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

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  • William Mbanyele
  • Fengrong Wang

Abstract

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.

Suggested Citation

  • William Mbanyele & Fengrong Wang, 2022. "Board Interlocks and Stock Liquidity: New Evidence from an Emerging Market," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(5), pages 1415-1429, April.
    • Handle: RePEc:mes:emfitr:v:58:y:2022:i:5:p:1415-1429
    DOI: 10.1080/1540496X.2021.1882988
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    Cited by:

    1. Wang, Kai & Li, Tingting & San, Ziyao & Gao, Hao, 2023. "How does corporate ESG performance affect stock liquidity? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    2. Mengqin Zhang & Yi He & Surui Zhang & Xiang Zhang & Stavros Sindakis & Saloome Showkat, 2024. "Stock Liquidity and Investment Efficiency: Evidence from the New Regulation of Insider Selling in China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 8563-8587, June.
    3. Lyu, Xiaoyi & Hu, Hao, 2024. "The dynamic impact of monetary policy on stock market liquidity," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 388-405.
    4. Zhang, Chunqiang & Hao, Dayu & Gao, Lu & Xia, Fan & Zhang, Linlang, 2024. "Do ESG ratings improve capital market trading activities?," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 195-210.
    5. Huang, Hongyun & Mbanyele, William & Fan, Shuangshuang & Zhao, Xin, 2022. "Digital financial inclusion and energy-environment performance: What can learn from China," Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 342-366.

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