Liquidity,ownership concentration,corporate governance,and firm value: Evidence from Thailand |
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| Institution: | 1. Bank of Thailand, Thailand;2. Thammasat University, Bangkok, Thailand;3. Great Valley School of Graduate Professional Studies, Pennsylvania State University, 30 E. Swedesford Road, Malvern, PA 19355, United States;4. China Huarong Asset Management Co., Beijing, China;1. University of Birmingham Business School, Birmingham, UK;2. Richmond, The American International University in London, UK;3. University of Ghana Business School, Legon, Accra, Ghana |
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| Abstract: | We examine the interactions among ownership structure, liquidity, and corporate governance in an important emerging market. The results suggest that firms with more concentrated ownership experience significantly lower stock liquidity. Large shareholders are assumed to possess private information, leading to information asymmetry and thus a higher adverse selection cost. As a result, higher ownership concentration is associated with less liquidity. Nevertheless, there is no evidence that corporate governance plays a significant role in the relationship between ownership and liquidity in Thailand. |
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