The Effect Of Independent Board On Stock Liquidity In East Asian Countries
Kajian ini menyiasat hubungan antara komposisi ahli lembaga dan kecairan saham syarikat dengan menggunakan sampel dari negara Asia Timur. Data yang dikumpulkan merangkumi 2,407 buah firma-tahun untuk syarikat disenaraikan dalam bursa saham di negara China, Hong Kong, Jepun, Malaysia, Singapura, K...
| Main Author: | |
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| Format: | Thesis |
| Language: | English |
| Published: |
2016
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| Subjects: | |
| Online Access: | http://eprints.usm.my/32142/ http://eprints.usm.my/32142/1/EBRAHIM_BAZRAFSHAN_24%28NN%29.pdf |
| _version_ | 1848876742834388992 |
|---|---|
| author | Bazrafshan, Ebrahim |
| author_facet | Bazrafshan, Ebrahim |
| author_sort | Bazrafshan, Ebrahim |
| building | USM Institutional Repository |
| collection | Online Access |
| description | Kajian ini menyiasat hubungan antara komposisi ahli lembaga dan kecairan
saham syarikat dengan menggunakan sampel dari negara Asia Timur. Data yang
dikumpulkan merangkumi 2,407 buah firma-tahun untuk syarikat disenaraikan dalam
bursa saham di negara China, Hong Kong, Jepun, Malaysia, Singapura, Korea Selatan,
Taiwan, Thailand, dan Indonesia dari tahun 2003 hingga 2013. Untuk menekankan isu
endogeniti, kajian ini mengendalikan panel Generalized Method of Moments (GMM)
yang dinamik bagi mengawal endogeniti yang dinamik, heterogeniti yang sukar
diperhatikan dan keserentakan. Kajian ini menemui bukti yang kukuh bahawa secara
signifikannya, semakin besar kebebasan lembaga maka semakin tinggi kecairan saham
dalam syarikat tersebut. Kajian ini mencadangkan bahawa impak kebebasan ahli
lembaga terhadap kecairan saham dipengaruhi oleh tiga saluran. Saluran-saluran
tersebut adalah mengenai aliran maklumat daripada pengurus syarikat kepada pihak
lembaga dan orang awam: (1) Apabila pihak lembaga sedang mempertimbangkan
penggantian CEO, aliran maklumat daripada CEO kepada lembaga syarikat mungkin
akan terhalang. Situasi menjadi semakin teruk apabila lembaga lebih bebas daripada
CEO. Kajian ini mendapati dalam tempoh pertimbangan penggantian tersebut, pengaruh
daripada kebebasan ahli lembaga terhadap kecairan saham akan terjejas. (2) Apabila pembuat pasaran bersedia untuk memproses maklumat secara bebas, kepentingan
kebebasan lembaga terhadap kecairan saham akan berkurang. (3) Akhirnya, kajian ini
juga mendapati bahawa apabila terdapat perlindungan yang besar terhadap para pelabur,
kepentingan penyeliaan lembaga pengurus terhadap kecairan saham berkurang, dan
seterusnya mengurangkan pengaruh kebebasan ahli lembaga terhadap kecairan saham.
This study investigates the relationship between board composition and liquidity
of a firm’s shares using sample from East Asian countries. The data comprises 2,407
firm-year observations of listed companies in the stock markets of China, Hong Kong,
Japan, Malaysia, Singapore, South Korea, Taiwan, Thailand, and Indonesia over the
period 2003-2013. To address endogeneity issue, this study conducts a dynamic panel
generalized method of moments (GMM) to control for dynamic endogeneity,
unobservable heterogeneity, and simultaneity. The present study finds strong evidence
that greater board independence significantly increases liquidity. In this study, the
impact of board independence on liquidity is suggested to be affected by three channels
of information flow from managers to the board and the public: (1) when the board is in
the midst of considering replacing the CEO, the flow of information from the CEO to
the board may be impeded. This effect clearly can be exacerbated when the board is
more independent of the CEO, and this study finds that in these periods, the beneficial
impact of independence on liquidity is impaired; (2) when market makers are better
equipped to process information independently, the importance of board independence
on liquidity is reduced; (3) finally, when there are already greater investor protections in
place that make board supervision of managers less crucial, this will reduce the impact
of independence board on liquidity.
|
| first_indexed | 2025-11-15T17:04:23Z |
| format | Thesis |
| id | usm-32142 |
| institution | Universiti Sains Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-15T17:04:23Z |
| publishDate | 2016 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | usm-321422019-04-12T05:25:22Z http://eprints.usm.my/32142/ The Effect Of Independent Board On Stock Liquidity In East Asian Countries Bazrafshan, Ebrahim HD28-70 Management. Industrial Management Kajian ini menyiasat hubungan antara komposisi ahli lembaga dan kecairan saham syarikat dengan menggunakan sampel dari negara Asia Timur. Data yang dikumpulkan merangkumi 2,407 buah firma-tahun untuk syarikat disenaraikan dalam bursa saham di negara China, Hong Kong, Jepun, Malaysia, Singapura, Korea Selatan, Taiwan, Thailand, dan Indonesia dari tahun 2003 hingga 2013. Untuk menekankan isu endogeniti, kajian ini mengendalikan panel Generalized Method of Moments (GMM) yang dinamik bagi mengawal endogeniti yang dinamik, heterogeniti yang sukar diperhatikan dan keserentakan. Kajian ini menemui bukti yang kukuh bahawa secara signifikannya, semakin besar kebebasan lembaga maka semakin tinggi kecairan saham dalam syarikat tersebut. Kajian ini mencadangkan bahawa impak kebebasan ahli lembaga terhadap kecairan saham dipengaruhi oleh tiga saluran. Saluran-saluran tersebut adalah mengenai aliran maklumat daripada pengurus syarikat kepada pihak lembaga dan orang awam: (1) Apabila pihak lembaga sedang mempertimbangkan penggantian CEO, aliran maklumat daripada CEO kepada lembaga syarikat mungkin akan terhalang. Situasi menjadi semakin teruk apabila lembaga lebih bebas daripada CEO. Kajian ini mendapati dalam tempoh pertimbangan penggantian tersebut, pengaruh daripada kebebasan ahli lembaga terhadap kecairan saham akan terjejas. (2) Apabila pembuat pasaran bersedia untuk memproses maklumat secara bebas, kepentingan kebebasan lembaga terhadap kecairan saham akan berkurang. (3) Akhirnya, kajian ini juga mendapati bahawa apabila terdapat perlindungan yang besar terhadap para pelabur, kepentingan penyeliaan lembaga pengurus terhadap kecairan saham berkurang, dan seterusnya mengurangkan pengaruh kebebasan ahli lembaga terhadap kecairan saham. This study investigates the relationship between board composition and liquidity of a firm’s shares using sample from East Asian countries. The data comprises 2,407 firm-year observations of listed companies in the stock markets of China, Hong Kong, Japan, Malaysia, Singapore, South Korea, Taiwan, Thailand, and Indonesia over the period 2003-2013. To address endogeneity issue, this study conducts a dynamic panel generalized method of moments (GMM) to control for dynamic endogeneity, unobservable heterogeneity, and simultaneity. The present study finds strong evidence that greater board independence significantly increases liquidity. In this study, the impact of board independence on liquidity is suggested to be affected by three channels of information flow from managers to the board and the public: (1) when the board is in the midst of considering replacing the CEO, the flow of information from the CEO to the board may be impeded. This effect clearly can be exacerbated when the board is more independent of the CEO, and this study finds that in these periods, the beneficial impact of independence on liquidity is impaired; (2) when market makers are better equipped to process information independently, the importance of board independence on liquidity is reduced; (3) finally, when there are already greater investor protections in place that make board supervision of managers less crucial, this will reduce the impact of independence board on liquidity. 2016-03 Thesis NonPeerReviewed application/pdf en http://eprints.usm.my/32142/1/EBRAHIM_BAZRAFSHAN_24%28NN%29.pdf Bazrafshan, Ebrahim (2016) The Effect Of Independent Board On Stock Liquidity In East Asian Countries. PhD thesis, Universiti Sains Malaysia. |
| spellingShingle | HD28-70 Management. Industrial Management Bazrafshan, Ebrahim The Effect Of Independent Board On Stock Liquidity In East Asian Countries |
| title | The Effect Of Independent Board On Stock Liquidity In East Asian Countries |
| title_full | The Effect Of Independent Board On Stock Liquidity In East Asian Countries |
| title_fullStr | The Effect Of Independent Board On Stock Liquidity In East Asian Countries |
| title_full_unstemmed | The Effect Of Independent Board On Stock Liquidity In East Asian Countries |
| title_short | The Effect Of Independent Board On Stock Liquidity In East Asian Countries |
| title_sort | effect of independent board on stock liquidity in east asian countries |
| topic | HD28-70 Management. Industrial Management |
| url | http://eprints.usm.my/32142/ http://eprints.usm.my/32142/1/EBRAHIM_BAZRAFSHAN_24%28NN%29.pdf |