Table 7 The number of interlocking...

Table 7

The number of interlocking female and interlocking male members and stock liquidity

Dependent variables	(1)	(2)	(3)
	Model 1	Model 2	Model 3
	L_Illiquidity	SR_Zero_return	L_Turnover
L1	0.275	0.732**	0.115
L1	[0.164]	[0.241]	[0.061]
L2	0.149	−0.273	−0.190***
L2	[0.116]	[0.294]	[0.043]
ESG female interlocking	−0.318**	−0.045*	0.079*
ESG female interlocking	[0.116]	[0.018]	[0.038]
ESG male interlocking	−0.285	−0.024*	0.143*
ESG male interlocking	[0.171]	[0.011]	[0.056]
ESG independence	−0.078	0.149*	−0.550**
ESG independence	[1.871]	[0.064]	[0.202]
ESG meetings	−0.257	−0.024***	0.157***
ESG meetings	[0.142]	[0.006]	[0.032]
ESG attendance	−9.998**	0.126*	0.167
ESG attendance	[3.095]	[0.055]	[0.325]
ESG average age	−0.068	−0.022***	0.012
ESG average age	[0.037]	[0.005]	[0.009]
ESG board chair	0.233	0.050	−0.203*
ESG board chair	[0.228]	[0.027]	[0.082]
DA	−0.676	−0.034	−0.625
DA	[1.111]	[0.102]	[0.436]
AudComSize	0.018	0.014	0.113***
AudComSize	[0.096]	[0.015]	[0.026]
AudComInd	1.680	−0.043	−0.448
AudComInd	[1.459]	[0.120]	[0.309]
AudComExp	−0.204	−0.147**	0.174
AudComExp	[0.707]	[0.047]	[0.179]
AudComMeet	0.152	−0.006	−0.041
AudComMeet	[0.173]	[0.008]	[0.022]
AudComAttend	4.573*	0.056	−0.268
AudComAttend	[1.873]	[0.061]	[0.306]
BIG4AUD	0.151	−0.104*	0.136
BIG4AUD	[0.373]	[0.053]	[0.099]
MC	0.000	0.000	0.000
MC	[0.000]	[0.000]	[0.000]
Institutional investors	0.126	−0.044	0.235
Institutional investors	[0.858]	[0.065]	[0.128]
LEV	−1.017	0.662***	−0.457*
LEV	[1.027]	[0.134]	[0.183]
ROA	−2.804*	−0.295***	0.171
ROA	[1.161]	[0.069]	[0.281]
AGE	0.000	0.011**	−0.002
AGE	[0.023]	[0.004]	[0.003]
DPS	−0.001	0.000	0.000
DPS	[0.003]	[0.000]	[0.001]
GRI guidelines	−0.082	−0.002	−0.042
GRI guidelines	[0.104]	[0.010]	[0.042]
PRICE	0.018	−0.014**	0.003
PRICE	[0.027]	[0.005]	[0.006]
RETURN_Vol	95.873***	−0.758	19.516***
RETURN_Vol	[14.833]	[1.330]	[5.772]
MTB	0.002	−0.002***	−0.001
MTB	[0.005]	[0.000]	[0.001]
Year FE	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes
N	395	395	395
Hansen J-statistics	14.917	18.479	35.563
p-value for Hansen test	0.384	0.140	0.125
χ²	149278.720***	173.550***	572.632***
AR (1)	−2.131***	−2.066***	−1.782***
AR (2)	−0.484	0.220	0.231
No. of instruments	40	40	54

Dependent variables	(1)	(2)	(3)
	Model 1	Model 2	Model 3
	L_Illiquidity	SR_Zero_return	L_Turnover
L1	0.275	0.732**	0.115
L1	[0.164]	[0.241]	[0.061]
L2	0.149	−0.273	−0.190***
L2	[0.116]	[0.294]	[0.043]
ESG female interlocking	−0.318**	−0.045*	0.079*
ESG female interlocking	[0.116]	[0.018]	[0.038]
ESG male interlocking	−0.285	−0.024*	0.143*
ESG male interlocking	[0.171]	[0.011]	[0.056]
ESG independence	−0.078	0.149*	−0.550**
ESG independence	[1.871]	[0.064]	[0.202]
ESG meetings	−0.257	−0.024***	0.157***
ESG meetings	[0.142]	[0.006]	[0.032]
ESG attendance	−9.998**	0.126*	0.167
ESG attendance	[3.095]	[0.055]	[0.325]
ESG average age	−0.068	−0.022***	0.012
ESG average age	[0.037]	[0.005]	[0.009]
ESG board chair	0.233	0.050	−0.203*
ESG board chair	[0.228]	[0.027]	[0.082]
DA	−0.676	−0.034	−0.625
DA	[1.111]	[0.102]	[0.436]
AudComSize	0.018	0.014	0.113***
AudComSize	[0.096]	[0.015]	[0.026]
AudComInd	1.680	−0.043	−0.448
AudComInd	[1.459]	[0.120]	[0.309]
AudComExp	−0.204	−0.147**	0.174
AudComExp	[0.707]	[0.047]	[0.179]
AudComMeet	0.152	−0.006	−0.041
AudComMeet	[0.173]	[0.008]	[0.022]
AudComAttend	4.573*	0.056	−0.268
AudComAttend	[1.873]	[0.061]	[0.306]
BIG4AUD	0.151	−0.104*	0.136
BIG4AUD	[0.373]	[0.053]	[0.099]
MC	0.000	0.000	0.000
MC	[0.000]	[0.000]	[0.000]
Institutional investors	0.126	−0.044	0.235
Institutional investors	[0.858]	[0.065]	[0.128]
LEV	−1.017	0.662***	−0.457*
LEV	[1.027]	[0.134]	[0.183]
ROA	−2.804*	−0.295***	0.171
ROA	[1.161]	[0.069]	[0.281]
AGE	0.000	0.011**	−0.002
AGE	[0.023]	[0.004]	[0.003]
DPS	−0.001	0.000	0.000
DPS	[0.003]	[0.000]	[0.001]
GRI guidelines	−0.082	−0.002	−0.042
GRI guidelines	[0.104]	[0.010]	[0.042]
PRICE	0.018	−0.014**	0.003
PRICE	[0.027]	[0.005]	[0.006]
RETURN_Vol	95.873***	−0.758	19.516***
RETURN_Vol	[14.833]	[1.330]	[5.772]
MTB	0.002	−0.002***	−0.001
MTB	[0.005]	[0.000]	[0.001]
Year FE	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes
N	395	395	395
Hansen J-statistics	14.917	18.479	35.563
p-value for Hansen test	0.384	0.140	0.125
χ²	149278.720***	173.550***	572.632***
AR (1)	−2.131***	−2.066***	−1.782***
AR (2)	−0.484	0.220	0.231
No. of instruments	40	40	54

Note(s): This table presents results of the number of interlocking female and interlocking male members and stock liquidity. A higher Amihud’s Illiquidity in column (1) means lower stock liquidity. The more Zero Return days in column (2) means lower stock liquidity. A higher Stock Turnover ratio in column (3) means more stock liquidity. Variable definitions and measures are in Table 1. Parentheses designate standard errors. ***, ** and * are significant at 0.1%, 1% and 5% levels, respectively

Source(s): Authors’ own work

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