¿Más unidos o más divididos? La transformación de la red global de grandes empresas y accionistas en tiempos de crisis
- Juste De Ancos, Ruben 1
- Cárdenas, Julián 2
-
1
Universidad de Castilla-La Mancha
info
-
2
Universitat de València
info
ISSN: 1579-0185
Año de publicación: 2025
Título del ejemplar: Organizaciones, cuidados e inclusión social
Volumen: 36
Número: 1
Páginas: 90-106
Tipo: Artículo
Otras publicaciones en: Redes: Revista hispana para el análisis de redes sociales
Resumen
This study investigates the evolution of the global network of large corporations and shareholders before and after significant events such as the pandemic and the conflict in Ukraine. Firstly, we select 15,000 corporations from around the world and identify their shareholders for the years 2019 and 2023 to analyze shifts in the cohesion of the 2-mode network. Secondly, we build and examine a network of countries from the corporate network. Finally, we select the top 1,000 largest corporations to analyze the cohesion of the 1-mode networks of corporations and shareholders. The results show an increased cohesion among the largest corporations due to an increase in shareholder numbers and their tendency to invest in several corporations simultaneously. Moreover, the global network of corporations and shareholders becomes more segmented into communities, suggesting a more multipolar geo-economic landscape.
Referencias bibliográficas
- Ariño, A. (2016). ¿Hacia una plutocracia global? Revista Española de Sociología, 25(1), 37-59.
- Aslam, F., Mohmand, Y. T., Ferreira, P., Memon, B. A., Khan, M., & Khan, M. (2020). Network analysis of global stock markets at the beginning of the coronavirus disease (Covid-19) outbreak. Borsa Istanbul Review, 20, S49-S61. https://doi.org/10.1016/j.bir.2020.09.003
- Borgatti, S.P. (2009). Social Network Analysis, Two-Mode Concepts in. En: Meyers, R. (eds) Encyclopedia of Complexity and Systems Science. Springer. https://doi.org/10.1007/978-0-387-30440-3_491
- Borgatti, S., & Halgin, D. (2011). Analyzing Affiliation Networks. En P. J. Carrington & J. Scott (Eds.), The Sage Handbook of Social Network Analysis (Vol. 1, pp. 417-433). SAGE.
- Brancaccio, E., Giammetti, R., Lopreite, M., & Puliga, M. (2018). Centralization of capital and financial crisis: A global network analysis of corporate control. Structural Change and Economic Dynamics, 45, 94-104. https://doi.org/10.1016/j.strueco.2018.03.001
- Breslin, S. (2016). China and the Global Political Economy. Springer.
- Cárdenas, J. (2014). El Poder Económico Mundial: análisis de redes de interlocking directorates y variedades de capitalismo. Centro de Investigaciones Sociológicas (CIS).
- Cárdenas, J., Robles-Rivera, F., & Martínez-Vallejo, D. (2020). Los dueños de América Latina: Análisis de las redes entre los propietarios transnacionales de las grandes empresas. Revista CIDOB d’Afers Internacionals, 126, 17-40. https://doi.org/10.24241/rcai.2020.126.3.17
- Carroll, W. K. (2018). Rethinking the Transnational Capitalist Class. Alternate Routes: A Journal of Critical Social Research, 29, 184-206.
- Carroll, W. K., & Fennema, M. (2002). Is there a transnational business community? International Sociology, 17(3), 393-419. https://doi.org/10.1177/0268580902017003003
- Carroll, W. K., & Sapinski, J. P. (2016). Neoliberalism and the transnational capitalist class. En S. Springer, K. Birch, & J. MacLeavy (Eds.), The Handbook of Neoliberalism (pp. 25-35). Routledge.
- Chakrabarti, P., Jawed, M. S., & Sarkhel, M. (2021). COVID-19 pandemic and global financial market interlinkages: A dynamic temporal network analysis. Applied Economics, 53(25), 2930-2945. https://doi.org/10.1080/00036846.2020.1870654
- Chatjuthamard, P., Jindahra, P., Sarajoti, P., & Treepongkaruna, S. (2021). The effect of COVID-19 on the global stock market. Accounting & Finance, 61(3), 4923-4953.
- Deng, M., Leippold, M., Wagner, A. F., & Wang, Q. (2023). War and Policy: Investor Expectations on the Net-Zero Transition. Swiss Finance Institute Research Paper, 22-29. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4445458
- Everett, M. G., & Borgatti, S. P. (2013). The dual-projection approach for two-mode networks. Social Networks, 35(2), 204-210. https://doi.org/10.1016/j.socnet.2012.05.004
- Federle, J., Müller, G. J., Meier, A., & Sehn, V. (2022). Proximity to War: The Stock Market Response to the Russian Invasion of Ukraine (SSRN Scholarly Paper 4121360). https://papers.ssrn.com/abstract=4121360
- Gelter, M., & Puaschunder, J. M. (2020). COVID-19 and comparative corporate governance. Journal of Corporation Law, 46, 557.
- Heemskerk, E. M., Fennema, M., & Carroll, W. K. (2016). The global corporate elite after the financial crisis: Evidence from the transnational network of interlocking directorates. Global Networks, 16(1), 68-88. https://doi.org/10.1111/glob.12098
- Heemskerk, E. M., & Takes, F. W. (2016). The Corporate Elite Community Structure of Global Capitalism. New Political Economy, 21(1), 90-118. https://doi.org/10.1080/13563467.2015.1041483
- IMF. (2020). The Great Lockdown: Worst Economic Downturn Since the Great Depression. IMF. https://www.imf.org/en/Blogs/Articles/2020/04/14/blog-weo-the-great-lockdown-worst-economic-downturn-since-the-great-depression
- Kentor, J., & Jang, Y. S. (2004). Yes, there is a (growing) transnational business community: a study of global interlocking directorates 1983-98. International Sociology, 19(3), 355-368. http://doi.org/10.1177/0268580904045345
- Khalife, S., Read, J., & Vazirgiannis, M. (2021). Structure and influence in a global capital–ownership network. Applied Network Science, 6(1), Article 1. https://doi.org/10.1007/s41109-021-00359-6
- Kumar, S., Jain, R., Narain, Balli, F., & Billah, M. (2023). Interconnectivity and investment strategies among commodity prices, cryptocurrencies, and G-20 capital markets: A comparative analysis during COVID-19 and Russian-Ukraine war. International Review of Economics & Finance, 88, 547-593. https://doi.org/10.1016/j.iref.2023.06.039
- Lattanzio, G., Litov, L. P., Megginson, W. L., & Munteanu, A. (2023). Capitalizing entrepreneurship: The rise of growth equity. Journal of Applied Corporate Finance, 35(2), 75-89. https://doi.org/10.1111/jacf.12561
- Latapy, M., Magnien, C., & Vecchio, N. D. (2008). Basic notions for the analysis of large two-mode networks. Social Networks, 30(1), 31-48. https://doi.org/10.1016/j.socnet.2007.04.006
- Newman, M. E. J., & Girvan, M. (2004). Finding and evaluating community structure in networks. Physical Review E, 69(2), 026113. https://doi.org/10.1103/PhysRevE.69.026113
- OECD. (2023). OECD Corporate Governance Factbook 2023. Organisation for Economic Co-operation and Development. https://doi.org/10.1787/6d912314-en
- Robinson, W. I., & Harris, J. (2000). Towards a Global Ruling Class? Globalization and the Transnational Capitalist Class. Science and Society., 64(1), 11-54.
- Robinson, W. I., & Sprague, J. (2018). The transnational capitalist class. En M. Juergensmeyer, M. B. Steger, & S. Sassen (Eds.), Oxford Handbook of Global Studies (pp. 309-327). Oxford University Press.
- Rodríguez, J. A., Cárdenas, J., & Oltra, C. (2006). Redes de Poder Económico en Europa. Sistema, 194, 3-44.
- Sklair, L. (2001). The transnational capitalist class. Wiley-Blackwell Publishing.
- Strampelli, G. (2021). Can BlackRock Save the Planet? The Institutional Investors’ Role in Stakeholder Capitalism. Harvard Business Law Review Online, 11, 1.
- Stuenkel, O. (2020). The BRICS and the Future of Global Order. Rowman & Littlefield.
- Valeeva, D. (2022). Where is the backbone of the transnational corporate elite? Global Networks, 22(3), 547-563. https://doi.org/10.1111/glob.12351
- Vitali, S., & Battiston, S. (2014). The community structure of the global corporate network. PloS ONE, 9(8), e104655. https://doi.org/10.1371/journal.pone.0104655
- Vitali, S., Glattfelder, J. B., & Battiston, S. (2011). The Network of Global Corporate Control. PLoS ONE, 6(10), e25995. https://doi.org/10.1371/journal.pone.0025995
- Wade, R. H. (2011). Emerging World Order? From Multipolarity to Multilateralism in the G20, the World Bank, and the IMF. Politics & Society, 39(3), 347-378. https://doi.org/10.1177/0032329211415503
- Zaheer, K., Aslam, F., Mohmand, Y. T., & Ferreira, P. (2024). On the Dynamic Changes in the Global Stock Markets’ Network during the Russia–Ukraine War. Economies, 12(2), Article 2. https://doi.org/10.3390/economies12020041
- Zaremba, A., Kizys, R., Aharon, D. Y., & Demir, E. (2020). Infected markets: Novel coronavirus, government interventions, and stock return volatility around the globe. Finance Research Letters, 35, 101597. https://doi.org/10.1016/j.frl.2020.101597
- Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528. https://doi.org/10.1016/j.frl.2020.101528