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Moderating Role of Financial Market Development on The Relationship Between Stock Liquidity and Dividend

This article aims to investigate the relationship between stock liquidity and dividend across emerging market countries as well as examined the moderating role of financial market development on the relationship between stock liquidity and dividend. Data were obtained from the World Bank and DataStr...

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Main Authors: Mohd Ashari Bakri, Bany-Ariffin Amin Nordin, Matemilola Bolaji Tunde, Lau Wei Theng
Format: Article
Language:English
English
Published: Asian AcAsian Academy of Management and Penerbit Universiti Sains Malaysiaademy of Management and Penerbit Universiti Sains Malaysia 2020
Subjects:
HB Economic theory. Demography
Online Access:https://eprints.ums.edu.my/id/eprint/26741/1/Moderating%20Role%20of%20Financial%20Market%20Development%20on%20The%20Relationship%20Between.pdf
https://eprints.ums.edu.my/id/eprint/26741/2/Moderating%20Role%20of%20Financial%20Market%20Development%20on%20The%20Relationship%20Between1.pdf
https://eprints.ums.edu.my/id/eprint/26741/
https://doi.org/10.21315/aamjaf2020.16.2.4
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spelling my.ums.eprints.267412021-04-14T01:08:39Z https://eprints.ums.edu.my/id/eprint/26741/ Moderating Role of Financial Market Development on The Relationship Between Stock Liquidity and Dividend Mohd Ashari Bakri Bany-Ariffin Amin Nordin Matemilola Bolaji Tunde Lau Wei Theng HB Economic theory. Demography This article aims to investigate the relationship between stock liquidity and dividend across emerging market countries as well as examined the moderating role of financial market development on the relationship between stock liquidity and dividend. Data were obtained from the World Bank and DataStream databases. The study examined 3,258 listed firms from 22 emerging markets to be extrapolated in the emerging market context. To analyse the data, this article used the panel data Tobit model and panel logistic regression, both with random effects. The analysis revealed that financial market development has a positive moderating effect on the relationship between stock liquidity and dividend by improving local market liquidity and mitigating information asymmetry. The study findings provide information for managers to devise investment strategy in the emerging markets. This article provides new insights into the financial market development moderating role on the relationship between stock liquidity and dividend. Asian AcAsian Academy of Management and Penerbit Universiti Sains Malaysiaademy of Management and Penerbit Universiti Sains Malaysia 2020 Article PeerReviewed text en https://eprints.ums.edu.my/id/eprint/26741/1/Moderating%20Role%20of%20Financial%20Market%20Development%20on%20The%20Relationship%20Between.pdf text en https://eprints.ums.edu.my/id/eprint/26741/2/Moderating%20Role%20of%20Financial%20Market%20Development%20on%20The%20Relationship%20Between1.pdf Mohd Ashari Bakri and Bany-Ariffin Amin Nordin and Matemilola Bolaji Tunde and Lau Wei Theng (2020) Moderating Role of Financial Market Development on The Relationship Between Stock Liquidity and Dividend. Asian Academy of Management Journal of Accounting and Finance, 16 (2). pp. 77-99. https://doi.org/10.21315/aamjaf2020.16.2.4
institution Universiti Malaysia Sabah
building UMS Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Sabah
content_source UMS Institutional Repository
url_provider http://eprints.ums.edu.my/
language English
English
topic HB Economic theory. Demography
spellingShingle HB Economic theory. Demography
Mohd Ashari Bakri
Bany-Ariffin Amin Nordin
Matemilola Bolaji Tunde
Lau Wei Theng
Moderating Role of Financial Market Development on The Relationship Between Stock Liquidity and Dividend
description This article aims to investigate the relationship between stock liquidity and dividend across emerging market countries as well as examined the moderating role of financial market development on the relationship between stock liquidity and dividend. Data were obtained from the World Bank and DataStream databases. The study examined 3,258 listed firms from 22 emerging markets to be extrapolated in the emerging market context. To analyse the data, this article used the panel data Tobit model and panel logistic regression, both with random effects. The analysis revealed that financial market development has a positive moderating effect on the relationship between stock liquidity and dividend by improving local market liquidity and mitigating information asymmetry. The study findings provide information for managers to devise investment strategy in the emerging markets. This article provides new insights into the financial market development moderating role on the relationship between stock liquidity and dividend.
format Article
author Mohd Ashari Bakri
Bany-Ariffin Amin Nordin
Matemilola Bolaji Tunde
Lau Wei Theng
author_facet Mohd Ashari Bakri
Bany-Ariffin Amin Nordin
Matemilola Bolaji Tunde
Lau Wei Theng
author_sort Mohd Ashari Bakri
title Moderating Role of Financial Market Development on The Relationship Between Stock Liquidity and Dividend
title_short Moderating Role of Financial Market Development on The Relationship Between Stock Liquidity and Dividend
title_full Moderating Role of Financial Market Development on The Relationship Between Stock Liquidity and Dividend
title_fullStr Moderating Role of Financial Market Development on The Relationship Between Stock Liquidity and Dividend
title_full_unstemmed Moderating Role of Financial Market Development on The Relationship Between Stock Liquidity and Dividend
title_sort moderating role of financial market development on the relationship between stock liquidity and dividend
publisher Asian AcAsian Academy of Management and Penerbit Universiti Sains Malaysiaademy of Management and Penerbit Universiti Sains Malaysia
publishDate 2020
url https://eprints.ums.edu.my/id/eprint/26741/1/Moderating%20Role%20of%20Financial%20Market%20Development%20on%20The%20Relationship%20Between.pdf
https://eprints.ums.edu.my/id/eprint/26741/2/Moderating%20Role%20of%20Financial%20Market%20Development%20on%20The%20Relationship%20Between1.pdf
https://eprints.ums.edu.my/id/eprint/26741/
https://doi.org/10.21315/aamjaf2020.16.2.4
_version_ 1760230537795993600
score 13.211869

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