Voluntary disclosure and stock market liquidity: evidence from the Jordanian capital market

Haddad, Ayman E.; AlShattarat, Wasim K.; Nobanee, Haitham

doi:10.1504/ijaape.2009.026629

Cited by 35 publications

(41 citation statements)

References 65 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…In other stock markets, Madrid stock exchange for example, Espinosa et al (2008) join previous papers and highlight the positive relation between stock liquidity and disclosure level. In contrast, in Jordanian stock market, Haddad et al (2009) find a negative relation between spread and disclosure level, but lower than in developed countries. Mattoussi et al (2004) test the relationship between disclosure level and stock liquidity using a Tunisian data in 2001.…”

Section: Survey Of the Literaturecontrasting

confidence: 69%

“…Indeed, in Tunisia as in other Arabic countries (for example Egypt and Jordan), firms do not disclose enough information to investors because of social and cultural characteristics, such as tendency towards secrecy (Hassan et al 2006;Haddad et al, 2009). For instance, investors do not rely on the firm to obtain useful information they need but prefer paying to collect private information.…”

Section: Regression Analysismentioning

confidence: 99%

“…However, Mattoussi et al (2004) and Haddad et al (2009) find a positive relationship between stock liquidity and disclosure level. Notice that the main source of information in these studies is the information publicly and voluntarily disclosed in annual reports.…”

Section: Introductionmentioning

confidence: 95%

See 2 more Smart Citations

Firm’s Information Environment and Stock Liquidity: Evidence from Tunisian Context

Loukil

Yousfi

2011

SSRN Journal

View full text Add to dashboard Cite

This paper analyzes the relationship between public disclosure, private information and stock liquidity in Tunisian context using a sample of 41 listed firms in the Tunis Stock Exchange in 2007. First, we find no evidence that there is a relation between public and private information. Second, Tunisian investors do not trust the information disclosed in both annual reports and web sites, consequently it has no effects on stock liquidity, in contrast with private information.

show abstract

Section: Survey Of the Literaturecontrasting

confidence: 69%

Section: Regression Analysismentioning

confidence: 99%

See 1 more Smart Citation

Firm’s Information Environment and Stock Liquidity: Evidence from Tunisian Context

Loukil

Yousfi

2011

SSRN Journal

View full text Add to dashboard Cite

show abstract

“…In order to measure this variable by the actual score assigned to i firms and a maximum number of applicable items of information, it is required to calculate the level of disclosure for each firm. So, by the unweighted approach used by (Haddad 2005;Haddad, AlShattarat, & Nobanee, 2009) in their study, a dichotomous scale was used as shown below:…”

Section: Cost Of Debtmentioning

confidence: 99%

The Impact of Accounting Conservatism and Voluntary Disclosure on the Cost of Capital of Industrial Companies in Jordan

Warad¹,

Al-Debi’e

2017

AFR

View full text Add to dashboard Cite

This study aims at examining the impact of accounting conservatism and voluntary disclosure on the cost of capital of industrial companies in Jordan during the period (2009)(2010)(2011)(2012)(2013). Panel OLS regression analysis was employed to test the hypotheses of the study. The results of the full sample model revealed that accounting conservatism and voluntary disclosure have significant negative impacts on the firms' cost of capital.Furthermore, the results of the sub-samples which distinguish between large and small, as well as between high and low leverage firms showed that the sub-sample of large and small firms conforms to the full sample results. Across the sub-sample of high leverage firms, the results showed that only voluntary disclosure has a significant negative impact on the firm's cost of capital. On the other hand, only accounting conservatism has a significant negative impact on the firm's cost of capital across the sub-sample of low leverage firms.

show abstract

“…In relation to this, majority of prior studies of this caliber in developed markets indicating high liquidity also indicated protection for investors and dispersed ownership. On the other hand, only a few studies delved into this issue in the context of emerging markets (e.g., Matoussi et al, 2004;Belkhir & Bouri, 2008;Haddad et al, 2009;Louki & Yousfi, 2010). They revealed that these markets are characterized by different features such as poor regulation, low market liquidity and high ownership concentration.…”

Section: Introductionmentioning

confidence: 99%

Corporate Governance, Ownership Structure and Stock Market Liquidity in Saudi Arabia: A Conceptual Research Framework

Alsahlawi

Ammer

2017

AFR

View full text Add to dashboard Cite

This paper aimed to provide a review of the literature concerning the effects of corporate governance and ownership structure on the devices of market microstructure. It provided a clear overview of empirical archival studies in literature regarding the way corporate governance and ownership structure mechanisms influence market liquidity, with focusing on the Saudi institutional setting. It aimed to pinpoint the differences and similarities in empirical outcomes of studies and determine the areas that call for further exploration. On the basis of the thorough review of literature and the theoretical basis, our study proposed a conceptual research framework. The framework is based on the premise that effective corporate governance can lead to enhanced disclosure quality, which in turn, lead to mitigating the information asymmetry and ultimately, enhanced market liquidity. Although theoretical studies argued the presence of the relationship between corporate governance, ownership and liquidity, we find that outcomes from empirical studies are still mixed. Majority of extant studies, with majority in the context of the U.S. firms, provide ambiguous results, making it challenging to reconcile the differences among them. Our paper provides important guidance for both new and experienced researchers, and it has implications for stock exchange authorities in terms of adopting effective regulatory policies and efficient trading systems to tackle information asymmetry.

show abstract

Voluntary disclosure and stock market liquidity: evidence from the Jordanian capital market

Cited by 35 publications

References 65 publications

Firm’s Information Environment and Stock Liquidity: Evidence from Tunisian Context

Firm’s Information Environment and Stock Liquidity: Evidence from Tunisian Context

The Impact of Accounting Conservatism and Voluntary Disclosure on the Cost of Capital of Industrial Companies in Jordan

Corporate Governance, Ownership Structure and Stock Market Liquidity in Saudi Arabia: A Conceptual Research Framework

Contact Info

Product

Resources

About