National Governance and Corporate Liquidity in Organization of Islamic Cooperation Countries: Evidence based on a Sharia-compliant Liquidity Measure

被引：8
作者：
Chen, Naiwei [1 ]
Yu, Min-Teh [2 ]
机构：
[1] Natl Chiayi Univ, Dept Banking & Finance, Chiayi 60054, Taiwan
[2] Providence Univ, Dept Finance, Taichung 43301, Taiwan
来源：
EMERGING MARKETS REVIEW | 2021年 / 47卷
关键词：
Corporate governance; National governance; Corporate liquidity; Islamic countries; Agency cost; Religiosity; CASH HOLDINGS EVIDENCE; AGENCY COSTS; INVESTOR PROTECTION; RELIGIOUS PIETY; FIRM; OWNERSHIP; RIGHTS; LAW; DETERMINANTS; DEMOCRACY;
D O I：
10.1016/j.ememar.2021.100800
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates the determination of corporate liquidity in Organization of Islamic Cooperation (OIC) countries with emphasis on whether and how national governance (NG) has bearings on corporate liquidity in such countries. Using the Sharia-compliant liquidity measure to examine non-financial firms' liquidity in 22 OIC countries during the period 2000-2016, results reveal that liquidity determination in OIC countries resembles that in other countries. Additionally, NG positively affects corporate liquidity. Furthermore, the positive and negative effects of growth opportunities and leverage, respectively, on corporate liquidity strengthen with NG. Overall, results suggest that NG improves corporate governance in OIC countries.
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页数：14
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