How did the financial crisis affect the transnationality of the global financial elite? One step forward and one step back

Kees van Veen*

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

3 Citations (Scopus)
305 Downloads (Pure)

Abstract

Over the last few decades, transnational elite formation progressed hand in hand with a deterioration in national business elites. Most studies regard this process as progressive and linear. However, we argue that transnational elite formation is subject to a variety of opposing forces, and the assumed progression is not a given fact. As an intriguing case, we analyse the financial business elite with a focus on the financial crisis of 2008. This international event had substantial ramifications, including a possible external shock to transnational elite formation. To study the consequences of the crisis, we collected the board composition data of the 48 largest transnational financial companies for the period 2006-11. Changes in board composition show opposing effects. For example, transnationality increased during the crisis, but reversals appeared when national governments intervened.

Original languageEnglish
Pages (from-to)105-126
Number of pages22
JournalGlobal Networks
Volume18
Issue number1
DOIs
Publication statusPublished - Jan-2018

Keywords

  • BOARD TURNOVER
  • CORPORATE GOVERNANCE
  • ELITE NETWORKS
  • FINANCIAL CRISIS
  • FINANCIAL ELITE
  • INTERLOCKING DIRECTORATES
  • BUSINESS COMMUNITY
  • CORPORATE-CONTROL
  • NETWORK
  • GOVERNANCE
  • BOARDS
  • HETEROGENEITY
  • ANTECEDENTS
  • MARKET
  • TENURE

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