The Impact of Ownership of Investment Companies on Stock Liquidity

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Norouzi Nasr Hossein; MORADZADEH FARD MEHDI; Shokri Azam

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Paper Information

Journal: The Financial Accounting and Auditing Researches Year:2019 | Volume:11 | Issue:42 Page(s): 23-45

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Title

The Impact of Ownership of Investment Companies on Stock Liquidity

Author(s)

Norouzi Nasr Hossein | MORADZADEH FARD MEHDI | Shokri Azam | Issue Writer Certificate

Keywords

Stock LiquidityQ2

Bid-Asked SpreadQ1

Institutional OwnershipQ2

Investment Companies OwnershipQ1

Abstract

Empirical research indicates the cost of transactions in capital markets is economically important. Transaction costs decrease dramatically as liquidity increase. Also, Liquidity plays an important role in the process of price discovery. The concept of liquidity in fledgling markets like Iran is more important. The results of papers in the field of stocks Liquidity in Iran Stock Exchange indicates investors consider the illiquidity risk in their decision. Hence, the purpose of this paper is to investigate the impact of Investment Companies Ownership on Stock Liquidity of investee companies. In order to measure Stock Liquidity Bid-Asked Spread criteria is used. For this purpose a sample of 72 companies listed in Tehran Stock Exchange have been analyzed using panel data regression model (fixed effects). Generally, in 95% confidence level, the results show there is a significant positive relationship between the ownership percentage of investment companies and Bid-Asked Spread. In other words, there is a significant negative relationship between the ownership percentage of investment companies and investee's Stock Liquidity.

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APA: Copy

Norouzi Nasr, Hossein, MORADZADEH FARD, MEHDI, & Shokri, Azam. (2019). The Impact of Ownership of Investment Companies on Stock Liquidity. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, 11(42 ), 23-45. SID. https://sid.ir/paper/198266/en

Vancouver: Copy

Norouzi Nasr Hossein, MORADZADEH FARD MEHDI, Shokri Azam. The Impact of Ownership of Investment Companies on Stock Liquidity. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES[Internet]. 2019;11(42 ):23-45. Available from: https://sid.ir/paper/198266/en

IEEE: Copy

Hossein Norouzi Nasr, MEHDI MORADZADEH FARD, and Azam Shokri, “The Impact of Ownership of Investment Companies on Stock Liquidity,” THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, vol. 11, no. 42 , pp. 23–45, 2019, [Online]. Available: https://sid.ir/paper/198266/en

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