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Impact of ownership concentration, institutional ownership and earnings management on stock market liquidityDownload This Article
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Ownership structure plays a vital role in stock market liquidity. We analyze the impact of ownership concentration, institutional ownership and earnings management on stock market liquidity. We select 114 firms from manufacturing sector of Pakistan, India, Australia and Singapore. We extract data from DataStream from 2010 to 2018 of selected countries. We apply Generalized Method of Moments (GMM) to analyze the data. We find that ownership concentration, institutional ownership and earnings management significantly affect the stock market liquidity.
Keywords: Ownership Concentration, Institutional Ownership, Earnings Management, Stock Market Liquidity, Emerging Economies
Authors’ individual contribution: Conceptualization – A.I.H. and R.M.; Writing – U.P., M.I.C., and R.M.; Methodology – A.I.H., M.I.C., and L.L.; Supervision – A.I.H.; Formal Analysis – L.L., A.I.H., and R.M.
JEL Classification: G14, G32, G34, M48
Published online: 23.01.2020
How to cite this paper: Hunjra, A. I., Perveen, U., Li, L., Chani, M. I., & Mehmood, R. (2020). Impact of ownership concentration, institutional ownership and earnings management on stock market liquidity. Corporate Ownership & Control, 17(2), 77-87. http://doi.org/10.22495/cocv17i2art7