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.

中文翻译：

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董事会联锁和股票流动性：来自新兴市场的新证据

摘要

本研究使用巴西上市公司的样本来检验董事会联锁对股票流动性的影响。工具变量两阶段最小二乘估计用于最小化内生性问题。这项研究提供了证据表明董事会联锁与股票流动性正相关。我们的横断面研究结果表明，董事会联锁对股票流动性的影响对于具有高度不确定性、竞争性行业和治理不善的公司更为明显。我们的研究结果表明，董事会联锁有助于企业从潜在投资者那里获得外部资本。