Corporate networks in Poland: Interlocking directorates and business systems

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Italian interlocking directorates: structure, evolution and cross-country comparisons

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Interlocking directorates in Spanish banking in the twentieth century

Spanish banking historiography asserts that the largest banks performed in the twentieth century as though they constituted a monopoly. One of their main coordination schemes would have been a network of interlocking bank directors that would include most of the financial firms. Evidence available for the 1920s and 1960s seems to confirm the veracity of this hypothesis. In this paper, more systematic evidence is presented to cover the whole twentieth century with the aim of checking whether these networks persisted over the entire period or they were by-products of temporary situations. Our results show that no general network remained for more than a decade. Therefore, it should be ruled out that interlocking directorates worked as a coordination device of an alleged banking cartel.

Board composition and corporate performance: How the Australian experience informs contrasting theories of corporate governance

In many respects, Australian boards more closely approach normative best practice guidelines for corporate governance than boards in other Western countries. Do Australian firms then demonstrate a board demographic-organisational performance link that has not been found in other economies? We examine the relationships between board demographics and corporate performance in 348 of Australia's largest publicly listed companies and describe the attributes of these firms and their boards. We find that, after controlling for firm size, board size is positively correlated with firm value. We also find a positive relationship between the proportion of inside directors and the market-based measure of firm performance. We discuss the implications of these findings and compare our findings to prevailing research in the US and the UK.

Du capitalisme familial au capitalisme financier? : le cas de l'industrie suisse des machines, de l'électrotechnique et de la métallurgie au 20e siècle

L'objectif principal de cette thèse consiste à mettre en évidence la persistance du capitalisme familial en Suisse au cours du 20e siècle, et sa résistance aux capitalismes managérial et financier qui sont censés lui avoir succédé. Pour ce faire, nous avons retenu vingt-deux grandes entreprises du secteur des machines, de l'électrotechnique et de la métallurgie - principale branche de l'industrie suisse pour la période considérée -, pour lesquelles ont été recensés les membres des conseils d'administration et les principaux dirigeants exécutifs pour cinq dates- repère couvrant le siècle (1910, 1937, 1957, 1980 et 2000). Cette thèse s'inscrit dans une démarche pluridisciplinaire qui relève à la fois de l'histoire d'entreprise et de la sociologie des dirigeants, et fait appel à différentes méthodes telles que l'analyse de réseau et l'analyse prosopographique. Elle s'articule autour de trois axes de recherche principaux : le premier vise à mettre en évidence l'évolution des modes de gouvernance dans notre groupe d'entreprises, le second investit la question de la coordination patronale et le troisième a pour but de dresser un portrait collectif des élites à la tête de nos vingt-deux firmes. Nos résultats montrent que durant la majeure partie du siècle, la plupart de nos entreprises sont contrôlées par des familles et fonctionnent sur un mode de coordination hors marché qui repose notamment sur un réseau dense de liens interfirmes, le profil des dirigeants restant dans l'ensemble stable. Si la fin du siècle est marquée par plusieurs changements qui confirment l'avènement d'un capitalisme dit financier ou actionnarial et la mise en place de pratiques plus concurrentielles parmi les firmes et les élites industrielles, le maintien du contrôle familial dans plusieurs entreprises et la persistance de certains anciens mécanismes de coopération nous incitent cependant à nuancer ce constat. - The main objective of this research is to highlight the persistence of family capitalism in Switzerland during the 20th century and its resistance to managerial and financial capitalisms that succeeded. For this purpose, we focus on twenty- two big companies of the machine, electrotechnical and metallurgy sector - the main branch of the Swiss industry for the considered period - whose boards of directors and executive managers have been identified for five benchmarks across the century (1910, 1937, 1957, 1980 and 2000). This thesis relates to business history and elites sociology, and uses different methods such as network analysis and prosopography. It is articulated around three main parts. The aim of the first one is to identify the evolution of corporate governance in our twenty-two enterprises, the second part concentrates on interfirms coordination and the objective of the last one is to highlight the profile of the corporate elite leading our firms. Our results show that during the main part of the century, most of the companies were controlled by families and were characterized by non-market mechanisms of coordination such as interlocking directorates ; moreover, the profile of the corporate elite remained very stable. Although some major changes that took place by the end of the century confirmed a transition towards financial capitalism and more competitive interaction among firms and the corporate elite, the persistence of family control in several companies and the maintaining of some former mechanisms of coordination allow us to put this evolution into perspective.

Impacts of Globalization Processes on the Swiss National Business Elite Community : A Diachronic Analysis of Swiss Large Corporations (1980-2010)

This paper investigates the impacts of globalization processes on the Swiss business elite community during the 1980-2010 period. Switzerland has been characterized in the 20th century by its extraordinary stability and by the strong cohesion of its elite community. To study recent changes, we focus on Switzerland's 110 largest firms' by adopting a diachronic perspective based on three elite cohorts (1980, 2000, and 2010). An analysis of interlocking directorates allows us to describe the decline of the Swiss corporate network. The second analysis focuses on top managers' profiles in terms of education, nationality as well as participation in national community networks that used to reinforce the cultural cohesion of the Swiss elite community, especially the militia army. Our results highlight a slow but profound transformation of top management profiles, characterized by a decline of traditional national elements of legitimacy and the emergence of new "global" elements. The diachronic and combined analysis brings into light the strong cultural changes experienced by the national business elite community.

Competência do CADE na disciplina antitruste das operações envolvendo fundos de private equity

Este trabalho tem por objeto a análise dos critérios de submissão de atos de concentração envolvendo fundos de investimento para apreciação pelo Conselho Administrativo de Defesa Econômica (CADE), com enfoque nos fundos de private equity. Nos últimos anos os fundos de investimento têm adquirido crescente importância na economia brasileira em setores estratégicos. No entanto, o tratamento pela autoridade antitruste brasileira das operações destes veículos se revela instável resultando em certa insegurança sobre quais devem ser submetidas ao controle de concentrações. Assim, este trabalho propõe uma forma de se acessarem essas operações que ao mesmo tempo atenda aos objetivos visados com o controle das estruturas no Direito Concorrencial brasileiro e não crie obstáculos à atuação destes importantes veículos para a economia moderna. Para tanto, buscou-se respaldo na experiência de países onde a tradição antitruste e o fenômeno analisado são muito mais antigos do que no Brasil. No entanto, uma vez que nem mesmo nestes países a questão está livre de revisões periódicas e alguma controvérsia, este trabalho não tem como pretensão apresentar uma solução definitva para o problema. O primeiro capítulo expõe o objeto de estudo, seu funcionamento e sua importância para a economia. No segundo capítulo são abordados os objetivos do controle de estruturas no Brasil, os critérios de conhecimento de operações pela autoridade concorrencial brasileira e a sua interpretação pelo CADE, notadamente no que toca aos fundos de investimento. No terceiro capítulo são abordadas as ligações estruturais entre concorrentes mais relevantes do ponto de vista concorrencial quando se trata de aquisições perpetradas por fundos de investimento: participações minoritárias e interlocking directorates.

Study of monopoly power.

Emanuel Celler, chairman.

Money trust investigation. Investigation of financial and monetary conditions in the United States under House resolutions nos. 429 and 504, before a subcommittee of the Committee on banking and currency. (In four volumes) ....

The hearings, paged continuously, as in this issue, were published also in current numbers. The "Report of the committee appointed pursuant to House resolutions 429 and 504 to investigate the concentration of control of money and credit", together with "Views of the minority" by Everis A. Hayes, Frank E. Guernsey and William H. Heald, and "Views of Mr. McMorran", was published as House rept. 1593, 62d Cong., 3d sess. The "Report" without minority views, and the "Minority report of Henry McMorran" were also published separately without document series notes.

Multiple directorships and corporate performance in Australian listed companies

How many directorships are too many? Globally, normative advice emphasises the importance of limiting the number of directorships any individual should hold due to the workloads they entail. However, there is little empirical evidence to support this view. Rather, there is a strong tradition of supporting multiple directorships as a mechanism for the firm to co-opt external resources. To explore the issue of director workloads and multiple directorships, we first consider the issues related to multiple directorships and outline the conclusions of extant international and Australian studies into multiple directorships. We then detail our objectives in undertaking this research and our approach to data collection. Our findings indicate that the incidence of multiple directorships in Australian listed companies is low. We also find that many of the apparent examples of multiple directorships are due to related entities, which share common directors and, due to the nature of these entities, have much lower workload requirements. Further, there does not appear to be any relationship between holding multiple directorships and firm financial performance. Finally, we discuss the implications for boards and those interested in governance, particularly the need to ensure governance recommendations and guidelines reflect empirical findings. We offer one solution to address the concerns of boards, investors, other stakeholders and the community regarding multiple directorships: board and individual director evaluations.

Experimental analysis of new interfaces for connections by adhesion, interlocking and friction.

The authors thank the federal agency CAPES and the Foundation for Research Support of the state of Sao Paulo, Brazil (FAPESP) for providing a PhD scholarship, and the University of Minho, in Portugal, for the international collaboration.

Characterization of dry-stack interlocking compressed earth blocks

Earth has been a traditional building material to construct houses in Africa. One of the most common techniques is the use of sun dried or kiln fired adobe bricks with mud mortar. Fired bricks are the main cause for deforestation in countries like Malawi. Although this technique is low-cost, the bricks vary largely in shape, strength and durability. This leads to weak houses which suffer considerable damage during floods and seismic events. One solution is the use of dry-stack masonry with stabilized interlocking compressed earth blocks (ICEB). This technology has the potential of substituting the current bricks by a more sustainable kind of block. This study was made in the context of the HiLoTec project, which focuses on houses in rural areas of developing countries. For this study, Malawi was chosen for a case study. This paper presents the experimental results of tests made with dry-stack ICEBs. Soil samples from Malawi were taken and studied. Since the experimental campaign could not be carried out in Malawi, a homogenization process of Portuguese soil was made to produce ICEBs at the University of Minho, Portugal. Then, the compression and tensile strength of the materials was determined via small cylinder samples. Subsequently, the compression and flexural strength of units were determined. Finally, tests to determine the compressive strength of both prisms and masonry wallets and to determine the initial shear strength of the dry interfaces were carried out. This work provides valuable data for low-cost eco-efficient housing

Enclouage verrouillé du tibia [Interlocking nailing of the tibia]

Centromedullary nailing is a well-established method of treatment for diaphyseal long bone fractures. The indications have been broadened greatly since the introduction in 1974 of interlocking centromedullary nailing. The purpose of this paper is to review our first results with locked intramedullary nailing of the tibia. We report our experience with the first 19 cases of interlocking tibia nails (15 fractures, 1 delayed union, 2 pseudarthrosis, 1 osteotomy). On the extension table, the insertion of the nail and the placement of the interlocking screws did not cause any problem. In 3 cases, a proximal screw had to be removed within two weeks because of spontaneous displacement. Complications have been noticed in three patients (15.8%) (pulmonary embolism on day 1, and compartment syndrome two days later in one case, sciatic nerve neuroapraxia in the other two). The other patients have been mobilized 24 to 48 hours after surgery. 94% of the fractures were consolidated 4 months post-operatively, with no major deformation. Interlocking tibia nailing seems to be an attractive method in the treatment of certain fractures of the tibia. Early mobilisation and weight-bearing are provided. The indications, the technical aspects as well as the dangers of the method must be carefully respected in order to avoid complications and poor results.

Mother of Pearl and Amber Handle Interlocking Knife and Fork

The blade on the knife is printed "Balboa". The knife and fork fit into eachother. There is some rust on the blade and marks on the handle. The knife and fork each measure 18cm. When they are joined they measure 19cm.

Analysis of experimental interlocking blocks of concrete with addition of residues of process the tires retreading production

Analysis of experimental interlocking blocks of concrete with addition of residues of process the tires retreading production. With the population growth in recent years, industry in general has adjusted itself to resulting demand. the industry of tire retreading generates residues that have been discarded without any control. this adds to environmental pollution and promotes the proliferation of vectors harmful to health, aiming to find an application for this type of residues, this study presents experimental results to interlocking concrete block pavements, with addition of residues tires, interlocking blocks were built up and we determined, through laboratory tests, the need to set the mark that provide greater return regarding analyzed characteristics, there are four types of dosage of concrete with residues tires. We accomplished tests of compression strength, water absorption and resistance to impact. Through the preliminary results, we verified that are satisfactory, confirming the possibility of applying this type of interlocking block in environments with low demand, which would bring the economy of natural sources of aggregates, beyond ecological benefits through the reuse of residues from retreading of tires.