Board Overlap, Seat Accumulation and Share Prices

We examine the board overlap among firms listed in Switzerland. Collusion, managerial entrenchment, and financial participation cannot explain it. The overlap appears to be induced by banks and by the accumulation of seats by the most popular directors. We also document that seat accumulation is negatively related to firm value, possibly because of the conflicts of interest that multiple directorships induce and the time constraints directors face. Contrary to popular beliefs, however, the directors of traded firms do not generally hold more than one mandate in other traded firms. They do hold multiple seats in non-traded firms.

Practice Movements: The Politics of Non-sovereign Power

Practice movements, that is, forms of unorganized collective action, are a central site of politics. Their defining moments are that their goals are expressed in practices rather than in words, and that these “pre-ideological” practices aim at access to or redistribution of goods, whether material or symbolic, rather than at representation. They are transgression rather than resistance in that they transgress restrictions inherent in the material organization of space, property relations, status orders, and normative regulations, be they laws, morals, or customs. Practice movements are above all about access and participation rather than about autonomy, and thus have an ambiguous relation to the transformation of the status quo. Their politics are transformative and they can produce temporary or lasting changes in the material grounds or in the regulation of the everyday life of those who pursue them, and potentially of the normativity and the organization of the wider social order.