The Complexity of Social Capital: The Influence of Board and Ownership Interlocks on Implied Cost of Capital in an Emerging Market

Table 1

Descriptive statistics.

	Mean	SD	1	2	3	4	5	6	7	8	9
(1) Cost of capital
(2) Social capital of the board: direct
(3) Social capital of the board: indirect
(4) Social capital of the board: heterogeneous
(5) Social capital: cross-
(6) Board size
(7) Outsiders
(8) Company age (ln)
(9) Size (ln of assets)
(10) Leverage

is significant at the 0.01 level (1-tailed). Correlation is significant at the 0.05 level (1-tailed). . in billions (R$).