Transparency and Liquidity: Determinants of Market Efficiency in the Tunisian Financial Market

Amira Berrahal, Sabrine Bel Haj Amor, Saloua Langar

The role of corporate integrity and transparency in improving market efficiency is often assumed, yet this relationship remains less clear in emerging markets. This paper examines the Tunisian Stock Exchange using daily data from 38 listed firms over the period 2017–2022.
The study explores how disclosure practices relate to liquidity, volatility, and overall market efficiency. A composite integrity index and a variance ratio measure are used alongside regression models. The results indicate that corporate integrity does not have a significant effect on market efficiency. By contrast, firm growth and trading activity appear to play a more important role.