کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5083072 1477792 2017 30 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Corporate governance and stock liquidity dimensions: Panel evidence from pure order-driven Australian market
ترجمه فارسی عنوان
حاکمیت شرکت ها و ابعاد نقدینگی سهام: شواهد پنل از بازار تمایل به نظارت بر بازار استرالیا
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Our newly constructed index of corporate governance quality (CGQ) provides comprehensive and robust evidence for the association between CGQ and stock liquidity in the pure order-driven Australia market. By using a large sample of 1207 firms from 2001 to 2013, we find a significant positive relationship between CGQ and stock liquidity, suggesting that better governed firms have greatly improved stock liquidity. Specifically, we find that better governed firms have a lower trading cost, smaller price impacts of trade, and higher trading speed. Moreover, the empirical results reveal that CGQ improves stock liquidity because it is associated with higher information disclosure.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 50, July 2017, Pages 275-304
نویسندگان
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