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Persistence of a network core in the time evolution of interlocking directorates

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  • Milaković, Mishael
  • Raddant, Matthias
  • Birg, Laura

Abstract

We examine the bipartite graphs of German corporate boards in 1993, 1999 and 2005, and identify cores of directors who are highly central in the entire network while being densely connected among themselves. Germany's corporate governance has experienced significant changes during this time, and there is substantial turnover in the identity of core members, yet we observe the persistent presence of a network core, which is even robust to changes in the tail distribution of multiple board memberships. Anecdotal evidence suggests that core persistence originates from the board appointment decisions of largely capitalized corporations. --

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Bibliographic Info

Paper provided by Christian-Albrechts-University of Kiel, Department of Economics in its series Economics Working Papers with number 2009,10.

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Date of creation: 2009
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Handle: RePEc:zbw:cauewp:200910

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Keywords: Network core; density; centrality; interlocking directorates; corporate governance;

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  1. Alfarano, Simone & Milakovic, Mishael, 2009. "Network structure and N-dependence in agent-based herding models," Journal of Economic Dynamics and Control, Elsevier, vol. 33(1), pages 78-92, January.
  2. Simone Alfarano & Thomas Lux & Mishael Milakovic, 2008. "The Small Core of the German Corporate Board Network," Kiel Working Papers 1446, Kiel Institute for the World Economy.
  3. Caldarelli, Guido & Catanzaro, Michele, 2004. "The corporate boards networks," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 338(1), pages 98-106.
  4. S. Battiston & M. Catanzaro, 2004. "Statistical properties of corporate board and director networks," The European Physical Journal B - Condensed Matter and Complex Systems, Springer, vol. 38(2), pages 345-352, 03.
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