Bundling Governance: Finance versus Institutions in Private Investment Prom...

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英文文献：Bundling Governance: Finance versus Institutions in Private Investment Promotion-捆绑治理:促进私人投资中的金融与机构
英文文献作者：Simplice Asongu,Enowbi Batuo,Vanessa Tchamyou
英文文献摘要：
Purpose – The study extends the debate on finance versus institutions in the promotion of investment documented by Acemoglu and Johnson (2005), Ali (2013) and Asongu (2014). We assess the effects of various components of governance on private investment, notably: political, economic and institutional governances. Financial indicators of depth, allocation efficiency, activity and size are used. Design/methodology/approach – An endogeneity robust dynamic system GMM estimation technique is employed. Principal component analysis is also employed to reduce the dimensions of governance variables. The empirical evidence is based on 53 African countries for the period 1996-2010. Findings – The findings provide support for the quality of governance as a better determinant of private investment than financial intermediary development. Moreover, the evidence of finance and governance as substitutes in their impact on investment implies that good governance fuels private investment and this positive impact is stronger in nations with less developed financial systems. This finding is consistent with Ali (2013) and contrary to the results of Asongu (2014c). Practical implication – Policy measures for fighting involuntary and voluntary surplus liquidities are discussed. The paper provides additional support for the need of strengthening governance institutions to promote investment on the one hand and fighting financial allocation inefficiency by mitigating surplus liquidity issues on the other hand. Originality/value – The paper extends the debate on the substitution of finance and institutions in the promotion of private investment.

目的-本研究扩展了Acemoglu和Johnson(2005)、Ali(2013)和Asongu(2014)在《促进投资》中对金融与机构的争论。我们评估了治理的各个组成部分对私人投资的影响，特别是:政治、经济和制度治理。采用深度、配置效率、活动和规模等财务指标。设计/方法/方法—采用内生性鲁棒动态系统GMM估计技术。主成分分析也被用来减少治理变量的维度。经验证据是根据1996-2010年期间53个非洲国家得出的。调查结果——调查结果支持了治理质量是私人投资比金融中介发展更好的决定因素。此外，金融和治理对投资的影响具有替代作用的证据表明，良好的治理促进私人投资，而这种积极影响在金融体系欠发达的国家更为强烈。这一发现与Ali(2013)的结果一致，与Asongu (2014c)的结果相反。实际意义——讨论了对抗非自愿和自愿盈余流动性的政策措施。本文对加强治理机构建设，一方面促进投资，另一方面通过缓解流动性过剩问题来对抗金融配置效率低下的必要性提供了补充支持。原创性/价值——这篇论文扩展了关于金融和机构在促进私人投资方面的替代的辩论。

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