全球竞争力和市场流动性

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal Pub Date : 2025-06-18 DOI:10.1016/j.gfj.2025.101148

Jang-Chul Kim , Sharif Mazumder , Ali Nejadmalayeri , Qing Su

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引用次数: 0

摘要

在波特（1990）的开创性工作和大量支持文献的激励下，我们假设全球竞争力提高了一个国家从全球化和金融自由化中受益的能力。为了证明这一假设的真实性，我们研究了2006年至2019年间全球各国竞争力（以全球竞争力指数及其子指数衡量）与纽约证券交易所43个国家交叉上市股票的市场流动性之间的关系。我们的研究结果表明，一个国家更大的全球竞争力延伸到其国界之外，从而显著提高其海外上市股票的流动性。全球竞争力对交叉上市股票的减轻影响部分但显著地是由于全球市场信息不对称的减少。与效率和创新相关的竞争力在提高市场流动性和改善信息不对称对市场流动性的不利影响方面尤为重要。

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Global competitiveness and market liquidity

Motivated by the pioneering work of Porter (1990) and a vast supporting literature, we posit that global competitiveness improves a nation's ability to benefit from globalization and financial liberalization. To prove the veracity of this supposition, we study the relationship between the competitiveness of countries worldwide, as measured by the Global Competitiveness Index as well as its sub-indices, and the market liquidity of cross-listed stocks from 43 countries on the NYSE between 2006 and 2019. Our findings suggest that a country's greater global competitiveness extends beyond its borders, thereby significantly enhancing the liquidity of its foreign-listed stocks. This extenuating impact of global competitiveness on cross-listed stocks is partially but significantly due to reduced information asymmetry in global markets. Competitiveness associated with efficiency and innovation are particularly crucial in improving market liquidity and ameliorating the adverse effects of information asymmetry on market liquidity.

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来源期刊

Global Finance Journal BUSINESS, FINANCE-

CiteScore

7.30

自引率

13.50%

发文量

106

审稿时长

53 days

期刊介绍： Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.