The Italian corporate system in a network perspective (1952-1983)

We study the Italian network of boards in four benchmark years covering different decades, when important economic structural shifts occurred. We find that the latter did not significantly disturb its structure as a small world. At the same time, we do not find a strong peculiarity of the Italian variety of capitalism and its corporate governance system. Typical properties of small world networks are at levels which are not dissimilar from those of other developed economies. Even the steady decrease of density that we observe is recurrent in many other national systems. The composition of the core of the most connected boards remains also quite stable over time. Among the most central boards we always find those of banks and insurances, as well as those of State Owned Enterprises (SOEs). At the same time, the system underwent two significant dynamic adjustments in the Sixties (nationalization of electrical industry) and Seventies (financial restructuring after the “big inflation”) which are revealed by modifications in the core and in the community structure.