成群結隊的董事們
董事成群結隊 董事成群結隊: 兩位董事同時擔任相同兩家或更多公司的董事或者是多位董事同時擔 任相同兩家或更多公司的董事。 傳統上又稱此現象為多重連結(multiple interlock) 董事多重連結，普遍存在於各國的公司中
Why? 1. Resource Dependency: overcome environmental uncertainty Ex: multiple interlocks among competing companies, inviting firm banks into the board 2. Class Hegemony: control the economies and benefit the directors who involved in the interlocks
Questions Q1: 董事多重連結是巧合，還是有意識的行為? Q2: 若董事多重連結是有意識行為，參與多重連結的董事會和董事有何特徵?
3 graph structure to describe director multiple-interlock Affliation Network Board Network Director Network
Affliation Network Board Director
Director Network director Sharing board
Board Network Common director Company
Herding Measures percentage of multiple links in “board network” and “director network” average multiplicity of multiple links in board network Bipartite Clustering Coefficient Social Inertia Redundancy
Percentage of multiple links in “board network” and “director network”
Average Multiplicity of Multiple Links in a board network Multiplicity of a node: how many edges connects a node Multiplicity of Multiple Links of a node: how many multiple links connects a node
Bipartite Clustering Coefficients BCC = #C4 / (#L3 * 0.25)
Social Inertia Social Inertia of node i = sum(w_ik) / #k, where k is every neighbor of I
Redundancy One director can be a communication channel of two board, other directors are redundant.
Q1: Coincidence or Intended? Method: 1. Building a random network similar to the real-world network 2. Calculating the herding measure 3. Compare with real-world network Result: Intended
Q2: pattern ? 1. 控制國內大量公司資產的董事 2. 擁有一家公司多數股份的公司 3. 內部董事
Q3:對公司績效正面或負面? ROA = 淨利 / 資產 Regression Result: Negatively Related
Multiple-interlock examples in Taiwan
Multiple-interlock examples in Taiwan
References 劉顯仲. 成群結隊的董事們. 2006.