<![CDATA[Purpose: This study investigates whether International Financial Reporting Standards (IFRS) adoption, market breadth, and trading activity contribute to capital market depth in sub-Saharan Africa (SSA). Research Methodology: This study employs multiple regression analysis to examine the effects of IFRS adoption, market breadth, and trading activity on capital market depth using a panel of datasets comprising Kenya, Nigeria, and South Africa situated within three decades of financial liberalization era prior to the COVID-19 pandemic. Results: IFRS adoption, market breadth, and trading activity positively and significantly affect capital market depth, with trading activity having the strongest effect. These findings underscore governance reforms and market participation in developing SSA’s financial markets. Conclusions: The findings indicate that IFRS adoption, market breadth, and trading activity are positively associated with capital market depth in Kenya, Nigeria, and South Africa. Trading activity has the strongest association, followed by market breadth and IFRS adoption. The results suggest that capital market development depends on accounting reform, active trading, and wider market participation. Limitations: The analysis was limited to 1990–2019, which limits the findings to more recent periods. Contributions: This study extends the research on capital market development by examining IFRS adoption alongside market breadth and trading activity during financial liberalization. It provides comparative evidence from three major Sub-Saharan African markets and shows that market participation and trading activity are important correlates of capital market depth, along with financial reporting reform.]]>
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