عنوان مقاله :
The Impact of Ownership Structure on Stock Liquidity: Evidence from Amman Stock Exchange
پديد آورندگان :
al- sharif, faten central bank of jordan, Jordan , bino, adel university of jordan - school of business - department of finance, Jordan , tayeh, mohammad university of jordan - school of business - department of finance, Jordan
چكيده عربي :
This paper investigates the relationship between firm’s ownership structure and its stock liquidity for firms listed
on Amman Stock Exchange. We find that most of the firms have highly concentrated ownership structure. The
largest shareholder of most of the publicly traded corporation is either a family or a private firm. The results
show that stock liquidity of firms whose “largest shareholder” is a family which is very low compared to those of
widely held firms. Regression results show that the percentage of ownership and the existence of one or more
“large shareholders” significantly explain the cross-sectional variation in illiquidity ratio and turnover ratio. The
coefficients of the percentage of ownership and the existence of largest shareholder are positively (negatively)
related to illiquidity ratio (turnover ratio).
JEL classification: G10; G32; G34
چكيده فارسي :
This paper investigates the relationship between firm’s ownership structure and its stock liquidity for firms listed on Amman Stock Exchange. We find that most of the firms have highly concentrated ownership structure. The largest shareholder of most of the publicly traded corporation is either a family or a private firm. The results show that stock liquidity of firms whose “largest shareholder” is a family which is very low compared to those of widely held firms. Regression results show that the percentage of ownership and the existence of one or more “large shareholders” significantly explain the cross-sectional variation in illiquidity ratio and turnover ratio. The coefficients of the percentage of ownership and the existence of largest shareholder are positively (negatively) related to illiquidity ratio (turnover ratio). JEL classification: G10; G32; G34
كليدواژه :
Ownership structure , Largest owner , Stock liquidity , Illiquidity ratio , Turnover ratio
عنوان نشريه :
المجله الاردنيه في اداره الاعمال
