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Title:Corporate governance reforms, interlocking directorship networks and company value in Italy (1998-2007) PDF Logo
Authors:Drago, Carlo
Millo, Francesco
Ricciuti, Roberto
Santella, Paolo
Issue Date:2011
Series/Report no.:CESifo working paper: Industrial Organisation 3322
Abstract:In this paper we contribute to the literature on the structure of interlocking directorship networks and to the literature on the relationship between corporate governance and performance. We use a unique dataset made of corporate governance variables related to the board size and interlocking directorships of the Italian companies listed in the stock exchange over 1998-2007. We find that the corporate governance reforms introduced over the period considered have shown some effectiveness by slightly dispersing the network of companies. Moreover, we find robust evidence that interlocking directorships has been negatively related with company performance.
Subjects:corporate governance
interlocking directorships
company performance
social network analysis
JEL:C14
C23
G34
L14
M21
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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