Environmental committee characteristics, female director interlocking and stock liquidity
研究了澳大利亚上市公司环境委员会中女性主席、女性成员和连锁董事对股票流动性的影响，发现女性主席和更多女性成员能提升股票流动性，但兼任董事会主席的环境委员会成员有负面影响。
Purpose This study draws on the resource-based view to investigate how characteristics of environmental committees, specifically the presence of a female chair, the number of female members and interlocked directors, affect capital market efficiency, as measured by stock liquidity in Australian listed companies. Design/methodology/approach Using a two-step system generalised method of moments (GMM) estimation, this study analyses a sample consisting of S&P/ASX 300 companies with environmental or similarly purposed committees between 2009 and 2018. Findings We find that the presence of a female chair of the environmental committee, a greater number of female members and director interlocked members (male or female), along with other environmental committee characteristics, are positively associated with committee effectiveness and improved stock liquidity. Interestingly, female interlocking is of greater economic significance than male interlocking. However, an environmental committee member holding the dual role of board chair is negatively related to stock liquidity. Originality/value This research addresses the global regulatory push for increased female representation on corporate boards, focusing on firm environmental committees. Our findings reveal the significant impact of female environmental committee members on capital market efficiency via enhanced stock liquidity. This study uniquely contributes to the literature by highlighting the role of female environmental committee members in improving stock liquidity and expanding the understanding of director interlocking’s influence on reporting practices. By uncovering the benefits of female environmental committee members interlocking within environmental, social and governance (ESG) contexts, this research underscores the necessity of effective environmental committees to boost non-financial performance and stock liquidity.