Liquidity, corporate governance and firm performance: A meta-analysis
Our study investigates the interlink between liquidity, corporate governance and firm value with the adoption of meta-analysis. The final sample consists of 428 studies extracted from 55 papers, covering 632,196 firm-year observations in a worldwide scope. The diversity in data is believed to reduce...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Taylor & Francis Group
2022-12-01
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| Series: | Cogent Business & Management |
| Subjects: | |
| Online Access: | https://www.tandfonline.com/doi/10.1080/23311975.2022.2137960 |
| _version_ | 1811189303438475264 |
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| author | Ngoc Phuong Anh Nguyen Thi Thanh Binh Dao |
| author_facet | Ngoc Phuong Anh Nguyen Thi Thanh Binh Dao |
| author_sort | Ngoc Phuong Anh Nguyen |
| collection | DOAJ |
| description | Our study investigates the interlink between liquidity, corporate governance and firm value with the adoption of meta-analysis. The final sample consists of 428 studies extracted from 55 papers, covering 632,196 firm-year observations in a worldwide scope. The diversity in data is believed to reduce possible homogeneity due to regional or time period concentration. Using random-effects model, it is reported that both illiquidity factors (Spread and Amihud illiquidity) can significantly worsen the performance of a firm, while the corporate governance-firm value connection is significantly positive via three out of four factors (Corporate governance index, Board size and Institutional ownership). Besides studying the overall relationship direction, the paper also looks into its heterogeneity. The existence of heterogeneity is confirmed in both liquidity-firm value and governance-firm value relationships. The running of meta-regression indicates that both illiquidity factors are significantly moderated by most of the examined paper characteristics, whilst only two out of four corpor ate governance indicators (Corporate governance index and Institutional ownership) are significantly altered. |
| first_indexed | 2024-04-11T14:33:44Z |
| format | Article |
| id | doaj.art-056ce4d2e7f74bd79ec588a6b3a217d1 |
| institution | Directory Open Access Journal |
| issn | 2331-1975 |
| language | English |
| last_indexed | 2024-04-11T14:33:44Z |
| publishDate | 2022-12-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | Cogent Business & Management |
| spelling | doaj.art-056ce4d2e7f74bd79ec588a6b3a217d12022-12-22T04:18:26ZengTaylor & Francis GroupCogent Business & Management2331-19752022-12-019110.1080/23311975.2022.2137960Liquidity, corporate governance and firm performance: A meta-analysisNgoc Phuong Anh Nguyen0Thi Thanh Binh Dao1Department of Finance, Hanoi University, Hanoi, VietnamFaculty of Management and Tourism, Hanoi University, VietnamOur study investigates the interlink between liquidity, corporate governance and firm value with the adoption of meta-analysis. The final sample consists of 428 studies extracted from 55 papers, covering 632,196 firm-year observations in a worldwide scope. The diversity in data is believed to reduce possible homogeneity due to regional or time period concentration. Using random-effects model, it is reported that both illiquidity factors (Spread and Amihud illiquidity) can significantly worsen the performance of a firm, while the corporate governance-firm value connection is significantly positive via three out of four factors (Corporate governance index, Board size and Institutional ownership). Besides studying the overall relationship direction, the paper also looks into its heterogeneity. The existence of heterogeneity is confirmed in both liquidity-firm value and governance-firm value relationships. The running of meta-regression indicates that both illiquidity factors are significantly moderated by most of the examined paper characteristics, whilst only two out of four corpor ate governance indicators (Corporate governance index and Institutional ownership) are significantly altered.https://www.tandfonline.com/doi/10.1080/23311975.2022.2137960meta-analysisliquiditycorporate governancefirm performancemoderators |
| spellingShingle | Ngoc Phuong Anh Nguyen Thi Thanh Binh Dao Liquidity, corporate governance and firm performance: A meta-analysis Cogent Business & Management meta-analysis liquidity corporate governance firm performance moderators |
| title | Liquidity, corporate governance and firm performance: A meta-analysis |
| title_full | Liquidity, corporate governance and firm performance: A meta-analysis |
| title_fullStr | Liquidity, corporate governance and firm performance: A meta-analysis |
| title_full_unstemmed | Liquidity, corporate governance and firm performance: A meta-analysis |
| title_short | Liquidity, corporate governance and firm performance: A meta-analysis |
| title_sort | liquidity corporate governance and firm performance a meta analysis |
| topic | meta-analysis liquidity corporate governance firm performance moderators |
| url | https://www.tandfonline.com/doi/10.1080/23311975.2022.2137960 |
| work_keys_str_mv | AT ngocphuonganhnguyen liquiditycorporategovernanceandfirmperformanceametaanalysis AT thithanhbinhdao liquiditycorporategovernanceandfirmperformanceametaanalysis |