# ICT Adoption and Stock Market Development: Empirical Evidence Using a Panel of African Countries
## Appendix A \begin{table}
\begin{tabular}{c c c c c} \hline \hline \multicolumn{1}{c}{**Fixed Effects**} & \multicolumn{1}{c}{**Random Effects**} & \multicolumn{1}{c}{**System–GMM**} & \multicolumn{1}{c}{**FGLS**} \\ \hline
**Observations** & 99 & 99 & 88 & 99 \\ \hline
**Groups** & 11 & 11 & 11 & 11 \\ \hline
**F-stats/Wald chi2** & & & 333.86 & 2121.52 \\ \hline
**Prob \textgreater{} F/Prob \textgreater{} Wald chi2** & & & 0.0000 & 0.0000 \\ \hline
**Hausman (Chi2)** & 2.37 & & & \\ \hline
**Prob \textgreater{} chi2** & 0.4993 & & & \\ \hline
**Number of instruments** & & & & \\ \hline \hline \end{tabular}
\end{table} 
Table 1: Diagnostic tests of the data estimations on the impact of ICT adoption on stock market traded volume. * [PERSON] et al. (2011) [PERSON], [PERSON], and [PERSON]. 2011. An impact of ICT on the growth of capital market-empirical evidence from Indian stock exchange. _Information and Knowledge Management_ 1: 7-14. * [PERSON] and [PERSON] (1980) [PERSON], [PERSON], and [PERSON]. 1980. The Lagrange multiplier test and its applications to model specification in econometrics. _The Review of Economic Studies_ 47: 239-53. [CrossRef]
* [PERSON] and [PERSON] (2017) [PERSON], [PERSON]. 2017. Stock market development and integration in SADC. _Review of Development Finance_ 7: 64-72. [CrossRef]
* [PERSON] et al. (2021) [PERSON], [PERSON], [PERSON], and [PERSON]. 2021. ICT diffusion, financial development, and economic growth: An international cross-country analysis. _Economic Modelling_ 94: 662-71. [CrossRef]
* [PERSON] et al. (2020) [PERSON], [PERSON], [PERSON], and [PERSON]. 2020. The non-linear relationship between ICT diffusion and financial development. _Telecommunications Policy_ 44: 102023. [CrossRef]
* [PERSON] and [PERSON] (2010) [PERSON], [PERSON], and [PERSON]. 2010. ICT Use in the Developing World: An Analysis of Differences in Computer and Internet Penetration. _Review of International Economics_ 18: 153-67. [CrossRef]
* [PERSON] (1983) [PERSON] [PERSON]. 1983. _Econometrics_. New York: McGraw Hill. * [PERSON] et al. (2011) [PERSON], [PERSON], and [PERSON]. 2011. Do ICT influence economic growth and human development in European Union countries? _International Advances in Economic Research_ 17: 28-44. [CrossRef]
* [PERSON] et al. (2011) [PERSON], [PERSON], [PERSON], [PERSON], and [PERSON]. 2011. Broadband infrastructure and economic growth. _The Economic Journal_ 121: 505-32. [CrossRef]
* [PERSON] et al. (2013) [PERSON], [PERSON], [PERSON], and [PERSON]. 2013. Impact of information technology development on stock market development: Empirical study in the world's leading capital markets. _International Journal of Academic Research in Accounting, Finance and Management Sciences_ 3: 382-90. * [PERSON] and [PERSON] (2010) [PERSON], and [PERSON]. 2010. An empirical analysis of the impact of the Nigerian capital market on her Socio-economic development. _Journal of Social Sciences_ 24: 135-42. [CrossRef]
* [PERSON] et al. (2021) [PERSON], [PERSON], [PERSON], and [PERSON]. 2021. ICT adoption, innovation and financial development in a digital world: Empirical analysis from Africa. _Transnational Corporation Review_ 13: 16-31. [CrossRef]
* [PERSON] et al. (2009) [PERSON], [PERSON], [PERSON], [PERSON], and [PERSON]. 2009. Capital market growth and information technology: Empirical evidence from Nigeria. _International Journal of Business and Economics Perspectives_ 4: 1-17. * [PERSON] et al. (2011) [PERSON], [PERSON], and [PERSON]. 2011. Information and communication technology externalities and economic growth in newly industrialised countries. _Iranian Economic Review_ 16: 45-65. * [PERSON] (2013) [PERSON]. 2013. Financial integration in African emerging markets. Paper present at African Economic Conference on 'Regional Integration in Africa', Johannesburg, South Africa, October 28-30. * [PERSON] et al. (2003) [PERSON] [PERSON], and [PERSON]. 2003. Small company attitude towards ICT based solutions: Some key-elements to improve it. _Journal of Educational Technology and Society_ 6: 45-49.