Kern Schnyder 2019 - Corporate Networks in Post-War Britain - Accepted Version.pdf (264.31 kB)
Download fileCorporate networks in post-war Britain: Do finance-industry relationships matter for corporate borrowing?
journal contribution
posted on 2020-12-25, 00:33 authored by Philipp KernPhilipp Kern, Gerhard SchnyderGerhard SchnyderThe relationship between interlocking directorates and corporate finance patterns is a widelyresearched aspect of the literature on national financial systems. This literature often
considers the United Kingdom to be analogous to the United States, without directly
investigating the nature and impact of finance-industry relationships. Based on a handcollected dataset covering eight benchmark years between 1950 and 2010, we start filling this
gap by combining historical narratives, social network-, and regression analyses. We
investigate whether finance-industry relations impact corporate borrowing patterns
differently across time periods. We find that network-embedding impacted corporate
borrowing from the 1950s to 1970s, but not thereafter. We also find that network structure
and its function do not always evolve in parallel, highlighting limitations of purely structural
approaches to understanding the link between corporate networks and firm behaviour and the
importance of the historical idiosyncrasies of each country case.
History
School
- Loughborough University London
Published in
Business HistoryVolume
63Issue
6Pages
966-987Citation
KERN, P. and SCHNYDER, G., 2021. Corporate networks in post-war Britain: Do finance-industry relationships matter for corporate borrowing? Business History, 63 (6), pp.966-987.Publisher
© Taylor & Francis (Routledge)Version
- AM (Accepted Manuscript)
Publisher statement
This is an Accepted Manuscript of an article published by Taylor & Francis in Business History on 25 June 2019, available online: https://doi.org/10.1080/00076791.2019.1621294Acceptance date
2019-05-15Publication date
2019-06-25Copyright date
2019ISSN
0007-6791eISSN
1743-7938Publisher version
Language
- en