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In government-supported academic institutions we trust: Enterprise postdoctoral programmes and stock liquidity

Author

Listed:
  • Ling, Chuanqi
  • Dong, Dayong
  • Yang, Jinyu
  • Cao, Jiawei

Abstract

In this study, we examine the impact of the enterprise postdoctoral programmes backed by the government in China on the stock liquidity of listed firms. Using a unique dataset of Chinese A-share listed firms from 2007 to 2022, we find that the establishment of postdoctoral programmes significantly improves the stock liquidity of these firms, even performing multiple robustness tests and addressing endogeneity concerns. Our channel analysis reveals that implementing postdoctoral programmes enhances a firm's information environment and strengthens its fundamentals. This improvement fosters greater investor confidence, ultimately leading to higher stock liquidity. Furthermore, our findings indicate that this positive effect is more pronounced in firms operating within highly competitive industries and less-developed regions, which supports our hypotheses. Finally, we proffer recommendations for the government, enterprises, and investors.

Suggested Citation

  • Ling, Chuanqi & Dong, Dayong & Yang, Jinyu & Cao, Jiawei, 2025. "In government-supported academic institutions we trust: Enterprise postdoctoral programmes and stock liquidity," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    • Handle: RePEc:eee:finana:v:104:y:2025:i:pa:s105752192500376x
    DOI: 10.1016/j.irfa.2025.104289
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    Keywords

    Enterprise postdoctoral programmes; Stock liquidity; Trust; Information environment; Fundamentals;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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