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Stock liquidity and firm value: evidence from China

Author

Listed:
  • Lijie Zhang
  • Yong Li
  • Zhuo Huang
  • Xinhan Chen

Abstract

Empirical evidence for the effect of stock liquidity on firm value is limited and mixed due to a severe endogeneity problem. This article adds to the literature on this topic by providing new empirical evidence using the nontradable share reform in China as a quasi-natural experiment. Our results show that higher stock liquidity can lead to significant firm value improvement.

Suggested Citation

  • Lijie Zhang & Yong Li & Zhuo Huang & Xinhan Chen, 2018. "Stock liquidity and firm value: evidence from China," Applied Economics Letters, Taylor & Francis Journals, vol. 25(1), pages 47-50, January.
    • Handle: RePEc:taf:apeclt:v:25:y:2018:i:1:p:47-50
    DOI: 10.1080/13504851.2017.1293779
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    Cited by:

    1. Shiyu Wu & Xinyi Li & Xiaosen Du & Zexin Li, 2022. "The Impact of ESG Performance on Firm Value: The Moderating Role of Ownership Structure," Sustainability, MDPI, vol. 14(21), pages 1-22, November.
    2. He, Xiqiong & Gu, Xiang & Liu, Hao, 2023. "Stock liquidity and controlling shareholders' encroachment of private interests: Evidence from China," Finance Research Letters, Elsevier, vol. 56(C).
    3. Maria Karim & Abdul Rashid, 2020. "Equity liquidity, firm investment and financial performance: an assessment of the role of financial development," Business Review, School of Economics and Social Sciences, IBA Karachi, vol. 15(2), pages 51-74, July-Dece.
    4. Maria Rodionova & Angi Skhvediani & Tatiana Kudryavtseva, 2022. "ESG as a Booster for Logistics Stock Returns—Evidence from the US Stock Market," Sustainability, MDPI, vol. 14(19), pages 1-26, September.

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