A survey on firm performance of the Listed Tunisian Companies

In this paper, we present an original essay that aims to discuss the relationship between return on equity and illiquidity in some selected firms in Tunisian Stock Exchange. We concentrate especially on the effect of the impact of cost liquidity on firm performance. The result of the survey indicates that there is a positive relationship between firms’ performance and illiquidity. In other words, firms’ performance includes an illiquidity premium which compensates the transaction costs borne by the investors in the market.