Abstract
The International Journal of Accountancy (IJA) is published by the Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka. It is an interdisciplinary accountancy research journal, publishing enquiries of accounting, management accounting, auditing, taxation, and governance issues and their impacts on policy, practice and society. IJA encourages better understandings of accountancy related matters through research, encouraging innovative and interdisciplinary approaches.
Highlights
The stock market is one of the most important sectors which contributes to the country's economic growth by playing an important role
Economic growth was a dependent variable which was measured as growth in the Gross Domestic Product while stock market capitalization ratio, stock value traded ratio, and foreign direct investment ratio were used as independent variables to measure the stock market development and inflation was used as the control variable
This study investigates the empirical relationship between stock market development and economic growth
Summary
The stock market is one of the most important sectors which contributes to the country's economic growth by playing an important role. The stock market facilitates the efficient mobilization of savings into investment, generating economic growth. In other words, it helps to distribute the resources required for the economy's sustainable growth. It helps to distribute the resources required for the economy's sustainable growth It is in this context that the stock market acts as an economic growth barometer. The role of the stock exchange can be explained by raising capital for business, mobilizing servings for investment, promoting business growth, corporate governance, creating investment opportunities for small investors, raising government capital for development projects, and economic barometer
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