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The performance of financial markets is significantly influenced by the political environment during general elections. This study investigates the effect of general elections on stock market performance in selected African markets.

Prior studies have been inconsistent in determining whether electioneering events negatively or positively influence stock market performance. The study utilized panel data set with annual observations from 1990 to 2020. The generalized method of moments (GMM) is employed to investigate the effect of electioneering and change in government on key stock market performance indicators, including stock market capitalization, stock market turnover ratio and the value of stock traded.

The study finds that electioneering activities generally have a positive impact on the performance of the stock market, whereas a change in government has a negative impact. As a result, the study recommends that stakeholders of the stock market remain vigilant and actively monitor electioneering events to devise and implement effective policies aimed at mitigating political risks during general elections. By adopting these measures, investor confidence can be significantly enhanced, fostering a more robust and secure investment environment.

The study investigates a neglected section of the literature by highlighting not only the effect of elections on stock market indicators but also possible change in government during elections.

This paper examines the political budget cycles in emerging and developing countries using a sample of 91 countries from 1992 to 2019.

This paper employs a pooled ordinary least squares (OLS) model with clustered standard errors at the country level. To address endogeneity issues, the authors also employ a two-step system generalized methods of moments model.

The authors find clear evidence of political budget cycles in emerging and developing countries. The authors consistently find that incumbents increase total government spending, particularly in economic affairs, public services and social welfare, in the year before an election and the election year. In contrast, they contract spending in the year after an election.

Policymakers should be aware of the political budget cycles during election years. Promoting control of corruption and democracy helps to alleviate the effects of the political budget cycles in emerging and developing countries.

The authors are among the first to explore the political budget cycles in emerging and developing countries by focusing on the total government spending and its main compositions, including expenditures on economic affairs, public services and social welfare. Besides, the authors also explore the conditioning effects of control of corruption, political ideology and democracy.

Years after the 2011 uprising Egypt, it seems that the country’s non-Islamist parties are still included in the political game. After significant alterations in their political sphere by mid-2013 at the advent of the Muslim Brother exclusion and the subsequent discrediting of Salafi al-Nour party, non-Islamist parties took clear part in the mobilization for presidential elections (2014, 2018) and competed for legislative seats in 2015. Nonetheless, it is difficult to expect them to turn into long-term key political players with clear-cut ideological postures, unique platforms and strong grass root mobilization. With the exception of the electoral gains scored by numbered parties like Free Egyptians’ party and Nation’s Future in 2015 legislative elections, these parties seem to be lagging behind esp. in terms of their popular base; who became winners at the advent of the radical exclusion of the MB from July 2013 onwards.

This paper is based on archival research and guided by basic assumptions of rational choice institutionalism, mainly game-theoretic versions of the approach. It is divided into four sections, three of them are chronological and the last one is thematic.

Egypt’s non-Islamists engaged in the post-2011 political sphere, with strong Islamist rivals crippling their political chances in the first two years following the 2011 uprising. They surely capitalized on the exclusion and discrediting of the latter, but they suffered lack of ideological clarity and fragmentation from 2011 onwards with no enough evidence these weaknesses were surpassed after Islamists were “out of their way”. The only strand of non-Islamist parties which came out as “game winners” were those possessing the resources and enjoying overt “friendly” relations with al-Sisi regime. Nonetheless, internal conflicts inside key secularist parties shed light on their capacity to turn into long-term players in Egypt’s political sphere.

Very few papers were published on Egypt’s secularists parties after the 2011 uprising from the perspective of the alteration that occurred in their political environment affecting their political weight and gains. More generally, literature on non-ruling parties in authoritarian contexts mostly reduce these parties to secondary roles allocated by ruling regimes. The paper seeks to overcome both shortages.

This paper aims to identify the impact of Clans and parties on mobilizing and guiding voters in the municipal elections in Palestine, from the point of view of Municipal Council members, especially the municipal elections in Hebron governorate for 2005 and 2017. The Palestinian society in Hebron governorate is characterized by the penetration of parties and clans, and this governorate is one of the most clan-based Palestinian provinces. It also relies on clans to run its social and political system as well as managing and shaping the guiding of its citizens.

The quantitative research method was used in this study, and the study population is consisted of members of the municipal councils in Hebron governorate, especially the councils classified (A, B).Whereas, the municipalities classified under category (A) are the ones in the center of the governorate, and the municipalities classified under category (B) are the most in the population. The study depended on a purposive sample of (200) Municipal Council members, including 100 municipal councilors in 2005 and 100 municipal councilors in 2017. The survey was conducted in the academic year (2018–2019). The method Four–Jurors (Reviewers) was used in collecting data.

The results of the study showed that clans and political parties are among the most prominent means of mobilizing and guiding voters in Palestine. The field study indicated thact clans and parties had a high impact on the mobilization and guiding of voters in the municipal elections in Hebron governorate in 2005 and 2017. This is due to the unity of the clan, its association with political parties and the overlapping between the clan and the party. Parties have also penetrated the Palestinian society besides its support to people who are loyal even it did not choose them in the elections. Moreover, many members of the electoral blocs are attributing themselves to the parties to gain their support in elections. Although Hamas did not participate in the 2017 elections, it had an impact on the electoral process by guiding its members not to elect Fatah blocs in the elections, or to support those who are close to this movement.

This study can be regarded as an introduction to identify the impact of clans and parties on mobilizing and guiding voters in the municipal elections in Palestine. Comparing that effect between the 2005 and 2017 elections, to find out how the strength of clans and parties differs in guiding their voters depending on the time period, as well as the ability of clans and parties to make political change by its influence on the political participation of its citizens.

The purpose of this paper is to analyse why Malta continues to show the highest level of turnout for European Parliament (EP) elections in a country where voting is not obligatory. By analysing the Maltese EP elections from 2004 to 2019, the paper seeks to understand why the Maltese engage with a second order election to the degree that they do.

The paper is a combination of qualitative and quantitative methods, first assessing the context of the 2019 elections, the historical trends and then the factors that help explain why the Maltese continue to engage with EP elections.

The paper finds that the Maltese political system, highly polarised and dominated by two parties, primarily galvanises people to engage with elections, that it is more about party leadership than actual engagement with Europe and that second order elections in Malta are often run as first order elections.

This paper is the only systematic evaluation of the 2019 EP elections in Malta, discusses categorically that EP elections are rarely about Europe while also showing clearly that political parties can make second-order elections appear as first-order elections should the stakes be high enough.

The purpose of this study is to examine the impact of using proportional representation system on the fragmentation of the party system in the Algerian political system within the period from 1997 to 2017, in which Algeria has experienced five legislative elections regularly every five years by testing a hypothesis about adopting the proportional representation system on the basis of the closed list during the foregoing legislative elections has obviously influenced the exacerbation of the Algerian party system’s fragmentation, compared to other factors.

The essence of the theoretical framework of this study is to address the effect of the electoral system as an independent variable on the party system as a dependent variable. The starting point for that framework is to reassess the “Duverger’s law,” which appeared since the early 1950s and has influenced the foregoing relationship, and then to review the literature on a new phase that tried to provide a more accurate mechanism for determining the number of parties and their relative weight, whether in terms of electoral votes or parliamentary seats. This means that researchers began to use a measure called the effective number of parties (ENP) for Laakso and Taagepera since 1979. The study elaborates the general concepts of the electoral system and the party system. It used Laakso, Taagepera index of the “ENP” to measure the phenomenon of fragmentation party during the five legislative elections from 1997 to 2017 in Algeria.

The results of the study reveal that the proportional representation electoral system – beside other factors – had clear impacts on the fragmentation of the Algerian party system by all standards, whether on the level of the apparent rise in the number of the parties represented in the Algerian parliament from 10 parties in 1997 election to 36 parties in 2017 election or according to the index of Laakso and Taagepera (ENP). The average number of effective number of electoral parties in the five elections was around 7.66, and the average number of effective number of parliamentary parties in the five elections was around 4.39, which puts Algeria in an advanced degree of the fragmentation of the party system.

This study about the phenomenon of the fragmentation of the party system, which is one of the new subjects in the field of comparative politics – globally and in the Arab world. Hence, the value of this study aims to shed light on this mysterious area of science, the fragmentation of the party system in the Algerian political system during the period from 1997 to 2017.

Actions of incumbent politicians and firms’ managers during election years have been cited as sources of many problems that afflict economies and business entities. Given the controversies surrounding the impact of elections on firms’ soundness, this paper poses a question of whether banks should be averse to elections. Specifically, this study aims to investigate the impact of elections on the profitability and efficiency of banks.

Based on the authors’ knowledge, this is maiden analysis in this context for Ghana where relatively advanced appropriate GMM technique has been used on annual data from 2012 to 2016.

This study reveals that banks make higher returns in election years. Additionally, the authors report that government’s economic policies in election years are detrimental to management efficiency, though insignificant.

From an emerging economy perspective, this study would guide policymakers in designing policies that respond to, or minimize, the impact of elections on bank performance. The result of this analysis would also substantiate the market reaction to the changes in the economic, political and financial conditions.

This analysis suggests that firms’ performances in an election year depend on policies and political institutions in place. The authors argue that Ghana, with its exemplary democratic credentials and strong institutions, living alongside a high perception of corruption, is different. The contribution to literature is, first, by limiting this work to the banking sector of Ghana and, second, by incorporating the behaviors of incumbent governments and individuals in the regression specification model.

This study aims to identify the factors affecting the political participation of Jordanian university students, especially their voting in national and local elections. The study examines the impact of gender, age, family income and regional affiliation that represent important social and economic factors affecting political participation on the voting of Jordanian university students.

Quantitative research method was used in this study. The study population contained three Jordanian universities representing the various segments of the Jordanian society: Al-Al Bayt University (Northern Region), Jordanian University (Central Region) and Mu'tah University (Southern Region). The study relied on a purposive sample of 900 students, 300 students per university (150 males and 150 females). The survey was conducted in the academic year 2018-2019. A questionnaire reviewed by two jurors (peer reviewers) was used to collect the data.

The study concluded that the gender, age, family income and regional affiliation factors affect the voting of Jordanian university students in national and local elections. The more the gender varies, the more the voting shifts in favor of males students. The more the age varies, the more the voting shifts in favor of older students. The more the family income varies, the more the voting shifts in favor of high-income students. The more the regional affiliation varies, the more the voting shifts in favor of Jordanians students.

This study is an approach to interpret the factors affecting voting of Jordanian university students, such as gender, age, family income and regional affiliation, which led to different voting in the national and local elections.

This paper operationalizes insecurity and governance crises to study their effects on stock market response to two political events in Nigeria – the 2015 and 2019 presidential elections.

An event study was used to capture the market responses. Abnormal returns at the aggregate and sectoral levels were measured over several time windows before and after the respective election results were announced.

The market reacted strongly positively to a change in presidency from an incumbent to an opposition party candidate in the 2015 election but weakly positively, at best, to the re-election of the incumbent candidate in the 2019 election. In addition, banking stocks exhibited greater sensitivity to these events than oil and gas stocks.

There may be peculiarities with the Nigerian case and with the two elections analyzed. Therefore, future research could focus on understanding the extent to which the results generalize to the broader sub-Saharan context and other regions that face similar governance challenges.

Understanding that markets may have a different perception towards incumbent versus opposition candidate electoral victories during periods of insecurity and governance crisis is important for investors, policymakers, researchers and the wider society.

Past empirical studies on political events and stock returns in Sub-Saharan Africa contexts such as Nigeria ignore shifts in voter mood and produce contradictory findings. This paper helps to resolve some of these contradictions by providing insight into how the markets can have a different perception towards incumbent and opposition candidate electoral victories during periods of insecurity and governance crisis.

This paper attempts to explain the phenomenon that Macau has a parliament (Legislative Assembly) and mass suffrage but no political parties.

This paper reviews the development process of “parliament – mass suffrage – political party” in Hong Kong and Macau and tries to explain why Macau does not have a party using comparative research methods.

The political party development of Hong Kong and Macau was influenced by both the (former) colonial power and China, and whether there were political parties in these two regions was the result of the game between China and the (former) colonial power. China hoped to limit the development of party politics in the two regions. Since Britain felt reluctant to cooperate with China, political parties in Hong Kong developed. At the same time, Portugal chose to defer to China, which led Macau not to have a political party.

Existing studies have yet to explain why there are no political parties in Macau, and this paper is the first attempt to do so.