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A Comparison among the director networks in the main listed companies in France, Germany, Italy, and the United Kingdom

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  • Santella, Paolo
  • Drago, Carlo
  • Polo, Andrea
  • Gagliardi, Enrico

Abstract

The purpose of this paper is to contribute to the literature on director interlocks by illustrating and analysing the interlocking directorships among the Italian, French, German, UK and US listed Blue Chips. The comparison of the five countries considered shows that two national models stand out. On the one hand a model made of a high number of companies linked to each other through a small number of shared directors who serve on several company boards at the time (France, Germany, and Italy). On the other hand, in the UK much fewer companies are connected to each other essentially through directors who have no more than two board positions at the time. A case in between is represented by the US, where a high number of companies are connected to each other just like Germany, France, and Italy. However, just like the UK, such connections are made through directors who tend to have just two board positions at the time, a sign that, differently from Italy, Germany, and France, the UK and US networks might not be functional to systemic collusion.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 16397.

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Date of creation: 20 Jan 2009
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Handle: RePEc:pra:mprapa:16397

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Related research

Keywords: corporate governance; interlocking directorships; antitrust; competition; social network analysis (SNA); exploratory data analysis (EDA); empirical corporate finance;

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References

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  1. Cotter, James F. & Shivdasani, Anil & Zenner, Marc, 1997. "Do independent directors enhance target shareholder wealth during tender offers?," Journal of Financial Economics, Elsevier, Elsevier, vol. 43(2), pages 195-218, February.
  2. Eliezer M. Fich & Anil Shivdasani, 2006. "Are Busy Boards Effective Monitors?," Journal of Finance, American Finance Association, American Finance Association, vol. 61(2), pages 689-724, 04.
  3. Dooley, Peter C, 1969. "The Interlocking Directorate," American Economic Review, American Economic Association, American Economic Association, vol. 59(3), pages 314-23, June.
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Cited by:
  1. Carlos Drago & Francesco Millo & Roberto Ricciuti & Paolo Santella, 2011. "Corporate Governance Reforms, Interlocking Directorship Networks and Company Value in Italy (1998-2007)," CESifo Working Paper Series 3322, CESifo Group Munich.
  2. Fausto Bonacina & Marco D'Errico & Enrico Moretto & Silvana Stefani & Anna Torriero, 2014. "A Multiple Network Approach to Corporate Governance," Papers 1401.4387, arXiv.org, revised May 2014.
  3. Juan Antonio Rubio Mondéjar & Josean Garrués Irurzun, 2012. "Estructura corporativa e interlocking directorates en las mayores empresas españolas, 1917-1970," FEG Working Paper Series, Faculty of Economics and Business (University of Granada) 01/12, Faculty of Economics and Business (University of Granada).

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