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首页> 外文期刊>International journal of business governance and ethics >Liquidity and firm performance: evidence from the MENA region
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Liquidity and firm performance: evidence from the MENA region

机译：流动性和企业绩效：来自中东和北非地区的证据

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摘要

How can individual investors infer value relevant information from publicly available data in information scarce emerging markets? Using a large data set from the MENA region (Morocco, Egypt, Saudi Arabia, United Arab Emirates, Jordan, Kuwait and Bahrain), we document a significantly positive relationship between liquidity and firm performance. We argue that higher level of information asymmetries in the MENA region exposes stock market participants to excessive risk, and therefore any mechanism that can provide them with opportunity to lower this risk (by exiting the stock) is valuable. Our results also show that this relationship is stronger in the civil law countries than in the common law countries. Civil law countries have weaker investor protection mechanisms, thereby exposing investors to more risk. As a consequence, liquidity is valued more in the civil law countries relative to the common law countries.
机译：个人投资者如何从信息稀缺的新兴市场的公开数据中推断相关信息的价值？使用来自中东和北非地区（摩洛哥，埃及，沙特阿拉伯，阿拉伯联合酋长国，约旦，科威特和巴林）的大量数据，我们证明了流动性与企业绩效之间存在显着的正相关关系。我们认为，中东和北非地区的信息不对称程度较高，使股票市场参与者面临过度风险，因此，任何能够为其提供机会（通过退出股票）降低风险的机制都是有价值的。我们的结果还表明，这种关系在大陆法系国家中比在普通法系国家中更强。民法国家的投资者保护机制较弱，从而使投资者面临更大的风险。结果，相对于普通法国家，大陆法系国家的流动性价值更高。

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