The effect of stock liquidity on investment efficiency under financing constraints and asymmetric information: Evidence from the United States

被引：15
|
作者：
Quah, Heidi [1 ]
Haman, Janto [1 ]
Naidu, Dharmendra [1 ]
机构：
[1] Monash Univ, Monash Business Sch, Dept Accounting, Caulfield, Vic, Australia
来源：
ACCOUNTING AND FINANCE | 2021年 / 61卷
关键词：
Stock liquidity; Investment efficiency; Financial constraint; Information asymmetry; Institutional ownership; CORPORATE GOVERNANCE; PRICE INFORMATIVENESS; INSTITUTIONAL INVESTORS; SHAREHOLDER ACTIVISM; AGENCY COSTS; CASH FLOW; MARKETS; FIRM; OWNERSHIP; EQUITY;
D O I：
10.1111/acfi.12656
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine whether the association between stock liquidity and investment efficiency is more pronounced for firms with more financial constraints and information asymmetry problems. The results show that the effect of higher stock liquidity on lowering under (over)-investment is more pronounced for firms with more financial constraints and information asymmetry problems as proxied by younger and higher business risk firms, respectively. We also find similar results for firms with lower institutional ownership, more external financing dependence and higher idiosyncratic risks. The findings collectively suggest that the effect of stock liquidity in our setting is more pervasive for firms with more financial constraints and information asymmetry problems.
引用
收藏
页码：2109 / 2150
页数：42
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