The goals of this study are to explore the relationships between the accounting information quality and stock liquidity. The sample period is divided into three sub periods: convergence period, preparation period and adoption period to examine the relationships remain the same or the not. The accounting information quality is proxy by discretionary accruals. This study employed modified Jones model provided by Kothari et al. (2005) to estimate the discretionary accrual. Using the Amihud liquidity index to measure the stock liquidity and panel data analysis, impacts of accounting information quality on the stock return and stock liquidity are examined respectively. The empirical analysis indicates that the illiquidity has positive relation with the accounting information quality. Moreover, the accounting information quality is improved after the mandatory adoption of IFRS, concurrently; the liquidity is also improved, especially in preparation period. The effect of AIQ on stock performance is clear when we estimate this relationship separately. The firms which are listed on OTC market are affected by statistic significant accounting information quality and the firms which are listed on OTC market are not.
Keywords: Stock Liquidity. Accounting Information Quality, Stock Return
학회소식
[2016년 제 2차] Accounting Information Quality and Stock Return Liq
작성자 : 관리자
조회수 : 861
게시일 :
2016-06-13
