Board Interlocks and Stock Liquidity : New Evidence from an Emerging Market

This study examines the implications of board interlocks on stock liquidity using a sample of listed Brazilian firms. The instrumental variable two-stage least squares estimation is used to minimize endogeneity concerns. This study provides evidence that board interlocks are positively related to stock liquidity. Our cross-sectional study findings reveal that the impact of board interlocks on stock liquidity is more pronounced for firms with high uncertainty, in competitive industries, and with poor governance. Our findings suggest that board interlocks aid businesses in accessing external capital from potential investors

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Year of publication:	[2021]
Authors:	Mbanyele, William ; Wang, Fengrong
Publisher:	[S.l.] : SSRN
Subject:	Schwellenländer \| Emerging economies \| Liquidität \| Liquidity \| Vorstand \| Executive board \| Kapitaleinkommen \| Capital income \| Aktienmarkt \| Stock market \| Corporate Governance \| Corporate governance

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Extent:	1 Online-Ressource (44 p)
Series:	Emerging Markets Finance and Trade
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 18, 2020 erstellt
Other identifiers:	10.2139/ssrn.3775283 [DOI]
Classification:	D85 - Network Formation ; G10 - General Financial Markets. General ; G14 - Information and Market Efficiency; Event Studies ; L14 - Transactional Relationships; Contracts and Reputation; Networks
Source:	ECONIS - Online Catalogue of the ZBW

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