تأثير خصائص مجلس الادارة على سيولة سوق الأسهم: نظرة من سوق تداول السعودية

Abstract EN

This research aims to investigate the impact of board characteristics on the stock liquidity of non-financial companies listed on the Saudi Stock Exchange "Tadawul" during the period from 2014 to 2021.

A fixed-effects regression model was employed to analyze a sample comprising 82 listed non-financial companies, focusing on assessing the influence of various board attributes on stock liquidity.

To address internal variance, both the Two-Stage Least Squares (2SLS) regression model and lagged structure models were utilized.

The findings revealed that factors such as the frequency of board meetings, the level of board member attendance, gender and foreign diversity within the board, and the number of board subcommittees positively affect stock liquidity.

When examining the results using the 2SLS model and lagged structure models, the robustness and internal variance resistance of the findings were affirmed.

This study highlights the significance of innovative board characteristics in enhancing stock liquidity, bearing important implications for investors, board members, and policy-makers.

It is the first of its kind to explore the effects of innovative board characteristics - such as foreign board diversity, board member attendance, and the number of subcommittees - on stock liquidity, and to the researcher's knowledge, this aspect has not been detailed in prior literature regarding stock liquidity.