期刊名称：Asian Academy of Management Journal of Accounting and Finance
印刷版ISSN：1823-4992
电子版ISSN：2180-4192
出版年度：2020
卷号：16
期号：2
页码：77-99
DOI：10.21315/aamjaf2020.16.2.4
语种：English
出版社：Universiti Sains Malaysia
摘要：This article aims to investigate the relationship between stock liquidity and dividend across emerging market countries as well as examined the moderating role of fnancial market development on the relationship between stock liquidity and dividend. Data were obtained from the World Bank and DataStream databases. The study examined 3,258 listed frms from 22 emerging markets to be extrapolated in the emerging market context. To analyse the data, this article used the panel data Tobit model and panel logistic regression, both with random effects. The analysis revealed that fnancial market development has a positive moderating effect on the relationship between stock liquidity and dividend by improving local market liquidity and mitigating information asymmetry. The study fndings provide information for managers to devise investment strategy in the emerging markets. This article provides new insights into the fnancial market development moderating role on the relationship between stock liquidity and dividend.
