Conyon, M. J. and Muldoon, M. R. (2008) Ownership and Control: A Small-World Analysis. In: Network Strategy. Advances in Management Science (25). JAI Press, Emerald Publishing Group, UK, pp. 31-65. ISBN 978-0-7623-1442-3
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Abstract
In this paper we investigate the ownership and control of British firms using recent techniques from computational graph theory. In particular, we analyze the `small-world' properties of UK company ownership and the corporate elite. A `small-world' is characterized by short `path-lengths' (actors are linked by a short chain of acquaintances) and high `clustering' (one's friends tend to be friends in their own right). We find that the network of both ownership and control can be characterized as a small-world. We simulate a set of corporate worlds using newly introduced random-graph models of Chung and Lu. In general, we reject the hypothesis that the corporate world of ownership and control is generated by a random graph model. The network structure of ownership and boards is decidedly more `clubby' than would be expected by chance, suggesting the presence of additional social structure not captured by the random graph model. In addition, we find that financial institutions are important and give rise to different network topologies.
| Item Type: | Book Section |
|---|---|
| Uncontrolled Keywords: | Corporate directorships, small worlds, random graphs |
| Subjects: | MSC 2010, the AMS's Mathematics Subject Classification > 91 Game theory, economics, social and behavioral sciences PACS 2010, the AIP's Physics and Astronomy Classification Scheme > 80 INTERDISCIPLINARY PHYSICS AND RELATED AREAS OF SCIENCE AND TECHNOLOGY > 89 Other areas of applied and interdisciplinary physics |
| Depositing User: | Dr Mark Muldoon |
| Date Deposited: | 05 Sep 2008 |
| Last Modified: | 20 Oct 2017 14:12 |
| URI: | https://eprints.maths.manchester.ac.uk/id/eprint/1140 |
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Ownership and Control: A Small-World Analysis. (deposited 30 Nov 2007)
- Ownership and Control: A Small-World Analysis. (deposited 05 Sep 2008) [Currently Displayed]
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