The thesis focuses on the ownership structure and presence of interlocks among several companies listed in the italian stock exchange. Many company interactions can be described by the usage of network structure, as for example the Board of Directors network or the ownership network. To get a wider grasp of the looks of the environment composed by firms, these interactions have to be taken into account together. With this purpose, a multi layer network is constructed between the firms. Four different layers are built between those companies, each one based either on interlocks, ownership ties or a ownership similarity index. The ownership similarity index links together firms that present similar equity distribution across shareholders. The analysis first studies the different layers independently, trying to describe the topology of the graphs and identifying the most important companies in it according to several centrality measures. Afterwards, the layers are considered together in order to analyse the overall structure and to make a comparison between them. The results show all layers to complement each other and present very few overlaps. Moreover, no relevant correlation is found between interlocks and strongly concentrated ownership. The majority number of ties happens more for firms with dispersed equity. Interlocks and ownership ties are the features that lead to the most similar results. The overlaps between those two are mainly composed by firms sharing a physical person or an institutional investor as common shareholder.
Molte interazioni tra aziende possono essere descritte attraverso l'utilizzo di reti sociali. Un esempio possono essere le reti derivanti da connessioni all'interno delle varie strutture di Governance, piuttosto che da legami nell'ambito della composizione dell'azionariato. Per compredere come questi diversi aspetti caratterizzino un mercato, e come ed in quali modalità interagiscano e si influenzino a vicenda, è utile considerarli insieme. A questo scopo, all'interno della presente tesi viene construita una rete sociale a più strati, avente come oggetto diverse società quotate presso la borsa italiana. Vengono introdotte quattro reti differenti, ognuna composta a partire da uno tra i due dataset a disposizione, riguardanti rispettivamente la composizione del CdA e dell'azionariato delle società quotate. Per costruire le diverse reti, vengono presi in considerazione casi in cui ci sia la presenza di un consigliere (interlocking), piuttosto che un azionista, in comune tra due aziende, e casi di somiglianza della distribuzione del capitale sociale tra le diverse società. Le reti vengono analizzate d'apprima singolarmente al fine di descriverne i principali aspetti topologici e identificare all'interno di esse i nodi (i.e. le società) più importanti. In un secondo momento, queste vengono considerate assieme, componendo una rete sociale a più strati con l'obiettivo di confrontare i singoli layer. I risultati ottenuti mostrano come le diverse reti tendano a mostrare un aspetto complementare e presentino poche sovrapposizioni. Non è stata identificata nessuna correlazione rilevante tra casi di interlocking e una particolare tipologia di struttura societaria. La maggior parte delle aziende aventi almeno un azionista in comune invece è rappresentata da società caratterizzate da una distribuzione più equa del capitale sociale tra i diversi azionisti. In generale, le reti che sovrappongono di più sono quelle derivanti dallo studio della composizione dei diversi CdA e quella che tiene conto di possibili azionisti in comune tra le società.
Network analysis of listed Italian companies
SCHIRALDI, ALESSANDRO
2020/2021
Abstract
The thesis focuses on the ownership structure and presence of interlocks among several companies listed in the italian stock exchange. Many company interactions can be described by the usage of network structure, as for example the Board of Directors network or the ownership network. To get a wider grasp of the looks of the environment composed by firms, these interactions have to be taken into account together. With this purpose, a multi layer network is constructed between the firms. Four different layers are built between those companies, each one based either on interlocks, ownership ties or a ownership similarity index. The ownership similarity index links together firms that present similar equity distribution across shareholders. The analysis first studies the different layers independently, trying to describe the topology of the graphs and identifying the most important companies in it according to several centrality measures. Afterwards, the layers are considered together in order to analyse the overall structure and to make a comparison between them. The results show all layers to complement each other and present very few overlaps. Moreover, no relevant correlation is found between interlocks and strongly concentrated ownership. The majority number of ties happens more for firms with dispersed equity. Interlocks and ownership ties are the features that lead to the most similar results. The overlaps between those two are mainly composed by firms sharing a physical person or an institutional investor as common shareholder.File | Dimensione | Formato | |
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Executive_Summary.pdf
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Descrizione: Executive summary
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1.99 MB
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Network Analysis of Listed Italian Companies.pdf
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Descrizione: Master thesis
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17.5 MB
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17.5 MB | Adobe PDF | Visualizza/Apri |
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https://hdl.handle.net/10589/188127