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The effect of stock liquidity on investment efficiency under financing constraints and asymmetric information: Evidence from the United States

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  • Heidi Quah
  • Janto Haman
  • Dharmendra Naidu

Abstract

We examine whether the association between stock liquidity and investment efficiency is more pronounced for firms with more financial constraints and information asymmetry problems. The results show that the effect of higher stock liquidity on lowering under (over)‐investment is more pronounced for firms with more financial constraints and information asymmetry problems as proxied by younger and higher business risk firms, respectively. We also find similar results for firms with lower institutional ownership, more external financing dependence and higher idiosyncratic risks. The findings collectively suggest that the effect of stock liquidity in our setting is more pervasive for firms with more financial constraints and information asymmetry problems.

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  • Heidi Quah & Janto Haman & Dharmendra Naidu, 2021. "The effect of stock liquidity on investment efficiency under financing constraints and asymmetric information: Evidence from the United States," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 2109-2150, April.
    • Handle: RePEc:bla:acctfi:v:61:y:2021:i:s1:p:2109-2150
    DOI: 10.1111/acfi.12656
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