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  • Corporate governance and stock liquidity dimensions: Panel evidence from pure order-driven Australian market

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    Accepted Manuscript (AM)
    Author(s)
    Ali, Searat
    Liu, Benjamin
    Su, Jen Je
    Griffith University Author(s)
    Liu, Benjamin
    Su, Jen-Je
    Year published
    2017
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    Abstract
    Our newly constructed index of corporate governance quality (CGQ) provides comprehensive and robust evidence for the association between CGQ and stock liquidity in the pure order-driven Australia market. By using a large sample of 1207 firms from 2001 to 2013, we find a significant positive relationship between CGQ and stock liquidity, suggesting that better governed firms have greatly improved stock liquidity. Specifically, we find that better governed firms have a lower trading cost, smaller price impacts of trade, and higher trading speed. Moreover, the empirical results reveal that CGQ improves stock liquidity because ...
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    Our newly constructed index of corporate governance quality (CGQ) provides comprehensive and robust evidence for the association between CGQ and stock liquidity in the pure order-driven Australia market. By using a large sample of 1207 firms from 2001 to 2013, we find a significant positive relationship between CGQ and stock liquidity, suggesting that better governed firms have greatly improved stock liquidity. Specifically, we find that better governed firms have a lower trading cost, smaller price impacts of trade, and higher trading speed. Moreover, the empirical results reveal that CGQ improves stock liquidity because it is associated with higher information disclosure.
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    Journal Title
    International Review of Economics and Finance
    DOI
    https://doi.org/10.1016/j.iref.2017.03.005
    Copyright Statement
    © 2017 Elsevier. This is the author-manuscript version of this paper. Reproduced in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
    Note
    This publication has been entered into Griffith Research Online as an Advanced Online Version.
    Subject
    Economic theory
    Applied economics
    Applied economics not elsewhere classified
    Publication URI
    http://hdl.handle.net/10072/339424
    Collection
    • Journal articles

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