Determinants of Stock Liquidity: Forward-Looking Information, Corporate Governance, and Asymmetric Information

• 발행기관: 한국유통과학회
• 저자명: Wiwik UTAMI Putri Dwi WAHYUNI Lucky NUGROHO
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 7 No.12, 795~807쪽, 전체 13쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2020.12.30

영문 초록

The more liquid the capital market, the more attractive it will be for investors to place their money in the capital market. Therefore, the purpose of this study is to investigate the factors that influence stock liquidity of manufacturing sector companies listed on the stock exchange in Indonesia. The independent variables used in this study are forward-looking information disclosure, institutional ownership, foreign ownership, and board activity with information asymmetry as an intervening variable and stock liquidity as the dependent variable. The population of this study is manufacturing sector companies listed on the Indonesian stock exchange (IDX). Samples are selected based on the random sampling method, and the number of samples is calculated based on the Slovin formula. The sample was 59 manufacturers, and data was annual reports (for 2 years) and stock transactions from 2016 to 2017. The results of the study showed that forward-looking information disclosure had a significant effect on information asymmetry. Information asymmetry and foreign ownership have a significant impact on stock liquidity, whereas information asymmetry mediates the relationship between forward-looking disclosures and stock liquidity. Furthermore, the accuracy of information about the certainty of business activity both now and in the future can instill confidence in stakeholders in interacting and cooperating.

목차

1. Introduction

2. Literature Review and Hypothesis Development

3. Research Methods

4. Results and Discussion

5. Conclusions

References

키워드

Forward-Looking Disclosure Corporate Governance Asymmetry Information Stock Liquidity Indonesia Stock Exchange