Cultural diversity in ownership and stock liquidity commonality: Evidence from China

被引：1
|
作者：
Zhang, Hao [1 ,2 ]
Luo, Xian [1 ]
Han, Minghui [3 ]
Liu, Xiaojuan [4 ]
机构：
[1] Guangdong Univ Foreign Studies, Sch Finance, Guangzhou, Peoples R China
[2] Guangdong Univ Foreign Studies, Southern China Inst Fortune Management Res, Guangzhou, Peoples R China
[3] South China Univ Technol, Sch Econ & Finance, Guangzhou, Peoples R China
[4] Renmin Univ China, Sch Finance, Beijing, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2021年 / 40卷
关键词：
Cultural diversity in ownership; liquidity commonality; corporate transparency; CROSS-SECTION; PERFORMANCE;
D O I：
10.1016/j.frl.2020.101856
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We manually collect the data about the top 10 shareholders of Chinese listed firms and their countries of origin to identify the relationship between cultural diversity in ownership and stock liquidity commonality from 2007 to 2018. We provide evidence that cultural diversity in ownership reduces stock liquidity commonality. Besides, we show that corporate transparency is a key channel through which cultural diversity in ownership reduces liquidity commonality. Our results are robust to endogeneity tests.
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页数：7
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