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<p>This study investigates the impact of financial market development on the financial performance of 18,751 non-financial listed and active firms across 12 Asian economies from 1996 to 2020. Financial development is measured using the IMF’s financial development index, while firm performance is assessed through return on investment, return on assets, and return on equity. The analysis incorporates macroeconomic and firm-level controls such as GDP per capita, employment, firm size, leverage, tangibility, current ratio, asset turnover, and sales growth in panel regression models. Results reveal a positive and significant effect of financial development on firm performance in countries like China, India, Indonesia, South Korea, Malaysia, Pakistan, and Thailand, but an insignificant effect in Israel, Singapore, Hong Kong, Japan, and the Philippines. The financial development negatively affects small firms’ performance relative to medium and large firms. No significant differences are observed between financially developing and developed economies in terms of the impact of financial development on firm performance.</p>

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Does financial development matter for firm performance in Asia-Pacific markets? Evidence from large firm-level data

  • 期刊论文

  • 发表日期：

    2026年2月9日

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  • Inder Sekhar Yadav,
  • Akash Singh Yadav

摘要

This study investigates the impact of financial market development on the financial performance of 18,751 non-financial listed and active firms across 12 Asian economies from 1996 to 2020. Financial development is measured using the IMF’s financial development index, while firm performance is assessed through return on investment, return on assets, and return on equity. The analysis incorporates macroeconomic and firm-level controls such as GDP per capita, employment, firm size, leverage, tangibility, current ratio, asset turnover, and sales growth in panel regression models. Results reveal a positive and significant effect of financial development on firm performance in countries like China, India, Indonesia, South Korea, Malaysia, Pakistan, and Thailand, but an insignificant effect in Israel, Singapore, Hong Kong, Japan, and the Philippines. The financial development negatively affects small firms’ performance relative to medium and large firms. No significant differences are observed between financially developing and developed economies in terms of the impact of financial development on firm performance.