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 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.

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 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

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 Asset Liquidity and Stock Liquidity

2012 ◽  
Vol 47 (2) ◽  
pp. 333-364 ◽  
Author(s):  
Radhakrishnan Gopalan ◽  
Ohad Kadan ◽  
Mikhail Pevzner
Keyword(s):  
Growth Opportunities ◽  
Stock Liquidity ◽  
Asset Liquidity ◽  
Parameter Values ◽  
Shed Light

AbstractWe study the relation between asset liquidity and stock liquidity. Our model shows that the relation may be either positive or negative depending on parameter values. Asset liquidity improves stock liquidity more for firms that are less likely to reinvest their liquid assets (i.e., firms with less growth opportunities and financially constrained firms). Empirically, we find a positive and economically large relation between asset liquidity and stock liquidity. Consistent with our model, the relation is more positive for firms that are less likely to reinvest their liquid assets. Our results also shed light on the value of holding liquid assets.

scholarly journals Asset liquidity, stock liquidity, and ownership concentration: Evidence from the ASE

2016 ◽  
Vol 14 (1) ◽  
pp. 48-58
Author(s):  
Ghada Tayem ◽  
Mohammad Tayeh ◽  
Adel Bino
Keyword(s):  
Ownership Structure ◽  
Investor Protection ◽  
Cash Flows ◽  
Ownership Concentration ◽  
Private Benefits ◽  
Stock Liquidity ◽  
Concentrated Ownership ◽  
Asset Liquidity ◽  
Show Evidence ◽  
The Impact

This paper examines how ownership concentration influences the relation between stock liquidity and asset liquidity. Liquid assets reduce uncertainty of assets in place and hence improve stock liquidity. However, liquid assets are less costly to turn into private benefits compared to other assets. Therefore, liquid assets may result in increasing the uncertainty of assets in place rather than reducing it. In this paper we examine the impact of asset liquidity on stock liquidity conditional on a company’s ownership structure using the context of Jordan. Jordanian companies listed in the ASE are mostly characterized by highly concentrated ownership. In the absence of investor protection, concentrated ownership allows shareholders with large ownership stakes to exercise control over the firm and hence may result in increasing the uncertainty of assets in place. The uncertainty regarding the usage of liquid assets in cash-rich firms leads to greater uncertainty regarding the firm’s cash flows and hence lower stock liquidity. The findings of this study show evidence that as ownership concentration increases asset liquidity becomes negatively related to stock liquidity.

Financial Results and Their Validity

2010 ◽  
pp. 90-100
Author(s):  
I. Eliseeva ◽  
Ya. Sokolov
Keyword(s):  
Managerial Decisions

The article deals with discrepancies between theoretical accounts of the firms financial results and methods of their estimation. Various ways of calculating financial results lead to different, though logically equivalent, conclusions. The authors consider three forms of profit which may relate to each other in various ways. The ratios of financial results calculated on different grounds should be taken into account while making managerial decisions, primarily investment ones.

DECISION-MAKING ON INVESTMENT OF IT-INNOVATION BASED ON FUZZY EXPERT INFORMATION

2018 ◽  
pp. 103-111
Author(s):  
Olga Olegovna Eremenko ◽  
Lyubov Borisovna Aminul ◽  
Elena Vitalievna Chertina
Keyword(s):  
Decision Making ◽  
Individual Characteristics ◽  
Production Model ◽  
Investment Management ◽  
It Projects ◽  
Product Model ◽  
Project Cost ◽  
Reasoning System ◽  
Managerial Decisions ◽  
The Individual

The subject of the research is the process of making managerial decisions for innovative IT projects investing. The paper focuses on the new approach to decision making on investing innovative IT projects using expert survey in a fuzzy reasoning system. As input information, expert estimates of projects have been aggregated into six indicators having a linguistic description of the individual characteristics of the project type "high", "medium", and "low". The task of decision making investing has been formalized and the term-set of the output variable Des has been defined: to invest 50-75% of the project cost; to invest 20-50% of the project cost; to invest 10-20% of the project cost; to send the project for revision; to turn down investing project. The fuzzy product model of making investment management decisions has been developed; it adequately describes the process of investment management. The expediency of using constructed production model on a practical example is shown.

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