Corporate Governance and Liquidity

被引：260
|
作者：
Chung, Kee H. [1 ]
Elder, John [2 ]
Kim, Jang-Chul [3 ]
机构：
[1] SUNY Buffalo, Sch Management, Jacobs Management Ctr 360, Buffalo, NY 14260 USA
[2] Colorado State Univ, Coll Business, Ft Collins, CO 80523 USA
[3] No Kentucky Univ, Coll Business, Highland Hts, KY 41099 USA
来源：
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2010年 / 45卷 / 02期
关键词：
BID-ASK SPREAD; MANAGEMENT EARNINGS FORECASTS; EXPECTED STOCK RETURNS; INVESTOR PROTECTION; INFORMATION ASYMMETRY; EXECUTION COSTS; MARKET; FIRMS; COMPENSATION; NASDAQ;
D O I：
10.1017/S0022109010000104
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate the empirical relation between corporate governance and stock market liquidity. We find that firms with better corporate governance have narrower spreads, higher market quality index, smaller price impact of trades, and lower probability of information-based trading. In addition, we show that changes in our liquidity measures are significantly related to changes in the governance index over time. These results suggest that firms may alleviate information-based trading and improve stock market liquidity by adopting corporate governance standards that mitigate informational asymmetries. Our results are remarkably robust to alternative model specifications, across exchanges, and to different measures of liquidity.
引用
收藏
页码：265 / 291
页数：27
相关论文
共 50 条
  • [1] Liquidity and Corporate Governance
    Berglund, Tom
    [J]. JOURNAL OF RISK AND FINANCIAL MANAGEMENT, 2020, 13 (03)
  • [2] Corporate Governance and Liquidity
    Chung, Kee H.
    Elderb, John
    Kim, Jang-Chul
    [J]. 2008 KDI-KAEA CONFERENCE ON ENHANCING PRODUCTIVITY AND SUSTAINING GROWTH, 2008, : 182 - +
  • [3] Corporate Governance and Corporate Bond Liquidity
    Lee, Hyun Jin
    Cho, Insook
    [J]. GLOBAL ECONOMIC REVIEW, 2016, 45 (02) : 189 - 205
  • [4] The Choice of Corporate Liquidity and Corporate Governance
    Yun, Hayong
    [J]. REVIEW OF FINANCIAL STUDIES, 2009, 22 (04): : 1447 - 1475
  • [5] Corporate governance, enforcement institutions and corporate liquidity in the MENA region
    Mertzanis, Charilaos
    Ellili, Nejla
    Marashdeh, Hazem
    Nobanee, Haitham
    [J]. INTERNATIONAL JOURNAL OF EMERGING MARKETS, 2023,
  • [6] Types of agency cost, corporate governance and liquidity
    Lei, Qianhua
    Lin, Bingxuan
    Wei, Minghai
    [J]. JOURNAL OF ACCOUNTING AND PUBLIC POLICY, 2013, 32 (03) : 147 - 172
  • [7] Corporate governance and liquidity constraints: A dynamic analysis
    Hobdari B.
    Jones D.C.
    Mygind N.
    [J]. Comparative Economic Studies, 2010, 52 (1) : 82 - 103
  • [8] The Association Between Corporate Governance and Corporate Bond Liquidity: An Intraday Analysis
    Qiao, Yankuo
    [J]. JOURNAL OF APPLIED ECONOMICS AND BUSINESS RESEARCH, 2020, 10 (02): : 59 - 75
  • [9] Market Liquidity and Ambiguity: The Certification Role of Corporate Governance
    Jiang, Christine
    Kim, Jang-Chul
    Kuvvet, Emre
    [J]. FINANCIAL REVIEW, 2014, 49 (04) : 643 - 668
  • [10] The effect of corporate governance on stock liquidity: The case of Thailand
    Prommin, Panu
    Jumreornvong, Seksak
    Jiraporn, Pornsit
    [J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2014, 32 : 132 - 142
12345