Quality & Quantity

, Volume 49, Issue 4, pp 1585–1595

A multiple network approach to corporate governance

  • Fausto Bonacina
  • Marco D’Errico
  • Enrico Moretto
  • Silvana Stefani
  • Anna Torriero
  • Giovanni Zambruno
Article

DOI: 10.1007/s11135-014-0075-y

Cite this article as:
Bonacina, F., D’Errico, M., Moretto, E. et al. Qual Quant (2015) 49: 1585. doi:10.1007/s11135-014-0075-y

Abstract

In this work, we consider corporate governance (CG) ties among companies from a multiple network perspective. Such a structure naturally arises from the close interrelation between the Shareholding network and the Board of Directors network. In order to capture the simultaneous effects of both networks on CG, we propose to model the CG multiple network structure via tensor analysis. In particular, we consider the TOPHITS model, based on the PARAFAC tensor decomposition, to show that tensor techniques can be successfully applied in this context. By providing some empirical results from the Italian financial market in the univariate case, we then show that a tensor–based multiple network approach can reveal important information.

Keywords

Multiple networks Tensor analysis Corporate governance 

Copyright information

© Springer Science+Business Media Dordrecht 2014

Authors and Affiliations

  • Fausto Bonacina
    • 1
  • Marco D’Errico
    • 1
  • Enrico Moretto
    • 2
  • Silvana Stefani
    • 1
  • Anna Torriero
    • 3
  • Giovanni Zambruno
    • 1
  1. 1.Department of Statistics and Quantitative MethodsUniversity of Milano – BicoccaMilanItaly
  2. 2.Department of EconomicsUniversity of Insubria, Varese and CNR–IMATIMilanItaly
  3. 3.Department of Mathematics, Quantitative Finance and EconometricsCatholic UniversityMilanItaly

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