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Interlocking Directorates of Banks and Industrial Companies in Hungary at the Beginning of the Twentieth Century

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  • B. Tomka

Abstract

The article uses new archival research on the Hungarian Commercial Bank of Pest and industrial companies to examine the validity of existing interpretations of interlocking directorates in Hungarian bank-industry relations at the beginning of the twentieth century. The results show that interlocking hardly depended on capital relations, which suggests that board membership had not only a control or monitoring function. The lack of regular capital relations made bank hegemony, or even a significant bank influence, not concomitant with interlocking. The Hungarian Commercial Bank was not always able to represent its own interests effectively, not even in those cases when beside the interlocks the bank was a significant owner or creditor of industrial companies. The article concludes that a more complex interpretation of interlocking directorships in Hungary is essential.

Suggested Citation

  • B. Tomka, 2001. "Interlocking Directorates of Banks and Industrial Companies in Hungary at the Beginning of the Twentieth Century," Business History, Taylor & Francis Journals, vol. 43(1), pages 25-42.
  • Handle: RePEc:taf:bushst:v:43:y:2001:i:1:p:25-42
    DOI: 10.1080/713999208
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    Cited by:

    1. Francisco J. Pueyo, 2006. "Interlocking directorates in Spanish banking in the twentieth century," Economics Working Papers 931, Department of Economics and Business, Universitat Pompeu Fabra.
    2. Claire E. F. Wright, 2022. "Above board? Interlocking directorates and corporate contagion in 1980s Australia," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 62(3), pages 290-312, November.
    3. Światowiec-Szczepańska, Justyna & Małys, Łukasz, 2021. "Board Interlocks as a Diffusion of Strategic Information – Does it Work? A Polish Case," Journal of East European Management Studies, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 26(4), pages 589-616.

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