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.