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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.

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  • 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. 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.
    3. 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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