Working Paper

The Small Core of the German Corporate Board Network: New Evidence from 2010


  • Milakovic
  • M.
  • Alfarano
  • S.
  • Lux
  • T.
Publication Date

Milaković, Alfarano and Lux (2010) have identified a small core of directors who are both highly central to the entire network of German corporate boards as well as closely connected among themselves. While their analysis has been based on data for the management and supervisory boards of a sample of 287 publicly traded companies with high market capitalization as of May 2008, a subsequent study by Milaković, Raddant and Birg (2010) using somewhat smaller samples from the years 1993, 1999, and 2005 has confirmed that this closely connected core is a persistent stylized fact for the German corporate sector. In this note, we provide an update of our previous results using the composition of management and supervisory boards as of December, 2010. Again, almost all qualitative properties of previous samples are confirmed despite considerable turnover within the group of persons constituting the network core.


JEL Classification
D85, L20, M14, M51

Key Words

  • Board and director interlocks
  • market capitalization
  • network core
  • network formation