‪French connection: interlocking directorates and ownership network in an insider governance system‪

Tristan Auvray and Olivier Brossard

Revue d'économie industrielle, 2016, vol. n° 154, issue 2, 177-206

Abstract: ?We show that single and multiple overlapping directorships of large French listed corporations are highly explained by their ownership connections. Both large and small stakes, from 1% to 20% of cash-flow rights or voting rights, have high explanatory power. We provide evidence also of the existence of a positive relationship between the size of a shareholding and the strength of the correlation between ownership ties and overlapping directorates. Finally, we demonstrate that causality goes from ownership to interlocking directorates, for both unilateral stakes and cross-shareholdings.?

Keywords: Corporate Governance; Ownership Networks; Board Interlocks; Multiple Blockholders (search for similar items in EconPapers)
Date: 2016
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