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Concentración Accionarial Y Liquidez De Mercado: Un Analisis Con Ecuaciones Simultáneas

Author

Listed:
  • Antonio Mínguez Vera

    (Universidad Politécnica de Cartagena)

  • Juan Francisco Martín Ugedo

    (Universidad de Murcia)

Abstract

This paper analyzes the relationship between ownership concentration andshares liquidity for a sample of 115 listed firms that traded during the period from April2000 to December 2000. Results show a negative influence of ownership of directors,major shareholders and outside shareholders on liquidity. We do not find evidence ofthe influence of liquidity on the ownership concentration. We also observe that theownership concentration increases the adverse selection spread component. Therefore,firms with higher ownership concentration present larger informative asymmetry,having less liquidity. Este trabajo analiza la relación entre la concentración accionarial y la liquidez de las acciones, para una muestra de 115 empresas que cotizaban en el Mercado Continuo en el período de abril a diciembre de 2000. Los resultados obtenidos ponen de manifiesto un efecto negativo del porcentaje de acciones que poseen los consejeros, principales propietarios y accionistas externos en la mencionada liquidez, no hallando evidencia de la relación contraria. Además, observamos que la concentración accionarial incrementa el componente de selección adversa. Por tanto, las empresas más concentradas presentan mayor asimetría informativa, detectándose en ellas una menor liquidez.

Suggested Citation

  • Antonio Mínguez Vera & Juan Francisco Martín Ugedo, 2003. "Concentración Accionarial Y Liquidez De Mercado: Un Analisis Con Ecuaciones Simultáneas," Working Papers. Serie EC 2003-20, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    • Handle: RePEc:ivi:wpasec:2003-20
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    File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-2003-20.pdf
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    More about this item

    Keywords

    Concentración accionarial; liquidez; microestructura ownership structure; liquidity; microstructure;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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