LIQUIDITY AND FIRM VALUE IN AN EMERGING MARKET-Reference-Cited by-同舟云学术

LIQUIDITY AND FIRM VALUE IN AN EMERGING MARKET

Published:2019-03 Issue:02 Volume:64 Page:365-376
ISSN:0217-5908
Container-title:The Singapore Economic Review
language:en
Short-container-title:Singapore Econ. Rev.

Author:

BATTEN JONATHAN¹²^ORCID,VO XUAN VINH³⁴

Affiliation:

1. School of Economics, Finance and Banking, University Utara Malaysia, 06010 UUM Sintok, Kedah Darul Uman, Malaysia

2. School of Business, East China University of Science and Technology, Shanghai, 200237, China

3. University of Economics Ho Chi Minh City, Vietnam

4. CFVG Ho Chi Minh City, Vietnam

Abstract

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.

Publisher

World Scientific Pub Co Pte Lt

Subject

Economics and Econometrics

Link

https://www.worldscientific.com/doi/pdf/10.1142/S0217590817470063

Reference66 articles.

1. Women in the boardroom and their impact on governance and performance☆

2. The “Wall Street Walk” and Shareholder Activism: Exit as a Form of Voice

3. Investor relations, information asymmetry and market value

4. Market liberalization and the extent of informed trading: Evidence from China’s equity markets

5. What determines stock liquidity in Australia?

Cited by 24 articles. 订阅此论文施引文献订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献

1. Financial statements readability and stock price crash risk: the mediating roles of information asymmetry and stock liquidity;Journal of Financial Reporting and Accounting;2024-08-06

2. Do the Risk-averse Firms Confirm Enhanced Firm Value? Exploring the Managerial Ownership’s Moderating Effect;Jindal Journal of Business Research;2024-06-17

3. Size matters: Unpacking the relationship between institutional investor size and private equity asset allocation within diverse institutional contexts;Journal of International Financial Markets, Institutions and Money;2024-04

4. Liquidity and dynamic leverage: the moderating impacts of leverage deviation and target instability;Journal of Economics and Development;2024-04-01

5. INTERNAL DETERMINANTS OF PROFITABILITY IN PUBLIC ALGERIAN BANKS;Journal of Financial Studies;2023-09-28