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This article examines the role of governance quality in affecting capital markets efficiency in Southeast Europe from 2005 to 2023.

June 4, 2026Open Access

Governance Quality and Capital Markets Efficiency in Southeast Europe

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This article examines the role of governance quality in affecting capital markets efficiency in Southeast Europe from 2005 to 2023.
Utilized the correlated random effects (CRE) model for analysis.
Addressed unobserved heterogeneity correlation with explanatory variables.
Conducted empirical statistical testing on governance factors' impact on market values.
Governance quality shows a positive impact on market values.
Empirical testing confirms weak-form inefficiency under the Eugen Fama hypothesis.
Integration of qualitative factors is vital for enhancing capital market efficiency.

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Quantitative analysis reveals governance quality enhances capital market efficiency in Southeast Europe, suggesting crucial qualitative aspects.

Dodig et al. (2026) studied this question.

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Quantitative analysis reveals governance quality enhances capital market efficiency in Southeast Europe, suggesting crucial qualitative aspects.