Directorship interlocks in comparative perspective: The case of Spain

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This paper studies the network of intercorporate relationships in Spain in the context of advanced capitalist economies. Economic development patterns and the three main models of corporate structure - Anglo-Saxon, Continental European, and Japanese - are discussed. On the basis of an analysis of the network of director interlocks among the 100 largest industrial corporations, 50 largest banks and 30 largest insurance companies in 1993, I conclude that Spain approximates the Continental European model. Three main findings result from this analysis: (1) Spanish domestic banks coupled with utility companies are located at the core of the intercorporate network; (2) capital-intensive industrial corporations belong to the inner circle of the network, while foreign-owned and light industry enterprises are isolates in the network; and (3) directorship interlocks in Spain tend to take place across industrial sectors rather than within them. I argue that bank-led economic development, high state intervention, and delayed but intensive foreign capital penetration explain the three corporate network outcomes. By combining historical-structuralism and social-network analysis, this study contributes a new empirical case to the existing literature, showing how historical structural factors help to explain intercorporate relations.

Idioma originalAnglès
Pàgines (de-a)319-342
Nombre de pàgines24
RevistaEuropean Sociological Review
Volum14
Número4
DOIs
Estat de la publicacióPublicada - 1998
Publicat externament

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