Abstract
Market liquidity, corporate governance and their impact on the market value of firms are usually studied separately. However liquidity, with its operational and informational characteristics, has as much influence on shareholder value, especially as it interferes with other corporate governance mechanisms, even constituting the cost of market monitoring. In this working paper, we present the models linking ownership structure, controlling shareholders and liquidity. The presentation of these theoretical and integration tools creates the framework of global corporate governance that should be validated by empirical evidence.
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