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

Author

Listed:
  • 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.

Suggested Citation

  • Santella, Paolo & Drago, Carlo & Polo, Andrea & Gagliardi, Enrico, 2009. "A Comparison among the director networks in the main listed companies in France, Germany, Italy, and the United Kingdom," MPRA Paper 16397, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:16397
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    File URL: https://mpra.ub.uni-muenchen.de/16397/1/MPRA_paper_16397.pdf
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    References listed on IDEAS

    as
    1. Eliezer M. Fich & Anil Shivdasani, 2006. "Are Busy Boards Effective Monitors?," Journal of Finance, American Finance Association, vol. 61(2), pages 689-724, April.
    2. Cotter, James F. & Shivdasani, Anil & Zenner, Marc, 1997. "Do independent directors enhance target shareholder wealth during tender offers?," Journal of Financial Economics, Elsevier, vol. 43(2), pages 195-218, February.
    3. Dooley, Peter C, 1969. "The Interlocking Directorate," American Economic Review, American Economic Association, vol. 59(3), pages 314-323, June.
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    Citations

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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. Juan Antonio Rubio Mondéjar & Josean Garrués Irurzun, 2012. "Estructura corporativa e interlocking directorates en las mayores empresas españolas, 1917-1970," FEG Working Paper Series 01/12, Faculty of Economics and Business (University of Granada).
    3. Fausto Bonacina & Marco D’Errico & Enrico Moretto & Silvana Stefani & Anna Torriero & Giovanni Zambruno, 2015. "A multiple network approach to corporate governance," Quality & Quantity: International Journal of Methodology, Springer, vol. 49(4), pages 1585-1595, July.
    4. Kai Jäger, 2013. "Sources of Franco-German corporate support for the euro: The effects of business network centrality and political connections," European Union Politics, , vol. 14(1), pages 115-139, March.
    5. Carlo Drago & Roberto Ricciuti & Paolo Santella, 2015. "An Attempt to Disperse the Italian Interlocking Directorship Network: Analyzing the Effects of the 2011 Reform," Working Papers 2015.82, Fondazione Eni Enrico Mattei.
    6. Davide Carbonai & Carlo Drago, 2015. "Positive Freedom in Networked Capitalism: An Empirical Analysis," Working Papers 2015.75, Fondazione Eni Enrico Mattei.
    7. Lucia Bellenzier & Rosanna Grassi, 2014. "Interlocking directorates in Italy: persistent links in network dynamics," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 9(2), pages 183-202, October.
    8. Carlo Drago & Livia Amidani Aliberti & Davide Carbonai, 2014. "Measuring Gender Differences in Information Sharing Using Network Analysis: the Case of the Austrian Interlocking Directorship Network in 2009," Working Papers 2014.61, Fondazione Eni Enrico Mattei.
    9. Rosanna Grassi & Marco Fattore & Alberto Arcagni, 2015. "Structural and non-structural temporal evolution of socio-economic real networks," Quality & Quantity: International Journal of Methodology, Springer, vol. 49(4), pages 1597-1608, July.

    More about this item

    Keywords

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

    JEL classification:

    • C0 - Mathematical and Quantitative Methods - - General
    • G3 - Financial Economics - - Corporate Finance and Governance
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • L4 - Industrial Organization - - Antitrust Issues and Policies

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