¿Más unidos o más divididos?

La transformación de la red global de grandes empresas y accionistas en tiempos de crisis

Autores/as

  • Ruben Juste De Ancos Universidad de Castilla-La Mancha
  • Julián Cárdenas University of Valencia

Resumen

Este estudio examina la evolución de la red global de grandes empresas y accionistas antes y después de eventos significativos como la pandemia y la guerra en Ucrania. En primer lugar, se seleccionan 15.000 corporaciones del mundo en los años 2019 y 2023, y se identifican sus respectivos accionistas para analizar los cambios en la cohesión de la red de 2-modos. En segundo lugar, se crea y analiza la red de países derivada de la red de empresas. En tercer lugar, se seleccionan las 1.000 mayores empresas y se analiza la cohesión de las redes de 1-modo de empresas por empresas, y accionistas por accionistas. Los resultados indican un aumento de la cohesión entre las grandes empresas debido al aumento en el número de accionistas y a que estos accionistas invierten en grandes empresas simultáneamente. Además, la red global de empresas y accionistas se vuelve más segmentada en comunidades, sugiriendo un escenario geoeconómico más multipolar.

Palabras clave

Élites empresariales, Análisis de redes, Redes globales, Enlaces de propiedad

Citas

Ariño, A. (2016). ¿Hacia una plutocracia global? Revista Española de Sociología, 25(1), 37-59.

Aslam, F., Mohmand, Y. T., Ferreira, P., Memon, B. A., Khan, M., & Khan, M. (2020). Network analysis of global stock markets at the beginning of the coronavirus disease (Covid-19) outbreak. Borsa Istanbul Review, 20, S49-S61. https://doi.org/10.1016/j.bir.2020.09.003

Borgatti, S.P. (2009). Social Network Analysis, Two-Mode Concepts in. En: Meyers, R. (eds) Encyclopedia of Complexity and Systems Science. Springer. https://doi.org/10.1007/978-0-387-30440-3_491

Borgatti, S., & Halgin, D. (2011). Analyzing Affiliation Networks. En P. J. Carrington & J. Scott (Eds.), The Sage Handbook of Social Network Analysis (Vol. 1, pp. 417-433). SAGE.

Brancaccio, E., Giammetti, R., Lopreite, M., & Puliga, M. (2018). Centralization of capital and financial crisis: A global network analysis of corporate control. Structural Change and Economic Dynamics, 45, 94-104. https://doi.org/10.1016/j.strueco.2018.03.001

Breslin, S. (2016). China and the Global Political Economy. Springer.

Cárdenas, J. (2014). El Poder Económico Mundial: análisis de redes de interlocking directorates y variedades de capitalismo. Centro de Investigaciones Sociológicas (CIS).

Cárdenas, J., Robles-Rivera, F., & Martínez-Vallejo, D. (2020). Los dueños de América Latina: Análisis de las redes entre los propietarios transnacionales de las grandes empresas. Revista CIDOB d’Afers Internacionals, 126, 17-40. https://doi.org/10.24241/rcai.2020.126.3.17

Carroll, W. K. (2018). Rethinking the Transnational Capitalist Class. Alternate Routes: A Journal of Critical Social Research, 29, 184-206.

Carroll, W. K., & Fennema, M. (2002). Is there a transnational business community? International Sociology, 17(3), 393-419. https://doi.org/10.1177/0268580902017003003

Carroll, W. K., & Sapinski, J. P. (2016). Neoliberalism and the transnational capitalist class. En S. Springer, K. Birch, & J. MacLeavy (Eds.), The Handbook of Neoliberalism (pp. 25-35). Routledge.

Chakrabarti, P., Jawed, M. S., & Sarkhel, M. (2021). COVID-19 pandemic and global financial market interlinkages: A dynamic temporal network analysis. Applied Economics, 53(25), 2930-2945. https://doi.org/10.1080/00036846.2020.1870654

Chatjuthamard, P., Jindahra, P., Sarajoti, P., & Treepongkaruna, S. (2021). The effect of COVID-19 on the global stock market. Accounting & Finance, 61(3), 4923-4953.

Deng, M., Leippold, M., Wagner, A. F., & Wang, Q. (2023). War and Policy: Investor Expectations on the Net-Zero Transition. Swiss Finance Institute Research Paper, 22-29. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4445458

Everett, M. G., & Borgatti, S. P. (2013). The dual-projection approach for two-mode networks. Social Networks, 35(2), 204-210. https://doi.org/10.1016/j.socnet.2012.05.004

Federle, J., Müller, G. J., Meier, A., & Sehn, V. (2022). Proximity to War: The Stock Market Response to the Russian Invasion of Ukraine (SSRN Scholarly Paper 4121360). https://papers.ssrn.com/abstract=4121360

Gelter, M., & Puaschunder, J. M. (2020). COVID-19 and comparative corporate governance. Journal of Corporation Law, 46, 557.

Heemskerk, E. M., Fennema, M., & Carroll, W. K. (2016). The global corporate elite after the financial crisis: Evidence from the transnational network of interlocking directorates. Global Networks, 16(1), 68-88. https://doi.org/10.1111/glob.12098

Heemskerk, E. M., & Takes, F. W. (2016). The Corporate Elite Community Structure of Global Capitalism. New Political Economy, 21(1), 90-118. https://doi.org/10.1080/13563467.2015.1041483

IMF. (2020). The Great Lockdown: Worst Economic Downturn Since the Great Depression. IMF. https://www.imf.org/en/Blogs/Articles/2020/04/14/blog-weo-the-great-lockdown-worst-economic-downturn-since-the-great-depression

Kentor, J., & Jang, Y. S. (2004). Yes, there is a (growing) transnational business community: a study of global interlocking directorates 1983-98. International Sociology, 19(3), 355-368. http://doi.org/10.1177/0268580904045345

Khalife, S., Read, J., & Vazirgiannis, M. (2021). Structure and influence in a global capital–ownership network. Applied Network Science, 6(1), Article 1. https://doi.org/10.1007/s41109-021-00359-6

Kumar, S., Jain, R., Narain, Balli, F., & Billah, M. (2023). Interconnectivity and investment strategies among commodity prices, cryptocurrencies, and G-20 capital markets: A comparative analysis during COVID-19 and Russian-Ukraine war. International Review of Economics & Finance, 88, 547-593. https://doi.org/10.1016/j.iref.2023.06.039

Lattanzio, G., Litov, L. P., Megginson, W. L., & Munteanu, A. (2023). Capitalizing entrepreneurship: The rise of growth equity. Journal of Applied Corporate Finance, 35(2), 75-89. https://doi.org/10.1111/jacf.12561

Latapy, M., Magnien, C., & Vecchio, N. D. (2008). Basic notions for the analysis of large two-mode networks. Social Networks, 30(1), 31-48. https://doi.org/10.1016/j.socnet.2007.04.006

Newman, M. E. J., & Girvan, M. (2004). Finding and evaluating community structure in networks. Physical Review E, 69(2), 026113. https://doi.org/10.1103/PhysRevE.69.026113

OECD. (2023). OECD Corporate Governance Factbook 2023. Organisation for Economic Co-operation and Development. https://doi.org/10.1787/6d912314-en

Robinson, W. I., & Harris, J. (2000). Towards a Global Ruling Class? Globalization and the Transnational Capitalist Class. Science and Society., 64(1), 11-54.

Robinson, W. I., & Sprague, J. (2018). The transnational capitalist class. En M. Juergensmeyer, M. B. Steger, & S. Sassen (Eds.), Oxford Handbook of Global Studies (pp. 309-327). Oxford University Press.

Rodríguez, J. A., Cárdenas, J., & Oltra, C. (2006). Redes de Poder Económico en Europa. Sistema, 194, 3-44.

Sklair, L. (2001). The transnational capitalist class. Wiley-Blackwell Publishing.

Strampelli, G. (2021). Can BlackRock Save the Planet? The Institutional Investors’ Role in Stakeholder Capitalism. Harvard Business Law Review Online, 11, 1.

Stuenkel, O. (2020). The BRICS and the Future of Global Order. Rowman & Littlefield.

Valeeva, D. (2022). Where is the backbone of the transnational corporate elite? Global Networks, 22(3), 547-563. https://doi.org/10.1111/glob.12351

Vitali, S., & Battiston, S. (2014). The community structure of the global corporate network. PloS ONE, 9(8), e104655. https://doi.org/10.1371/journal.pone.0104655

Vitali, S., Glattfelder, J. B., & Battiston, S. (2011). The Network of Global Corporate Control. PLoS ONE, 6(10), e25995. https://doi.org/10.1371/journal.pone.0025995

Wade, R. H. (2011). Emerging World Order? From Multipolarity to Multilateralism in the G20, the World Bank, and the IMF. Politics & Society, 39(3), 347-378. https://doi.org/10.1177/0032329211415503

Zaheer, K., Aslam, F., Mohmand, Y. T., & Ferreira, P. (2024). On the Dynamic Changes in the Global Stock Markets’ Network during the Russia–Ukraine War. Economies, 12(2), Article 2. https://doi.org/10.3390/economies12020041

Zaremba, A., Kizys, R., Aharon, D. Y., & Demir, E. (2020). Infected markets: Novel coronavirus, government interventions, and stock return volatility around the globe. Finance Research Letters, 35, 101597. https://doi.org/10.1016/j.frl.2020.101597

Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528. https://doi.org/10.1016/j.frl.2020.101528

Publicado

2024-10-01

Descargas

Los datos de descargas todavía no están disponibles.