Moderating Role of Financial Market Development on the Relationship between Stock Liquidity and Dividend

IF 0.7 Q4 BUSINESS, FINANCE

Asian Academy of Management Journal of Accounting and Finance Pub Date : 2020-12-23 DOI:10.21315/aamjaf2020.16.2.4

M. Bakri, A. N. Bany-Ariffin, B. T. Matemilola, W. Lau

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引用次数: 5

Abstract

This article aims to investigate the relationship between stock liquidity and dividend across emerging market countries as well as examined the moderating role of financial market development on the relationship between stock liquidity and dividend. Data were obtained from the World Bank and DataStream databases. The study examined 3,258 listed firms from 22 emerging markets to be extrapolated in the emerging market context. To analyse the data, this article used the panel data Tobit model and panel logistic regression, both with random effects. The analysis revealed that financial market development has a positive moderating effect on the relationship between stock liquidity and dividend by improving local market liquidity and mitigating information asymmetry. The study findings provide information for managers to devise investment strategy in the emerging markets. This article provides new insights into the financial market development moderating role on the relationship between stock liquidity and dividend.

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金融市场发展对股票流动性与股利关系的调节作用

本文旨在研究新兴市场国家股票流动性与股息之间的关系，并考察金融市场发展对股票流动性和股息之间关系的调节作用。数据来自世界银行和数据流数据库。该研究调查了来自22个新兴市场的3258家上市公司，以在新兴市场背景下进行推断。为了分析数据，本文使用了面板数据Tobit模型和面板逻辑回归，两者都具有随机效应。分析表明，金融市场的发展通过改善当地市场的流动性和缓解信息不对称，对股票流动性与股息之间的关系具有积极的调节作用。研究结果为经理人制定新兴市场投资策略提供了信息。本文对金融市场发展对股票流动性和股息关系的调节作用提供了新的见解。

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

Asian Academy of Management Journal of Accounting and Finance BUSINESS, FINANCE-

CiteScore

1.50

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： To provide a forum for the exchange of ideas and dissemination of empirical findings and analytical research in the specialized areas of accounting and finance with special emphasis on scholarly works with policy implications for countries in the Asia Pacific. The following are some of the topical subject areas relevant to the journal (but are not limited to): Accounting • Financial reporting and accounting standards • Auditing issues • Value based accounting and its relevance • Theory of accounting firm • Environmental auditing • Corporate governance issues • Public sector accounting Finance • Valuation of financial assets • International capital flows • Ownership and agency theory • Stock market behavior • Investment and portfolio management • Islamic banking and finance • Microstructures of financial markets