Liquidity, informational efficiency and firm default risk: a systematic literature review

IF 1.1 Q3 BUSINESS, FINANCE

Journal of Accounting Literature Pub Date : 2023-07-20 DOI:10.1108/jal-02-2023-0026

Lingling Zhao, Vito Mollica, Yun Shen, Q. Liang

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引用次数: 0

Abstract

Purpose This study aims to systematically review the literature in the fields of liquidity, informational efficiency and default risk. The authors outline the key research streams and provide possible pathways for future research.Design/methodology/approach The study adopts bibliographic mapping to identify the most influential studies in the research fields of liquidity, informational efficiency and default risk from 1984 to 2021.Findings The study identifies four key research themes that include efficiency and transparency of markets; corporate yield spreads; market interactions: bonds, stocks and cryptocurrencies; and corporate governance. By assessing publications published from 2018 to 2021, the authors also document seven key emerging research trends: cross markets, managerial learning and corporate governance, state ownership and government subsidies, international evidence, machine learning (FinTech approaches), environmental themes and financial crisis. Drawing on these emerging trends, the authors highlight the opportunities for future research.Research limitations/implications Keyword searches have limitations since some studies might be overlooked if they do not match the specified search criteria, even though their relevance to the topic is under investigation. Adopt the R project to expand this review by incorporating more literature from other databases, such as the Scopus database could be a possible solution.Practical implications The four key research streams contribute to a comprehensive understanding of liquidity, informational efficiency and default risk. The emerging trends integrate existing knowledge and leave the chance for innovative research to expand the research frontier.Originality/value This study fulfills the systematic literature review streams in the fields of liquidity, informational efficiency and default risk, and provides fruitful opportunities for future research.

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流动性、信息效率与企业违约风险：系统文献综述

目的本研究旨在系统地回顾流动性、信息效率和违约风险领域的文献。作者概述了关键的研究流，并为未来的研究提供了可能的途径。设计/方法论/方法该研究采用文献映射来确定1984年至2021年在流动性、信息效率和违约风险研究领域最具影响力的研究。研究结果该研究确定了四个关键研究主题，包括市场的效率和透明度；企业收益率差；市场互动：债券、股票和加密货币；以及公司治理。通过评估2018年至2021年发表的出版物，作者还记录了七个关键的新兴研究趋势：跨市场、管理学习和公司治理、国家所有权和政府补贴、国际证据、机器学习（金融科技方法）、环境主题和金融危机。根据这些新兴趋势，作者强调了未来研究的机会。研究局限性/含义关键词搜索有局限性，因为如果某些研究与指定的搜索标准不匹配，即使它们与主题的相关性正在调查中，也可能会被忽视。采用R项目，通过纳入其他数据库（如Scopus数据库）的更多文献来扩大这一审查可能是一个可能的解决方案。实际意义四个关键研究流有助于全面了解流动性、信息效率和违约风险。新兴趋势整合了现有知识，为创新研究拓展研究前沿留下了机会。原创性/价值本研究完成了流动性、信息效率和违约风险领域的系统文献综述，为未来的研究提供了丰富的机会。

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来源期刊

Journal of Accounting Literature BUSINESS, FINANCE-

CiteScore

6.50

自引率

0.00%

发文量

期刊介绍： The objective of the Journal is to publish papers that make a fundamental and substantial contribution to the understanding of accounting phenomena. To this end, the Journal intends to publish papers that (1) synthesize an area of research in a concise and rigorous manner to assist academics and others to gain knowledge and appreciation of diverse research areas or (2) present high quality, multi-method, original research on a broad range of topics relevant to accounting, auditing and taxation. Topical coverage is broad and inclusive covering virtually all aspects of accounting. Consistent with the historical mission of the Journal, it is expected that the lead article of each issue will be a synthesis article on an important research topic. Other manuscripts to be included in a given issue will be a mix of synthesis and original research papers. In addition to traditional research topics and methods, we actively solicit manuscripts of the including, but not limited to, the following: • meta-analyses • field studies • critiques of papers published in other journals • emerging developments in accounting theory • commentaries on current issues • innovative experimental research with strong grounding in cognitive, social or anthropological sciences • creative archival analyses using non-standard methodologies or data sources with strong grounding in various social sciences • book reviews • "idea" papers that don''t fit into other established categories.