This paper examined the effect of non-macroeconomic variables on investor protection in Africa whiles controlling for, efficacy of corporate boards, ethical behavior of firms, efficiency of legal framework in settling disputes, efficiency of legal framework in challenging regulations and credit rating of countries. The study employs panel data covering the period from 2009 to 2013. It considered political stability, regulatory quality, voice and accountability, control of corruption, property rights and rule of law, as non-macroeconomic variables. The variables are based on their relative relevance from existing literature. The overall results show that non-macroeconomic variables are positively related to investor protection in African countries.
Non-macroeconomic variables, investor protection, investor environment, African countries, new institutional economics.
The authors are with the Department of Accounting and Finance, School of Business in the College of Humanities and Legal Studies, University of Cape Coast, Ghana (e-mail: firstname.lastname@example.org, email@example.com).
John Gartchie Gatsi and Millicent Kyeraa, "
Effects of Non-macroeconomic Variables on Investor Protection in Africa," Journal of Economics, Business and Management vol. 4, no. 6, pp.