Corporate governance, institutional ownership, and stock liquidity of SMEs: evidence from China
Asia-Pacific Journal of Accounting & Economics
none- 頁
2024-05-17 発行
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この文献の参照には次のURLをご利用ください : https://ir.lib.hiroshima-u.ac.jp/00056107
| ファイル情報(添付) | |
| タイトル ( eng ) |
Corporate governance, institutional ownership, and stock liquidity of SMEs: evidence from China
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| 作成者 | |
| 収録物名 |
Asia-Pacific Journal of Accounting & Economics
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| 開始ページ | none |
| 抄録 |
This study explores the relationship between corporate governance and stock liquidity of Chinese small and medium-sized enterprises (SMEs). Our findings reveal a nonlinear (U-shaped) relationship between the overall quality of corporate governance and stock liquidity, implying that, unlike large-sized listed firms, SMEs cannot monotonically increase liquidity through improved corporate governance. After examining the sub-indicators individually, we find that the percentage of institutional shareholdings is the main driver of this U-shaped relationship. The nonlinear relationship between institutional shareholdings and stock liquidity suggests that continuously enhancing corporate governance may reduce stock liquidity, posing challenges for SMEs in securing financing.
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| 著者キーワード |
Stock liquidity
SMEs
corporate governance
institutional ownership
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| 内容記述 |
This research is supported by the scholarship from China Scholarship Council (CSC) under Grant 202109210019.
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| 言語 |
英語
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| 資源タイプ | 学術雑誌論文 |
| 出版者 |
Taylor & Francis
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| 発行日 | 2024-05-17 |
| 権利情報 |
This is an Accepted Manuscript of an article published by Taylor & Francis in Asia-Pacific Journal of Accounting & Economics on 17 May 2024, available at: https://doi.org/10.1080/16081625.2024.2353063.
This is not the published version. Please cite only the published version.
この論文は出版社版ではありません。引用の際には出版社版をご確認、ご利用ください。
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| 出版タイプ | Accepted Manuscript（出版雑誌の一論文として受付されたもの。内容とレイアウトは出版社の投稿様式に沿ったもの） |
| アクセス権 | エンバーゴ期間中 |
| 収録物識別子 |
[DOI] https://doi.org/10.1080/16081625.2024.2353063
～の異版である
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| 備考 | The full-text file will be made open to the public on 17 November 2025 in accordance with publisher's 'Terms and Conditions for Self-Archiving' |
