Kiel Working Papers, Kiel Institute for World Economics
No 1740:
The Small Core of the German Corporate Board Network: New Evidence from 2010
Mishael Milakovic, Simone Alfarano and Thomas Lux
Abstract: Milakovic, Alfarano and Lux (2010) have identified a small
core of directors who are both highly central to the entire network of
German corporate boards as well as closely connected among themselves.
While their analysis has been based on data for the management and
supervisory boards of a sample of 287 publicly traded companies with high
market capitalization as of May 2008, a subsequent study by Milakovic,
Raddant and Birg (2010) using somewhat smaller samples from the years 1993,
1999, and 2005 has confirmed that this closely connected core is a
persistent stylized fact for the German corporate sector. In this note, we
provide an update of our previous results using the composition of
management and supervisory boards as of December, 2010. Again, almost all
qualitative properties of previous samples are confirmed despite
considerable turnover within the group of persons constituting the network
core
Keywords: board and director interlocks, network core, network formation, market capitalization; (follow links to similar papers)
JEL-Codes: D85,; L20,; M14,; M51; (follow links to similar papers)
13 pages, November 2011
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