Corporate governance, institutional ownership, and stock liquidity of SMEs: evidence from China
Asia-Pacific Journal of Accounting & Economics
Page none-
published_at 2024-05-17
アクセス数 : 41 件
ダウンロード数 : 0 件
今月のアクセス数 : 15 件
今月のダウンロード数 : 0 件
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
| File | |
| Title ( eng ) |
Corporate governance, institutional ownership, and stock liquidity of SMEs: evidence from China
|
| Creator | |
| Source Title |
Asia-Pacific Journal of Accounting & Economics
|
| Start Page | none |
| Abstract |
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.
|
| Keywords |
Stock liquidity
SMEs
corporate governance
institutional ownership
|
| Descriptions |
This research is supported by the scholarship from China Scholarship Council (CSC) under Grant 202109210019.
|
| Language |
eng
|
| Resource Type | journal article |
| Publisher |
Taylor & Francis
|
| Date of Issued | 2024-05-17 |
| Rights |
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。
|
| Publish Type | Accepted Manuscript |
| Access Rights | embargoed access |
| Source Identifier |
[DOI] https://doi.org/10.1080/16081625.2024.2353063
isVersionOf
|
| Remark | 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' |
