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Cultural diversity in ownership and stock liquidity

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  • Minghui Han
  • Yong Li
  • Ning Wang
  • Hao Zhang

Abstract

In this study, we explore the relationship between cultural diversity in ownership and stock liquidity. We manually collect foreign investors’ countries of origin data from 2003 to 2017 to measure the cultural diversity in the ownership of Chinese listed firms. Our results show that cultural diversity in ownership reduces stock liquidity, and these results are robust to endogeneity examinations. In addition, market valuation uncertainty exaggerates the effect of cultural diversity in ownership on stock liquidity.

Suggested Citation

  • Minghui Han & Yong Li & Ning Wang & Hao Zhang, 2020. "Cultural diversity in ownership and stock liquidity," Applied Economics Letters, Taylor & Francis Journals, vol. 27(21), pages 1772-1777, December.
    • Handle: RePEc:taf:apeclt:v:27:y:2020:i:21:p:1772-1777
    DOI: 10.1080/13504851.2020.1723785
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    Cited by:

    1. Zhang, Hao & Luo, Xian & Han, Minghui & Liu, Xiaojuan, 2021. "Cultural diversity in ownership and stock liquidity commonality: Evidence from China," Finance Research Letters, Elsevier, vol. 40(C).
    2. Lifang Chen & Minghui Han & Yong Li & William L. Megginson & Hao Zhang, 2022. "Foreign ownership and corporate excess perks," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(1), pages 72-93, February.
    3. Dimcea Andrei, 2023. "The Impact of Social Norms on Stock Liquidity," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 68(1), pages 78-99, April.
    4. Wang, Aoran & Luo, Xian & Zeng, Ying & Zhang, Hao, 2022. "Foreign ownership and corporate philanthropy," Finance Research Letters, Elsevier, vol. 46(PB).
    5. Shruti, R. & Thenmozhi, M., 2024. "Foreign institutional ownership stability and stock price crash risk," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).

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