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• W219001332 abstract "How does the development of financial markets change the interaction between banks and corporations? This paper compares the importance of interlocking boards of directors between corporations and banks in Brazil, Mexico and the United States circa 1909. The hypothesis tested is that the development of financial markets and the institutions that accompany it (e.g. financial disclosure rules, investor protections, etc) allows corporations to rely less on connections to banks. There are two specific hypotheses tested in this work. First, given the development of disclosure and corporate governance standards in Brazil, I expect bankers to have been less central than in Mexico and, perhaps, the United States. Second, I test if the availability of financing alternatives, like a well developed bond market in Brazil, reduced the average importance of corporate connections to commercial banks compared to Mexico. I test these hypotheses using network analysis and a simple multivariate regression that explains bank connections. I use comparable business directories to create databases with names of directors and financial information for all major corporations in Mexico and Brazil in 1909. The findings show that using different centrality measures, connections between banks and corporations were less important in Brazil than in Mexico and the United States. Also, in Brazil, the availability of bonds as a way to obtain financing allowed corporations to have a lower average number of connections to banks when compared to their Mexican counterparts. In Mexico, foreign companies, which had access to financial markets abroad, had also lower average connections with banks. I conclude by arguing that even though the Brazil, Mexico and the U.S. had very different network structures, rapid industrial growth was achieved by these three countries. In Mexico, a strong and dense network replaced for some of the institutions that promoted financial development and growth in Brazil. * The author would like to thank the help of Alberto Simpser, Ian Read and Mikolaj Jan Piskorski, and the comments to previous versions of the paper by Thomas David, Gustavo del Angel, Marc Flandreau, Zephyr Frank Stephen Haber, Naomi Lamoreaux, and Gaving Wright. Research assistance was ably provided by Lucia Madrigal. All errors are responsibility of the author." @default.
• W219001332 created "2016-06-24" @default.
• W219001332 creator A5002081198 @default.
• W219001332 date "2006-07-01" @default.
• W219001332 modified "2023-09-25" @default.
• W219001332 title "Corporate Governance and Networks: Bankers in the Corporate Networks of Brazil, Mexico, and the United States circa 1910" @default.
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