Liquidity, corporate governance and firm performance: A meta-analysis

Our study investigates the interlink between liquidity, corporate governance and firm value with adoption of meta-analysis. The final sample consists 428 studies extracted from 55 papers, covering 632,196 firm-year observations in a worldwide scope. diversity data is believed to reduce possible homogeneity due regional or time period concentration. Using random-effects model, it reported that both illiquidity factors (Spread Amihud illiquidity) can significantly worsen performance firm, while governance-firm connection positive via three out four (Corporate index, Board size Institutional ownership). Besides studying overall relationship direction, paper also looks into its heterogeneity. existence heterogeneity confirmed liquidity-firm relationships. running meta-regression indicates are moderated by most examined characteristics, whilst only two corpor ate indicators index ownership) altered.