Above board? Interlocking directorates and corporate contagion in 1980s Australia

Wright, CEF

Above board? Interlocking directorates and corporate contagion in 1980s Australia

Wright, CEF

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Publisher:: WILEY
Publication Type:: Journal Article
Citation:: Australian Economic History Review, 2022, 62, (3), pp. 290-312
Issue Date:: 2022-11-01

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Field	Value	Language
dc.contributor.author	Wright, CEF
dc.date.accessioned	2023-06-24T01:55:47Z
dc.date.available	2023-06-24T01:55:47Z
dc.date.issued	2022-11-01
dc.identifier.citation	Australian Economic History Review, 2022, 62, (3), pp. 290-312
dc.identifier.issn	0004-8992
dc.identifier.issn	1467-8446
dc.identifier.uri	http://hdl.handle.net/10453/170852
dc.description.abstract	The 1980s were an outrageous time in Australia's business history. This paper re-examines this era of misconduct, assessing the role of interlocking directorates for corporate governance of diversified business groups. Professional interlocked executives—those with professional training, executive status and mobility between member firms—enabled the takeover culture of the time, and allowed managers to ignore promised strategic benefits and redirect associated firms towards speculative share ownership. These results demonstrate the importance of board independence for corporate governance, and the way that expertise has been weaponised within managerial capitalism to encourage trust in risky and exploitative corporate structures.
dc.language	English
dc.publisher	WILEY
dc.relation.ispartof	Australian Economic History Review
dc.relation.isbasedon	10.1111/aehr.12251
dc.rights	info:eu-repo/semantics/openAccess
dc.subject	1402 Applied Economics, 1503 Business and Management, 2202 History and Philosophy of Specific Fields
dc.subject.classification	History of Social Sciences
dc.title	Above board? Interlocking directorates and corporate contagion in 1980s Australia
dc.type	Journal Article
utslib.citation.volume	62
utslib.for	1402 Applied Economics
utslib.for	1503 Business and Management
utslib.for	2202 History and Philosophy of Specific Fields
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Management Discipline
utslib.copyright.status	open_access	*
dc.date.updated	2023-06-24T01:55:45Z
pubs.issue	3
pubs.publication-status	Published
pubs.volume	62
utslib.citation.issue	3

Abstract:

The 1980s were an outrageous time in Australia's business history. This paper re-examines this era of misconduct, assessing the role of interlocking directorates for corporate governance of diversified business groups. Professional interlocked executives—those with professional training, executive status and mobility between member firms—enabled the takeover culture of the time, and allowed managers to ignore promised strategic benefits and redirect associated firms towards speculative share ownership. These results demonstrate the importance of board independence for corporate governance, and the way that expertise has been weaponised within managerial capitalism to encourage trust in risky and exploitative corporate structures.

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http://hdl.handle.net/10453/170852