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Impact of stock market liquidity on investment of listed enterprises: Evidence from Vietnam

This paper studies the effects of market liquidity and other factors on investment of non-financial companies listed on Vietnam's stock exchange for the 2008–2013 period by adopting different measures of investment and liquidity, and considering the impact of interaction between liquidity and others, including issuing, financial constraints, and growth opportunities, on firm investment. | 80 Tran Ngoc Tho & Dang Nhu Y / Journal of Economic Development 23(4) 80-96 Impact of Stock Market Liquidity on Investment of Listed Enterprises: Evidence from Vietnam TRAN NGOC THO University of Economics HCMC – thotcdn@ueh.edu.vn DANG NHU Y Far East National Bank – HCMC branch – dangnhuytc9@gmail.com ARTICLE INFO ABSTRACT Article history: This paper studies the effects of market liquidity and other factors on investment of non-financial companies listed on Vietnam's stock exchange for the 2008–2013 period by adopting different measures of investment and liquidity, and considering the impact of interaction between liquidity and others, including issuing, financial constraints, and growth opportunities, on firm investment. The estimated results of DGMM with fixed effects and interacting variables prove that stock market liquidity negatively relates to the investment. We do not find any compelling evidence of the liquidity–investment nexus among firms with tighter financial constraints and better investment opportunities. However, we do find the relations between firm investment and financial leverage and also firm investment and cash flows. Received: May 11, 2015 Received in revised form: Oct. 07, 2015 Accepted: Sep. 23, 2016 Keywords: Firm investment, liquidity, D-GMM. Tran Ngoc Tho & Dang Nhu Y / Journal of Economic Development 23(4) 80-96 81 1. Introduction Liquidity of Vietnam’s stock market, in recent years, has soared with the participation of domestic and foreign investors, as well as other specialized organizations. A rise in market liquidity is expected to entail large capital sources along with low costs of capital use, promoting investment in the economy in general and corporate investment in particular. When the stock market liquidity rises, its impact on investment among enterprise becomes a matter of concern. Two different perspectives govern the development of research into liquidity effects on firm investment. The first maintains that .