n Management Dynamics : Journal of the Southern African Institute for Management Scientists - The controllable determinants of liquidity in the context of securitised real estate companies in South Africa

Volume 25, Issue 1
  • ISSN : 1019-567X



In this study the determinants of liquidity in the South African securitised real estate sector are investigated over the period 1992 to 2012. The main findings suggest that market capitalisation is the most important driver of liquidity and that, in contrast to other studies, the levels of insider ownership and shareholder equity do not influence liquidity. Dividend yield and, to a lesser extent, share price level are also positively related to liquidity. Managers can therefore enhance share performance and value by focusing on building market capitalisation and maintaining high levels of dividend pay-outs.

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