scholarly journals Asset Liquidity and Stock Liquidity: International Evidence

2013 ◽  
Vol 41 (3-4) ◽  
pp. 435-468 ◽  
Author(s):  
Charlie Charoenwong ◽  
Beng Soon Chong ◽  
Yung Chiang Yang
Keyword(s):  
Stock Liquidity ◽  
International Evidence ◽  
Asset Liquidity

Estimasi Fixed Effect Model dari Likuiditas Aset, Financial Leverage dan Likuiditas Saham di Indonesia

2019 ◽  
Vol 4 (3) ◽  
pp. 412
Author(s):  
Irdha Yusra ◽  
Awidi Mulfita
Keyword(s):  
Panel Data ◽  
Random Effect ◽  
Random Effect Model ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Financial Leverage ◽  
Stock Liquidity ◽  
Common Effect ◽  
Effect Model ◽  
Asset Liquidity

<p><em>In investing, investors don’t assess the expected return, but also liquidity in shares. Because the aspect of liquidity is very important for investors to decide which stocks are attractive investments. This study aims to examine the effect of asset liquidity and financial leverage on stock liquidity. The population is all companies which are listed in Indonesia Stock Exchange in 2013-2017 periods. The sampling technique uses a purposive sampling method with predetermined criteria and obtained a sample of 58 companies with 290 observations. The data of the financial statement of the companies has been obtained from the official website of IDX. The analytical method used is regression analysis of panel data with the help of application E-Views 8. Panel data regression can be estimated using three models, namely Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM). From the results of the estimation model, it is found that FEM is the best model in this study. Furthermore, the results of the study show that asset liquidity has a positive and not significant effect on stock liquidity, while financial leverage has a negative and significant effect on stock liquidity.</em></p><p>Dalam berinvestasi, investor tidak hanya menilai dari return yang diharapkan, namun juga likuiditas pada saham. Karena aspek likuiditas sangat penting bagi investor untuk memutuskan mana saham yang menarik investasi. Penelitian ini bertujuan untuk menguji pengaruh likuiditas aset dan financial leverage terhadap likuiditas saham. Populasi dalam penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2013-2017. Teknik pengambilan sampel menggunakan metode purposive sampling dengan kriteria yang telah ditentukan dan diperoleh sampel sebanyak 58 perusahaan. Data laporan keuangan diperoleh dari website resmi BEI. Metode analisis yang dipakai adalah analisis regresi data panel dengan bantuan aplikasi E-Views 8. Regresi data panel dapat diestimasi menggunakan tiga model, yaitu Common Effect Model (CEM), Fixed Effect Model (FEM), dan Random Effect Model (REM). Untuk mendapatkan model terbaik digunakan uji lanjut, yaitu Uji Chow dan Uji Hausman. Dari hasil estimasi model diperoleh bahwa FEM sebagai model terbaik dalam penelitian ini. Lebih lanjut, hasil penelitian menemukan bahwa likuiditas aset berpengaruh positif dan tidak signifikan terhadap likuiditas saham, sedangkan financial leverage berpengaruh negatif dan signifikan terhadap likuiditas saham.</p>

scholarly journals ANALISIS REGRESI DATA PANEL TERHADAP LIKUIDITAS SAHAM DI INDONESIA

2019 ◽  
Author(s):  
Awidi Mulfita ◽  
Irdha Yusra
Keyword(s):  
Panel Data ◽  
Stock Exchange ◽  
Random Effect ◽  
Random Effect Model ◽  
Sampling Technique ◽  
Financial Leverage ◽  
Estimation Model ◽  
Stock Liquidity ◽  
Effect Model ◽  
Asset Liquidity

In investing, investors don’t assess the expected return, but also liquidity in shares. Because the aspect of liquidity is very important for investors to decide which stocks are attractive investments. This study aims to examine the effect of asset liquidity and financial leverage on stock liquidity. The population is all companies which are listed in Indonesia Stock Exchange in 2013-2017 periods. The sampling technique uses a purposive sampling method with predetermined criteria and obtained a sample of 58 companies with 290 observations. The data of the financial statement of the companies has been obtained from the official website of IDX. The analytical method used is regression analysis of panel data with the help of application E-Views 8. Panel data regression can be estimated using three models, namely Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM). From the results of the estimation model, it is found that REM is the best model in this study. Furthermore, the results of the study show that asset liquidity has a positive and not significant effect on stock liquidity, while financial leverage has a negative and significant effect on stock liquidity

scholarly journals Stock Liquidity, Feedback Prices, And Asset Liquidity: Evidence From The Tunisian Stock Market

2015 ◽  
Vol 31 (2) ◽  
pp. 407
Author(s):  
Nadia Loukil
Keyword(s):  
Stock Market ◽  
Significant Role ◽  
Positive Feedback ◽  
Investment Decisions ◽  
Market Liquidity ◽  
Business Activity ◽  
Stock Liquidity ◽  
Listed Firms ◽  
Managerial Decisions ◽  
Asset Liquidity

This paper explores how feedback prices influence firms' investment on asset liquidity through stock liquidity. Using a sample of the Tunisian listed firms between 1999 and 2010, empirical results confirm that stock market liquidity plays a significant role in investment decisions and show that high stock liquidity encourages firms to invest more on asset liquidity to overcome feedback prices (negative and positive feedback). Therefore, the papers findings demonstrate the link between stock markets and the current business activity of the firm. Furthermore, the results indicate how stock liquidity strengthens feedback prices effects on managerial decisions and choices, which highlights the importance of stock liquidity.

Asset Liquidity and Trade Credit: International Evidence

2022 ◽  
pp. 1-19
Author(s):  
Mohammad Nazrul Islam ◽  
Md. Khokan Bepari ◽  
Shamsun Nahar
Keyword(s):  
Trade Credit ◽  
International Evidence ◽  
Asset Liquidity

scholarly journals Liquidity and Dividend Policy: International Evidence

2010 ◽  
Vol 3 (3) ◽  
pp. 3 ◽  
Author(s):  
Carroll Howard Griffin
Keyword(s):  
Inverse Relationship ◽  
Dividend Policy ◽  
International Level ◽  
Stock Liquidity ◽  
International Evidence

Since the days of Miller and Modigliani, academics have been studying dividend policy. There have been many theories as to why companies declare dividends, under what circumstances investors may prefer dividends to other forms of compensation, and factors that cause dividends to rise. However, the concept of liquidity has until very recently been largely ignored. This paper examines liquidity and dividend policy on the international level to determine what relationship the liquidity of a firm’s stock has on the decision of how much dividend to disburse to investors. It finds that in several specific cases, there is an inverse relationship between stock liquidity and the dividend amount paid. This perhaps would point to dividends indeed at times compensating for lower stock liquidity. 

scholarly journals Managerial Decisions, Asset Liquidity, and Stock Liquidity

2009 ◽  
Author(s):  
Radhakrishnan Gopalan ◽  
Ohad Kadan ◽  
Mikhail Pevzner
Keyword(s):  
Stock Liquidity ◽  
Managerial Decisions ◽  
Asset Liquidity

scholarly journals Stock Market Liquidity And Dividend Policy In Korean Corporations

2017 ◽  
Vol 33 (4) ◽  
pp. 729 ◽  
Author(s):  
Jeong Hwan Lee ◽  
Bohyun Yoon
Keyword(s):  
Financial Markets ◽  
Dividend Policy ◽  
Empirical Studies ◽  
Explanatory Power ◽  
Negative Relationship ◽  
Market Liquidity ◽  
Stock Liquidity ◽  
International Evidence ◽  
Dividend Payments

The liquidity hypothesis predicts a negative relationship between stock liquidity and dividend payout propensity, i.e., a firm will decide to pay dividends to compensate for the liquidity demand of investors. This study comprehensively examines whether the liquidity hypothesis applies to the sample of Korean firms listed in the KOSPI and KOSDAQ markets. The main results of this paper are as follows. First, the dividend policy in Korean firms does not support the liquidity hypothesis, contradictory to the existing empirical studies. Next, the explanatory power of the liquidity hypothesis is even weaker for the KOSDAQ market, inconsistent with international evidence. Finally, even when we focus on the firm-year observations with non-negligible dividend payments, the liquidity hypothesis does not explain the dividend policy of Korean firms either. Our findings significantly contribute to the literature by robustly confirming the very limited role of the liquidity hypothesis for Korean financial markets.  

The Value Impact of Stock Liquidity: An International Evidence

2013 ◽  
Author(s):  
Tao Huang ◽  
Fei Wu ◽  
Jing Yu ◽  
Bohui Zhang
Keyword(s):  
Stock Liquidity ◽  
International Evidence

scholarly journals Stock liquidity and capital structure: International evidence

2019 ◽  
Vol 7 (1) ◽  
pp. 1587804 ◽  
Author(s):  
Tung Lam Dang ◽  
Hai Ly Ho ◽  
Chi Dzung Lam ◽  
Thanh Thao Tran ◽  
Xuan Vinh Vo ◽  
...  
Keyword(s):  
Capital Structure ◽  
Stock Liquidity ◽  
International Evidence
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