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

Table 2

Influence of Social Capital on the Implied Cost of Capital (Fixed Panel Data Models).

	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8
Board social capital:
Direct
Board social capital:
Indirect
Board social capital:
Heterogeneous
Social capital:
Cross-
Control variables
Board size
	Outsiders
Company age (ln)
	Size (ln of assets)
Leverage
	Constant
White’s test
Chow's F test
Breusch-Pagan test
Hausman’s test
Akaike’s criterion
F
overall

Standard error in parentheses. Dummies of industry and years omitted. ; ;  ;  . in billions (R$).