Stock liquidity, future investment and future investment efficiency in an emerging economy: investigating the moderator role of financial constraints

IF 2.5 Q2 BUSINESS, FINANCE

Journal of Islamic Accounting and Business Research Pub Date : 2023-10-19 DOI:10.1108/jiabr-07-2022-0177

Arash Arianpoor, Nahid Mohammadbeikzade

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Abstract

Purpose This study aims to investigate the relationship between stock liquidity, future investment, future investment efficiency and the moderating effect of financial constraints. Design/methodology/approach To serve the purpose of the study, the data of 178 companies listed on the Tehran Stock Exchange in 2012–2017 were examined. In this research, two Amihud liquidity and stock trading turnover measures were taken for the liquidity. Due to variance heterogeneity, the FGLS test was used. Moreover, a modified multiple regression analysis was used to investigate the moderating role of financial constraints. Findings The results showed a significant positive relationship between the firm stock liquidity in the current year and the next year investment; the firm stock liquidity (based on the stock trading turnover) in the current year and the next two years’ investment; the firm stock liquidity (based on the trading turnover index) in the current year and the next year investment efficiency; and the firm stock liquidity (based on the stock trading turnover) in the current year and the next two years’ investment efficiency. Moreover, financial constraints negatively moderated the relationship of firm stock liquidity (based on trading turnover index) in the current year and investment in the next year; investment in the next two years; investment efficiency in the next year; and investment efficiency in the next two years. Originality/value Given the importance of investment and investment efficiency in emerging markets especially in Asian emerging markets, and because the predicted impacts through financing constraints are usually unclear, this paper attempted to fill the existing gap and be innovative in this regard.

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新兴经济体股票流动性、未来投资和未来投资效率:金融约束的调节作用研究

目的探讨股票流动性、未来投资、未来投资效率与资金约束调节效应之间的关系。为了达到研究的目的，对2012-2017年在德黑兰证券交易所上市的178家公司的数据进行了审查。本研究采用Amihud流动性和股票交易量两种措施来衡量流动性。由于存在方差异质性，采用FGLS检验。此外，采用修正多元回归分析来考察财政约束的调节作用。结果表明:企业当年股票流动性与次年投资呈显著正相关;公司当年及未来两年投资的股票流动性(以股票成交量为基础);公司股票当年流动性(以成交量指数为基础)和下一年投资效率;以及公司股票的流动性(基于股票的成交量)在当年和未来两年的投资效率。此外，资金约束负向调节了当年公司股票流动性(基于成交量指数)与次年投资的关系;未来两年的投资;下一年的投资效率;以及未来两年的投资效率。鉴于投资和投资效率在新兴市场尤其是亚洲新兴市场的重要性，以及通过融资约束预测的影响通常不明确，本文试图填补现有的空白，并在这方面进行创新。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Islamic Accounting and Business Research BUSINESS, FINANCE-

CiteScore

4.80

自引率

22.70%

发文量

期刊介绍： The journal provides a dynamic forum for the advancement of accounting and business knowledge based on Shari’ah and Islamic activities that have an impact on the welfare of society. JIABR publishes articles on the interplay between Islamic business ethics, accounting, auditing and governance, in promoting accountability, socio-economic justice (adl) and everlasting success (al-falah). It seeks to inform, among others, current theoretical and empirical research and practice in Islamic accounting, auditing and corporate governance, management of Islamic organizations, accounting regulation and policy for Islamic institutions, Shari’ah auditing and corporate governance, financial and non-financial performance measurement and disclosure in Islamic institutions and organizations. All styles of research, theoretical and empirical, case studies, practice-based papers and research notes that are well written and falling within the journal''s scope, are generally welcomed by the journal. Scope/Coverage Development of accounting, auditing and corporate governance concepts based on Shari’ah Socio-political influence on accounting and auditing regulation and policy making for Islamic financial institutions and organizations Historical perspectives on Islamic accounting, auditing and financial management Critical analysis on issues and challenges on accounting disclosure and measurement, Shari’ah audit and corporate governance Controls and risks in Islamic organizations Financial and non-financial performance measurement and disclosure.