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LIQUIDITY AND FIRM VALUE IN AN EMERGING MARKET

59 citations0/0 files storedThe Singapore Economic Review

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

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.

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References

2009Women in the boardroom and their impact on governance and performance☆2003Liquidity Risk and Expected Stock Returns 2004Information and the Cost of Capital 1993Market Liquidity and Performance Monitoring 1997Emerging equity market volatility 1996Market microstructure and asset pricing: On the compensation for illiquidity in stock returns 1998Large Shareholders as Monitors: Is There a Trade‐Off between Liquidity and Control?2014Does Stock Liquidity Enhance or Impede Firm Innovation?

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