عنوان انگلیسی مقاله:

The effects of stock liquidity on firm value and corporate governance: Endogeneity and the REIT experiment

ترجمه عنوان مقاله: تأثیر نقدشوندگی سهام بر ارزش بنگاه و حاکمیت شرکتی: آزمایش درونزایی و REIT

رشته: مالی و حسابداری

سال انتشار: 2015

تعداد صفحات مقاله انگلیسی: 21 صفحه

منبع: الزویر و ساینس دایرکت

نوع فایل: pdf

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مقاله تأثیر نقدشوندگی سهام بر ارزش بنگاه

Abstract The effects of stock liquidity on firm value and corporate governance: Endogeneity and the REIT experiment

This study examines the effects of stock liquidity on firm value and corporate governance using the Real Estate Investment Trust (REIT) setting. The unique features of the REIT industry, including homogeneity of the investment structures, the high payout requirement, and the importance of institutional investors, highlight the positive effect of stock liquidity on firm value through corporate governance. To address the endogeneity problem, we performa difference-in-differences test based on the propensity score matching estimator. The result shows that REIT stock liquidity has a causal and positive effect on firm value, asmeasured by Tobin’s Q. Importantly, REIT stock liquidity is conducive to better corporate governance through the channel of institutional ownership. REIT stock liquidity leads to higher institutional ownership, particularly for institutional investor types that are active monitors and institutional investors with multi-firm ownership in their REIT portfolios.

Keywords: Stock liquidity, REITs, Corporate governance, Institutional ownership, Endogeneity

Introduction

Stock liquidity is not only a subject of market microstructure but can also be studied from the perspective of corporatefinance. Ageneral view is that stock liquidity has a feedback effect onfirm value by lowering the cost of capital and affecting corporate invest-ments (Foucault et al., 2013).1Another argument is that stock liquidity can enhance the informativeness of stock prices and conse-quently, managers learn from informative stock prices and make value-enhancing corporate decisions. In the presence of agencyproblems, stock liquidity has an economic effect onfirm value through corporate governance. This study provides a unique industryexperiment to demonstrate that stock liquidity has a positive effect onfirm value and is conducive to better corporate governance viathe channel of institutional ownership.

ترجمه مقاله تأثیر نقدشوندگی سهام بر ارزش بنگاه و حاکمیت شرکتی

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