Board networks and firm imports: evidence from China

Using matched data of Chinese A-share listed firms and the China Customs Database for the period of 2000–2015, we investigate how board interlocking networks shape firms’ imports. Results show that board networks significantly increase both import volumes and product quality. These effects operate primarily through alleviating corporate financing constraints and reducing information search costs. Heterogeneity analysis reveals that the import-promoting effect of board networks is more pronounced for firms in regions with underdeveloped financial systems, weak institutional environments, and high economic policy uncertainty. This study provides new empirical evidence on the role of interfirm networks in resource acquisition and sheds light on the driving forces of firm imports in transition economies.

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Publication Details

Journal
Applied Economics Letters
Published
2026-10-14
DOI
https://doi.org/10.1080/13504851.2026.2735385
Primary Topic
Corporate Finance and Governance
Type
article
Field-Weighted Citation Impact
0.00

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article

Board networks and firm imports: evidence from China

Lianyue Feng, Yousen Jin, Bixia Chen
Applied Economics Letters
Corporate Finance and Governance
article

Board networks and firm imports: evidence from China

Lianyue Feng, Yousen Jin, Bixia Chen
article en

Abstract

Using matched data of Chinese A-share listed firms and the China Customs Database for the period of 2000–2015, we investigate how board interlocking networks shape firms’ imports. Results show that board networks significantly increase both import volumes and product quality. These effects operate primarily through alleviating corporate financing constraints and reducing information search costs. Heterogeneity analysis reveals that the import-promoting effect of board networks is more pronounced for firms in regions with underdeveloped financial systems, weak institutional environments, and high economic policy uncertainty. This study provides new empirical evidence on the role of interfirm networks in resource acquisition and sheds light on the driving forces of firm imports in transition economies.

Applied Economics Letters
Hunan University (CN), Southwestern University of Finance and Economics (CN), Nanjing University of Science and Technology (CN), Hunan University of Finance and Economics (CN)
National Natural Science Foundation of China
Openalex Percentile: Top 4%
Corporate Finance and Governance
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