LIQUIDITY AND FIRM VALUE IN AN EMERGING MARKET

被引：21
|
作者：
Batten, Jonathan [1 ,2 ]
Xuan Vinh Vo [3 ,4 ]
机构：
[1] Univ Utara Malaysia, Sch Econ Finance & Banking, Sintok 06010, Kedah Darul Uma, Malaysia
[2] East China Univ Sci & Technol, Sch Business, Shanghai 200237, Peoples R China
[3] Univ Econ Ho Chi Minh City, Ho Chi Minh City, Vietnam
[4] CFVG Ho Chi Minh City, Ho Chi Minh City, Vietnam
来源：
SINGAPORE ECONOMIC REVIEW | 2019年 / 64卷 / 02期
关键词：
Emerging markets; firm value; financial leverage; liquidity; Vietnam; STOCK LIQUIDITY; CORPORATE GOVERNANCE; OWNERSHIP; RETURNS; INVESTOR; PRICES; MICROSTRUCTURE; SHAREHOLDERS; FEEDBACK; ACTIVISM;
D O I：
10.1142/S0217590817470063
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper investigates the link between stock market liquidity and firm value in an important emerging market, Vietnam. Specially, we examine this relationship using a sample of firms listed on the Ho Chi Minh City stock exchange for the period 2006-2014. We show that there is a negative relation between liquidity and firm value. This outcome is contrary to previous results for many developed countries. Further, we demonstrate that this result may be explained by differences in leverage effects and pricing-based theories, where stock liquidity influences firm performance via an illiquidity premium or mispricing.
引用
收藏
页码：365 / 376
页数：12
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