Board Connections and Trade Credit
研究了2000至2017年美国公司董事会外部关联如何影响其获取商业信用，发现关联越多，商业信用越多，尤其对流动性需求强、信息不透明或高盈利的公司更显著。
SYNOPSIS We investigate the relationship between board connections and firms’ access to trade credit. Using a comprehensive sample of United States firms from 2000 to 2017, we find that those with more linkages with outside boards are associated with greater access to trade credit (e.g., a higher proportion of accounts payable to cost of goods sold). The finding persists in a battery of tests that mitigate endogeneity concerns and enhance robustness. Furthermore, this positive relationship is especially salient for firms with strong liquidity needs in ongoing operations, firms with opaque information environments, and firms with high profitability. This study sheds light on how boardroom networks facilitate firms’ routine transactions and informal financing. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: G3; G14; L14.