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Interlocking directorates as a trust substitute: The case of the Italian non-life insurance industry

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  • Carbonai Davide
  • Di Bartolomeo Giovanni

Abstract

This paper investigates the market structure of the insurance business by analyzing the (interlock) linkages among companies created by their directors. We focus on the non-life business since this is a sector relatively closed with respect to the competition with other financial activities; an absence of industry competition cannot thus be compensated by other agents. We apply the graph theory to describe the network and the principal component analysis to summarize information and verify the correlation between direct interlocking and companies’ market shares.

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File URL: http://wp.comunite.it/data/wp_no_1_2006.pdf
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Bibliographic Info

Paper provided by Department of Communication, University of Teramo in its series wp.comunite with number 0001.

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Date of creation: Nov 2006
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Handle: RePEc:ter:wpaper:0001

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Web page: http://wp.comunite.it/

Related research

Keywords: Non-life insurance; antitrust; competition; interlocking directorates; network economics;

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References

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  1. Samir Kamat & Frank Page & Myrna Wooders, 2004. "Networks and Farsighted Stability," Econometric Society 2004 North American Winter Meetings 561, Econometric Society.
  2. Morck, Randall & Shleifer, Andrei & Vishny, Robert W, 1989. "Alternative Mechanisms for Corporate Control," American Economic Review, American Economic Association, vol. 79(4), pages 842-52, September.
  3. Benjamin E. Hermalin & Michael S. Weisbach, 2001. "Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature," NBER Working Papers 8161, National Bureau of Economic Research, Inc.
  4. Berglof, Erik & Perotti, Enrico, 1994. "The governance structure of the Japanese financial keiretsu," Journal of Financial Economics, Elsevier, vol. 36(2), pages 259-284, October.
  5. Giovanni Di Bartolomeo & Enrico Marchetti, 2004. "Central banks and information provided to the private sector," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 57(230), pages 265-295.
  6. Watts, Alison, 2001. "A Dynamic Model of Network Formation," Games and Economic Behavior, Elsevier, vol. 34(2), pages 331-341, February.
  7. Giorgio Brunello & Clara Graziano & Bruno Parigi, 1999. "Ownership or Performance: What Determines Board of Directors' Turnover in Italy?," Working Papers 1999.30, Fondazione Eni Enrico Mattei.
  8. Yannis M. Ioannides & Linda Datcher Loury, 2002. "Job Information Networks, Neighborhood Effects and Inequality," Discussion Papers Series, Department of Economics, Tufts University 0217, Department of Economics, Tufts University.
  9. Core, John E. & Holthausen, Robert W. & Larcker, David F., 1999. "Corporate governance, chief executive officer compensation, and firm performance," Journal of Financial Economics, Elsevier, vol. 51(3), pages 371-406, March.
  10. Giuseppe Turchetti & Cinzia Daraio, 2004. "How Deregulation Shapes Market Structure and Industry Efficiency: The Case of the Italian Motor Insurance Industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 29(2), pages 202-218, April.
  11. Dooley, Peter C, 1969. "The Interlocking Directorate," American Economic Review, American Economic Association, vol. 59(3), pages 314-23, June.
  12. Eccles, Robert G., 1981. "The quasifirm in the construction industry," Journal of Economic Behavior & Organization, Elsevier, vol. 2(4), pages 335-357, December.
  13. Mintz, Beth A. & Schwartz, Michael, 1985. "The Power Structure of American Business," University of Chicago Press Economics Books, University of Chicago Press, edition 0, number 9780226531083, March.
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Cited by:
  1. Di Bartolomeo Anna & Di Bartolomeo Giovanni, 2007. "Integration of migrants in Italy: A simple general and objective measure," wp.comunite 0010, Department of Communication, University of Teramo.

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