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首页> 外文期刊>The North American journal of economics and finance >Liquidity and firm value in an emerging market: Nonlinearity, political connections and corporate ownerships
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Liquidity and firm value in an emerging market: Nonlinearity, political connections and corporate ownerships

机译：新兴市场中的流动性和公司价值：非线性，政治联系和企业所有权

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This study re-examines the relationship between liquidity and firm value in the emerging stock market of Malaysia, exploring the issues of nonlinearity and moderating variables. Using data for all non-financial firms traded on Bursa Malaysia over the sample period of 2000-2015, the results from the baseline quadratic model suggest stocks must be traded higher than the threshold liquidity level before reaping the benefit of larger firm value. Our key finding of a nonlinear relationship remains robust to alternative liquidity measures and estimation methods, as well as passing a series of endogeneity checks. Using an ideal candidate of lot size reduction for Malaysian stocks in May 2003 as exogenous liquidity shock, we establish the causal effect from liquidity to firm value. Further interaction analyses uncover three important moderating variables in the liquidity-firm value relationship, in which the value impact demands a more liquid market for Malaysian public firms with political connections, higher foreign nominee ownership and higher foreign institutional ownership.
机译：本研究重新审查了马来西亚新兴股市流动资金业与企业价值之间的关系，探索了非线性和调节变量的问题。在2000-2015的样本期间使用Bursa Malaysia上交易的所有非金融公司的数据，基线二次模型的结果表明股票必须高于阈值流动性级别，然后收获更大的公司价值的利益。我们对非线性关系的关键发现仍然是对替代流动性措施和估算方法的强大，以及通过一系列内能性检查。在2003年5月，马来西亚股市的理想候选人减少了马来西亚股市作为外源性流动性休克，我们建立了流动性对坚固价值的因果效应。进一步的相互作用分析在流动性 - 坚定的价值关系中发现了三个重要的调节变量，其中价值影响要求马来西亚公共公司具有政治联系，外国被提名的所有权和更高的外国机构所有权的更具液体市场。

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