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An interlocking-directorates monitoring system
Marek Pawlak
Journal for Perspectives of Economic Political and Social Integration , 2010, DOI: 10.2478/v10241-012-0005-7
Abstract: The subject of the study was interlocking directorates in Polish joint stock companies. In order to explore this area a monitoring system has been developed which consists of a database and query system. Data is automatically introduced from printed announcements into the MySQL database using PHP scripts. The phenomenon of interlocking directorates in Polish joint stock companies is comparable with other countries. Board members in Poland are significantly younger than, for example, in the USA. Women constitute an important group of board members. Insurance companies and investment funds are closely connected with other companies, but banks are not. The monitoring system developed enables us to identify who is, and who was, a board member of every joint stock company. It also enables us to identify, for every person, which board he or she now serves on, and has served on, in the past. The system also enables us to produce different reports concerning, for example, changes in certain indexes in subsequent years. The system is also accessible via the Internet.
Mohammed Belal UDDIN
Management & Marketing , 2012,
Abstract: When firms engage in cooperative efforts, interfirm relations get particular interest to be studied. A direct interlock occurs when an executive or director of one firm sits on the board of another firm, and an indirect interlock occurs when two firms have directors or executives who sit on the board of a third firm. The three commonly used theoretical models such as social network theory, learning theory, and theory of strategic choice are more relevant for the formation and management of interlocking directorates. Uncertainty, resource scarcity, mutual trust, dependency, etc. influence the formation of interlocking directorates. Consequently, interlocking directorates allow sharing of information and overall cooperation between partners through learning, collaboration, networking, and effective relationship, etc. Proper management of interlocking directorates requires communication and collaboration among partners that enhance exchange of knowledge and cooperation.
Humphry Hung
Asian Academy of Management Journal , 2003,
Abstract: The article proposes an integrative framework for the study of interlocking directorates by using an approach that encompasses the concepts of multiple networks and resource endowment. This serves to integrate the traditional views of interorganizational linkages and intra-class cohesion. Through appropriate strategic analysis of relevant resource endowment of internal environment and external networks of organizations and corporate elites, this article argues that the selection of directors, if used effectively, can be adopted as a strategic device to enhance the corporation's overall performance.
Stock fluctuations are correlated and amplified across networks of interlocking directorates  [PDF]
Serguei Saavedra,Luis J. Gilarranz,Rudolf P. Rohr,Michael Schnabel,Brian Uzzi,Jordi Bascompte
Quantitative Finance , 2014, DOI: 10.1140/epjds/s13688-014-0030-0
Abstract: Traded corporations are required by law to have a majority of outside directors on their board. This requirement allows the existence of directors who sit on the board of two or more corporations at the same time, generating what is commonly known as interlocking directorates. While research has shown that networks of interlocking directorates facilitate the transmission of information between corporations, little is known about the extent to which such interlocking networks can explain the fluctuations of stock price returns. Yet, this is a special concern since the risk of amplifying stock fluctuations is latent. To answer this question, here we analyze the board composition, traders' perception, and stock performance of more than 1500 US traded corporations from 2007-2011. First, we find that the fewer degrees of separation between two corporations in the interlocking network, the stronger the temporal correlation between their stock price returns. Second, we find that the centrality of traded corporations in the interlocking network correlates with the frequency at which financial traders talk about such corporations, and this frequency is in turn proportional to the corresponding traded volume. Third, we show that the centrality of corporations was negatively associated with their stock performance in 2008, the year of the big financial crash. These results suggest that the strategic decisions made by interlocking directorates are strongly followed by stock analysts and have the potential to correlate and amplify the movement of stock prices during financial crashes. These results may have relevant implications for scholars, investors, and regulators.
RF merger and acquisition market  [PDF]
Merab S. Sichinava,Evgeniya V. Vidishcheva,Marina V. Kogan
European Researcher , 2011,
Abstract: The article gives brief characteristic of merger and acquisition market situation in Russia, brings in overview of bargains in 2009–2010. Russian merger and acquisition market is in early stage of development.
The Community Structure of the European Network of Interlocking Directorates 2005–2010  [PDF]
Eelke M. Heemskerk, Fabio Daolio, Marco Tomassini
PLOS ONE , 2013, DOI: 10.1371/journal.pone.0068581
Abstract: The boards of directors at large European companies overlap with each other to a sizable extent both within and across national borders. This could have important economic, political and management consequences. In this work we study in detail the topological structure of the networks that arise from this phenomenon. Using a comprehensive information database, we reconstruct the implicit networks of shared directorates among the top 300 European firms in 2005 and 2010, and suggest a number of novel ways to explore the trans-nationality of such business elite networks. Powerful community detection heuristics indicate that geography still plays an important role: there exist clear communities and they have a distinct national character. Nonetheless, from 2005 to 2010 we observe a densification of the boards interlocks network and a larger transnational orientation in its communities. Together with central actors and assortativity analyses, we provide statistical evidence that, at the level of corporate governance, Europe is getting closer.
A Risk Management Model for Merger and Acquisition
B. S. Chui
International Journal of Engineering Business Management , 2011,
Abstract: In this paper, a merger and acquisition risk management model is proposed for considering risk factors in the merger and acquisition activities. The proposed model aims to maximize the probability of success in merger and acquisition activities by managing and reducing the associated risks. The modeling of the proposed merger and acquisition risk management model is described and illustrated in this paper. The illustration result shows that the proposed model can help to screen the best target company with minimum associated risks in the merger and acquisition activity.
Ownership Property, Interlocking Directorates and Corporate Performance

- , 2015,
Abstract: 以2005~2012年中国上市公司为样本构建面板数据,研究在不同股权结构的公司中连锁董事对公司绩效的影响,结果发现:连锁董事在董事会中所占比例与公司绩效呈正相关;具有丰富社会资源与经验的连锁董事在国有股权比例高的企业可带来较高的边际效应;国有股权所占比例高的企业,连锁董事在董事会中所占比例越高。
Panel data of 992 Chinese listed companies from 2005 to 2012 are used to study the relationship between interlocking directorate and financial performance in enterprises with different ownership structure. Evidence show that:the proportion of interlocking directorate on the board is positively correlated with financial performance; interlocking directorate with rich experience and social resources tends to a higher state-owned enterprise and bring a higher marginal effect to it; the higher state-owned shareholding rate an enterprise holds, the higher the proportion of interlocking director on the board is.
Psychological Contract in the Process of Enterprises’ Merger, Acquisition and Integration  [cached]
Hui-yuan MAO,Xin LIU
Canadian Social Science , 2008,
Abstract: The Psychological Contract theory is a hot research topic in the field of domestic and foreign human resources. With the change of economic pattern in enterprises and the development of economic globalization, the psychological contract between employees and organizations has taken place a great change. This article analyses and expatiates psychological contract in the process of enterprises’ merger, acquisition and integration from the angle of employees’ expectation. Key words: Psychological Contract, Merger and acquisition, Integration Résumé: La théorie du contrat psychologique est un sujet très étudié dans le domaine des ressources humaines chinois et étranger. Avec le changement du modèle économique dans les entreprises et le développement de la globalisation économique, le contrat psychologique entre les employés et les organisations a connu de grands changements. Le présent article analyse et expose le contrat psychologique dans le processus de la fusion, l’acquisition et l’intégration des entreprises sous l’angle de l’espérance des employés. Mots-Clés: contrat psychologique, fusion et acquisition, intégration
Directorios cruzados: un estudio sobre la cúpula empresarial en la Argentina actual Interlocking directorates: a study of corporate power in today's Argentina
Diego Paredes
Trabajo y sociedad , 2011,
Abstract: El objetivo de este artículo es analizar, a través del método de los directorios cruzados, las redes que se establecen entre algunas de las corporaciones de mayores ventas en Argentina. Los estudios que se centran en el análisis de las grandes empresas en su mayoría se basan en indicadores económicos, como es el caso del las investigaciones acerca de la concentración de la riqueza. En el presente trabajo, a través del concepto de redes sociales, nos concentramos en las relaciones sociales que se establecen entre las grandes empresas en nuestro país. Observamos que el conjunto de las empresas estudiadas representa un sector altamente interconectado; además, a partir del análisis de redes, aportamos evidencia que apoya los postulados de la teoría de la dependencia de recursos así como también, de la teoría del control financiero: las interconexiones entre las empresas responden al tipo de recursos que las mismas controlan, destacándose el rol de los recursos financieros sobre otro tipo de recursos. Las empresas fueron seleccionadas por medio del ranking de empresas publicado por la revista Mercado para el a o 2005, además hemos agregado a la muestra algunos de los bancos más importantes que operan hoy en Argentina así como también otras cuatro entidades de suma relevancia dentro del sistema económico, con el propósito de conocer la relación de estas entidades con el resto de las empresas. The aim of this article is to analyze, through the interlocking directorates method, the networks that are established between some of the highest revenues corporations in Argentina. Most of the research studies focused on the analysis of large corporations are based on economic indicators, such as studies on concentration of wealth. In the present case, through the concept of social networks, we focus on the social relations that are developed among big corporations in our country. We observe that the corporations studied represent a highly interconnected sector; in addition, through network analysis, we give evidence that supports the resources dependence theory, as well as the financial control theory: the interlocks among corporations respond to the type of resources under their control, in particular, the significant role of financial resources over the others. The firms were selected from the Revenue Company Ranking published by the Mercado magazine for the year 2005; we have added to the sample some of the most important banks that operate today in Argentina and other four entities of supreme relevancy in the economic system, with the intention of knowing their re
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