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Title:
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PECUNIARY DETERMINANTS Of IRREGULARITIES in the capital market |
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Author(s):
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Caroline Orth, Marlla de Oliveira Feitosa and Clea Beatriz Macagnam |
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ISBN:
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978-989-8704-36-8 |
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Editors:
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Piet Kommers, Tomayess Issa, Adriana Backx Noronha Viana, Theodora Issa and Pedro Isaías |
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Year:
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2021 |
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Edition:
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Single |
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Keywords:
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Irregularities in Capital Markets, Institutional Theory, International Finance |
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Type:
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Short |
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First Page:
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210 |
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Last Page:
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213 |
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Language:
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English |
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Cover:
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Full Contents:
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click to dowload 
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Paper Abstract:
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The purpose of this concise paper is to analyze the determinants of irregularities committed within the capital market for a
sample of member countries of the International Organization of Securities Commissions (IOSCO). Studies based on
neoclassical theory argue that irregularities are market failures, while institutional theory postulates that they are
endogenous to the free-market system and motivated by pecuniary cognitive behaviors. From this perspective, this research
hypothesizes that pecuniary motivations explain irregularities in the capital market. Therefore, the analysis was developed
by an econometric model of panel data, with fixed effects, whose data were obtained from 25 stock exchanges, comprising
13 countries from 2006 to 2019, totaling 173 observations. The results indicate that the irregularities reported by the
competent authority regulatory are positively related to the volume of derivatives (pecuniary institution) and negatively
related to the absence of perception of corruption. These results confirm the hypothesis of this study that the book of
irregularities is positively associated with pecuniary behavior represented by the volume of derivatives instruments.
Additionally, the higher the volume of irregularities, the greater the commercial opening and the lower the perception of
the absence of corruption in the sample countries. |
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