Artikel Jurnal Internasional Dampak internasionalisasi pada likuiditas dan volatilitas saham: bukti dari Bursa Efek Johannesburg

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Artikel Jurnal Internasional Dampak internasionalisasi pada likuiditas dan volatilitas saham: bukti dari Bursa Efek Johannesburg

Maximizing corporate value remains the main principle of company managers. Companies with low illiquidity
and volatility attract lower risk premiums, and this is related to lower costs [capital] and higher corporate value. Internationalization is one of the paths recognized for granted
the benefits of liquidity and volatility – the possibility of lowering liquidity and volatility risk premiums. This study investigates whether the domicile of South African shares experienced a surge in liquidity and / or a decrease in volatility after internationalization. His findings
show that internationalization resulted in a surge in liquidity, and this increase continued to occur as suggested by the trading volume and liquidity level of Amihud's stock liquidity;
Similarly,
a decrease in volatility after internationalization is only temporary. There is inconclusive evidence
to show that internationalized stocks have higher liquidity than pure domestic stocks,
and there is no significant difference between internationalization volatility and pure domestic shareholders' equity. There is only weak evidence to support internationalization as a route to lower capital costs through premium liquidity risk reduction.

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