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

Dissertant

Nasiri, Munir

University

Al Akhawayn University

Faculty

The School of Business Administration

University Country

Morocco

Degree

Master

Degree Date

2010

English Abstract

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

Main Subjects

Business Administration

No. of Pages

26

Table of Contents

• APA
• MLA
• AMA

Language

English

Data Type

Arab Theses

Record ID

BIM-628961