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<p>This study examines whether business strategy enhances or impedes stock liquidity and explores the moderating role of the corporate information environment. Using data from Chinese A-share non-financial firms, we extend the emerging literature on the interplay between strategic orientation and market liquidity. Our findings reveal a significant positive association between a prospector strategy and stock liquidity, while a defender strategy exhibits a persistent negative relationship—even under conditions of superior information quality, greater media coverage, and analyst following. Furthermore, economic policy uncertainty and state ownership weaken the positive impact of a prospector strategy on stock liquidity and amplify the negative impact of a defender strategy. These results offer important implications for investors, financial analysts, and policymakers. Understanding how strategic choices influence stock liquidity can help investors manage liquidity risk, assist analysts in evaluating firm performance, and guide regulators in designing policies that foster market efficiency.</p>

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Does business strategy enhance or impede stock liquidity?

  • 期刊论文

  • 发表日期：

    2026年4月2日

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  • Muhammad Ansar Majeed,
  • Irfan Ullah,
  • Tanveer Ahsan,
  • Fahad Ali

摘要

This study examines whether business strategy enhances or impedes stock liquidity and explores the moderating role of the corporate information environment. Using data from Chinese A-share non-financial firms, we extend the emerging literature on the interplay between strategic orientation and market liquidity. Our findings reveal a significant positive association between a prospector strategy and stock liquidity, while a defender strategy exhibits a persistent negative relationship—even under conditions of superior information quality, greater media coverage, and analyst following. Furthermore, economic policy uncertainty and state ownership weaken the positive impact of a prospector strategy on stock liquidity and amplify the negative impact of a defender strategy. These results offer important implications for investors, financial analysts, and policymakers. Understanding how strategic choices influence stock liquidity can help investors manage liquidity risk, assist analysts in evaluating firm performance, and guide regulators in designing policies that foster market efficiency.