The relationship between capital markets, investment and economic growth has been a major interest for economic decision-makers, researchers and analysts. Many countries have tried to boost economic growth through amending capital market regulations, such as phasing out restrictions on capital with the aim of encouraging foreign cash flows into their markets to boost development. Previous studies have shown that stock markets can promote economic growth by directing accumulated savings into real investments. Other studies have examined the factors that determine the investment appeal of such countries, such as the investment environment, macro-economy, and governance among others. .
