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

http://modir123.com/photo%20site/D-modir123.com%20_2_.png دانلود رایگان مقاله

چکیده مقاله

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

http://modir3-3.ir/images/drtrans.png

 

مطالب مرتبط