The evolution of corporate n networks in Latin economies: Argentina and Italy compared (1913-1990)

This paper analyses the evolution of the corporate networks in two Latin economies – Argentina and Italy – from 1913 to 1990 by using the interlocking directorates’ technique. The paper focuses on six benchmark years: 1914 (1913 for Italy); 1923 (1927), 1936 (1937), 1954 (1952), 1970 (1972), and 1990 (1983). For each benchmark year, the largest 25 banks and 100 industrial companies have been selected for each country. For each benchmark year, after showing a descriptive statistics of the companies and the directors included in the sample, the paper develops a network connectivity analysis of the system in the two countries. This is integrated by historical and structural analysis. For the first time in corporate networks’ historical analyses, this paper includes syndics – special auditors for firms – as well as directors in the sample. This paper shows that, despite both Argentina and Italy belong to the same legal family, their corporate networks show a different structure and evolution over time. Also the actors that shaped the overall structure of the two corporate networks are different: in Argentina a major role was played foreign multinationals, while in Italy the crucial actors were banks and state-owned enterprises.