz, R. M. (2004). Why are foreign firms listed in the US worth more? Journal of Financial Economics, 77, 205–238. https://doi.org/10.1016/S0304-405X(03)00183-1
   Google Scholar
• Kasekende, D., & Opondo, H.(2003). Financing Small and medium- scale enterprises (SMEs) Uganda’s experience. BOU working paper.
   Google Scholar
• Kaserer, & Schiereck. (2007). Going public and being public - A global comparison on the impact of the listing decision on the cost of capital. Research presented at the German Equity Forum in Frankfurt.
   Google Scholar
• Kaur, M., & Vohra, T. (2017). Factors influencing the choice of financial advisor by women stock investors in Punjab: An empirical study. International Journal of Law and Management, 59(2), 192–201. https://doi.org/10.1108/IJLMA-09-2015-0051
   Web of Science ®Google Scholar
• Kazooba, C. T. (2006). Causes of Small business failure in Uganda: A case study from bushenyi and mbarara towns. African Studies Quarterly, 8(4).
   Google Scholar
• Kibirango, L. (2003). The capital markets corporate governance guidelines, Kampala, Uganda. Capital Markets Authority.
   Google Scholar
• Krejcie, R. V., & Morgan, D.W. (1970). Determining the sample size for research activities. Educational & Psychological Measurement, 30(3), 607–610.
   Web of Science ®Google Scholar
• Kwabi, F. O., & Boateng, A. (2021). The effect of insider trading laws and enforcement on stock market transaction cost. Review of Quantitative Finance and Accounting, 56(3) 939–964.
   Web of Science ®Google Scholar
• Larcker, D. F., & Tayan, B. (2018). Scaling Up: The implementation of corporate governance in pre-IPO companies. Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies in Corporate Governance No. CGRP-75, 11–19. https://ssrn.com/abstract=3293883
   Google Scholar
• Lee, G., & Masulis, R. W. (2009). Seasoned equity offerings: Quality of accounting information and expected floatation costs. Journl of Financial Economics, 92(3), 443–469.
   Web of Science ®Google Scholar
• Little, R. J. A., & Rubin, D. B. (2002). Statistical analysis with missing data. John wileg & Sues.
   Google Scholar
• Lutwama, J. (2006). Strategies for improving liquidity in Uganda’s capital markets. Industry. Capital Markets Journal, 10(3). http://dx.doi.org/10.2139/ssrn.1499634
   Google Scholar
• Mahembe, E. (2011). Literature Review on Small and medium Enterprises’ Access to credit and support in South Africa. Underhill corporate solutions. South Africa: National Credit Regulator. Pretoria.
   Google Scholar
• Matic, M., Gorajek, A., & Stewart, C. (2012). Small business funding in Australia. Small Business Finance Roundtable. Sydney, NSW, Australia: Reserve Bank of Australia.
   Google Scholar
• Meluzín, T., Zinecker, M., Balcerzak, A. P., & Pietrzak, M. B. (2018). Why do companies stay private? Determinants for IPO candidates to consider in Poland and the Czech Republic. Eastern European Economics, 56(6), 471–503. https://doi.org/10.1080/00128775.2018.1496795
   Web of Science ®Google Scholar
• Miralles-Quirós, M. M., Miralles-Quirós, J. L., & Oliveira, C. (2017). The role of liquidity in asset pricing: The special case of the portuguese stock market. Journal of Economics, Finance and Administrative Science, 22(43), 191–206. https://doi.org/10.1108/JEFAS-12-2016-0001
   Google Scholar
• Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297.
   Web of Science ®Google Scholar
• Mundfrom, D. J., & Whitcomb, A. (1998). Imputing missing values: The effect on the accuracy of classification. Multiple Regression Viewpoints, 25(1), 13–19.
   Google Scholar
• Myers, S. C. (1984). Capital structure puzzle. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
   Google Scholar
• Myers, R. H., & Myers, R. H. (1990). Classical and modern regression with applications (Vol. 2, pp. 488). Belmont CA: Duxbury press.
   Google Scholar
• Neelameghan, A. (1992). Information for Small enterprises. Bangalore: Sarada Ranganathan Endowment for Library Science.
   Google Scholar
• Okello-Obura, C., Minishi-Majanja, M. K., Cloete, L. M., & Okio-Odongo, J. R. (2008). Business activities and information need of SMEs in Northern Uganda. Prerequisite for an Information System. Library Management, 4(5).
   Google Scholar
• Orobia, L. A., Byabashaija, W., Munene, J. C., Sejjaaka, S.K., & Musinguzi, D. (2013). How do small business owners manage working capital in an emerging economy? A qualitative inquiry. Qualitative Research in Accounting and Management.
   Google Scholar
• Oxera (2006). The cost of capital: An international comparison. Report, www.cityoflondon.gov.uk/Corporation/business_city/research_statistics/research_publications
   Google Scholar
• Pagano, M., Panetta, F., & Zingales, L. (1998). Why do companies go public? An empirical analysis. Journal of Finance, 53(1), 27‐64. https://doi.org/10.1111/0022-1082.25448
   Web of Science ®Google Scholar
• Paielle, M. (2007). Does wealth affect consumption? Evidence for Italy. Journal of Macroeconomics, 29(1), 189–205.
   Web of Science ®Google Scholar
• Rajan, R. G., & Zingales, L. (2003). The great reversals: The politics of financial development in the 20th century. Journal of Financial Economics, 69(1), 5–50. https://doi.org/10.1016/S0304-405X(03)00125-9
   Web of Science ®Google Scholar
• Razali, M. W. M., Brahmana, R. K., & Sinnasamy, G. (2016). Corporate disclosure and cost of equity: Case of malaysian listed companies. Journal of International Business and Economics, 16(2), 83–94. https://doi.org/10.18374/JIBE-16-2.7
   Google Scholar
• Ritter, J. T. The cost of going public. (1987). Journal of Financial Economics, 19(2), 269–281. North-Holland. https://doi.org/10.1016/0304-405X(87)90005-5
   Web of Science ®Google Scholar
• Schiffer, M., & Wader, B. (2001). Firm size and business environment: Worldwide survey results (vol.43). World Bank publications.
   Google Scholar
• Sejjaaka, S. (2011). Determinants of IPO readiness in emerging markets: The case for Ugandan firms, Macroeconomics and finance in emerging market economies. Sloan Management Review, 49(2), 43–50. https://doi.org/10.1080/17520843.2011.593906
   Google Scholar
• Sendawula, K., Ngoma, M., Bananuka, J., Kimuli, S. N. L., & Kabuye, F. (2020). Business networking and internationalization: Testing the mediation role of organizational learning. World Journal of Entrepreneurship, Management and Sustainable Development. ahead-of-print No. ahead-of-print.
   Web of Science ®Google Scholar
• Sharpe, W. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19, (3), 425–442. https://doi.org/10.1111/j.1540-6261.1964.tb02865.x
   Web of Science ®Google Scholar
• Singh, P., & Kumar, B. (2012). Trade-off theory vs pecking order theory revisited: Evidence from India. Journal of Emerging Market Finance, 11(2), 145–159. https://doi.org/10.1177/0972652712454514
   Google Scholar
• Sivaramakrishnan, S., Srivastava, M., & Rastogi, A. (2017). Attitudinal factors, financial literacy, and stock market participation. International Journal of Bank Marketing, 35(5), 818–841. https://doi.org/10.1108/IJBM-01-2016-0012
   Web of Science ®Google Scholar
• Sturla, L., & Oyvind, N. (2011). Initial public offering or initial private placement? Working Paper No. 4/2011. Norwegian School of Management, Centre for corporate governance research.
   Google Scholar
• Tadashi, E. (2008). Broadening the offereing choice of corporate Bonds in Emerging amrkets: Cost-effective access to Debt capital. Policy working paper 4685. The World Bank corporate Governance and Capital markets development unit.
   Google Scholar
• Tsagkanos, A. (2017). Stock market development and income inequality. Journal of Economic Studies, 44(1), 87–98. https://doi.org/10.1108/JES-08-2015-0155
   Web of Science ®Google Scholar
• Tumwebaze, Z., Orobia, L., & Kamukama, N. (2014). Information asymmetry and stock market participation: Evidence from the Uganda stock Exchange. Operations Research Society of Eastern Africa, 4(2), 21–42.
   Google Scholar
• Uganda Bureau of Statistics (2011), “Report on the census of business establishments 2010/2011”
   Google Scholar
• Uganda Securities Exchange (2020). Listed securities. use. or.Ug.content/listed securities. accessed on 15th December.
   Google Scholar
• Uganda Securities exchange USE. (2012). Ugandanda securities Exchange Listing Rules. http/www. use.or.ug/uploads/legal/regulations/USE%20listing%20Rules%202012 pdf
   Google Scholar
• Vissing-Jorgensen, A. (2002), Towards an explanation of household portfolio choice heterogeneity: Nonfinancial income and participation cost structures. working paper n.8884. NBER.
   Google Scholar
• Williamson, & Williamson, S. D. (1994). Liquidity and market participation. Journal of Economics Dynamics and Control, 18(3–4), 629–670. https://doi.org/10.1016/0165-1889(94)90026-4
   Web of Science ®Google Scholar
• Winful, E. C., Koranteng, K., & Owusu-Mensah, M. (2013). Investment education on stock market performance: Case of ghana stock exchange. Journal of Contemporary Management, Article, ID, 1929-0128-2013-04-29-17.
   Google Scholar
• Wójcik, D., (2017). Innovation and stock markets: International evidence on Manufacturing and services, In Handbook on the Geographies of money and Finance pp.197-222. Edward Elgar publishing
   Google Scholar
• Yosha, O. (1995). Information disclosure costs and the choice of financing source. Journal of Financial Intermediation, 4(1), 3–20.
   Web of Science ®Google Scholar
• Zuravicky, O. (2005). The stock market: Understanding and applying ratios, decimals, fractions, and percentages. The Rosen Publishing Group, Inc.
   Google Scholar