Ali Shuaib, Zhongxin Wu, Ali Zahid, Usman Muhammad, Zhuoping Yu
School of Management, Hainan University, Hainan, China.
Department of Commerce and Management Sciences, University of Malakand Pakistan, Khyber Pakhtunkhwa, Pakistan.
Front Psychol. 2022 Nov 14;13:1003081. doi: 10.3389/fpsyg.2022.1003081. eCollection 2022.
The aim of this study is to empirically analyze the impact of corporate governance on stock liquidity and the moderating role of financial transparency, through the lens of information asymmetry and agency theory. The sample consists of non-financial firms listed on the Pakistan stock exchange during the 2009-2019 period. The study used an instrumental variable approach and new corporate governance index, developed with principal component analysis, to demonstrate a relationship between corporate governance and stock liquidity. The results show a significant, positive relationship between the corporate governance index and stock liquidity, suggesting that well governed firms have high liquidity. To the best of our knowledge, this is the first finance study to investigate the moderating impact of financial transparency on the relation between corporate governance and stock liquidity. The results show that financial transparency, as measured by multiple proxies, has a negative moderating impact on the relationship between corporate governance and stock liquidity, suggesting that corporate governance in Pakistan is weak. Together, the results suggest that Pakistani firms use financial transparency as a substitute for corporate governance to improve stock liquidity. The results are robust to a series of endogeneity checks using alternative proxies of stock liquidity.
本研究旨在从信息不对称和代理理论的角度，实证分析公司治理对股票流动性的影响以及财务透明度的调节作用。样本包括2009 - 2019年期间在巴基斯坦证券交易所上市的非金融公司。该研究采用工具变量法和通过主成分分析开发的新公司治理指数，以证明公司治理与股票流动性之间的关系。结果显示公司治理指数与股票流动性之间存在显著的正相关关系，这表明治理良好的公司具有较高的流动性。据我们所知，这是第一项研究财务透明度对公司治理与股票流动性之间关系调节影响的金融研究。结果表明，用多种代理指标衡量的财务透明度对公司治理与股票流动性之间的关系具有负向调节作用，这表明巴基斯坦的公司治理较为薄弱。综合来看，结果表明巴基斯坦公司利用财务透明度替代公司治理来提高股票流动性。使用股票流动性的替代代理指标进行的一系列内生性检验结果表明该结果具有稳健性。
