Dataset on Corporate Governance Regulation and Financial Market Growth in the eight CIS Countries (1995–2022)

The purpose of this study is to quantitatively analyse whether changes in corporate governance regulation have had an impact on financial market growth in eight full members of the Commonwealth of Independent States (CIS): Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan over the period 1995–2022. To measure changes in the corporate governance framework at the macro level (i.e., the country level), data were collected using a structured questionnaire containing 45 variables (independent/predictor variables). The questionnaire was developed based on the G20/OECD 2015 Principles of Corporate Governance and readily available variables from authoritative sources. These variables were used to construct indices measuring the quality and development of corporate governance regulations across CIS countries. To assess financial market development, data were collected for two dependent (outcome) variables and 22 control variables reflecting macroeconomic and financial market conditions. These data were obtained from open and internationally recognised sources, including the World Bank and the International Monetary Fund. The resulting dataset forms a panel dataset covering eight CIS countries between 1995 and 2022 and includes corporate governance indices, financial market indicators, and macroeconomic control variables. The dataset was used to perform panel data regression analysis in R to examine whether convergence with OECD corporate governance standards has contributed to financial market growth in CIS countries at both the regional and country levels.