Can liquidity explain dividends?

References

• Affleck-Graves, J., Callahan, C. M., & Chipalkatti, N. (2002). Earnings predictability, information asymmetry, and market liquidity. Journal of Accounting Research, 40(3), 561–11. https://doi.org/10.1111/1475-679x.00062
   Web of Science ®Google Scholar
• Attig, N., Boubakri, N., El Ghoul, S., & Guedhami, O. (2016). The global financial crisis, family control, and dividend policy. Financial Management, 45(2), 291–313. https://doi.org/10.1111/fima.12115
   Web of Science ®Google Scholar
• Attig, N., Fong, W.-M., Gadhoum, Y., & Lang, L. H. P. (2006). Effects of large shareholding on information asymmetry and stock liquidity. Journal of Banking & Finance, 30(10), 2875–2892. https://doi.org/10.1016/j.jbankfin.2005.12.002
   Web of Science ®Google Scholar
• Banerjee, S., Gatchev, V. A., & Spindt, P. A. (2007). Stock market liquidity and firm dividend policy. Journal of Financial and Quantitative Analysis, 42(2), 369–397. https://doi.org/10.1017/S0022109000003318
   Web of Science ®Google Scholar
• Batten, J. A., & Vo, X. V. (2014). Liquidity and return relationships in an emerging market. Emerging Markets Finance and Trade, 50(1), 5–21. https://doi.org/10.2753/REE1540-496X500101
   Web of Science ®Google Scholar
• Batten, J., & Vo, X. V. (2019). Liquidity and firm value in an emerging market. The Singapore Economic Review, 64(2), 365–376. https://doi.org/10.1142/S0217590817470063
   Web of Science ®Google Scholar
• Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483–527. https://doi.org/10.1016/j.jfineco.2004.07.004
   Web of Science ®Google Scholar
• Bui, T. M. H., Vo, X. V., & Bui, D. T. (2018). Gender inequality and FDI: Empirical evidence from developing Asia–Pacific countries. Eurasian Economic Review, 8(3), 393–416. https://doi.org/10.1007/s40822-018-0097-1
   Web of Science ®Google Scholar
• Campbell, J. Y., Grossman, S. J., & Wang, J. (1993). Trading volume and serial correlation in stock returns. The Quarterly Journal of Economics, 108(4), 905–939. https://doi.org/10.2307/2118454
   Web of Science ®Google Scholar
• Dang, T. L., Doan, N. T. P., Nguyen, T. M. H., Tran, T. T., Vo, X. V., & McMillan, D. (2019). Analysts and stock liquidity–Global evidence. Cogent Economics & Finance, 7(1), 1625480. https://doi.org/10.1080/23322039.2019.1625480
   Web of Science ®Google Scholar
• Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, Liquidity, and the Cost of Capital. The Journal of Finance, 46(4), 1325–1359. https://doi.org/10.1111/j.1540-6261.1991.tb04620.x
   Web of Science ®Google Scholar
• Dong, M., Robinson, C., & Veld, C. (2005). Why individual investors want dividends. Journal of Corporate Finance, 12(1), 121–158. https://doi.org/10.1016/j.jcorpfin.2004.04.006
   Web of Science ®Google Scholar
• Jiang, F., Ma, Y., & Shi, B. (2017). Stock liquidity and dividend payouts. Journal of Corporate Finance, 421, 295–314. https://doi.org/10.1016/j.jcorpfin.2016.12.005
   Google Scholar
• Lai, K. M. Y., Saffar, W., Zhu, X., & Liu, Y. (2020). Political institutions, stock market liquidity and firm dividend policy: Some international evidence. Journal of Contemporary Accounting & Economics, 16(1), 100180. https://doi.org/10.1016/j.jcae.2019.100180
   Web of Science ®Google Scholar
• Li, K., & Zhao, X. (2008). Asymmetric information and dividend policy. Financial Management, 37(4), 673–694. https://doi.org/10.1111/j.1755-053X.2008.00030.x
   Web of Science ®Google Scholar
• Lo, A. W., & Wang, J. J. (2000). Trading volume: Definitions, data analysis, and implications of portfolio theory. The Review of Financial Studies, 13(2), 257–300. https://doi.org/10.1093/rfs/13.2.257
   Web of Science ®Google Scholar
• Michaely, R., & Qian, M. (2017). Stock liquidity and dividend policy: Dividend policy changes following an exogenous liquidity shock. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2894164
   Google Scholar
• Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. The Journal of Business, 34(4), 411–433. https://doi.org/10.1086/294442
   Web of Science ®Google Scholar
• Muñoz, F. J. (2013). Liquidity and firm investment: Evidence for Latin America. Journal of Empirical Finance, 20(January), 18–29. https://doi.org/10.1016/j.jempfin.2012.10.001
   Google Scholar
• Nguyen, D. P., Ho, V. T., & Vo, X. V. (2018). Challenges for Vietnam in the globalization Era. Asian Journal of Law and Economics, 9(1), 1–3. https://doi.org/10.1515/ajle-2018-0002
   Web of Science ®Google Scholar
• Nguyen, D. P., Vo, X. V., Tran, T. T. A., & Tu, T. K. T. (2018). Government cost and firm value: Evidence from Vietnam. Research in International Business and Finance, 46(December), 55–64. https://doi.org/10.1016/j.ribaf.2017.10.001
   Google Scholar
• Peterson, S. P. (1996). Some experimental evidence on the efficiency of dividend signaling in resolving information asymmetries. Journal of Economic Behavior & Organization, 29(3), 373–388. https://doi.org/10.1016/0167-2681(95)00078-X
   Web of Science ®Google Scholar
• Vo, X. V., & Phan, D. B. A. (2019). Herd behavior and idiosyncratic volatility in a frontier market. Pacific-Basin Finance Journal, 53(February), 321–330. https://doi.org/10.1016/j.pacfin.2018.10.005
   Google Scholar
• Vo, X. V. (2015). Foreign ownership and stock return volatility–Evidence from Vietnam. Journal of Multinational Financial Management, 30(March), 101–109. https://doi.org/10.1016/j.mulfin.2015.03.004
   Google Scholar
• Vo, X. V. (2016a). Does institutional ownership increase stock return volatility? Evidence from Vietnam. International Review of Financial Analysis, 45(May), 54–61. https://doi.org/10.1016/j.irfa.2016.02.006
   Google Scholar
• Vo, X. V. (2016b). Finance in Vietnam - an overview. Afro-Asian Journal of Finance and Accounting, 6(3), 202–209. https://doi.org/10.1504/AAJFA.2016.079311
   Google Scholar
• Vo, X. V. (2016c). Foreign ownership and stock market liquidity - Evidence from Vietnam. Afro-Asian Journal of Finance and Accounting, 6(1), 1–11. https://doi.org/10.1504/AAJFA.2016.074540
   Google Scholar
• Vo, X. V. (2017a). How does the stock market value bank diversification? Evidence from Vietnam. Finance Research Letters, 22(August), 101–104. https://doi.org/10.1016/j.frl.2017.06.005
   Google Scholar
• Vo, X. V. (2017b). Trading of foreign investors and stock returns in an emerging market-Evidence from Vietnam. International Review of Financial Analysis, 52(July), 88–93. https://doi.org/10.1016/j.irfa.2017.05.007
   Google Scholar
• Vo, X. V. (2018a). Do firms with state ownership in transitional economies take more risk? Evidence from Vietnam. Research in International Business and Finance, 46(December), 251–256. https://doi.org/10.1016/j.ribaf.2018.03.002
   Google Scholar
• Vo, X. V. (2018b). M&As in the process of banking consolidation–Preliminary evidence from Vietnam. Asian Journal of Law and Economics, 9(2), 1–3. https://doi.org/10.1515/ajle-2017-0032
   Web of Science ®Google Scholar
• Vo, X. V. (2019a). Do foreign investors promote stock price efficiency in emerging markets? International Review of Finance, 19(1), 223–235. https://doi.org/10.1111/irfi.12164
   Web of Science ®Google Scholar
• Vo, X. V. (2019b). Large shareholders and information asymmetry in a transition economy–evidence from Vietnam. The Singapore Economic Review, In press, 1–17. https://doi.org/10.1142/S021759081950046
   Google Scholar
• Vo, X. V. (2019c). Residual government ownership and corporate investment efficiency in privatised firms: Evidence from a transition country. Asian-Pacific Economic Literature, 33(2), 121–127. https://doi.org/10.1111/apel.12270
   Web of Science ®Google Scholar
• Welker, M. (1995). Disclosure policy, information asymmetry, and liquidity in equity markets*. Contemporary Accounting Research, 11(2), 801–827. https://doi.org/10.1111/j.1911-3846.1995.tb00467.x
   Google Scholar