ABSTRACT
Over the course of the twentieth century, British business experienced some dramatic changes, especially among the largest firms that dominated both product and financial markets (Wilson 1995). While it is possible to discern distinct stages in this evolutionary process (Wilson and Thomson 2006), the most consistent feature was the divorce between control and ownership, often classified as the move from ‘personal’ to ‘managerial’ capitalism, a trend that Foreman-Peck and Hannah (2012) claim had already gathered extensive momentum by 1914. More recently, a further transformation has been observed and debated, indicating a move toward what has been called ‘financial capitalism’ (Tilba and Wilson 2012). These features of British business are reflected in the nature of ties that existed between British companies regarding shared members of the boards of directors (BoD). Indeed, intercompany networks created through interlocking directorates are an important aspect of a national business system and provide opportunities for collaboration among firms, thus potentially affecting companies’ behaviors and strategies (Windolf 2002; Mizruchi 1996).
