International Journal For Multidisciplinary Research

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A Study of the Determinants of Home Bias Puzzle in Emerging and Developing Economies

Author(s) Intissar Grissa, Ezzeddine Abaoub
Country Tunisia
Abstract The objective of this research paper is to identify the explanatory factors of the Home Bias Puzzle (HBP), which has been widely debated in the literature, Using a sample of 40 countries observed over the period 2006-2021. The econometric results obtained the Ordinary Least Squares (OLS) estimation method suggest that all selected explanatory variables are significant (governance variables (panel A), macroeconomic variables (panel B), information asymmetry, familiarity, and geographical variables (panel D), Foreign Trade variables (panel E), and geopolitical variables (panel F)), except for the variables related to market size and microstructure (panel C). It appears that emerging countries exhibit the highest levels of home bias. Indeed, over the entire study period, the average Home Bias in developed countries decreased from 76.39% in 2006 to 47.39% in 2021, representing a decrease of approximately 38%. In contrast, emerging countries display a nearly constant pattern of Home Bias. Specifically, the Home Bias rate was 92.84% in 2006, compared to a rate of 88.47% in 2021. The reasons have been validated within the framework of the six panels A, B, C, D, E, and F.
Keywords International Diversification, Home Bias, Emerging Markets
Field Business Administration
Published In Volume 6, Issue 1, January-February 2024
Published On 2024-02-27
Cite This A Study of the Determinants of Home Bias Puzzle in Emerging and Developing Economies - Intissar Grissa, Ezzeddine Abaoub - IJFMR Volume 6, Issue 1, January-February 2024. DOI 10.36948/ijfmr.2024.v06i01.13397
DOI https://doi.org/10.36948/ijfmr.2024.v06i01.13397
Short DOI https://doi.org/gtktjw
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