Artikel
Stock liquidity and capital structure: International evidence
Relying on the assumption that equity market provides useful information for firm decision, this study examines the effect of stock liquidity on corporate capital structure decision. We also analyze whether this effect varies according to country-level institutional environments. Using a comprehensive international dataset of 19,939 firms across 41 countries over 2000-2010, the paper offers two key findings. First, firms with higher stock market liquidity tend to have lower leverage. Second, countries with strong institutional environments are more likely to have a weaker (negative) relationship between stock market liquidity and leverage. These results are robust to different liquidity measurement and subsamples.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Cogent Economics & Finance ; ISSN: 2332-2039 ; Volume: 7 ; Year: 2019 ; Issue: 1 ; Pages: 1-20 ; Abingdon: Taylor & Francis
- Klassifikation
-
Wirtschaft
Information and Market Efficiency; Event Studies; Insider Trading
Corporate Finance and Governance: General
- Thema
-
capital decision
liquidity
institutional environment
leverage
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Dang Tùng Lâm
Hai Ly Ho
Chi Dzung Lam
Thanh Thao Tran
Xuan Vinh Vo
- Ereignis
-
Veröffentlichung
- (wer)
-
Taylor & Francis
- (wo)
-
Abingdon
- (wann)
-
2019
- DOI
-
doi:10.1080/23322039.2019.1587804
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Dang Tùng Lâm
- Hai Ly Ho
- Chi Dzung Lam
- Thanh Thao Tran
- Xuan Vinh Vo
- Taylor & Francis
Entstanden
- 2019
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