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Muhammad Saeed Meo1 Ramzan Ali2 Bilal Aziz Poswal3 1The Superior College, Lahore, Pakistan Email: saeedk8khan@gmail.com 2The University of Lahore. 3The University of Lahore. 4University of the Punjab. The current study has been carried out to analyze the nexus between stock market development and institutional quality (quality of governance). The term governance is used here to refer to the institutional actions that deal with the regularization of financial institutions in an economy. Evidence has however demonstrated that governess and securities exchange execution is fairly indivisible; along these lines recommending they both go parri-passu. An improvement in institutions which are responsible for the administration of stock market is the base of stock market development. According to Aggarwal et al. (2005) it is evident from an ample body of research that countries with insignificant legal and corporate administration system usually attract lower investment. As exposed by Hooper et al. (2009) agency and transaction costs, which are the major issues, can be alleviated through improved and enhanced quality of governance, which will alternatively lead to significant increase in shareholders return. Further, it is evident from the stock market analysis that countries and firms with an effective level of governance get a relatively high stock market rating. Similarly, countries that practice standard governance system are observed having a relatively high price market ranking. Moreover, after the financial crises, reports of countries with poor and volatile stock market showed that corporate governance practices are abused in countries that have poor governance sceneries. JEL Classification: G11, G15, G18

Nexus of Institutional Quality and Stock Market Development: Long-Run Relationships in Dynamic Heterogeneous Panel