This paper aims to investigate the role of stock liquidity in valuation metrics through market multiples by assessing how liquidity affects key valuation metrics such as enterprise value to sales (EV/Sales), enterprise value to EBITDA (EV/EBITDA), price to book value (P/BV) and price to earnings (P/E) in the European market. Furthermore, the moderating role played by the entrepreneurial context – represented by the micro, small and medium-sized enterprise (MSME) status – is tested.
Liquidity, stock valuation metrics, and the entrepreneurial sector
Tron, Alberto
;Colantoni, Federico;
2026
Abstract
This paper aims to investigate the role of stock liquidity in valuation metrics through market multiples by assessing how liquidity affects key valuation metrics such as enterprise value to sales (EV/Sales), enterprise value to EBITDA (EV/EBITDA), price to book value (P/BV) and price to earnings (P/E) in the European market. Furthermore, the moderating role played by the entrepreneurial context – represented by the micro, small and medium-sized enterprise (MSME) status – is tested.
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