Corporate governance and liquidity: pre- and post-crisis analysis of turnover from

مقدم أطروحة جامعية

Nasiri, Munir

الجامعة

جامعة الأخوين

الكلية

كلية إدارة الأعمال

دولة الجامعة

المغرب

الدرجة العلمية

ماجستير

تاريخ الدرجة العلمية

2010

الملخص الإنجليزي

This paper studies the relationship between corporate governance and liquidity in the context of the Middle East and North Africa Stock Exchanges.

We examine the difference in turnover across pre- and post-crisis period, and how corporate governance can explain the difference in turnover across the two periods.

In particular, we examine two empirical relationships: the first between agency problem and stock liquidity, and the second between transparency and market liquidity.

Our empirical findings verify that turnover in the pre-crisis period is higher than turnover in the post-crisis period.

We find that agency problems explain the difference in turnover between the two periods indicating the importance of the agency variables - auditors and payout ratio - to liquidity.

That is to say that stock liquidity decreases significantly with agency problems for both large and small firms.

Our results indicate also the failure of transparency variables in explaining the difference in turnover between both periods.

However, for small firms, the difference in turnover is explained by transparency variables.

Overall, our study reports that agency variables may be a liquidity-enhancing device for firms

التخصصات الرئيسية

إدارة الأعمال

عدد الصفحات

26

قائمة المحتويات

• APA
• MLA
• AMA

لغة النص

الإنجليزية

نوع البيانات

رسائل جامعية

رقم السجل

BIM-628961