Directorship Interlocks in Comparative Perspective: The Case of Spain

Abstract

This paper studies the network of intercorporate relationships in Spain in the context of advanced capitalist economies. Economic development patterns and the three main models of corporate structure-Anglo-Saxon, Continental European, and Japanese-are discussed. On the basis of an analysis of the network of director interlocks among the 100 largest industrial corporations, 50 largest banks and 30 largest insurance companies in 1993, I conclude that Spain approximates the Continental European model. Three main findings result from this analysis: (1) Spanish domestic banks coupled with utility companies are located at the core of the intercorporate network; (2) capital-intensive industrial corporations belong to the inner circle of the network, while foreign-owned and light industry enterprises are isolates in the network; and (3) directorship interlocks in Spain tend to take place across industrial sectors rather than within them. I argue that bank-led economic development, high state intervention, and delayed but intensive foreign capital penetration explain the three corporate network outcomes. By combining historical-structuralism and social-network analysis, this study contributes a new empirical case to the existing literature, showing how historical structural factors help to explain intercorporate relations.