Small worlds: Institutional isomorphism and Australia’s corporate elite, 1910–2018

Abstract

The study of corporate elites is crucial for understanding power in society. This article uses prosopography to examine the gender, race, class and social composition of Australia’s top interlocked directors between 1910 and 2018. Applying institutional theory, it analyses the way the consolidation of managerial capitalism influenced the board appointment procedures of large Australian companies. Institutional isomorphisms have increased both the dominance of professionals in company leadership, and the professional standards of board members, meaning those with the necessary education, accreditation, experience and time to dedicate to company directorships came from an increasingly narrow set of life histories. At the same time, the ‘destructuration’ of the elite’s gender norms has increased the appointment of women in recent decades. This highlights the way institutional pressures can simultaneously encourage and stagnate change, and the importance of considering business elites – and the appointment procedures of their companies – holistically.