Study on Relationship between Stock liquidity and managerial short-termism

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REZAEI FARZIN; Firouz Alizadeh Akram; Malihi Shojae Radman

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

Journal Paper

Paper Information

Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2020 | Volume:13 | Issue:45 Page(s): 181-199

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Information Journal Paper

Title

Study on Relationship between Stock liquidity and managerial short-termism

Author(s)

REZAEI FARZIN | Firouz Alizadeh Akram | Malihi Shojae Radman | Issue Writer Certificate

Keywords

stock liquidity

Management consulting

earning management

Abstract

Many institutional investment decisions are based on the ease of liquidity of stocks and business units. Investors of these business units are always seeking to leverage their directors to make high-yield investment decisions in the short term. While other ordinary investors who hold a smaller percentage of the company's stock are looking to increase the value of the business unit in the long run. This study was studied with 82 companies in the period 2007-2015. To measure stock liquidity, Amihud's (2002) benchmark was used to measure managerial cash flow from deviations from actual operating activities and real earnings management. . The results of the hypothesis test showed that liquidity of stock has a negative and significant effect on the deviation from actual operational activities. Also, companies with less liquidity are more likely to focus on gains in real profits. In the sense that reducing liquidity risk reduces the likelihood of deviations from actual operational activities.

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APA: Copy

REZAEI, FARZIN, Firouz Alizadeh, Akram, & Malihi Shojae, Radman. (2020). Study on Relationship between Stock liquidity and managerial short-termism. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 13(45 ), 181-199. SID. https://sid.ir/paper/951537/en

Vancouver: Copy

REZAEI FARZIN, Firouz Alizadeh Akram, Malihi Shojae Radman. Study on Relationship between Stock liquidity and managerial short-termism. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2020;13(45 ):181-199. Available from: https://sid.ir/paper/951537/en

IEEE: Copy

FARZIN REZAEI, Akram Firouz Alizadeh, and Radman Malihi Shojae, “Study on Relationship between Stock liquidity and managerial short-termism,” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 13, no. 45 , pp. 181–199, 2020, [Online]. Available: https://sid.ir/paper/951537/en

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