董事会属性对股票流动性的影响:来自巴基斯坦面板数据的证据

IF 3.2 Q1 BUSINESS, FINANCE
Javed Khan, S. Rehman, Inayat Khan
{"title":"董事会属性对股票流动性的影响:来自巴基斯坦面板数据的证据","authors":"Javed Khan, S. Rehman, Inayat Khan","doi":"10.1108/jaee-06-2021-0207","DOIUrl":null,"url":null,"abstract":"PurposeThis study investigates the impact of board characteristics on the stock liquidity of Pakistani listed non-financial firms for the period 2007–2016.Design/methodology/approachThe study uses fixed-effects regression model on a sample of 170 non-financial firms listed on the Pakistan Stock Exchange for regressing the impact of board attributes on stock liquidity while for addressing the endogeneity two-stage least-square (2SLS) and lagged structure models are used.FindingsThe study finds that board meetings (BM), directors' attendance (DAT) at BM, board gender diversity, the number of board subcommittees (NBC) and board foreign diversity (BFD) positively affect stock liquidity. Checking the robustness through 2SLS and lagged structure models, it is suggested that the findings are robust to the problem of endogeneity.Practical implicationsOutcomes of the study signify the role of novel board attributes in improving the stock liquidity which has implications for investors, the board of directors and policymakers.Originality/valueThe authors are the first to investigate the impact of novel board attributes–BFD, directors' remuneration (DR), DAT and the number of board sub-committees on stock liquidity. Up to the best of researchers' knowledge, these board attributes have never been examined before in relation to stock liquidity.","PeriodicalId":45702,"journal":{"name":"Journal of Accounting in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":3.2000,"publicationDate":"2022-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"Impact of board attributes on stock liquidity: evidence from Pakistani panel data\",\"authors\":\"Javed Khan, S. Rehman, Inayat Khan\",\"doi\":\"10.1108/jaee-06-2021-0207\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"PurposeThis study investigates the impact of board characteristics on the stock liquidity of Pakistani listed non-financial firms for the period 2007–2016.Design/methodology/approachThe study uses fixed-effects regression model on a sample of 170 non-financial firms listed on the Pakistan Stock Exchange for regressing the impact of board attributes on stock liquidity while for addressing the endogeneity two-stage least-square (2SLS) and lagged structure models are used.FindingsThe study finds that board meetings (BM), directors' attendance (DAT) at BM, board gender diversity, the number of board subcommittees (NBC) and board foreign diversity (BFD) positively affect stock liquidity. Checking the robustness through 2SLS and lagged structure models, it is suggested that the findings are robust to the problem of endogeneity.Practical implicationsOutcomes of the study signify the role of novel board attributes in improving the stock liquidity which has implications for investors, the board of directors and policymakers.Originality/valueThe authors are the first to investigate the impact of novel board attributes–BFD, directors' remuneration (DR), DAT and the number of board sub-committees on stock liquidity. Up to the best of researchers' knowledge, these board attributes have never been examined before in relation to stock liquidity.\",\"PeriodicalId\":45702,\"journal\":{\"name\":\"Journal of Accounting in Emerging Economies\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.2000,\"publicationDate\":\"2022-03-03\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Accounting in Emerging Economies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/jaee-06-2021-0207\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting in Emerging Economies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/jaee-06-2021-0207","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 2

摘要

目的本研究调查了2007-2016年期间董事会特征对巴基斯坦上市非金融公司股票流动性的影响。设计/方法/方法本研究对170家在巴基斯坦证券交易所上市的非金融公司样本使用固定效应回归模型,对董事会属性对股票流动性影响进行回归,同时解决使用内生性两阶段最小二乘(2SLS)和滞后结构模型。研究发现,董事会会议(BM)、董事在BM的出席率(DAT)、董事会性别多样性、董事会小组委员会的数量(NBC)和董事会外国多样性(BFD)对股票流动性有积极影响。通过2SLS和滞后结构模型检验其稳健性,表明研究结果对内生性问题具有稳健性。实际含义研究结果表明,新的董事会属性在提高股票流动性方面发挥了作用,这对投资者、董事会和决策者都有影响。原创性/价值作者是第一个研究新型董事会属性——BFD、董事薪酬(DR)、DAT和董事会下属委员会数量——对股票流动性的影响的人。据研究人员所知,这些董事会属性以前从未与股票流动性相关。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Impact of board attributes on stock liquidity: evidence from Pakistani panel data
PurposeThis study investigates the impact of board characteristics on the stock liquidity of Pakistani listed non-financial firms for the period 2007–2016.Design/methodology/approachThe study uses fixed-effects regression model on a sample of 170 non-financial firms listed on the Pakistan Stock Exchange for regressing the impact of board attributes on stock liquidity while for addressing the endogeneity two-stage least-square (2SLS) and lagged structure models are used.FindingsThe study finds that board meetings (BM), directors' attendance (DAT) at BM, board gender diversity, the number of board subcommittees (NBC) and board foreign diversity (BFD) positively affect stock liquidity. Checking the robustness through 2SLS and lagged structure models, it is suggested that the findings are robust to the problem of endogeneity.Practical implicationsOutcomes of the study signify the role of novel board attributes in improving the stock liquidity which has implications for investors, the board of directors and policymakers.Originality/valueThe authors are the first to investigate the impact of novel board attributes–BFD, directors' remuneration (DR), DAT and the number of board sub-committees on stock liquidity. Up to the best of researchers' knowledge, these board attributes have never been examined before in relation to stock liquidity.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
5.80
自引率
13.00%
发文量
38
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信