Firm location, investor recognition, and the liquidity of Chinese publicly listed SMEs

Lim, Kian−Ping; Liu, Wei; Chia, Yee-Ee

doi:10.1016/j.bir.2022.11.002

Cited by 3 publications

(1 citation statement)

References 72 publications

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“…In Japan, shareholder perks, which provide shareholders with the company's goods or services in addition to dividends, have been established as a form of payout. In recent years, it has become clear that shareholder perks offer benefits that differ from dividends and share buybacks [1][2][3], and interest in shareholder perks is also growing outside Japan [4].…”

Section: Introductionmentioning

confidence: 99%

Long-term shareholder perks and stock price reaction

Gao,

Nose

2024

PLoS ONE

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This study aimed to examine the impact and source of announcements introducing additional long-term shareholder perks on stock prices of Japanese listed companies. We produced more precise analysis results by categorizing the total sample into favorable change and unfavorable change sample. As a result, we found that long-term shareholder perks have a positive impact on stock prices through the expansion of the shareholder base in the case of a favorable change, whereas there is no negative impact on stock liquidity due to an increased number of long term individual shareholders. On the contrary, in the case of an unfavorable change, we found a weak trend of shrinkage in the shareholder base due to individual shareholders’ defection and a consequent decrease in stock liquidity. In the case of a favorable change, the long-term shareholder perks program functions as a means to increase the number of shareholders and encourage them to hold the shares for a longer period of time.

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Section: Introductionmentioning

confidence: 99%

Long-term shareholder perks and stock price reaction

Gao,

Nose

2024

PLoS ONE

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Corporate governance, institutional ownership, and stock liquidity of SMEs: evidence from China

Liu,

Suzuki

2024

Asia-Pacific Journal of Accounting & Economics

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Stock liquidity, financial constraints, and innovation in Chinese SMEs

Liu,

Suzuki

2024

Financ Innov

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This study investigates the relationship between stock liquidity and firm innovation for publicly traded growing small and medium-sized enterprises (SMEs) in China using both innovation input and output. We collected samples of 785 SMEs from China’s Shenzhen Growth Enterprises Market without the financial industry from 2010 to 2020. The empirical findings demonstrate a significant positive relationship between stock liquidity and both innovation input, as measured by R&D investments, and innovation output, as proxied by patenting activities. A series of robustness tests demonstrate the reliability of our results. Increased liquidity enhances SMEs' innovation mainly by alleviating financial constraints, whereas the mediating effect of mergers and acquisitions (M&A) is not apparent at the firm level. Furthermore, the inhibitory effect of blockholder ownership on firm innovation is weak. Further analysis reveals that this favorable impact can last for at least four years, with manufacturing SMEs benefiting the most. Our study shows that the innovation abilities of SMEs can be enhanced by improving stock liquidity, which is mainly driven by tackling financial constraints.

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Firm location, investor recognition, and the liquidity of Chinese publicly listed SMEs

Cited by 3 publications

References 72 publications

Long-term shareholder perks and stock price reaction

Long-term shareholder perks and stock price reaction

Corporate governance, institutional ownership, and stock liquidity of SMEs: evidence from China

Stock liquidity, financial constraints, and innovation in Chinese SMEs

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