Table 4.

Board index and stock liquidity (OLS Regression).

Variables	Amihud	Amihud	LM	LM
Board_Index	−0.000323**	−0.000337**	10.79***	11.27***
	(−2.076)	(−2.111)	(3.195)	(3.240)
Leverage	−0.00119**	−0.00129**	14.83	19.00
	(−2.288)	(−2.340)	(1.311)	(1.579)
Size	−0.000164*	−0.000200	−8.559***	−6.408**
	(−1.727)	(−1.546)	(−4.145)	(−2.282)
Age	0.000370	0.000444	1.821	6.062
	(0.937)	(1.012)	(0.212)	(0.635)
S_Price	−8.07e-05	−0.000132	7.720***	8.814***
	(−0.631)	(−0.860)	(2.775)	(2.649)
Volatility	0.0795***	0.0788***	−26.09	−55.21
	(29.05)	(27.99)	(−0.439)	(−0.902)
Constant	0.000581	0.000995	157.4***	73.96
	(0.230)	(0.307)	(2.863)	(1.048)
Observations	2,348	2,348	2,348	2,348
R-squared	0.318	0.325	0.015	0.025
Industry FE	No	Yes	No	Yes

t-Statistics in parentheses.

^***p < 0.01;

^**p < 0.05;

^*p < 0.1.