The Italian Corporate System: SOEs, Private Firms and Institutions in a Network Perspective (1952-1983)
Leonardo Bargigli () and
Renato Giannetti ()
Additional contact information
Renato Giannetti: Dipartimento di Scienze per l'Economia e l'Impresa
Working Papers - Economics from Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa
How did business networks among Italian firms evolve over time? We address this question by analyzing the Italian corporate boards network in four years (1952, 1960, 1972, 1983) with network theoretical methods. We find some typical properties of these networks, such as sparsity and connectedness in the same large network component. At the same time, clustering and assortativity are relatively high and stable, while we observe, over time, an increase of the average distance coupled with a decrease of density and of the relative size of the largest component. This is an indication of a rarefaction of connections which is detected also in other national systems. In order to seek the determinants of this phenomenon, we perform a panel regression for the average nodal degree, finding that rarefaction is mostly related to a genuine time trend and only partially to cross-sectional variables. We argue that a possible explanation is a significant increase of concentration which we observe in our dataset, consistently with historical evidence. The network shows a substantial stability in some structures, such as core-periphery subdivision. Looking at the main actors we find a persistent centrality of banks and insurances, as well as of State Owned Enterprises (SOEs). These play a growing role in the community structure of the network, while communities themselves become more and more diversified by sector.
Keywords: boards networks; network theory; Italian firms. (search for similar items in EconPapers)
JEL-codes: N00 L20 C49 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his, nep-hme and nep-net
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:frz:wpaper:wp2015_01.rdf
Access Statistics for this paper
More papers in Working Papers - Economics from Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa Via delle Pandette 9 50127 - Firenze - Italy. Contact information at EDIRC.
Bibliographic data for series maintained by Giorgio Ricchiuti ().