13NOV07/ 14:00 The Italian Chamber of Lords Sits on Listed Company Boards An Empirical Analysis of Italian Listed Company Boards From 1998 to 2006 November 2007 Paolo Santella*, Carlo Drago**, Andrea Polo***1 Abstract The purpose of the present paper is to contribute to the literature on country interlocks by illustrating and analysing the interlocking directorships in the Italian listed companies from 1998 to 2006. We find that over the entire period a high percentage of the Italian listed companies are connected with each other mainly through a very small minority of directors. Such group of interlocking (overwhelmingly male) directors shows a remarkable stability over time with very few entrants and very few exits mainly related to the passing away of the director. We define them for brevity the Lords of the Italian stockmarket. Lords tend to belong to families of directors, with the first five families having more than 100 directorships in nine years. The highest level of connectivity concerns those companies that belong to the MIB 30/S&P-MIB 40 index, the Italian Blue Chips. In particular, practically all the financial Blue Chips are connected with each other through a web of directors continuously from 1998 to 2006. The extent, depth, and stability of the connections among the Italian listed companies, and in particular the main Italian financial companies, raise doubts on the extent of their competitive behaviour. Keywords: corporate governance, interlocking directorships, board turnover, antitrust, competition, social network analysis (SNA), exploratory data analysis (EDA), empirical corporate finance. JEL classifications: C0, L1, L4, G3, M2. This paper is available free of charge at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1027947 * European Commission and Bank of Italy. paolo.santella@ec.europa.eu ** University of Naples “Federico II”. c.drago@mclink.it *** University of Oxford Said Business School. andrea.polo@sbs.ox.ac.uk 1 The views expressed in the article represent exclusively the positions of the authors and do not involve in any way the responsibility of the European Commission or the Bank of Italy. We thank Marcello Bianchi for the advice provided during the entire preparation of the article. We are indebted to Livia Aliberti, Pierluigi Ciocca, and to an anonymous referee for their very helpful suggestions. We also thank Paola Fico, Domenico Irace, Massimiliano Stecchini, Stephen Ongena. We also thank the participants to the third annual conference of the Italian Society of Law and Economics, Milan, 8-9 November 2007. 1 1. Introduction. The role of interlocking directorships in corporate governance There are several theories on the function of interlocking directorships. Mizruchi’s (1997) comprehensive review on the topic illustrates three main reasons for the formation of interlocks: collusion, cooptation and monitoring, and legitimacy, career advancement, and social cohesion. As for the first reason, the extensive debate on the causes and consequences of interlocks started in the early twentieth century when the US Senate Pujo Committee, analysing the linkages between the main New York banks and the industrial sector, argued that interlocks between competitors provided a means of restricting competition. In 1914 Supreme Court Justice Louis Brandeis expressed this point with the following words: The practice of interlocking directorates is the root of many evils. It offends laws human and divine. Applied to rival corporations, it tends to the suppression of competition and to violation of the Sherman Law. Applied to corporations which deal with each other, it tends to disloyalty and to violation of the fundamental law that no man can serve two masters. In either event it leads to inefficiency; for it removes incentive and destroys soundness of judgment. It is undemocratic, for it rejects the platform: “A fair field and no favors”- substituting the pull of privilege for the push of manhood.2 In the same year Section 8 of the Clayton Act expressly prohibited interlocks between firms competing in the same markets. Interlocking would facilitate the collusion between firms creating an informal communication channel between directors who could use it to make agreements against the consumers. Interlocking directorships can be a useful instrument to cartelize a market because sharing directors allows cartel participants to have an observer in place monitoring activities that could undermine the cartel agreement. A system based on direct interlocking directorates may thus potentially produce economic inefficiencies (Carbonai, Di Bartolomeo 2006). Pennings (1980) found a positive association between industry concentration an horizontal ties (interlocking directors between firms operating in the same sector), while Burt (1983) found an inverted U-shaped function: in the case of very high market concentration, the few producers have little need to interlock to set prices. 2 Quoted by Elouaer (2006). 2 A second reason for the formation of interlocks is cooptation and monitoring (Dooley, 1969 and Mizruchi and Stearns, 1994). According to Selznick (1949), cooptation is “the absorption of potentially disruptive elements into an organization’s decision-making structure”. The idea is that firms invite on their board representatives of the various resources they depend on to reduce environmental incertainty and maintaining their position in the market. For this reason companies have on their boards bankers, suppliers, clients (Pfeffer e Salancik, 1978). As regards monitoring, information theories hold that there are information asymmetries between creditors and debtors, since creditors, that is banks, know less about the quality of debtors. Interlocking is one of those institutions that can help surmount information asymmetry (Mariolis, 1975). Its function is to monitor debtors by offering access to internal information. Through membership in directorates and boards banks are able to keep the company management under their influence. Dooley (1969) finds that less solvent firms are likely to be interlocked with banks. Later studies also report that firms with high debt-to-equity ratios (Pfeffer, 1972) or organizations with an increased demand for capital (Mizruchi and Stearns, 1988) have a higher tendency to interlock their boards. The quest for legitimacy is a further source of interlocking (Selznick, 1957). In order to better their reputation firms invite on their boards individuals with ties to important organisations. Moving from a firm perspective to an individual director perspective, that is from a demand perspective to a supply perspective, Zajac (1988) states that one reason for interlocks is the fact that individuals join boards for financial remuneration, prestige, and contacts that may prove useful in securing subsequent employment opportunities. Furthermore, according to Useem (1984), interlocks are a tool to promote upper-class cohesion creating a business elite. Such incentives for directors to assume multiple directorships might have negative consequences. According to Ferris et al. (2003) and Fich and Shivdasani (2006), multiple directorships place an excessive burden on directors with a negative impact on their ability to monitor and influence managers (business hypothesis). Although they start from different theoretic reasons for the formation of interlocks, all the empirical studies agree that interlocking directorates create a special communication channel between linked firms, which can lead to similar behaviour (Davis, 1991). Examples are the adoption of multidivisional forms (Palmer et al., 1993), the similarity of political campaign contributions (Mizruchi, 1992), and the recourse poison pills (Davis, 1991). More in particular, those empirical studies that examine the hypothesis of collusion find that interlocking directorates can have a negative impact on the economic system since they endanger the 3 independence of interlocked firms, decrease competition in the market for corporate control, exacerbate agency problems, violate directors’ fiduciary obligations as the agents of stockholders (Fich and White, 2005), and improve the ability of the controlling shareholders to expropriate the minority shareholders, extracting private benefits from control (Barucci 2006). As regards the market for corporate control, Cotter et al. (1997) study director interlocks between bidder and target firms. Their findings suggest that the presence of director interlocks reduces the gains to target shareholders and decreases the likelihood that a target firm receives multiple bids. Such results indicate that interlocking directorships can affect target shareholder gains in at least two ways. First, interlocked directors have fiduciary obligations to the shareholders of both the target and the bidder, thus creating a conflict of interest. Second, such directors, ameliorating the information asymmetry between the interlocked bidder and target may dissuade other likely bidders from bidding. Moreover, Fich and White (2003) report a negative association between the number of interlocking directorships and the probability of CEO turnover. Finally, as regards the risk of expropriation of minority shareholders, according to Bertoni and Randone (2006) this risk is higher for companies tied by board interlocks, because these firms are more likely to act in concert entailing an advantage for the controlling shareholders who appoint the majority of directors and a higher risk of expropriation for noncontrolling shareholders. Much empirical research has been carried out on the effect of interlocks on firm performance. Having seen above the plurality of the views on the function of interlocks, it is with no surprise that results of these studies are mixed (Bunting, 1976, Pennings, 1980, Burt, 1983, Fligstein and Brantley, 1992, and Phan et al. 2003). For instance, according to the reputation hypothesis, entering in the corporate elite has a positive impact on firms’ value, while the business hypothesis assumes the opposite effect (see Table 1 and Table 2). Another important part of the empirical literature on interlocks focuses on providing data on the actual extent of interlocks in several countries (see Table 3). These studies analyse the structure of the networks created by interlocking directors and match the “small world phenomenon”, a situation in which firms have a high degree of interconnection through a relatively small number of firms which act as hubs. However, an important caveat is that such country studies refer to single years, generally comparing two different years. Making a comparison between the networks of interlocking directorships of different countries would be of great interest but this turns out to be a very difficult task: different country studies use different sample sizes, different selection criteria, different measures of density of the network. As far as we know theare only two works that try to address this 4 issue: Stokman and Wasseur (1985) and Leo Mac Canna et al. (1998), both using an old database of 1976. The purpose of the present paper is to contribute to the literature on country interlocks by illustrating and analysing the interlocking directorships in the Italian listed companies belonging to the MTA market over a nine-year period, from 1998 to 2006. in 2006 the MTA market covered about 95% of the capitalisation of the Italian stock market (Borsa Italiana). Director interlocks in Italy are not a novelty. Speaking about the Italian industrial system at the end of the nineteenth century, Ciocca (2007) observes that the Italian large companies were already characterised by crosshareholdings, company pyramids, shareholder agreements, interlocking directorships, with at least some big linkers. Even after the First World War, the Italian capitalism continued to be characterised by a few dominant industrial and financial groups and conglomerates characterised by the same control features. Rinaldi (2004) and Rinaldi and Vasta (2005), in their analysis of the Italian capitalism between the end of the II World War and the '70s, find that during this period interlocks established through a very small numbers of directors, called big linkers by Rinaldi and Vasta (Lords in this paper), played an important role in guaranteeing the stability of the system. At the end of the war there was the need for coexistence between state-owned enterprises and private companies, while avoiding the domination of either of the parties over the other. According to the authors, one of the instruments used to obtain the stabilisation of orders of control was the practice of interlocking directorates. While until 1962 the network was centred on the larger electrical companies, with a very high degree of cohesion, after 1962, with the nationalisation of the electricity industry, it was replaced by a new and less cohesive one, hinged on financial intermediaries: banks, insurance and finance companies which took back, at least in part, the position that they had held in the 1920s. Finally, Bianchi et al (2005) explicitly identify as a characteristic of the Italian stockmarket since the 1970s the widespread recourse to director interlocks (and to cross-shareholdings). According to the authors such elements may have favoured collusion, non-aggression pacts, and may have reduced competition3. Such features fall within the debate on the persistent Italian economic backwardness and in more recent years, economic decline (Barca and Visco 1992, Ciocca 2000, Visco 2003). 3 "Per quanto riguarda le grandi imprese va osservato che assai diffusa è stata la pratica di condivisione degli amministratori, nonché quella delle partecipazioni incrociate. La composizione dei consigli di amministrazione dei grandi gruppi industriali è stata molto spesso simile: le stesse persone infatti ricoprivano ruoli di rilievo negli organismi di più aziende. questi elementi possono aver favorito forme di collusione, pratiche di non aggressione e quindi contribuito a ridurre la concorrenza." Bianchi et al 2005, p. 39. 5 In the last few years different works have analysed the interlocking directorates in Italy. Bianco and Pagnoni (1997) find that the phenomenon of interlocking directorates was well present between 1985 and 1995, with more than 20% of directors sitting on more than one board and the directors of financial companies having on average a higher number of boards. These results are consistent with Barbi (2000) on the period 1983-1998. Barbi analyzes interlocking directorships as a legal device aiming to support control positions without concentrating cash flow rights. More recently, Bertoni and Randone (2006) examine the network of ownership interconnections and board interlocks among Italian listed companies from 1999 to 2004.4 They show that both networks have “small-world” characteristics and analyse how they evolve during this period, showing that while ownership interconnections decrease, board interlocks increase their relevance5. The paper proceeds as follows: in section 2 we illustrate data and methodology; in section 3 the results; section 4 concludes. 2. Data and methodology Our database is made of the directors sitting on the Italian listed company boards from 1998 to 2006 included. We refer to the companies making the MTA market, which is the main market of the Italian stock market (Borsa Italiana).6 2.1. Board composition dynamics and interlocks The directors' board dynamics over the time for the company c : board c ,t = board c ,t − 1 + t+ 1 ∫ (en − ex) dt (1) t Where: en(t ) = d en ⋅ t = en dt ex(t ) = d ex ⋅ t = ex dt 4 For a detailed illustration of the ownership structure of the Italian capitalism see Bianchi, Bianco and Enriques (2002) and Bianchi and Bianco (2006) 5 To complete the survey of recent works on board composition of the Italian companies it is necessary to refer to Ferri, Masciandaro and Messori (2001) who observe a high stability in the board structure for local banks in Italy and Volpin (2002), who finds a lower turnover of top executive directors. 6 In 2006 the MTA (Mercato Telematico Azionario or Electronic Share Market) made almost the 99% of the total capitalization of Borsa Italiana: see Consob (2007), p. 56. 6 en(t ) refers to the number of entrants at time t i , ex(t ) is the number of exits. board c ,t is the board size at time t i . Exits and Entrants over the time are aggregate flows by company c . A director i can be entrant in a board or exit in another or sit in more than one board simultaneously at t i . A single director i who sits on more than one board is defined as an interlock. By data we investigate the structure of interlocking directorship network (the matrix 8), a director i , the director flows, through the number of directorships during the time (equation 10), the cohesion and the centrality aspects (from equation 12 to 23), and finally the emersion of the cliques and other cohesive subgroups and the network persistency mechanisms (from equation 25 to 28)7. 2.2. The interlocking directorship network over time8 A network9 or a graph G = (V , E ) is a set V of vertices or nodes (q ) that link a set E of edges or ties. Networks are usually represented by an adjacency matrix B where Bi , j = 1 if there is an edge, Bi , j = 0 if not. If an edge connects every vertex V , a graph (or a network) G is complete. The Freeman degree of a node d (q ) is the number of edges related to (q ) . The set of the neighbours (nodes) of q is N G (q ) and they are connected to q by an edge. To represent the network over the time, initially we have a data matrix A1 referring to the entire database10: c1, 2  d1,1  c2 , 2  d 2,1  c3, 2 A1 = d 3,1  ...  ... d  31643,1 c31643, 2 a1,3 a2 , 3 a3,3 ... a31643,3 ... a1,k t1, z   ... a2,k t 2, z  ... a3, k t3, z   ... ... ...  ... a31643, k t31643, z  (2) Where: d i ,1 = {" director1 " , " directorn "} , i = 1...31643 ; ci , 2 = {" company1 " , " company n "} , i = 1...31643 ai ,3...k = {" attribute1,3..k " , " attributen ,3..k "} , i = 1...31643 ; t i , z = { year1 ... yearn } , i = 1998...2006 7 Here we follow an exploratory data analysis approach. We do not assume any hypothesis concerning the network structure. We look at structures or patterns in data that clarify any subsequent statistical analysis. “Instead of testing prespecified structural hypotheses, we explore social networks for meaningful patterns”: De Nooy Mrvar Batagelj (2005). 8 Wesserman Faust Iacobucci (1994) 9 Wesserman Faust (1994) Newman (2007) 10 Consob data 7 The statistical unit (represented by the row of the matrix 2) is the directorship. Each director d i ,1 could have n multiple directorships where the same directorship is characterized by k − 2 qualitative attributes ai ,3..k over time ti , z . From (2) we obtain an affiliation11 matrix A2 and then we partition it by year t i , obtaining nine affiliation matrices ( A2,t = 1998...2006 ) characterised by row by the same director i and in column by the company c 12. The term dir j ,q represents the existence of a directorship. Every year ti the number of the companies (in columns) and directors (in row) change due to new listed companies, delistings, and so on.  dir1,1   dir2,1 A2,t =  dir3,1   ...  dir  J ,1 dir1, 2 dir2, 2 dir3, 2 ... dirJ , 2 dir1,3 dir2,3 dir3,3 ... dirJ ,3 ... ... ... ... ... dir1,W   dir2,W  dir3,W   ...  dirJ ,W  (3) Where: dir j = 1.. J , w = 1...W = { 0,1} , j = 1...J , w = 1...W ; w = { company1 ,..., companyW } ; j = { director1 ,..., directorJ } ; ti = { year1 ... yearn } , i = 1998...2006 The directorships (either for each year and globally) over the period considered by each director d j are obtained from the affiliation matrix A2,t = 1998...2006 :13  W   W   W   W  DIRd = ∑  ∑ dir j , w  =  ∑ dir j , w  +  ∑ dir j , w  + ... +  ∑ dir j , w  , d = 1..n t = 1998  w = 1  t  w= 1  1998  w = 1  1999  w= 1  2006 2006 (4) At the same time, from the affiliation matrix it is possible to obtain the number of directors by company during the period 1998-200614: 11 Company- director These data matrices could be merged in a unique longitudinal dataset of the network data 13 The number of directorships by director in the period 1998-2006 is in table 4. In table 5 we identify directors with DIRd > 23 in nine years (with an average on 2.5 directorships by year). In table 6 we cross-tabulate directors found in table 5 with their attributes in matrix 3. The number of directorships chosen is based on table 4 (we identify approximately the highest 5% of directors of the listed companies examined. 14 The board size is in appendix 2. 12 8 Dw =   J  dir j , w  =  ∑ dir j , w  + t = 1998  j = 1  t  j= 1  1998 2006  J ∑  ∑  J   J   ∑ dir j , w   ∑ dir j , w  , w = 1..W + ... +      j= 1  1999  j= 1  2006 (5) The family15 as a whole: DIR fam ( d ) t =  W  ∑m = 1  ∑w= 1 dirj , w  t M (6) Where m represents the family member of the family fam(d ) t . Over the period considered we obtain16 the number of family directorships in the all period: DIR fam ( d ) =  M  W   ∑  ∑ dirj , w   ∑ t = 1998  m = 1  w = 1  2006 (7) The matrix (3) represents a two-mode network (we consider either the director j and the company w at time t i ). Alternatively17, we can build one more network matrix by year t , either for companies, or for directors. In the case of companies we have companies in the rows and in the columns and the general term of the square matrix ui , k represents the number of directors in common between company i and company k (the strength of an edge Sv ≠ k in a generic network) . In this way we obtain the matrix (8)18. We could do the same using directors as rows and columns.  −   u 2,1 A3,t =  u 31   ... u  n ,1 u12 − u 3, 2 ... u n,2 u13 u 2,3 − ... u n ,3 ... u1,n   ... u 2,n  ... u 3,n   − ...  ... −  t (8) By recoding the matrix (existence of the relationship =1, nonexistence =0) we obtain the adjacency matrix B4,t . In the same way we obtain the matrix for the network of the directors. We refer to a 15 Family memberships are identified as attributes in matrix (2) Results of (6) and (7) are in table 7. 17 Hanneman, Riddle (2005). 18 We obtain a vector containing the interlocking directorships by company(1) and company(2) and vice-versa. We then cross-tabulate the vector obtained obtaining a matrix where in the row there is company(1) and in column company(2) by obtaining the matrix (4) 16 9 particolar network at t1998...2006 either for companies and for directors. In matrix (8) we consider only companies belonging to the MIB 30/S&P-MIB 40 index. In this way we obtain: A3, S & PMIB ,t . We are then able to compare A3,t (which considers all the listed companies) and A3, S & PMIB ,t (which considers only S&P MIB index companies19). We then transform the data matrix (8) in a longitudinal dataset of network data20. In this way we are able to study the persistence of connections over the time. 2.3. Director transitions and interlocks evolution From the affiliation matrix (3) every director d i ,1 at the time t can sit on n different boards (represented in columns), and can have some different interlocking directorships. As we know from (4) the directorships by year are obtained by the affiliation matrix:  W  DIRd ,t =  ∑ dir j , w  , d = 1..n  w= 1 t (9) Now we consider the number of directorships DIRd ,t = 1998..2006 (relating to a single year t ) as a transition state. We use a matrix where rows represent the different transition states (1, 2 3 directorships...) at time t and the columns represent the different transition states at time t + 1 . For instance the term a 2, 4 represents the number of directors who during the year21 pass from two to four directorships22.  a1,1   a 2,1 At =  ...  a  n ,1 a1, 2 a 2, 2 ... an,2 ... a1,n   ... a 2,n  ... ...   ... a n ,n  (10) 19 In particular we compare network density (15) and the clustering coefficient (17) In this case we follow the two-step analysis as in Snijders (2003): “Any empirical analysis of longitudinal network data should start by making basic data description in the form of making graphs of the networks or plotting some basic network statistics over time. These can include the density or average degree, degree variance, number of isolates, number of components of given sizes, parameters for reciprocity, transitivity, segmentation, etc. Next to sequences of statistics for the M observed networks, it is instructive to give a description of the number and types of changes that occurred.This can be done in increasing stages of structural complexity” 21 It is possible to consider different time spans and compute the director flows and the transition matrix accordingly. 22 Results are in table 8 by considering each couple of years. 20 10 From this square matrix we move from the transition matrix, which represents the probability to change the transition state in one-year:    Pt =     p1,1 p 2,1 ... p n ,1 p1, 2 p 2, 2 ... p n, 2 ... ... ... ... p1,n   p 2,n  ...   p n ,n  (11) Where: pi , j = ai , j n ∑ j= 1 ai , j ; t = {1998...2006} pi , j represents the probability to go from the number of directorships i to the number of directorships j the following year. We follow the dynamics in the period 1998-2006 directly computing the director flows At and the probabilities of transition pi , j . At the same time companies adjust over the time the number of directors on the board (in the equation 1). Both directors and companies evolve their positions during time t . It is important to note that the transitions in (10) will determinate structural changes in the network structure (equations from 12 to 24). 2.4. Network cohesion For each time t 23, we observe two networks, one for companies (8), one for directors. Possible indices of network structure are: size, reachability, fragmentation, density, connectedness, geodesic distance and maximum flow24. At each time t , because of changes in board composition (1), we observe different adjacency matrices B4,t = 1998...2006 so that the relative indices can change over the time for the network. We define as components of the network25 sets of nodes in which it is possible to reach other nodes. A Graph (or network) is defined as connected when there is only one component. In a connected Graph any pair of connected nodes of a network i is the set of companies in (8) characterised by: 23 Here we refer directly to the literature on Social Network Analysis. See Wasserman, Faust (1994). Wasserman , Faust, (1994), Hanneman, Riddle (2005). We compute these indices following Snijders (2003) as a first step in the analysis of longitudinal network data. 25 Results are in table 9. 24 11 n ∑ i= 1 u i , j > 0 , then d (q) >0 (12) A node is an isolate when the sum of the terms in the row or in the column in (6) is 0, so we define as isolates the set of companies characterised by: n ∑ i= 1 u i , j = 0 , then d (q) =0 n When ∑ i= 1 (13) ui , j = 1 this means that only one edge connects the node to the network. In this case we have a bridge ( d (q) =1). When there is a node that connects directly more components of a network there is a block cut point26, deleting that node we disconnect a part of network. Reachability means that there is a path between two given nodes. So at least for these two nodes in (8) n u i , j > 0 . Isolates are not reachable at all, so ∑ u i , j = 0 . Network reachability Vt could be represented i= 1 as a matrix where in the rows and in the columns we have companies. Terms of the matrix are vi , j : vi , j = 1 if a node is reachable; vi , j = 0 a node is not reachable (14) Fragmentation Ft is “the proportion of nodes that are unreachable each others”27. The density Et 28 in a network is directly computed by considering the u i , j elements of the adjacency matrix A3,t or B4,t divided by the number of nodes in a network t :  n n   ∑ ∑ ui , j    i= 1 j= 1  Et =  n ⋅ (n − 1) (15) If Et = 1 there is perfect network connection. Another measure of density can be referred to a single node E i (q ) . This one is computed by column or row in (8). 26 Borgatti (2002) Borgatti (2002) 28 Wassermann Faust (1994). Results are in table 10 27 12 Connectivity is the number of nodes that must be deleted to eliminate a connection between two nodes. Where ci are connected nodes and cn are the sum of the nodes of the network (the si is the number of connected nodes and ai is the number of the isolates)29, the relative connectedness Wt is: Wt = ci si = c n ( si + ai ) (16) A measure to detect if a graph G is a “Small world”30 is the clustering coefficient31 for the node q: CCt (q ) = 2⋅ u m ⋅ (m − 1) (17) Where m are the nodes and u are the edges in the set of the neighbours N G (q ) . We need to compute the average of (17) with respect to the network at t to obtain CCt that is the clustering coefficient of the network at time t . To quantitatively measure the distance using a path32 from a director or a company to another one we use the geodesic distance. So the geodesic distance GDv ≠ q in a graph G is the measure of the distance between two different generic nodes v and h . It is the minimum path d (as a set of not repeated edges) between two different nodes of the graph:  n  GDv ≠ h ,t = min ∑ d v , h  and if it does not exist a path between v and h GDv ≠ h = ∞  v≠ h  (18) Another important indicator is the mean geodesic distance ( GD ), which is computed as the average of (18) considering all the companies33. 29 Krackhardt (1994) “We find that these systems can be highly clustered, like regular lattices, yet have small characteristic path lengths, like random graphs. We call them ‘small-world’ networks, by analogy with the small-world phenomenon (popularly known as six degrees of separation)” in Watts Strogatz (1998). See also Milgram (1967) 31 Watts, Strogatz (1998). Results are in table 11 32 In a Path it is not possible to repeat a network node, in a Trail is not possible to repeat a line, in the Walk it is possible to repeat both nodes and lines. 33 Results are in table 12. 30 13 The maximum flow MFv ≠ h is the maximum number of possible paths through which it is possible to reach a node in the network. 2.5. Node Centrality Centrality represents the most important indicator of relevance and power of a node q in the network. We remind that each node (either the company or in a different context the director) is characterized by the Freeman Degree, FDt which is the sum of the links by node q : FDt (q ) = n ∑ i= 1 diri , j (19) With j = 1..W for the directors or j = 1..J for the companies using the matrix (3) The Freeman Degree can be considered as a measure of local centrality34. Centrality35 in a network can be represented in different ways. For instance, we can use the closeness CLi with respect to the node q:  n  CLt (q ) =  ∑ Gq , k   q≠ k  −1 (20) Where CLi is the inverse of the sum of geodesic distances (defined as farness)36. Another important indicator is the betweenness BTi of a node q 37: BT ( q) t = n d v ,h (q ) v≠ h≠ q d v,h ∑ (21) and the normalized betweenness38:  n d v ,h ( q)   ∑   v≠ h≠ q d  v,h   nBT (q ) t = (n − 1) ⋅ (n − 2) 2 (22) 34 Results are in table 13. Wassermann, Faust (1994). 36 Results (in particular the farness) are shown in table 15. 37 Results are in table 14. 35 38 The number of node is (n − 1)(n − 2) . 2 14 To measure the centralization degree of the network it is possible to use CN i 39, where ce is an index of centrality (one among 19, 20 or 21 and 22) n CN t = ∑ ( ce i= 1 max − cei )  n  max  ∑ ( cemax − cei )   i= 1  (23) 3. Results40 3.1 The Italian Chamber of Lords: basic facts41 Number of directorships Table 4 lists the total number of directorships of all Italian directors sitting on all listed company boards. After an increase from about 1700 directors to about 1800 in 1999, the total number of directors in the Italian stockmarket is stable until 2005, when it goes up to about 2100 due to the inclusion within our sample of the MTAX market, which was introduced in 2005 with the same characteristocs of the MTA.42 From the table it is possible to see that about 84% of all directors sit on just one company board (we call them onetimers for brevity) over the nine years considered. Such result is consistent with what Rinaldi and Vasta (2005) found for company interlocks in Italy through the 20th century. The directors who sit on two or three company boards at the same time make up the bulk of the total remaining directors. Even in this case such feature tends to be constant over time, with directors who sit on two boards at the same time (or twotimers) making up about 10% of the total number of directors and the percentage of total directors who sit on three company boards at the same time 39 Freeman (1979). “The star network is the most centralized or most unequal possible network for any number of actors. In the star network, all the actors but one have degree of one, and the "star" has degree of the number of actors, less one. Freeman felt that it would be useful to express the degree of variability in the degrees of actors in our observed network as a percentage of that in a star network of the same size. This is how the Freeman graph centralization measures can be understood: they express the degree of inequality or variance in our network as a percentage of that of a perfect star network of the same size” Hanneman, Riddle (2005). 40 Software used in the analysis are Ucinet (6.164), Pajek (1.02) , Stata (9.0), R (2.5.0) and Microsoft Visual Basic (6.3). See Borgatti, Everett, and Freeman (2002) StataCorp (2005) and R Development Core Team (2006) 41 The approach here is the “exploratory data analysis” EDA following Tukey (1977). 42 See Borsa Italiana 2005. 15 (threetimers) making up about 3% over the entire period considered. The directors who sit on more than three boards at the same time (multitimers) are a small minority made of about 2% of total directors over the entire period considered. The Lords stay Lords, the peones stay peones We now move on to examine more closely the transition over time in the number of directorships. We want to understand whether and to what extent there is stability over time in the number of directorships. With reference to Table 8 we first focus on those directors who have one directorship in any one of the nine years considered (onetimers). We observe here that the percentage of onetimers who stay in charge the following year tends to be about 80% over the nine years considered, as low as 72% between 2002 and 2003 and as high as 80% between 1998 and 1999, 2001 and 2002, and 2003 and 2004. The exit is the second most frequent probability for all the nine years considered. The third probability is for onetimers to move on in the following year to two directorships, although such a probability is rather rare: 42 cases out of 1427 (2.9%) from 1998 to 1999, 44 out of 1511 (2.9%) from 1999 to 2000, and so on. The probability for onetimers to move to three directorships is exceptional and to more than three directorships practically nonexistent (one case in nine years). Such features are shared by the (much less numerous) category of directors who have two directorships at any given year (twotimers). Even in this case we start from the observation that twotimers tend to be stable over the period considered, as the higher probabilities are for twotimers to stay in charge: 64% from 1998 to 1999 as well as from 1999 to 2000, 61% from 2000 to 2001, and so on. The second probability is for twotimers to scale back to one directorship the following year; the third to lose both their directorships. The probability for twotimers to move to three directorships is rare, to four directorships exceptional, and to more than four directorships nonexistent. Finally, we also observe from Table 8 that those directors who have three and more than three directorships (multitimers) only exceptionally lose all of their directorships at the same time (twelve cases over nine years for the former and nine cases for the latter). We then draw three general conclusions with respect to Table 8. The first is that although onetimers and twotimers (whom again for brevity we define as peones) constitute the bulk of Italian directors, it is difficult for them at any given year to move on to three or more directorships. Second, that the higher their number of boards the lower the probability for directors to lose all their directorships the following year, although it is also true that the higher the number of boards the lower the probability 16 to remain in the same number of directorships the following year. Third, that for onetimers and twotimers by far the higher probability is to remain in charge the following year while only eceptionally do the multitimers loose all of their boards at the same time. Director turnover Such features are confirmed when we observe the director turnover. As we have seen above with reference to Table 8, over the nine years considered in our study 4270 directors sat on the Italian listed company boards while summing up the total number of directorships for the nine years as displayed in Table 4 we observe that 16897 board positions (directorships) were available. This means an average turnaround rate of 25%, which means that on average every year one director out of four leaves her position on behalf of someone else, and that such a director predominantly is a onetimer or a twotimer. Our conclusion in this respect is that there is a duality in the Italian directorship market, which is characterised by a low mobility between two categories of directors, Lords and Peones. Moreover, both Lords and peones tend to show stability within their category, and that such stability is even more important for the multitimers. The Lords’ profile We now move on to investigate more closely the features of those directors who have a high number of boards over the nine years considered. We saw from Table 8 that three directorships seems to represent a frontier between the (many) peones and the (few) multitimers. Since it is primarily through the latter that the Italian listed companies establish contacts with each other (Rinaldi and Vasta 2005 call them "Multilinkers"), in Table 5 we list all the directors who in the nine-year period considered have at least 23 directorships (on average about 2.5 directorships per year). It is a group of 75 directors (out of a total of 4270 directors, as shown in Table 5, that is 1.7% of the total number of directors serving on the Italian listed company boards from 1998 to 2006), whom for brevity we identify as the Lords of the Italian stock market. The first thing we notice is that there are different patterns: there are directors who increase progressively their number of boards (for instance Carlo Pesenti, three members of the Ligresti Family), those who tend to have a stable number of directorships (Geronzi, Francesco Caltagirone) and those who decrease their presence (Gazzoni Frascara, Giampiero Pesenti, Tronchetti Provera, Gutty). Finally, there is a small number of directors who exit from the group, and this is due mainly to their passing away. Moreover, no matter the pattern (with the obvious exception of those who pass away), changes in the number of directorships from year to year tends to be gradual. To further explore the characteristics of our 75 Lords, we listed them 17 in Table 6 according to their board positions. We observe that along a high number of cases in which Lords sit on their boards as "simple" directors, in an important number of cases they also sit as Ceos or as Chairpersons. Finally, 25 out of 75 Lords are also significant shareholders in one or more listed companies over the period considered. The Lords often belong to families Looking at Table 5 we also observe that many of the Lords belong to families, that is, many of them have relatives sitting on Italian listed company boards belonging to our sample. Table 7 shows the number of directorships held by families of directors. We have 53 families that add up at least 23 directorships in nine years. By comparing Table 7 with Table 6 we also notice that the first five families have more than 100 directorships and that the first ten have a higher number of directorships than the first Lord. Finally even in this case we observe trends, with families rising in the number of directorships over the period considered (for instance, Caltagirone, Ligresti), families showing stability (Berlusconi, Pesenti), and families that decrease their presence on Italian corporate boards (Marzotto, Falck). Smaller boards: who takes the burden? From Table 9 we observe that the total number of companies increases from 228 to 257. Taking into account that (Table 4) the number of directors goes from 1705 in 1998 to 1769 in 2006, we have the average number of directors per company going from 7.4 in 1998 to 6.9 in 2006. Such a reduction in the number of directorships per company takes place in a context in which, as we have seen above, the board composition stays the same between peones and lords. At the same time (Table 4) there is a reduction in the number of multiple posts held by the Lords, particularly a reduction in the nmber of directors who sit on five or more boards at the same time. An all-male world From Table 5 we observe that out of the 75 Lords there are just three women directors with more than 23 board positions in nine years. The situation does not change if we look at the director ranking according to betweenness. Appendix 4 lists all the directors with average betweenness higher than zero. We observe that the over the nine years considered there are 13 women directors out of 726 directors with average betweenness higher than zero, who mainly belong to shareholder families and of whom the first is in 28th position, the second in 34th, and the third in 242nd position. Finally, we find three women directors in the first 200 directors according to Freeman Degree, the first in 14 th position, the second in 29th, and the third in 53d position. 18 Conclusion on section 3.1 In this section we found that about 94% of all sampled directors sit on one or two boards in every one of the nine years considered. We observed that it is difficult for such directors to move to three or more directorships. We then explored the features of those directors who have more than two directorships at any given year and therefore ensure the bulk of the connectivity among the Italian listed companies. We found a group of 75 directors out of a total of 4270 directors who over the nine years considered have at least 23 directorships (on average about 2.5 every year), whom for brevity we defined as Lords of the Italian stock market. They are overwhelmingly male (just three female directors among the 75 Lords) and in an important number of cases they are Chairmen or Ceos and one third of them are also significant shareholders in one or more listed companies. Starting from the observation that Lords tend to belong to families of directors, we found 53 families that add up at least to 23 directorships in nine years. The first five families have more than 100 directorships and the first ten have a higher number of directorships than the first Lord. 3.2. The Company Network The approach used in this section is the social network analysis (SNA), which studies and analyses quantitatively different kinds of social networks. In this context a social network is a mathematical model to represent the relationships among a plurality of actors, for instance the network of countries that participate in international trade.43 In our case we apply SNA to thre social networks: directors, companies, Blue Chip companies over the 1998-2006 period. Components We start examining the features of the listed companies that are connected by the directors who sit on more than one board. Looking at Table 9 we notice is that very few companies are not connected by their directors. The Italian stockmarket is characterised by the existence of a large component which is made of more than 70% of the listed companies belonging to our sample. Other components are peripheral and made of very few members: they never exceed 1% of total companies sampled. The first component is very numerous, it goes from 73% in 1998 to 76% in 2006 of the total number of the Italian listed companies sampled. This represents a first hint about the possible presence of collusion in the Italian stock market, since we have evidence here of the existence and stability over time of a single company network, which can be used as a communication tool. According to the theory of pure monitoring seen above in the introduction we would have expected to see several separate subgroups 43 See Wasserman and Faust (1994). 19 of companies. Over the time we observe a stability in the number of isolates but a reduction in their incidence, from the initial 53 (23%) to 47 (18%) in 2006. Density Given a specified number of companies and of directors, density indicates the ratio between the number of ties and its total possible number. 44 A tie is a link between two companies established through their having a director in common or between two or more directors sitting on the same board. The higher the density of a network of companies or directors, the higher the number of links among the companies or directors. Moreover, the more numerous the directors who connect the companies belonging to the examined network, the higher the network density. From Table 10 we observe a progressive decrease in the density level of all the sampled Italian listed companies from 1998 to 2006. Such decrease is more important for the Italian Blue Chips, identified according the MIB 30 Index until 2002 and the S&P-MIB 40 Index which was introduced in 2003. Over the nine years considered, the system of the Italian Blue Chips decreases in about 50% of its density, which means that in 2006 the system is less interconnected and the network of interlocking directors less dense. The decrease in both cases could be connected with the decrease in number of multiple directorships observed above. The more important decrease for the Italian Blue Chips could be related to the fact that directors multi-timers are more present in the Blue Chips. However, we also observe that although, as said, the density decreases much more in the case of the Blue Chips, even in 2006 the density of the Italian Blue Chips continues to be significantly higher than the total companies sampled: about six times more (0.0242 against 0.1579). this is also consistent with the observation that multitimers tend to sit on Blue Chips' boards. Geodesic distance (degrees of separation) It is the distance between any two different companies as measured through the number of directors connecting such two companies (see Wasserman and Faust, 1994). In general terms, the geodesic distance increases in correspondence with the difficulty of communication between any two companies. It should be also kept in mind that this is an indicator of potential communication which does not mean that all the companies actually comunicate. From Table 12 we observe that the average distance between two Italian listed companies tends to be around 3, which means that on average any two Italian listed companies which belong to the first component of the network (which, as we have seen above, includes from 1998 to 2006 between 73% and 79% of the total number of our sampled listed companies) are linked through three other companies. More in particular, from 1998 to 2006 we 44 See Wasserman and Faust (1994). 20 observe a stability in the geodetic distance, which means that the company network formed by the first component over time tends to have a stable diameter. Conclusion on section 3.2 The great majority of the Italian listed companies belong to the same component formed through a network of director interlocks.45 Such component tends to be stable over all the nine years considered: it goes from 73% in 1998 to 76% in 2006 of the total number of the Italian listed companies sampled. The first component also shows stability over time with respect to its geodesic distance, that is the distance between any two different companies as measured through the number of directors connecting any two companies. We find that on average any two Italian listed companies belonging to the first component are linked through three other companies. We also observe a decreasing density for both all the companies sampled and the Blue Chips, with a much more important decrease for the latter. However, the density stays significantly lower for the Italian listed companies with respect to the Italian Blue Chips. This means that the Italian Blue Chips are characterised by a higher number of links formed through director interlocks. The conclusion is that the system remains stable over the nine years considered (first component and geodesic distance), with signs of decrease in density particularly for the Blue Chips which could be linked to the decrease in the number of high multilinkers (more than five boards at the same time), who tend to sit on the Blue Chips' boards. 3.3. Company and director connectivity (Freeman degree and betweenness) We now continue examining the features of the company network made of those Italian listed companies that belong to the first component (see above). It is interesting to identify whether there are companies that play a pivotal role, that is which companies are the necessary nodes to ensure the the communication of all the listed companies involved. We make recourse to two measures of interconnection, Freeman Degree and Betweenness. The Freeman Degree is a measure of local centrality, that is the potentiality to act or communicate with a specified number of directors. The Freeman Degree identifies the extent of connections of a director or of a company. A high Freeman Degree can correspond to a low or high level of centrality with respect to the entire network. We also make recourse to the indicator called Betweenness which is a measure of centrality within the entire network. Betweenness indicates the number of paths that pass through a node. In this context, a node indicates a company, and a path indicates the shortest route which relies two companies through board interlocks. Betweenness is a complementary measure with 45 In rigorous terms, the term company network should be used to identify all the Italian listed companies, that is all the companies belonging to our population. 21 respect to the Freeman Degree because it allows to specify whether a director or a company have a central or peripheral position within the entire network. Freeman Degree Table 13 illustrates the ranking of the first ten Italian listed companies according to their Freeman Degree. We observe a general stability in the top companies all over the period considered, with the constant presence of Pirelli, Mediobanca, Ras (delisted in 2006), and so on. However, over the time there are new entries, for instance RCS and Fondiaria from 2003, Alleanza Assicurazioni and Atlantia in 2006. On the exits side, HOPA leaves the group in 2003, and Gim in 2005. In general, the turnover in the first ten companies by Freeman degree is very low, and the ranking tends to remain the same. Betweenness Table 16 lists the first ten directors by betweenness over the nine years of our study. We first observe that there is stability over time in the directors belonging to this top-ten list, which means that the network tends to have the same directors at its centre. However, there are also exits from the group (Gutty, Marzotto, Falck) and entries (Grande Stevens, Benetton, Ligresti, Pesenti). Moreover, the directors belonging to this list tend to be those who have also a higher number of boards (Table 6). However, the two categories do not correspond exactly because a high level of betweenness is obtained only by having a high number of directorships in central positions. On the contrary, directors sitting in many peripheral boards have a lower level of betweenness, and directors with a low number of directorships can have a high level of betweenness. We also observe that several of the top-ten directors belong to the first director families listed in Table 7. Finally, we observe that over the nine years in several cases more than one member of the same family appears in this list (Ligresti, Pesenti, Benetton). Table 14 illustrates the ranking of the first ten Italian listed companies according to their betweenness for each year within the period considered (see Appendix 3 for a complete list of company betweenness over the period considered). Even in this case we observe a general stability in the top companies over the period considered, with the constant presence of Pirelli, Telecom Italia, Mediobanca, Ras (delisted in 2006), and so on. However, over the time there are new entries, for instance Fondiaria in 2000, Alleanza Assicurazioni in 2005, and Sanpaolo IMI and Atlantia in 2006. On the exits side, HOPA leaves the group in 2003, and Snia in 2004. In general, the turnover in the first ten network companies by betweenness is very low, and the rankings tend to remain the same. 22 Finally, we observe that the group of the first directors (Table 16) tend to belong to these top-ten companies. Company scandals We now move on to make use of the tools developed in this paragraph to illustrate the development of some of the most important company scandals which took place in the period covered by this study (1998-2006). For the identification of such events we refer to Consob yearly reports (see Consob 1998-2007). We refer to Appendix 1 for board size and to Appendix 3 for company betweenness. Parmalat We start examining Parmalat's board size previously to its financial crisis which took place in 2003 (see Consob 2004, p. 35 and p. 60). We notice that from 1998 to 1999 the board was made of 15 directors. In 2000 the board size falls to 13 members, that is by 13%. In the same year we observe that Parmalat's betweenness falls by a much higher proportion. We also observe a first decrease in the company betweenness already in 2000 (from 635 in 1999 to 417 in 2000) and a second one in 2001 (to 36). The conclusion is that Parmalat sees a decreasing level of betweenness previous to the company insolvency and that the main factor in the reduction in betweenness is attributable to the change in the board composition rather than to the reduction of the board size. In 2002 the board size stays the same while the company betweenness keeps to a low level (77). Cirio Over the previous years to its insolvency which took place in 2003 (see Consob 2004, p. 35 and p. 60), Cirio witnesses a reduction in its board size, from 15 members in 1998 to 13 in 1999, 8 in 2000, 9 in 2001, and 8 in 2002. Over this same period the company betweenness stays between zero and a very low level (14 in 2002 and 18 in 2003). Unipol The Unipol scandal broke out in 2005 (Consob 2006, p. 82). Unipol board size remains stable over the entire 1998-2006 period between 24 and 25 members. The evolution of the Unipol betweenness reaches its maximum in 2003 (446) with an ensuing decrease in 2004 and again in 2006. Banca Popolare di Lodi (since 2004 Banca popolare italiana) The scandal broke out in 2005 (Consob 2006, p. 67 and p. 85). 23 The Board size of the bank increases from 14 members in 1998 to 16 in 1999 and to 17 2002, to get back to 16 in 2005. As for the company betweenness, we observe the same trend as for Unipol: BPL/ BPI betweenness reaches its maximum betweenness in 2003, followed in 2004 by a significant decrease. Conclusion on section 3.3 We compare the ranking of the first ten companies according to Freeman Degree (a measure of local centrality, that is the potentiality to act or communicate with a specified number of directors) with the ranking of the first ten companies by betweenness (which allows to specify whether a company has a central or peripheral position within the entire network). We find that both rankings tend to be stable over the nine years, and that the companies that make uo both rankings tend to be the same, which means that the companies that have a higher number of connections with other companies also have a central position within the entire network. 3.4. The main banking and insurance companies: a group of very close friends We saw in section 3.2 that the Italian Blue Chips are characterised by a much higher density than the rest of the Italian listed companies. We now focus on board interlocks among the financial companies (banks and insurance companies) belonging to the MIB 30/S&P MIB 40 index over the nine years considered. Financial companies are by far the most important subgroup among the Italian Blue Chips: from 13 companies out of 30 in 1998 to 15 out of 40 in 2006. from Table 18 we observe that in 1998 nine financial companies were connected through one to six interlocking directors, with two other companies linked with each other through two directors in common. In 1999 such web increases to ten members, plus three more companies separately connected with each other. The picture stays the same over the following years with the main web reaching 12 members in 2005 plus two other members separately linked with each other. Over the nine years, only one to three financial companies are not linked with any other financial companies of the index (they are represented in Table 18 as isolates). From Table 18 we also observe the persistent centrality of Mediobanca which also keeps a high number of directors in common with Generali, Unicredito, Ras (delisted in 2006), Banca Intesa, and Capitalia (merged with Unicredito in 2007). As the main dynamic factor we observe in the last years a reduction in the number of interlocks which corresponds to the reduction in the number of multiple boards held by the 75 Lords as observed in section 3.1. Such reduction does not correspond to a reduction in the members of the web but in their concentration, particularly in 2005 and 2006, around Mediobanca. 24 4. Conclusion The purpose of this paper is to contribute to the literature on country interlocks by illustrating and analysing the interlocking directorships in the Italian stock market from 1998 to 2006. The existing literature already identifies director interlocks as a structural feature of the Italian capitalism since the end of the 19th century, with possible consequences in terms of collusion and restrictions to competition. We find that about 94% of all sampled directors sit on one or two boards in every one of the nine years considered. We observe that it is difficult for such directors to move to three or more directorships. We then explore the features of those directors who have more than two directorships at any given year and therefore ensure the bulk of the connectivity among the Italian listed companies. We find a group of 75 directors out of a total of 4270 directors who over the nine years considered have at least 23 directorships (on average about 2.5 every year). We define them for brevity the Lords of the Italian stock market. They are overwhelmingly male (just three female directors among the 75 Lords) and in an important number of cases they are Chairmen or Ceos; one third of them are also significant shareholders in one or more listed companies. Starting from the observation that Lords tend to belong to families of directors, we find 53 families that add up at least to 23 directorships in nine years. The first five families have more than 100 directorships and the first ten have a higher number of directorships than the first Lord. At the company level, the great majority of the Italian listed companies belong to the same component formed through a network of director interlocks.46 Such component tends to be stable over all the nine years considered: it goes from 73% in 1998 to 76% in 2006 of the total number of the Italian listed companies sampled. The first component also shows stability over time with respect to its geodesic distance, that is the distance between any two different companies as measured through the number of directors connecting any two companies. On average any two Italian listed companies belonging to the first component are linked through three other companies. We also observe a decreasing density for both all the companies sampled and the Blue Chips, with a much more important decrease for the latter. However, the density stays significantly lower for the Italian listed companies with respect to the Italian Blue Chips. This means that the Italian Blue Chips are characterised by a higher number of links formed through director interlocks. The conclusion is that the system remains stable over the nine years considered (first component and geodesic distance), with signs of decrease in density 46 In rigorous terms, the term company network should be used to identify all the Italian listed companies, that is all the companies belonging to our population. 25 particularly for the Blue Chips which could be linked to the decrease in the number of high multilinkers (more than five boards at the same time), who tend to sit on the Blue Chips' boards. We then compare the ranking of the first ten companies according to Freeman Degree (a measure of local centrality, that is the potentiality to act or communicate with a specified number of directors) with the ranking of the first ten companies by betweenness (which allows to specify whether a company has a central or peripheral position within the entire network). We find that both rankings tend to be stable over the nine years, and that the companies that make uo both rankings tend to be the same, which means that the companies that have a higher number of connections with other companies also have a central position within the entire network. The highest level of connectivity concerns those companies that belong to the MIB 30/S&P-MIB 40 index, the Italian Blue Chips. In particular, practically all the financial companies that make up the great part of such group belong to the same web of companies established through common directors. Between 1998 and 2006 changes have concerned only that the modality in which the connectivity is realised, from a web of companies with a redundancy of links with each other to a much more efficient system in which communication is channelled through a smaller number of companies. 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The function of interlocks. Review of the empirical evidence (Haunschild Beckman (1998) et al.) Authors Elouaer 2006, Dooley 1969 Koenig, Gogel, and Sonquist, 1979; Burt, 1983 Pfeffer and Salancik, 1978; Kotz, 1978; Mizruchi, 1982; Mizruchi and Stearns, 1994 Zeitlin, 1974; Palmer, 1983 Radcliff 1980 Zajac, 1988 Kramarz Thesmar, 2006 Selznick, 1957; DiMaggio and Powell, 1983 Useem, 1984; Davis, 1991; Haunschild, 1993) (for a review, see Mizruchi, 1996) Barucci 2006 Results “Financial Interlocks occurs for several reasons. First, companies that are in financial difficulty tend to form a close association with one or more financial houses. Second, banks find it advantageous to be connected with large firms through electing company officers to the bank’s board of directors; this may attract large deposits as well as secure a reliable customer for bank loans. Third, these financial interlocks also arise from the trust operations of banks (Dooley [1969])” Mechanism for interfirm collusion and cooperation They enable firms (especially banks) to reduce dependence or coopt, control, and/or monitor others They promote upper-class cohesion and capital accumulation They are a mechanism for personal career advancement They are a source of legitimacy Methodology They are a source of information about business practices “Alleanze industriali, relazioni con fornitori \ clienti rapporto bancaimpresa. Stabilizzazione del controllo tramite rapporti personali, controllo da parte della capogruppo, limitare la concorrenza, benefici privati del controllo e dell’amministratore, consolidamento di rendite di posizione” Table 2. The Econometric evidence: impact of interlocks and determinants Authors Autori vari in Barucci 2006 Interlocking and shareholder value Varie ipotesi in Barucci 2006 Pag.52-55 Interlocking and shareholder value Varie ipotesi in Barucci 2006 Pag.52-55 Results Probabilità di cambiamento dell’amministratore delegato è legata negativamente alla performance della società Negative. Interlocks related to personal advantages of directors. Methodology Positive. Interlocks related to leverage of the firm (Bank director in board of a not financial high leveraged form) 35 Table 3. Empirical results in the literature by country network. Country/year Author Results Methodology Australia (1976/1996) Malcolm (2003) Canada Ornstein (2003) Europe (2000/2001/ 2002/2003) Guieu Meschi (2006) Europe/Various countries Rodríguez, Cárdenas, Oltra (2003) “The interpersonal network Network analysis (directors) of 1996 is broader, more cohesive and more densely connected than that of 1976. However, there is only minimal change in the density of intercorporate linkages over these two decades” “The Canadian network is neither unusually sparse nor fragmented; there is no pronounced cleavage between, or subordination of, nonfinancial corporations to financial corporations; nor do the foreigncontrolled corporations constitute an alternative centre or fragment of the network. It resembles the networks of countries such as Germany and France” “La base de regroupement reste Network analysis, Descriptives largement nationale, les liens internationaux n’ayant aucunement de caractère systématique. Si liens internationaux il y a, ces liens restent sporadiques, centrés sur quelques individus. Un administrateur peut être international (comme c’est le cas par exemple de B. Collomb, de M. Treschow ou d’A. Bernheim), les réseaux le sont peu” “Existe claramente una Europa de poder económico multinacional y un espacio económico multinacional que son el resultado de la acción de un reducido grupo de propietarios internacionales.” Europe/ Various countries Rodríguez, Cárdenas, Oltra (2003) “We can point to some different models of class and power” France (1996/2000) Chabi, Maati (2005) Existence of a Small world. Matching Small World phenomenon 36 France (1996/2005) Elouaer (2005) Centrality of financial institutions. Big companies tend to be more central. “Less dense network in 2005”. Network analysis (directors and companies) FTSE 100 (2005) Maati (2007) Existence of a Small world Matching Small World phenomenon Germany (1989/2001) Heinze (2004) “Qualitative dissolution of interlocking directorates”…“This process of quantitative erosion did not yet affect considerably structural properties of the networks”. Centrality of financial institutions. Network analysis Ireland Mac Canna, Brennan, O’ Higgins (1998) “Network of interlocking Matching Small World directorates is in some way phenomenon structured, and not the result of random processes… Irish boards were found to have a relatively loosely connected network structure which is sparser and less dense than those of other countries. This is reflected in the relatively low percentage of multiple directors and the relatively fewer number of directorships per multiple director. In general, indigenous Irish public companies tended to be central in the network, while a disproportionately large number of foreign and private companies were isolated on the periphery. However, a number of foreign-owned companies were central to the network” Italy (1952/1960/ 1972) Rinaldi Vasta (2005) “In 1952 and 1960, the system, Descriptives centred on the larger electrical companies, showed the highest degree of cohesion. This centre dissolved after the nationalisation of the electricity industry in 1962 and was replaced by a new and less cohesive one, hinged on financial intermediaries: banks, insurance and finance companies. More generally, contrary to conventional wisdom, we argue that banks maintained an important role throughout the period investigated” 37 Italy (1970/1990) Aguilera (2006) Overall static structure (1970-1990). Existence of a small world Network analysis Matching Small World phenomenon. Italy (1983/1998) Barbi (2000) “A decreasing trend in overlapping membership in order to support block-holders is given by a decrease in density as well as by an increase in the asymmetry of links distribution” Network analysis/Concentration analysis Italy (1990/2000) Corrado Zollo (2006) “Stability of Small World Network analysis (Ownership coefficients”. Fragmentation of the network) system. Relative stability of the key players. Italy (2004) Carbonai Di Bartolomeo (2006) “The Italian insurance industry is characterized by a low degree of competition. This paper provides some evidence to the idea that the absence of competition is due to a violation of a basic assumption” Graph Theory, Principal Component Analysis (interlocking directors Insurance companies) Italy (1999/2000/ 2001/2002/ 2003/2004) Bertoni Randone (2006) Existence of a Small World Matching Small World phenomenon (Company and Ownership networks) Italy (2004) Casaleggio (2004) Existence of a Small World Italy (2006) Murgia (2006) Higher level of companies isolates. Higher percentages of multiple directorships. Network analysis (IT directors companies in Lazio) Netherlands (1960/1964/ 1969/1972/ 1976/1980) Stokman et al (1990) Reducing interlocks per multiple director. Increasing the density of the network. Network descriptive statistics 38 New Zealand (2004) Stablein et. al. (2004) Existence of a Small World Matching Small World phenomenon Singapore (1997) Ong, Chin Huat, Wan, David and Ong, Kee-Sing (2003) Firm size correlated with Network explorative analysis interlocking directorships. Financial companies share an higher level of interlocks with not financial companies Singapore (2005) Conyon Muldoon (2006) Existence of a Small World Matching Small World phenomenon Spain (1970/1990) Aguilera (2006) Large changes over the time (1970-1990). Existence of a small world Network analysis. Matching Small World phenomenon USA Davis Yoo et Baker (2002) USA (1982,1990, 1999) Davis Yoo et Baker (2003) Stability of the aggregate connectivity. Existence of a small world Network analysis. Matching Small World phenomenon USA (1990,2001) Davis Yoo et Vast (2003) Existence of a small world in 1990 and 2001) Matching Small World phenomenon 39 Table 4. Number of directorships by director 1998-2006: Italian listed companies 1998 boards 10 9 8 7 6 5 4 3 2 1 Total 2001 boards 9 8 7 6 5 4 3 2 1 Total 2004 boards 8 7 6 5 4 3 2 1 Total directors 0 0 3 2 8 8 20 65 172 1427 1705 perc. 0 0 0.18 0.12 0.47 0.47 1.17 3.81 10.09 83.7 cumul. 0 0 0.18 0.3 0.77 1.24 2.41 6.22 16.31 100 1999 boards 10 9 8 7 6 5 4 3 2 1 directors 1 3 0 5 16 17 60 197 1559 1858 perc. 0.05 0.16 0 0.27 0.86 0.91 3.23 10.6 83.91 cumul. 0.05 0.21 0.21 0.48 1.34 2.25 5.48 16.08 100 2002 boards 9 8 7 6 5 4 3 2 1 Directors 1 3 5 13 28 47 205 1514 1816 perc. 0.06 0.17 0.28 0.72 1.54 2.59 11.29 83.37 cumul. 0.06 0.23 0.51 1.23 2.77 5.36 16.65 100 2005 boards 8 7 6 5 4 3 2 1 directors 1 1 2 3 6 13 17 73 182 1511 1809 perc. 0.06 0.06 0.11 0.17 0.33 0.72 0.94 4.04 10.06 83.53 cumul. 0.06 0.12 0.23 0.4 0.73 1.45 2.39 6.43 16.49 100 2000 boards 10 9 8 7 6 5 4 3 2 1 directors 3 0 2 8 12 16 49 211 1569 1870 perc. 0.16 0 0.11 0.43 0.64 0.86 2.62 11.28 83.9 cumul. 0.16 0.16 0.27 0.7 1.34 2.2 4.82 16.1 100 2003 boards 9 8 7 6 5 4 3 2 1 directors 0 0 13 14 21 76 229 1736 2089 perc. cumul. 0 0 0.62 1.29 2.3 5.94 16.9 100 2006 boards 8 7 6 5 4 3 2 1 0 0 0.62 0.67 1.01 3.64 10.96 83.1 directors 0 1 3 4 5 12 20 65 190 1535 1835 perc. directors 0 2 3 6 10 24 52 198 1524 1819 perc. directors 0 1 3 13 33 63 214 1769 2096 perc. 0 0.05 0.16 0.22 0.27 0.65 1.09 3.54 10.35 83.65 0 0.11 0.16 0.33 0.55 1.32 2.86 10.89 83.78 0 0.05 0.14 0.62 1.57 3.01 10.21 84.4 cumul. 0 0.05 0.21 0.43 0.7 1.35 2.44 5.98 16.33 100 cumul. 0 0.11 0.27 0.6 1.15 2.47 5.33 16.22 100 cumul. 0 0.05 0.19 0.81 2.38 5.39 15.6 100 Table 5. Directors with more than 23 directorships in nine years (1998-2006) 40 COGNOME NOME GRANDE STEVENS FRANZO EREDE SERGIO PESENTI GIAMPIERO BENETTON GILBERTO DE BENEDETTI CARLO TRONCHETTI PROVERA MARCO MION GIANNI PESENTI CARLO GUATRI LUIGI BUORA CARLO CARLEVARIS CARLO GALATERI DI GENOLA E SUNIGLIA GABRIELE GIRARD FRANCO ROBERTO DELFINI MARIO PURI NEGRI CARLO ALESSANDRO ROCCA GIANFELICE DE BENEDETTI RODOLFO PIRELLI ALBERTO BAZOLI GIOVANNI BENETTON ALESSANDRO COLOMBO UMBERTO FALCK ALBERTO GRECO MARIO SEGRE MASSIMO LIGRESTI JONELLA LUCCHINI GIUSEPPE MOLINARI AMATO LUIGI RUOZI ROBERTO GUTTY GIANFRANCO PECCI ALBERTO VITALE MARCO SAVIOTTI PIERFRANCESCO COLANINNO ROBERTO D'URSO CARLO FERRERO PIERLUIGI CEFIS GIORGIO CAMILLO MARCELLO ORLANDO LUIGI TAMBURINI MATTEO ZANON DI VALGIURATA LUCIO IGINO FABRIZI PIER LUIGI LIGRESTI GIULIA MARIA BERLUSCONI MARINA ELVIRA CATTANEO MARIO CLO' ALBERTO DALLOCCHIO MAURIZIO MARZOTTO PIETRO ACUTIS CARLO BERNHEIM ANTOINE CALTAGIRONE FRANCESCO LIGRESTI GIOACCHINO PAOLO PERISSINOTTO GIOVANNI SOZZANI VINCENZO GAZZONI FRASCARA GIUSEPPE MAJORE ALBINO 1998 7 8 8 3 5 6 3 3 4 2 5 6 1999 8 10 7 3 7 9 3 5 4 3 5 6 2000 8 9 7 4 7 8 3 6 4 3 5 6 2001 8 5 6 8 6 9 8 4 5 6 5 5 2002 7 5 6 9 6 6 9 6 6 9 5 3 2003 8 5 6 8 6 4 7 6 6 7 5 4 2004 7 5 6 7 6 4 8 6 6 7 5 4 2005 6 6 5 6 6 4 5 6 6 6 5 6 2006 4 7 4 6 4 3 5 6 5 2 5 5 Total 63 60 55 54 53 53 51 48 46 45 45 45 5 4 3 4 4 4 5 3 4 8 1 2 2 5 3 2 7 5 2 4 3 3 2 4 6 5 3 4 4 5 3 4 5 5 8 1 3 2 5 3 3 7 6 2 5 5 3 5 4 4 4 6 5 8 3 3 2 4 2 3 7 5 3 3 6 3 3 5 5 4 4 3 1 3 3 2 2 4 2 2 2 1 1 3 4 3 5 5 5 4 4 5 4 4 5 6 5 3 3 4 3 3 6 4 4 5 2 3 4 4 5 3 3 5 2 3 3 2 3 4 2 2 2 2 2 2 3 3 5 5 7 5 4 6 4 4 5 6 6 4 3 4 4 4 2 2 5 5 1 4 4 4 5 3 3 5 3 3 3 2 3 4 2 3 2 2 3 3 1 3 5 5 6 5 4 4 4 4 5 5 5 5 5 5 4 4 4 4 5 5 5 5 5 4 4 4 3 4 5 4 4 4 4 4 2 6 4 5 4 5 4 2 2 5 4 3 4 4 2 3 4 3 3 5 3 4 3 4 3 3 3 3 7 4 3 1 3 5 4 6 4 5 4 3 6 6 2 6 6 1 3 4 3 3 4 4 2 5 6 5 2 3 5 1 3 4 4 4 4 3 2 5 3 3 5 3 3 5 6 5 2 1 5 3 2 5 2 4 4 3 4 5 2 2 3 5 4 4 4 5 44 42 42 41 39 38 37 36 36 36 35 35 34 34 34 34 33 33 33 32 31 31 31 30 30 30 29 28 28 27 27 27 27 27 26 26 26 26 26 26 25 25 4 2 1 3 2 1 1 6 2 2 4 1 6 6 2 6 3 3 5 5 2 4 3 1 3 3 2 1 5 2 2 3 1 1 4 5 2 3 4 4 3 3 4 2 1 4 3 3 5 3 4 5 5 1 4 4 3 4 5 3 2 3 1 3 41 MINUCCI ALDO NATTINO GIAMPIETRO REBOA MARCO BIANCHI TANCREDI BONDI ENRICO CIPOLLETTA INNOCENZO FAVRIN ANTONIO GERONZI CESARE MARTINELLI FELICE RIPA DI MEANA VITTORIO ROSA UMBERTO SCIUME' PAOLO TEODORANI FABBRI PIO ARCELLI MARIO BRUNETTI GIORGIO CALTAGIRONE FRANCESCO GAETANO FERRERO CESARE MARAMOTTI ACHILLE MARCHIO' ANGELO PININFARINA ANDREA RONDELLI LUCIO 1 3 1 3 5 3 1 2 1 3 3 3 2 4 2 1 1 3 6 3 4 2 2 2 4 6 3 1 3 2 3 3 3 2 4 2 1 1 3 6 3 4 3 1 2 5 4 2 1 3 3 3 1 3 2 4 2 2 1 3 7 2 5 3 3 2 5 4 4 2 3 3 3 1 3 3 4 3 3 4 5 2 2 2 3 4 2 2 3 3 3 3 3 5 2 3 3 4 3 3 4 3 1 3 2 3 3 4 2 3 3 4 1 3 3 4 1 1 2 5 3 3 2 4 2 3 4 3 4 1 1 2 3 2 3 1 4 2 3 2 4 2 3 2 2 3 3 3 3 4 4 3 1 2 1 3 4 3 3 2 4 2 3 2 3 3 3 3 3 3 3 3 2 3 1 3 2 2 2 Table 6. Directors with more than 23 directorships in nine years (1998-2006): board positions The last column indicates with the letter S those directors who are also significant shareholders (more than 2% shares) in one or more listed companies over the period considered COGNOME NOME AD AMM GRANDE STEVENS FRANZO EREDE SERGIO PESENTI GIAMPIERO 6 BENETTON GILBERTO DE BENEDETTI CARLO TRONCHETTI PROVERA MARCO 1 MION GIANNI PESENTI CARLO 3 GUATRI LUIGI BUORA CARLO 12 CARLEVARIS CARLO GALATERI DI GENOLA E SUNIGLIA GABRIELE 8 GIRARD FRANCO ROBERTO DELFINI MARIO PURI NEGRI CARLO ALESSANDRO ROCCA GIANFELICE DE BENEDETTI RODOLFO 18 PIRELLI ALBERTO BAZOLI GIOVANNI BENETTON ALESSANDRO COLOMBO UMBERTO FALCK ALBERTO GRECO MARIO SEGRE MASSIMO LIGRESTI JONELLA LUCCHINI GIUSEPPE MOLINARI AMATO LUIGI 7 56 49 37 34 24 17 48 45 36 28 32 27 41 33 24 40 19 25 10 34 36 28 27 35 16 32 32 PR PRAD 3 7 3 9 29 27 10 3 9 4 5 VPR VPRAD 4 4 9 5 8 3 1 3 2 1 4 6 3 4 13 1 2 18 13 9 2 8 1 6 2 Total 12 2 1 5 63 60 55 54 53 53 51 48 46 45 45 45 44 42 42 41 39 38 37 36 36 36 35 35 34 34 34 Sign SHS S S S S S S S S S S S S S 42 25 25 25 24 24 24 24 24 24 24 24 24 24 23 23 23 23 23 23 23 23 RUOZI ROBERTO GUTTY GIANFRANCO PECCI ALBERTO VITALE MARCO SAVIOTTI PIERFRANCESCO 1 5 COLANINNO ROBERTO D'URSO CARLO FERRERO PIERLUIGI CEFIS GIORGIO CAMILLO MARCELLO 10 ORLANDO LUIGI TAMBURINI MATTEO ZANON DI VALGIURATA LUCIO IGINO FABRIZI PIER LUIGI LIGRESTI GIULIA MARIA BERLUSCONI MARINA ELVIRA CATTANEO MARIO CLO' ALBERTO DALLOCCHIO MAURIZIO MARZOTTO PIETRO ACUTIS CARLO BERNHEIM ANTOINE CALTAGIRONE FRANCESCO LIGRESTI GIOACCHINO PAOLO PERISSINOTTO GIOVANNI 6 SOZZANI VINCENZO GAZZONI FRASCARA GIUSEPPE MAJORE ALBINO MINUCCI ALDO NATTINO GIAMPIETRO 4 REBOA MARCO BIANCHI TANCREDI BONDI ENRICO 11 CIPOLLETTA INNOCENZO FAVRIN ANTONIO 3 GERONZI CESARE MARTINELLI FELICE RIPA DI MEANA VITTORIO ROSA UMBERTO SCIUME' PAOLO TEODORANI FABBRI PIO ARCELLI MARIO BRUNETTI GIORGIO CALTAGIRONE FRANCESCO GAETANO FERRERO CESARE 3 MARAMOTTI ACHILLE MARCHIO' ANGELO PININFARINA ANDREA 4 RONDELLI LUCIO 26 25 29 26 30 16 22 31 20 18 30 29 16 19 23 27 27 18 27 17 13 15 15 19 25 25 25 25 19 25 24 5 21 5 9 24 22 8 15 21 23 23 6 20 15 19 17 15 8 1 4 1 6 5 3 11 1 8 2 4 3 4 3 6 1 1 4 4 4 9 9 7 6 11 2 1 9 1 2 5 3 8 9 8 3 5 6 6 16 3 2 2 9 3 1 8 4 1 5 1 3 34 33 33 33 32 31 31 31 30 30 30 29 28 28 27 27 27 27 27 26 26 26 26 26 26 25 25 25 25 25 24 24 24 24 24 24 24 24 24 24 23 23 23 23 23 23 23 23 S S S S S S S S S S S S Table 7. Families with more than 23 directorships in nine years (1998-2006) COGNOME NOME BENETTON 1998 9 1999 12 2000 14 2001 16 2002 17 2003 16 2004 15 2005 14 2006 Total 12 125 43 CALTAGIRONE DE BENEDETTI PESENTI MARZOTTO ORLANDO LIGRESTI LUCCHINI TRONCHETTI PROVERA BUZZI FALCK PININFARINA ROSINA BERLUSCONI GALATERI DI GENOLA E SUNIGLIA ZUCCHI AGNELLI GAVAZZI ROMITI DELLA VALLE CARRARO COLANINNO GABETTI CEFIS NATTINO VENDER CRAGNOTTI GARRONE TREVISANI BEGHELLI ARCELLI SENSI DEL VECCHIO TAZARTES CORRADI DELLA PORTA DORIS DRAGO FERRAIOLI MARAMOTTI RECORDATI RAVANELLI PEDERSOLI RONDELLI TARGETTI BALDI COFFEN FRANCESCHETTI FRESCO MAFFEO MORATTI RIFFESER PROFUMO 10 10 11 17 12 4 11 7 10 10 8 4 6 6 7 5 6 3 1 5 3 5 5 4 4 6 5 0 3 4 0 2 7 3 3 2 2 2 3 4 0 1 5 3 6 0 3 2 0 2 2 3 9 15 12 15 12 4 13 10 10 10 8 5 5 6 7 5 7 5 0 5 6 4 5 3 4 6 3 4 3 4 0 2 5 3 3 2 3 2 3 3 3 1 5 3 6 3 3 2 3 2 2 3 12 13 13 15 12 4 13 9 11 11 6 6 5 6 7 5 7 7 4 4 6 4 5 2 4 6 3 4 3 4 5 4 5 3 3 3 3 2 3 3 3 1 5 3 6 3 3 3 3 2 2 3 13 12 10 13 12 7 9 11 8 6 5 6 5 5 4 5 6 5 4 4 2 4 5 4 4 6 3 4 3 5 4 5 1 3 3 3 1 2 5 3 3 2 2 3 7 3 3 4 3 3 2 3 13 12 12 14 12 8 9 9 5 7 7 6 5 3 4 5 4 5 4 4 1 4 5 5 4 6 3 4 3 5 4 3 2 3 3 3 4 3 3 3 3 2 2 3 8 3 2 5 3 3 2 2 15 12 12 11 10 17 8 7 5 2 6 5 5 5 4 5 3 6 5 4 4 4 3 4 4 2 3 4 4 4 4 3 3 3 3 3 4 4 3 3 3 5 1 2 7 3 3 2 3 2 3 2 15 13 12 9 10 15 8 7 5 4 7 4 5 4 4 4 3 3 7 4 4 5 2 4 4 0 3 4 4 1 4 3 3 3 3 3 4 4 3 3 3 5 1 2 4 3 3 2 3 2 3 2 15 13 11 4 8 15 7 7 6 4 6 6 5 6 5 5 3 4 8 4 4 4 2 4 3 0 4 4 4 1 4 3 2 3 3 4 5 4 2 2 4 4 2 3 4 3 2 2 3 2 3 2 18 10 10 2 7 14 8 6 6 4 4 7 5 5 4 6 3 3 7 4 8 4 2 4 3 0 5 4 4 1 4 3 0 3 3 4 1 4 2 3 4 4 2 3 5 3 2 2 3 6 5 3 120 110 103 100 95 88 86 73 66 58 57 49 46 46 46 45 42 41 40 38 38 38 34 34 34 32 32 32 31 29 29 28 28 27 27 27 27 27 27 27 26 25 25 25 24 24 24 24 24 24 24 23 44 Table 8. Yearly director flows by number of directorships 1998-2006 The table lists the number of directors who in any given year have a certain number of boards with reference of the numer of boards by the same directors the following year. For instance, in the first table out of the 1427 directors who had just one board in 1998, 1146 of them kept one board in 1999, while 231 lost that board, 42 moved to two boards, and so on. In every table the cell at the right-end side of the last line indicates the total number of directors sitting on Italian listed comapany boards over the nine years considered (4270). The cell at the crossing of the "0" rows and columns indicate the number out of those 4270 directors who did not sit on any board in any of the two years in the table. For instance, in the first table 2326 indicates the directors who did not sit on any board neither in 1998 nor in 1999. The cell at the end of the "0" row indicates the number of all directors who did not sit on any board in the relative year. For instance, in the first table 2674 is the sum of all directors who did not sit on any board in 1998 out of the total 4270 directors. Likewise, the cell at the end of the "0" column indicates, out of the total 4270, the number of directors who did not sit on any board in 1999. Percentages in brackets refer to the total number of onetimers. 1998-1999 1999 1998 1 2 3 4 5 6 7 8 9 10 0 Grand Total 45 1 2 3 4 5 6 7 8 0 1146 (80%) 30 3 332 1511 Grand Total 42 111 13 8 20 40 4 1 16 182 231 10 1 5 9 1 1 73 3 4 3 3 17 1 3 2 3 13 1 1 6 1 1 1 1 3 2 1 1 1 2326 2570 9 0 1427 172 65 20 8 8 2 3 2674 4270 1999-2000 2000 1999 1 1178 (78%) 30 5 2 1 2 3 4 5 6 7 8 9 10 0 2 44 117 20 1 3 2 19 38 5 4 5 3 6 6 4 1 6 7 8 287 13 2 2 3 6 1 2 3 1 1 3 2 1 1 320 1535 Grand Total 8 190 1 65 20 12 5 4 3 1 2241 2544 Grand Total 1511 182 73 17 13 6 3 2 1 1 2570 4270 2000-2001 2001 2000 1 2 3 4 5 6 7 8 9 0 1 1174 (76%) 44 9 2 1 2 45 116 18 3 5 19 26 7 3 1 1 4 1 1 4 6 3 2 5 6 8 5 3 6 1 1 1 1 9 3 1 1 1 0 310 10 1 1 1 329 1559 13 197 3 60 1 1260 (80%) 44 2 2 53 131 17 2 1 3 1 11 33 2 2 Grand Total 17 16 5 3 1 4 5 6 7 9 1 3 8 1 3 1 2199 2521 Grand Total 1535 190 65 20 12 5 4 3 1 2544 4270 2001-2002 2002 2001 1 2 3 4 5 1 1 6 9 0 245 10 1 Grand Total 1559 197 60 17 16 46 6 8 9 0 1 3 1 1 2 2 3 5 3 1 2521 4270 1 262 1569 Grand Total 6 211 49 16 12 8 2253 2509 2002-2003 2003 2002 1 2 3 4 5 6 7 9 0 1 1138 (72%) 52 3 1 2 50 117 13 2 2 3 8 20 19 3 2 4 1 2 9 9 1 2 5 6 7 8 Grand Total 14 198 52 24 1 2 1 7 5 1 10 Grand Total 372 19 3 1569 211 49 16 12 8 2 3 2509 4270 1 1 1 2 330 1524 0 6 3 2165 2560 2 2003-2004 2004 2003 1 2 3 4 5 6 7 8 0 1 1214 (80%) 22 5 1 2 37 146 12 3 4 14 25 3 4 2 6 17 2 5 1 3 7 2 6 7 272 1514 10 205 1 47 28 13 4 0 269 14 3 1 4 1 Grand Total 8 5 1 2 1 3 1 2168 2454 Grand Total 1524 198 52 24 10 6 3 2 2451 4270 2004-2005 2005 2004 1 2 3 4 5 6 7 8 0 Grand Total 1 1201 (79%) 32 3 1 2 78 127 8 1 3 9 27 31 6 1 499 1736 15 229 2 76 5 4 12 5 3 9 1 6 3 3 4 3 0 Grand Total 226 14 1 2 1 21 14 13 1938 2181 1514 205 47 28 13 5 3 1 2454 4270 47 2005-2006 2006 2005 1 2 3 4 5 6 0 1 1360 (78%) 53 7 Grand Total 349 1769 2 45 139 18 1 2 9 214 3 2 13 36 7 1 1 3 63 4 5 6 7 0 Grand Total 329 23 1 1 1 13 11 6 2 1 1 7 4 3 1 33 13 3 1 1820 2174 1736 229 76 21 14 13 2181 4270 Table 9. Listed companies: network components and isolates (1998-2006) 1998 1999 2000 2001 2002 2003 2004 2005 2006 1 167 0.73 178 0.72 172 0.73 185 0.8 180 0.79 170 0.78 169 0.78 197 0.77 196 0.76 2 2 0.01 5 0.02 6 0.03 2 0.01 4 0.02 2 0.01 4 0.02 2 0.01 2 0.01 3 2 0.01 2 0.01 3 0.01 2 0.01 2 0.01 2 0.01 4 0.02 2 0.01 2 0.01 4 2 0.01 2 0.01 3 0.01 2 0.01 2 0.01 2 0.01 2 0.01 2 0.01 2 0.01 5 2 0.01 2 0.01 2 0.01 6 7 8 2 0.01 2 0.01 2 0.01 2 0.01 2 0.01 2 0.01 0 2 0.01 2 0.01 2 0.01 2 0.01 2 0.01 2 0.01 2 0.01 2 0.01 9 isolates components Total 53 58 228 0.23 53 60 246 0.22 45 53 237 0.19 41 45 232 0.18 41 45 229 0.18 41 46 219 0.19 40 44 219 0.18 2 44 53 257 0.01 0.17 47 55 257 0.18 48 Table 10. Density of network companies 1998-2006 The left-hand side of the table refers to all the sampled listed companies (MTA and MTAX markets). The right-end side of the table refers to companies which made from 1998 to 2002 the MIB 30 Index, and from 2003 to 2006 the new S&P MIB 40 index. Year Density 1998 1999 2000 2001 2002 2003 2004 2005 2006 0.0313 0.0306 0.0323 0.0311 0.0323 0.0338 0.0339 0.0279 0.0242 Listed companies standard Differences deviation 0.2554 0.2508 -0.0007 0.2554 0.0017 0.2521 -0.0012 0.2582 0.0012 0.2599 0.0015 0.2618 0.0001 0.2365 -0.006 0.2147 -0.0037 MIB30/S&P-MIB 40 companies standard deviation Differences Density 0.3103 0.2851 0.2368 0.3218 0.3128 0.2357 0.2372 0.2146 0.1579 0.8645 0.8771 0.7858 0.8563 0.8499 0.706 0.7066 0.7017 0.5511 -0.0252 -0.0483 0.085 -0.009 0.0015 -0.0226 -0.0567 Table 11. Overall graph clustering coefficient 1998-2006 The left-hand side of the table refers to all the sampled listed companies (MTA and MTAX markets). The right-end side of the table refers to companies which made from 1998 to 2002 the MIB 30 Index, and from 2003 to 2006 the new S&P MIB 40 index. Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 Listed companies Clustering Coefficient 0.505 0.526 0.476 0.472 0.417 0.449 0.427 0.406 0.365 Differences 0.021 -0.05 -0.004 -0.055 0.032 -0.022 -0.021 -0.041 S&P MIB companies Clustering coefficient Differences 0.365 0.491 0.408 0.454 0.544 0.625 0.54 0.445 0.445 0.126 -0.083 0.046 0.09 -0.085 -0.095 0 49 Table 12. Frequencies of geodetic distances 1998-2006: listed companies network 1 2 3 4 5 6 7 8 9 10 average 1 2 3 4 5 6 7 8 1998 count 1116 4494 8454 7506 4026 1620 438 76 0 0 3.571 2001 count 1162 5096 10232 10212 5390 1666 272 16 Freq 0.04 0.162 0.305 0.271 0.145 0.058 0.016 0.003 0 0 cumul Freq 0.034 0.15 0.301 0.3 0.158 0.049 0.008 0 cumul 3.4 18.4 48.5 78.5 94.3 99.2 100 100 4 20.2 50.7 77.8 92.3 98.1 99.7 100 1999 count 1280 5786 10754 8412 3858 1138 272 36 0 0 3.395 2002 count 1182 5204 9850 8972 4796 1766 416 50 freq 0.041 0.183 0.341 0.267 0.122 0.036 0.009 0.001 0 0 cumul 4.1 22.4 56.5 83.2 95.4 99 99.9 100 freq 0.037 0.161 0.306 0.278 0.149 0.055 0.013 0.002 cumul 3.7 19.8 50.4 78.2 93.1 98.6 99.9 100 2000 count 1272 5586 10086 7690 3306 1090 334 86 10 2 3.383 2003 count 1164 5380 9800 7676 3512 990 192 24 freq 0.043 0.19 0.342 0.261 0.112 0.037 0.011 0.003 0 0 cumul 4.3 23.3 57.5 83.6 94.8 98.5 99.6 0.999 0.999 1 freq 0.041 0.187 0.341 0.267 0.122 0.034 0.007 0.001 cumul 4.1 22.8 56.9 83.6 95.8 99.2 99.9 100 50 average 1 2 3 4 5 6 7 8 average 3.58 2004 count 1172 5454 10202 7686 3014 732 144 14 3.308 Freq 0.041 0.192 0.359 0.27 0.106 0.026 0.005 0 cumul 4.1 23.3 59.2 86.2 96.8 99.4 99.9 100 3.565 2005 count 1330 6578 14374 11232 4108 866 126 14 3.346 freq 0.034 0.17 0.372 0.291 0.106 0.022 0.003 0 3.378 2006 count 1180 5616 12864 11830 5262 1242 212 28 3.499 cumul 3.4 20.4 57.6 86.7 97.3 99.5 99.8 100 freq 0.031 0.147 0.336 0.309 0.138 0.032 0.006 0.001 cumul 3.1 17.8 51.4 82.3 96.1 99.3 99.9 100 Table 13. Freeman degree ranking 1998-2006 (first ten positions by year): companies. The Freeman Degree identifies the extent of connections of a director or of a company. It is a measure of local centrality, that is the potentiality to act or communicate with a specified number of directors. A high Freeman Degree can correspond to a low or high level of centrality with respect to the entire company network. 1998 1999 2000 ras spa - riunione adriatica di sicurta' 58 pirelli spa 60 mediobanca spa 58 pirelli spa 53 ras spa - riunione adriatica di sicurta' 56 ras spa - riunione adriatica di sicurta' 55 mediobanca spa 50 mediobanca spa 52 pirelli spa 50 holding di partecipazioni industriali spa 38 holding di partecipazioni industriali spa 43 olivetti spa - ing. c. olivetti & c. 41 camfin cam finanziaria spa 32 olivetti spa - ing. c. olivetti & c. 37 gim spa - generale industrie metallurgiche 34 falck spa 31 assicurazioni generali spa 36 camfin cam finanziaria spa 32 assicurazioni generali spa 30 gim spa - generale industrie metallurgiche 35 banca commerciale italiana spa 32 unicredito italiano spa 29 banca commerciale italiana spa 34 banca intesa spa 32 gim spa - generale industrie metallurgiche 29 camfin cam finanziaria spa 33 assicurazioni generali spa 31 gruppo editoriale l'espresso spa 25 gruppo editoriale l'espresso spa 30 holding di partecipazioni industriali spa 31 italcementi spa fabbriche riunite cemento 25 2001 2002 2003 pirelli spa 52 pirelli spa 60 pirelli & c. spa 59 olivetti spa - ing. c. olivetti & c. 50 olivetti spa - ing. c. olivetti & c. 54 mediobanca spa 47 telecom italia spa 49 mediobanca spa 51 telecom italia spa 42 mediobanca spa 44 telecom italia spa 49 rcs mediagroup spa 35 ras spa - riunione adriatica di sicurta' 40 ras spa - riunione adriatica di sicurta' 37 telecom italia mobile spa 30 camfin cam finanziaria spa 32 camfin cam finanziaria spa 29 fondiaria - sai spa 29 gim spa - generale industrie metallurgiche 30 pirelli & c. accomandita per azioni 28 ras spa - riunione adriatica di sicurta' 25 unicredito italiano spa 30 gim spa - generale industrie metallurgiche 28 autogrill spa 23 51 holding di partecipazioni industriali spa 26 holding di partecipazioni industriali spa 27 milano assicurazioni spa 23 pirelli & c. accomandita per azioni 25 telecom italia mobile spa 27 unicredito italiano spa 22 pirelli & c. real estate spa 27 gim spa - generale industrie metallurgiche 22 cir spa - compagnie industriali riunite 22 snia spa 22 cofide spa - compagnia finanziaria de benedetti ipi spa 22 2004 22 2005 2006 pirelli & c. spa 54 pirelli & c. spa 56 pirelli & c. spa 46 mediobanca spa 44 mediobanca spa 47 mediobanca spa 36 rcs mediagroup spa 43 rcs mediagroup spa 47 rcs mediagroup spa 33 telecom italia spa 34 telecom italia spa 32 fondiaria - sai spa 29 ras holding spa 32 ras holding spa 31 atlantia spa 28 telecom italia mobile spa 29 fondiaria - sai spa 30 cir spa - compagnie industriali riunite 25 fondiaria - sai spa 25 cir spa - compagnie industriali riunite 27 telecom italia spa 23 gim spa - generale industrie metallurgiche 24 assicurazioni generali spa 26 autogrill spa 23 cir spa - compagnie industriali riunite 24 26 24 cofide spa - compagnia finanziaria de benedetti alleanza assicurazioni spa 22 cofide spa - compagnia finanziaria de benedetti cofide spa - compagnia finanziaria de benedetti marzotto spa – manifattura lane gaetano marzotto & figli assicurazioni generali spa 22 milano assicurazioni spa 22 italcementi spa fabbriche riunite cemento 22 26 22 Table 14. Betweenness ranking 1998-2006 (first ten positions by year): companies. Betweenness indicates the number of paths that pass through a node. In this context, a node indicates a company, and a path indicates the shortest route which relies two companies through board interlocks. Betweenness is a complementary measure with respect to the Freeman Degree because it allows to specify whether a director or a company have a central or peripheral position within the entire network. 1998 1999 2000 ras spa - riunione adriatica di sicurta' 2030.759 holding di partecipazioni industriali spa 2451.808 mediobanca spa 1825.219 holding di partecipazioni industriali spa 1677.957 ras spa - riunione adriatica di sicurta' 1696.096 olivetti spa - ing. c. olivetti & c. 1802.526 camfin cam finanziaria spa 1483.435 olivetti spa - ing. c. olivetti & c. 1415.616 holding di partecipazioni industriali spa 1371.234 pirelli spa 1395.999 banca commerciale italiana spa 1308.372 ras spa - riunione adriatica di sicurta' 1301.471 interbanca spa 1290.043 pirelli spa banca commerciale italiana spa 1115.958 seat - pagine gialle spa 999.101 telecom italia spa alleanza assicurazioni spa 964.006 interbanca spa snia spa 912.343 mediobanca spa 846.899 marzotto spa - manifattura lane gaetano marzotto & figli seat - pagine gialle spa camfin cam finanziaria spa banca nazionale dell'agricoltura spa 805 2001 1154.36 1047.878 impregilo spa 993.903 882.544 954.442 marzotto spa - manifattura lane gaetano marzotto & figli banca agricola mantovana spa 940.705 finmeccanica spa 697.662 882.354 la fondiaria assicurazioni spa 986.07 2002 875.813 681.561 2003 mediobanca spa 2355.615 mediobanca spa 2350.234 pirelli & c. spa 1635.933 telecom italia spa 2120.525 snia spa 2135.646 snia spa 1444.443 olivetti spa - ing. c. olivetti & c. 2085.832 olivetti spa - ing. c. olivetti & c. 2129.524 telecom italia spa 1354.654 telecom italia spa 2043.115 meliorbanca spa 1293.605 pirelli spa 2067.12 la fondiaria assicurazioni spa 1482.371 autogrill spa 1267.117 rcs mediagroup spa 1229.456 meliorbanca spa 1387.732 holding di partecipazioni industriali spa 1175.203 mediobanca spa 1164.718 snia spa 1364.332 pirelli spa 1100.181 acea spa 942.389 52 holding di partecipazioni industriali spa 1295.58 edison spa 914.343 banca monte dei paschi di siena spa 937.792 autogrill spa 965.355 acea spa 881.888 telecom italia mobile spa 919.392 marzotto spa - manifattura lane gaetano marzotto & figli 884.339 ras spa - riunione adriatica di sicurta' 863.617 fondiaria - sai spa 881.123 2004 pirelli & c. spa 2005 1860.264 rcs mediagroup spa 1391.94 indesit company spa 1131.634 2006 pirelli & c. spa 3167.294 pirelli & c. spa 3280.198 mediobanca spa 1524.077 mediobanca spa 1192.814 rcs mediagroup spa 1522.533 atlantia spa 1185.565 ras holding spa 1280.437 indesit company spa 1121.498 mediobanca spa 986.33 ras holding spa 932.653 alleanza assicurazioni spa 1151.503 alleanza assicurazioni spa 1049.374 telecom italia spa 843.001 atlantia spa 1029.008 fondiaria - sai spa 1028.248 banca monte dei paschi di siena spa 826.006 telecom italia spa 979.757 rcs mediagroup spa 987.167 fondiaria - sai spa 818.726 fondiaria - sai spa 884.164 sanpaolo imi spa 985.211 sorin spa 775.081 assicurazioni generali spa 752.291 fiat spa 956.376 italcementi spa fabbriche riunite cemento 740.019 marzotto spa - manifattura lane gaetano marzotto & figli 750.376 camfin cam finanziaria spa 892.5 Table 15. Closeness (farness) ranking 1998-2006 (first ten positions by year): companies 1998 1999 2000 ras spa - riunione adriatica di sicurta' 14302 holding di partecipazioni industriali spa 17131 mediobanca spa 15791 holding di partecipazioni industriali spa 14303 ras spa - riunione adriatica di sicurta' 17140 olivetti spa - ing. c. olivetti & c. 15808 pirelli spa 14304 mediobanca spa 17140 holding di partecipazioni industriali spa 15816 camfin cam finanziaria spa 14313 pirelli spa 17141 ras spa - riunione adriatica di sicurta' 15821 mediobanca spa 14314 banca commerciale italiana spa 17151 banca commerciale italiana spa 15821 banca commerciale italiana spa 14328 assicurazioni generali spa 17155 pirelli spa 15829 snia spa 14338 olivetti spa - ing. c. olivetti & c. 17158 assicurazioni generali spa 15830 assicurazioni generali spa 14338 telecom italia spa 17164 banca intesa spa 15831 alleanza assicurazioni spa 14338 camfin cam finanziaria spa 17165 montedison spa 15840 italcementi spa fabbriche riunite cemento 14345 marzotto spa - manifattura lane gaetano marzotto & figli 17172 telecom italia spa 15842 alleanza assicurazioni spa 15842 2001 2002 2003 mediobanca spa 11338 mediobanca spa 11634 pirelli & c. spa 11122 olivetti spa - ing. c. olivetti & c. 11341 olivetti spa - ing. c. olivetti & c. 11642 mediobanca spa 11125 pirelli spa 11347 telecom italia spa 11644 telecom italia mobile spa 11128 telecom italia spa 11347 pirelli spa 11656 rcs mediagroup spa 11130 holding di partecipazioni industriali spa 11353 holding di partecipazioni industriali spa 11661 telecom italia spa 11135 ras spa - riunione adriatica di sicurta' 11368 ras spa - riunione adriatica di sicurta' 11669 fondiaria - sai spa 11157 unicredito italiano spa 11370 telecom italia mobile spa 11671 snia spa 11161 53 gim spa - generale industrie metallurgiche 11375 banca antoniana popolare veneta spa 11677 autogrill spa 11162 smi spa - societa' metallurgica italiana 11375 snia spa 11678 ras spa - riunione adriatica di sicurta' 11163 camfin cam finanziaria spa 11382 autogrill spa 11683 assicurazioni generali spa 11167 pirelli & c. spa 11319 pirelli & c. spa 15847 pirelli & c. spa 16122 rcs mediagroup spa 11332 mediobanca spa 15872 mediobanca spa 16147 mediobanca spa 11337 rcs mediagroup spa 15879 atlantia spa 16179 telecom italia mobile spa 11346 ras holding spa 15893 rcs mediagroup spa 16179 ras holding spa 11347 assicurazioni generali spa 15905 telecom italia spa 16185 telecom italia media spa 11355 telecom italia spa 15909 fondiaria - sai spa 16186 telecom italia spa 11367 atlantia spa 15914 autogrill spa 16195 italcementi spa fabbriche riunite cemento 11373 autogrill spa 15919 fiat spa 16195 fondiaria - sai spa 11375 fondiaria - sai spa 15920 alleanza assicurazioni spa 16196 unicredito italiano spa 11377 camfin cam finanziaria spa 15921 assicurazioni generali spa 16199 2004 2005 2006 Table 15. Freeman degree ranking 1998-2006 (first ten positions by year): directors. 1998 1999 2000 pesenti giampiero 109 tronchetti provera marco 126 tronchetti provera marco 119 falck alberto 101 erede sergio 117 marchio' angelo 110 gutty gianfranco 97 gutty gianfranco 107 gutty gianfranco 107 erede sergio 92 falck alberto 101 erede sergio 102 marchio' angelo 86 marchio' angelo 94 lucchini luigi 100 tronchetti provera marco 84 pecci alberto 90 falck alberto 96 gazzoni frascara giuseppe 73 pesenti giampiero 86 grande stevens franzo 84 lucchini luigi 73 grande stevens franzo 84 pesenti giampiero 83 sozzani vincenzo 71 de benedetti carlo 82 de benedetti carlo 81 orlando luigi 69 lucchini luigi 82 rondelli lucio 80 rondelli lucio 69 pecci alberto 69 2001 2002 2003 tronchetti provera marco 135 buora carlo 126 buora carlo 113 gutty gianfranco 102 benetton gilberto 123 benetton gilberto 112 benetton gilberto 94 mion gianni 110 pesenti carlo 98 mion gianni 92 greco mario 97 greco mario 96 grande stevens franzo 91 pesenti carlo 95 ligresti gioacchino paolo 95 falck alberto 82 falck alberto 83 mion gianni 89 maramotti achille 79 puri negri carlo alessandro 83 grande stevens franzo 87 buora carlo 76 ripa di meana vittorio 82 ligresti jonella 84 fabrizi pier luigi 75 pesenti giampiero 77 puri negri carlo alessandro 84 pesenti giampiero 75 tronchetti provera marco 76 ligresti giulia maria 79 54 2004 2005 2006 buora carlo 116 buora carlo 105 pesenti carlo 105 benetton gilberto 104 ligresti jonella 102 benetton gilberto 90 mion gianni 102 pesenti carlo 101 ligresti jonella 84 pesenti carlo 101 benetton gilberto 90 galateri di genola e suniglia gabriele 80 ligresti jonella 100 galateri di genola e suniglia gabriele 90 ligresti giulia maria 77 pesenti giampiero 84 puri negri carlo alessandro 84 perissinotto giovanni 74 perissinotto giovanni 84 perissinotto giovanni 83 pini massimo 73 de benedetti carlo 82 de benedetti carlo 79 bernheim antoine 66 puri negri carlo alessandro 82 ligresti giulia maria 77 mion gianni 66 greco mario 79 pesenti giampiero 72 erede sergio 65 acutis carlo 65 ligresti gioacchino paolo 65 Table 16. Betweenness ranking 1998-2006 (first ten positions by year): directors. Betweenness indicates the number of paths that pass through a node. In this context, a node indicates a company, and a path indicates the shortest route which relies two companies through board interlocks. Betweenness is a complementary measure with respect to the Freeman Degree because it allows to specify whether a director or a company have a central or peripheral position within the entire network. 1998 erede sergio 1999 93993.7 erede sergio rocca gianfelice 83777.39 sabatini paolo gutty gianfranco 64041.82 gutty gianfranco pesenti giampiero 48589.09 nefri nicolo' 48430.3 zanetti emilio 2000 149080.844 erede sergio 133784.2 colaninno roberto 63700.89 lucchini luigi 53355.86 56180.273 ciani carlo 48889.73 62273.074 61545.5 lucchini luigi 49119.219 savona paolo 48426.52 puri negri carlo alessandro 47562.43 tronchetti provera marco 46847.922 martini giandomenico 45381.76 falck alberto 45541.22 bondi enrico 46670.504 benetton alessandro 44313.18 philippe jaques emile georges 43673.75 pesenti giampiero 42853.523 grande stevens franzo 42226.88 pesenti carlo 41634.43 scotti luigi 40953 marzotto pietro 40458.36 ciani carlo 40795.27 puri negri carlo alessandro 2001 40660.262 nefri nicolo' 2002 40800.44 2003 tronchetti provera marco 104042.6 benetton gilberto 140041.844 ligresti gioacchino paolo fabrizi pier luigi 80176.91 fabrizi pier luigi 120045.992 grande stevens franzo 81597.98 96292 colombo umberto 75630.25 colombo umberto 109354.102 colombo umberto 78151.69 ciani carlo 69549.06 buora carlo 96253.141 vitale marco 72945.02 erede sergio 68017.09 vitale marco 83896.25 benetton gilberto 71297.66 mion gianni 63983.19 erede sergio 83417.453 caltagirone francesco gaetano 67237.89 doris ennio 63929.04 pesenti carlo 71619.156 buora carlo 59352.57 grande stevens franzo 62036.42 mion gianni 70764.25 molinari amato luigi 52416.11 callieri carlo 60560.67 ripa di meana vittorio 66140.508 mion gianni 48460.98 vitale marco 60272.25 doris ennio 60541.945 greco mario 44593.6 55 2004 2005 grande stevens franzo 2006 66750.5 benetton gilberto 68241.828 giarda dino piero 88647.31 benetton gilberto 61795.77 della valle diego 61266.453 erede sergio 84861.02 greco mario 59666.06 rocca gianfelice 59166.613 perissinotto giovanni 78911.78 mion gianni 56663.8 giarda dino piero 58954.586 ligresti giulia maria 73635.03 pesenti carlo 52904.91 pesenti carlo 57786.688 gros pietro gian maria 70473.06 clo' alberto 52258.23 ligresti jonella 57655.289 acutis carlo 69772.48 ligresti jonella 50945.4 pesenti giampiero 56314.344 greco mario 65073.34 molinari amato luigi 50696.54 ligresti giulia maria 56254.73 benetton gilberto 64987.32 rocca gianfelice 46235.07 perissinotto giovanni 54613.691 rocca gianfelice 59031.6 ligresti giulia maria 43003.77 erede sergio 54373.855 ciampicali pier antonio 58392 Table 15. Closeness (farness) ranking 1998-2006 (first ten positions by year): directors 1998 1999 2000 PESENTI GIAMPIERO 736748 TRONCHETTI PROVERA MARCO 828626 LUCCHINI LUIGI 868069 TRONCHETTI PROVERA MARCO 736778 EREDE SERGIO 828670 COLANINNO ROBERTO 868107 FALCK ALBERTO 736850 GUTTY GIANFRANCO 828697 MARCHIO' ANGELO 868132 GUTTY GIANFRANCO 736860 LUCCHINI LUIGI 828719 TRONCHETTI PROVERA MARCO 868145 GAZZONI FRASCARA GIUSEPPE 736865 PESENTI GIAMPIERO 828727 GUTTY GIANFRANCO 868158 SOZZANI VINCENZO 736873 BONDI ENRICO 828756 GERONZI CESARE 868195 MARCHIO' ANGELO 736873 MARCHIO' ANGELO 828796 PECCI ALBERTO 868223 ORLANDO LUIGI 736902 GERONZI CESARE 828864 PESENTI CARLO 868235 MARZOTTO PIETRO 736980 RONDELLI LUCIO 828887 RONDELLI LUCIO 868238 RONDELLI LUCIO 736994 PECCI ALBERTO 828891 EREDE SERGIO 868239 TRONCHETTI PROVERA MARCO 624701 BENETTON GILBERTO 667897 BUORA CARLO 682306 BUORA CARLO 624861 BUORA CARLO 667930 BENETTON GILBERTO 682504 MARAMOTTI ACHILLE 624954 MION GIANNI 668185 MION GIANNI 682534 PIRELLI ALBERTO 624978 GRECO MARIO 668261 GRECO MARIO 682555 PECCI ALBERTO 625015 PESENTI CARLO 668272 LIGRESTI GIOACCHINO PAOLO 682632 PURI NEGRI CARLO ALESSANDRO 625046 GERONZI CESARE 668333 LIGRESTI GIULIA MARIA 682647 GUTTY GIANFRANCO 625065 PURI NEGRI CARLO ALESSANDRO 668336 LUCCHINI GIUSEPPE 682662 MION GIANNI 625069 TRONCHETTI PROVERA MARCO 668343 LIGRESTI JONELLA 682678 GERONZI CESARE 625091 CIRLA GIORGIO 668390 PURI NEGRI CARLO ALESSANDRO 682692 BENETTON GILBERTO 625100 FRESCO PAOLO 668404 GRANDE STEVENS FRANZO 682693 2001 2002 2003 56 2004 2005 2006 BUORA CARLO 712064 BENETTON GILBERTO 934004 BENETTON GILBERTO 931106 GRECO MARIO 712112 BUORA CARLO 934051 PERISSINOTTO GIOVANNI 931139 PESENTI CARLO 712121 GALATERI DI GENOLA E SUNIGLIA GABRIELE 934139 LIGRESTI GIULIA MARIA 931226 BENETTON GILBERTO 712171 PERISSINOTTO GIOVANNI 934194 GALATERI DI GENOLA E SUNIGLIA GABRIELE 931292 LIGRESTI JONELLA 712172 PESENTI GIAMPIERO 934201 BOMBASSEI ALBERTO 931328 MION GIANNI 712196 PESENTI CARLO 934247 ACUTIS CARLO 931350 PESENTI GIAMPIERO 712222 BERNHEIM ANTOINE 934268 LIBONATI BERARDINO 931357 PERISSINOTTO GIOVANNI 712242 VAGNONE PAOLO 934303 PESENTI CARLO 931361 LIGRESTI GIULIA MARIA 712263 PURI NEGRI CARLO ALESSANDRO 934319 PIRELLI ALBERTO 931369 GALATERI DI GENOLA E SUNIGLIA GABRIELE 712284 LIGRESTI JONELLA 934322 PURI NEGRI CARLO ALESSANDRO 931393 Table 17. Network centralization index 1998-2006 (betweenness) Year listed companies 1998 1999 2000 2001 2002 2003 2004 2005 2006 Differences 7.34 7.72 6.07 8.19 8.42 6.29 7.26 9.2 9.52 0.38 -1.65 2.12 0.23 -2.13 0.97 1.94 0.32 S&P MIB companies 12.47 23.77 19.65 19.45 27.72 16.29 13.68 16.3 15.6 Differences 11.3 -4.12 -0.2 8.27 -2.61 2.62 -0.7 Table 18. Link persistency over the time (MIB 30/S&P-MIB financial companies 1998-2006) 57 1998 1999 58 2000 2001 59 2002 2003 60 2004 2005 61 2006 62 Appendix 1. Listed companies according to board size 1998-2006 societa 1998 a.m.g.a. spa - azienda mediterranea gas e acqua 1999 2000 2001 2002 9 9 9 8 2003 2004 acea spa 6 9 18 9 9 9 9 68 13 13 13 13 52 7 7 14 acotel group spa acquedotto de ferrari galliera spa acquedotto nicolay spa Total 7 acegas - aps spa acque potabili spa - societa' per condotta di acque potabili 2006 7 ac.e.ga.s. spa acqua pia antica marcia spa 2005 6 6 7 7 6 7 7 7 7 7 7 7 7 7 7 8 10 10 10 10 10 6 7 5 7 7 7 5 5 5 7 9 10 10 10 8 9 acsm como spa acsm spa aedes spa aedes spa - ligure lombarda per imprese e costruzioni 5 12 12 12 12 12 aem spa 7 8 8 8 8 8 aeroporti di roma spa 9 9 9 14 65 68 36 10 10 10 60 9 10 10 46 12 12 14 38 8 9 9 65 73 27 17 17 17 17 aeroporto di venezia marco polo spa - save air dolomiti spa - linee aeree regionali europee 8 16 actelios spa aeroporto di firenze - adf spa 53 9 alerion industries spa 17 17 116 11 13 24 15 15 72 9 13 18 14 15 algol spa in liquidazione 2 2 alitalia linee aeree italiane spa 16 17 16 17 17 11 5 5 4 108 alleanza assicurazioni spa 13 13 13 14 14 13 14 14 14 122 allianz subalpina spa 11 11 11 7 7 7 7 7 7 7 7 7 7 7 42 9 9 18 amga spa - azienda mediterranea gas e acqua 7 7 amplifon spa 33 anima sgr spa ansaldo sts spa ansaldo trasporti spa 9 7 7 5 arnoldo mondadori editore spa 9 10 10 11 9 arquati spa 5 5 5 5 5 12 8 4 4 16 12 12 11 96 25 arquati spa in amministrazione straordinaria 1 arquati spa in liquidazione 1 4 as roma spa 12 12 4 12 12 12 11 5 5 5 7 7 7 8 34 20 20 19 18 17 173 15 15 13 13 13 69 15 14 15 44 ascopiave spa asm brescia spa assitalia spa - assicurazioni d'italia 19 20 5 5 20 20 atlantia spa autostrada torino milano spa autostrade meridionali spa 9 8 8 9 11 11 11 11 87 11 11 12 13 13 13 13 13 12 111 5 5 10 15 7 7 azienda energetica metropolitana torino 15 15 15 5 7 7 azimut holding spa banca agricola mantovana spa 82 9 autostrade spa autostrade spa - concessioni e costruzioni autostrade 11 10 astaldi spa autogrill spa 9 19 arena agroindustrie alimentari spa assicurazioni generali spa 49 15 59 7 26 10 15 15 14 15 10 10 30 15 74 63 banca antoniana popolare veneta spa banca carige spa - cassa di risparmio di genova e imperia 15 18 18 18 banca commerciale italiana spa 14 17 16 banca di legnano spa 14 14 14 banca di roma spa 11 15 15 15 banca fideuram spa 9 8 7 7 15 15 15 15 18 18 18 18 159 47 42 56 7 banca finnat euramerica spa 9 9 9 9 74 11 11 11 11 44 10 10 6 6 8 8 28 banca generali spa banca ifis spa banca intermobiliare di investimenti e gestioni spa 60 18 8 9 9 9 9 9 12 12 10 87 15 21 25 25 25 23 23 22 19 198 17 16 33 17 19 21 21 21 21 21 21 20 146 9 9 11 11 11 16 16 15 10 108 banca nazionale del lavoro spa 13 12 13 13 13 13 13 14 banca nazionale dell'agricoltura spa 11 10 banca piccolo credito valtellinese scarl 12 12 12 12 12 12 banca popolare commercio e industria scrl 14 15 15 14 15 banca popolare dell'etruria e del lazio scarl 16 16 17 17 16 banca popolare di bergamo-credito varesino scrl 21 21 21 20 21 104 banca popolare di cremona scrl 14 14 15 15 15 73 13 13 13 13 13 banca intesa spa banca italease spa banca lombarda banca lombarda e piemontese spa banca monte dei paschi di siena spa 36 21 banca piccolo credito valtellinese societa' cooperativa banca popolare di cremona spa banca popolare di intra scrl 104 72 14 14 15 43 18 15 15 148 73 18 15 banca popolare di intra spa banca popolare di lodi scrl 14 16 16 16 17 17 banca popolare di milano scrl 15 18 20 18 18 20 banca popolare di novara scrl 20 19 15 14 banca popolare di spoleto spa 13 13 13 13 banca popolare di verona - banco s. geminiano e s. prospero 18 18 18 18 10 banca san paolo di brescia spa 14 banca toscana spa 10 10 10 78 12 13 13 38 20 19 20 168 96 68 13 13 15 15 15 123 17 16 16 49 10 10 10 79 72 banca popolare italiana - banca popolare di lodi societa' cooperativa banca profilo spa 15 13 9 10 14 10 9 10 10 banche popolari unite scrl 49 21 banco di chiavari e della riviera ligure spa 11 11 11 11 10 banco di desio e della brianza spa 10 9 9 9 10 banco di napoli spa 10 10 7 7 banco di sardegna spa 14 14 14 15 12 10 54 10 9 9 8 83 34 14 15 15 15 15 131 20 20 20 20 20 100 8 8 8 5 5 5 61 7 7 7 6 banco popolare di verona e novara scrl basic net spa 21 bassetti spa 4 4 4 bastogi spa 5 5 5 5 5 bayerische vita spa 4 5 5 7 7 beghelli spa 6 6 9 8 8 9 9 9 9 73 benetton group spa 9 11 11 11 11 11 11 11 11 97 8 8 11 11 11 7 7 7 70 5 5 5 5 6 7 33 17 16 17 12 10 10 10 10 beni stabili spa biesse spa 12 bipielle investimenti spa bipop - carire spa boero bartolomeo spa 15 19 19 20 8 8 9 9 28 5 5 7 7 bonifica terreni ferraresi e imprese agricole spa 8 8 8 9 62 73 bolzoni spa bonaparte spa 52 9 83 10 10 24 9 9 9 9 9 78 64 borgosesia spa 4 4 brembo spa - freni brembo 7 7 9 9 12 11 11 11 11 88 8 brioschi finanziaria spa 5 10 10 10 10 8 8 7 7 75 bulgari spa 7 7 6 7 7 7 7 7 7 62 1 1 2 13 13 87 8 8 16 8 7 buongiorno spa buzzi unicem spa 8 10 9 11 11 12 cad it spa caffaro spa 9 8 17 cairo communication spa calcemento spa - societa' per il calcestruzzo ed il cemento spa 6 5 calp spa - cristalleria artistica la piana 8 8 caltagirone editore spa caltagirone spa camfin cam finanziaria spa 11 8 8 8 7 9 9 9 9 9 9 40 61 7 7 7 9 9 9 9 9 9 75 13 12 12 14 14 13 15 15 15 123 15 19 19 20 20 93 9 9 8 9 9 80 capitalia spa carraro spa 9 9 cartiere burgo spa 8 11 cassa di risparmio di firenze 9 9 19 15 cassa di risparmio di firenze spa 15 15 15 14 cassa di risparmio di firenze spa - banca cr firenze castelgarden spa 44 14 9 14 14 7 7 14 8 8 70 18 cembre spa 7 6 cementeria di augusta spa 7 7 cementeria di barletta spa 7 7 7 cementir spa - cementerie del tirreno 9 9 11 11 11 10 centenari e zinelli spa 5 4 4 3 5 5 9 9 9 9 centrale del latte di torino & c. spa 7 9 9 8 8 14 21 10 10 12 9 9 9 ciccolella spa ciga spa 10 10 cir spa - compagnie industriali riunite 11 12 cirio finanziaria spa 15 93 63 6 6 12 5 5 3 13 13 13 13 106 26 chl - centro hl distribuzione spa 20 11 11 11 9 8 cirio finanziaria spa in amministrazione straordinaria 11 32 10 cirio spa 13 8 11 11 11 11 cmi spa 8 7 7 7 coats cucirini spa 7 5 5 5 10 21 11 11 5 7 12 12 12 12 12 102 29 34 cobra automotive technologies spa cofide spa - compagnia finanziaria de benedetti 42 9 cdc point spa class editori spa 15 12 11 13 110 12 12 9 7 16 compart spa - compagnia di partecipazioni assicurative ed industriali spa credito artigiano spa 8 8 16 9 11 9 9 9 9 9 9 74 credito bergamasco spa 15 16 17 17 17 17 16 17 16 148 credito emiliano spa 14 14 13 12 12 13 121 8 8 8 8 8 7 23 13 13 26 10 9 88 14 14 15 7 7 7 cremonini spa 8 8 8 8 9 8 csp - international industrie calze spa 5 4 6 7 7 7 13 8 comau spa credito fondiario e industriale spa 13 8 21 csp international fashion group spa 36 dada spa dalmine spa 9 9 9 9 9 danieli spa - officine meccaniche danieli & c. 9 10 10 10 10 73 45 10 10 data service spa 10 7 17 datalogic spa 11 13 24 datamat spa 9 8 17 65 davide campari - milano spa de longhi spa 14 14 14 11 11 10 74 7 7 7 9 9 9 48 9 8 17 8 8 16 dea capital spa deroma holding spa 5 4 9 digital bros spa dmail group spa dmt digital multimedia technologies spa ducati motor holding spa edison spa 7 7 7 14 11 11 11 33 11 11 11 10 11 11 11 9 85 8 8 7 12 12 12 12 12 90 eems italia spa el.en. spa 9 elica spa 5 5 8 17 7 7 elios holding spa 3 4 7 emak spa 8 8 8 9 9 9 13 13 13 90 enel spa 5 7 6 7 7 7 7 9 9 64 7 7 7 7 9 37 enertad spa engineering - ingegneria informatica - spa 9 9 eni spa 9 9 9 9 8 8 8 9 9 78 erg spa 9 9 9 10 10 11 11 11 13 93 5 7 7 7 26 7 7 ergo previdenza spa ericsson spa esaote spa 11 10 10 9 9 7 7 7 7 7 63 35 esprinet spa 8 9 17 eurofly spa 5 9 14 eurotech spa 9 9 18 13 13 26 7 7 14 6 7 eutelia spa exprivia spa falck spa 11 11 11 33 fastweb spa ferretti spa 9 ferrovie nord milano spa 5 5 fiar spa - fabbrica italiana apparecchiature radioelettriche 5 5 10 11 fiat spa 9 9 27 10 10 11 13 12 11 11 fidia spa fiera milano spa filatura di pollone spa fin.part spa 7 10 9 9 9 9 45 7 7 7 7 52 7 6 6 7 11 5 5 7 7 7 7 13 13 13 13 44 10 5 14 7 6 17 15 7 48 52 21 20 13 14 32 41 3 12 12 3 3 3 15 15 13 fondiaria - sai spa 15 19 19 fullsix spa 3 3 12 12 118 7 9 16 19 19 91 12 9 21 6 fmr - art'e' spa - societa' internazionale di arte e cultura gabetti holding spa 5 7 finecogroup spa finrex spa 5 9 fineco spa finmeccanica spa 109 7 9 finmatica spa 15 5 finarte - semenzato casa d'aste spa fincasa 44 spa 15 5 fin.part spa in fallimento finarte casa d'aste spa 13 7 7 7 8 35 gabetti property solutions spa 8 10 9 27 garboli spa 7 7 5 19 garboli-conicos spa impresa generale di costruzioni 5 5 5 7 7 7 36 gas plus spa gefran spa 3 3 5 5 5 5 7 7 7 7 7 47 66 gemina spa - generale mobiliare interessenze azionarie 5 5 5 7 7 7 geox spa gewiss spa 5 8 8 giacomelli sport group spa 9 9 5 5 giacomelli sport group spa in amministrazione straordinaria gildemeister italiana spa gim spa - generale industrie metallurgiche giovanni crespi spa 9 9 7 9 61 9 9 9 27 9 9 9 75 10 5 5 6 6 6 6 10 10 10 10 10 10 13 14 14 101 7 7 7 7 7 7 7 7 7 63 6 6 7 7 7 9 10 10 10 10 9 9 grandi navi veloci spa granitifiandre spa 24 42 58 gruppo buffetti spa 4 6 7 gruppo ceramiche ricchetti spa 7 9 7 7 5 5 5 5 5 55 8 7 7 8 6 6 9 9 60 15 16 17 17 17 18 18 9 143 9 9 18 17 18 gruppo coin spa gruppo editoriale l'espresso spa 16 17 guala closures spa hera spa 13 hera spa (holding energia risorse ambiente) holding di partecipazioni industriali spa i grandi viaggi spa 14 15 15 14 9 9 8 9 9 9 9 9 9 80 9 9 9 10 10 5 52 10 10 10 12 12 10 92 9 10 19 9 9 10 72 i.net spa idra presse spa 6 7 8 5 ifi spa - istituto finanziario industriale 10 10 10 10 10 9 ifil - finanziaria di partecipazioni spa 16 14 14 14 26 ifil investments spa ifil spa - finanziaria di partecipazioni 14 9 9 13 13 12 12 immobiliare lombarda spa 15 15 30 65 7 5 28 5 4 5 5 19 19 7 7 4 5 5 9 9 9 9 50 14 9 9 9 15 15 111 13 13 13 39 7 7 7 7 62 7 7 11 11 70 5 3 7 15 impregilo spa 13 14 13 ina - istituto nazionale delle assicurazioni spa 18 14 9 21 41 indesit company spa intek spa interbanca spa interpump group spa 7 7 7 6 7 11 11 12 13 12 6 7 7 7 7 59 investimenti & sviluppo spa investimenti immobiliari lombardi spa ipi spa irce spa – industria romagnola conduttori elettrici 5 5 8 8 5 5 8 ipi spa - attivita' di investimento e promozione immobiliare 5 9 19 10 10 11 9 7 6 5 5 5 7 6 6 49 7 7 12 26 10 10 11 44 isagro spa it holding spa italcementi spa fabbriche riunite cemento 13 17 17 61 16 iride spa istituto bancario san paolo di torino - istituto mobiliare italiano spa 37 14 3 immsi spa 90 58 igd immobiliare grande distribuzione spa immobiliare metanopoli spa 48 14 i viaggi del ventaglio spa i.m.a. industria macchine automatiche spa 13 13 17 51 6 6 6 6 6 6 6 6 6 54 15 15 16 16 16 15 18 18 18 147 7 7 italdesign-giugiaro spa 7 7 italfondiario spa - istituto italiano di credito fondiario 14 7 8 italgas spa - societa' italiana per il gas 14 14 15 14 15 italjolly spa - compagnia italiana dei jolly hotels 11 11 10 10 10 11 10 11 11 95 7 7 7 7 9 9 10 10 10 76 5 7 12 11 9 54 5 5 10 italmobiliare spa 28 29 72 itway spa juventus football club spa kaitech spa 7 9 9 9 67 kme group spa la doria spa la fondiaria assicurazioni spa la gaiana spa la rinascente spa locat spa logitalia gestioni spa 10 9 27 7 7 7 9 56 4 4 4 4 4 4 10 10 10 5 5 5 5 5 5 5 35 9 9 9 76 5 5 5 11 11 11 12 4 4 4 10 10 lavorwash spa linificio e canapificio nazionale spa 8 6 5 45 50 8 7 8 8 9 9 11 11 10 15 15 15 3 3 13 15 15 15 13 13 84 7 7 9 12 12 14 68 luxottica group spa 77 6 lottomatica spa 7 m&c management & capitali spa maffei spa magneti marelli spa 7 7 7 7 7 7 11 10 11 11 manuli rubber industries spa 9 9 9 11 marangoni spa 7 7 7 7 7 7 marcolin spa 6 mariella burani fashion group spa 1 1 7 63 22 59 28 marazzi group spa 14 14 6 7 9 9 9 12 12 70 5 5 5 5 5 5 5 35 7 7 14 9 128 marr spa marzotto spa - manifattura lane gaetano marzotto & figli 36 15 15 15 15 15 15 15 14 9 9 18 mediaset spa 21 21 19 19 19 15 15 15 15 159 mediobanca spa 21 21 21 21 21 21 20 20 20 186 mediolanum spa 10 10 10 12 12 12 12 12 12 102 5 5 5 15 13 12 14 97 9 9 8 mediacontech spa mediterranea delle acque spa meliorbanca spa merloni elettrodomestici spa 9 9 13 15 15 15 10 11 13 13 meta modena energia territorio ambiente spa milano assicurazioni spa 18 mirato spa mittel spa 10 65 18 13 13 13 19 19 18 19 150 6 6 5 5 6 6 6 6 46 9 11 10 10 11 11 11 10 93 6 6 12 57 mondo tv spa monrif spa 7 7 7 6 montedison spa 7 7 8 9 montefibre spa 8 9 8 napoletanagas spa - compagnia di illuminazione e scaldamento col gas 7 navigazione montanari spa 9 8 necchi spa 9 7 6 6 6 6 6 8 8 8 8 8 8 73 8 8 8 8 10 9 10 78 7 8 8 5 5 4 3 31 7 negri bossi spa 44 6 6 nice spa olcese spa 7 olcese spa - cotonificio olcese veneziano 9 8 9 42 6 3 6 6 6 15 15 16 16 16 4 7 6 7 5 15 14 13 13 7 6 6 6 4 6 4 49 12 11 11 34 68 8 4 12 11 partecipazioni italiane spa 4 permasteelisa spa 47 78 parmalat spa petra spa 6 7 13 parmalat finanziaria spa in amministrazione straordinaria perlier spa 10 6 panariagroup industrie ceramiche spa parmalat finanziaria spa 30 6 olidata spa pagnossin spa 6 10 9 olcese spa in amministrazione straordinaria olivetti spa - ing. C. olivetti & c. 26 6 6 6 6 5 6 6 6 8 8 5 5 8 8 11 22 10 33 10 60 3 3 68 piaggio & c. spa 11 pierrel spa 1 pininfarina spa 8 9 9 9 9 pirelli & c. accomandita per azioni 5 5 5 5 5 pirelli & c. real estate spa 13 pirelli & c. spa pirelli spa 17 19 18 18 19 9 9 9 5 7 9 9 9 8 14 14 14 13 79 68 21 20 20 19 80 25 91 poligrafica s. faustino spa poligrafici editoriale spa 11 1 7 7 7 7 14 7 7 67 11 11 poltrona frau spa polynt spa 5 5 premafin finanziaria spa holding di partecipazioni 7 7 7 7 7 11 11 12 12 81 premuda spa 7 9 8 9 9 9 9 9 9 78 7 7 14 prima industrie spa procomac spa 8 ras holding spa 18 18 ras spa - riunione adriatica di sicurta' 8 36 20 20 20 20 19 16 7 7 6 5 5 6 5 5 6 52 18 18 19 19 74 recordati spa - industria chimica e farmaceutica 14 13 11 10 9 9 9 8 8 91 reno de medici spa 10 11 11 11 9 11 11 11 9 94 reply spa 7 7 14 retelit spa 7 8 15 ratti spa rcs mediagroup spa reti bancarie holding spa 7 reti bancarie spa richard ginori 1735 spa 7 6 risanamento napoli spa risanamento napoli spa - societa' pel risanamento di napoli 11 4 8 6 6 5 4 roland europe spa 3 5 5 5 19 19 18 18 9 6 8 8 8 roncadin spa 8 7 9 9 9 7 7 7 7 8 saeco international group spa 11 9 9 9 5 5 5 11 9 8 5 7 7 9 36 34 9 9 11 73 10 10 10 30 8 8 9 9 50 8 7 8 8 31 13 14 14 14 14 14 14 119 11 7 18 6 6 15 15 15 15 saiag spa - industria articoli gomma 8 7 8 8 8 saipem spa 9 9 9 9 9 9 9 9 9 18 18 17 17 17 san paolo imi spa 18 60 39 14 saras spa raffinerie sarde 87 8 savino del bene spa trasporti internazionali agenzia marittima 4 4 4 4 4 schiapparelli 1824 spa 5 5 5 5 5 seat - pagine gialle spa 21 21 21 13 13 sias - societa' iniziative autostradali e servizi spa 5 5 5 12 7 11 8 20 7 7 7 7 13 13 13 13 52 10 14 14 14 14 66 11 13 13 13 13 104 seat pagine gialle spa sirti spa 81 14 sanpaolo imi spa simint spa 44 33 6 sai spa - societa' assicuratrice industriale 59 74 safilo group spa safilo spa - soc. az. fabbrica italiana lavorazione occhiali 3 12 sadi servizi industriali spa saes getters spa 7 15 sabaf spa 8 9 18 9 rotondi evolution spa sadi spa 9 22 riva finanziaria spa roma vetus finanziaria spa 7 7 9 11 risanamento spa rolo banca 1473 spa 115 53 89 15 11 69 smi spa - societa' metallurgica italiana 12 12 12 12 12 10 smurfit sisa spa 7 7 7 7 7 7 7 7 7 63 snai spa 9 9 9 9 9 9 8 9 9 80 5 8 8 8 8 8 45 12 13 12 9 9 7 96 6 6 6 6 9 9 56 17 18 18 18 18 18 17 53 13 14 10 9 2 2 2 74 5 6 8 14 12 45 snam rete gas spa snia spa so.pa.f. spa - societa' di partecipazioni finanziarie 11 11 7 7 societa' cattolica di assicurazione scarl 12 societa' cattolica di assicurazione societa' cooperativa societa' sportiva lazio spa 9 13 socotherm spa sogefi spa 70 71 11 10 10 10 10 11 12 11 11 96 sol spa 8 8 8 8 8 8 8 8 8 72 sondel spa - societa' nordelettrica 7 7 7 9 9 stayer spa 5 5 5 5 3 5 stefanel spa 9 9 10 8 9 targetti sankey spa 6 6 7 8 8 sopaf spa - societa' di partecipazioni finanziarie sorin biomedica spa 21 6 6 18 sorin spa 12 12 13 9 9 7 7 77 10 10 11 11 77 5 5 10 13 13 28 tas tecnologia avanzata dei sistemi spa tecnost spa 8 8 8 24 telecom italia media spa telecom italia mobile spa telecom italia spa terme demaniali di acqui spa 14 13 7 7 13 13 15 14 13 13 13 15 15 15 19 20 20 9 9 11 11 11 10 10 10 30 8 8 16 11 11 68 tod's spa 8 11 trevi - finanziaria industriale spa 11 11 5 5 9 9 10 8 8 trevisan spa 10 8 9 9 9 61 10 11 31 5 5 10 6 5 5 16 20 19 23 172 21 21 21 6 uni land spa 6 9 13 9 19 unimed - cementerie del mediterraneo spa 19 19 7 9 20 20 16 unione di banche italiane scpa unipol spa - compagnia assicuratrice unipol 48 10 txt e-solutions spa unione immobiliare spa 143 15 trevisan cometal spa unicredito italiano spa 76 51 tiscali spa unicem spa unione cementerie marchino emiliane spa 53 7 terna - rete elettrica nazionale spa toro assicurazioni spa 37 7 7 24 24 14 24 25 25 25 25 valentino fashion group spa vemer elettronica spa 63 24 25 221 9 9 18 6 vemer siber group spa 6 7 6 7 7 7 7 7 48 vianini industria spa 5 5 5 5 5 5 5 5 5 45 vianini lavori spa 8 7 7 7 7 7 7 8 8 66 vittoria assicurazioni spa 14 14 14 15 15 14 15 16 16 133 zignago spa - industrie zignago s. margherita 12 11 12 12 12 12 12 zucchi spa - vincenzo zucchi 8 8 8 8 9 9 9 11 9 79 zucchini spa 8 2319 2341 2344 2351 2295 2301 2654 2608 21385 totale complessivo 2172 83 8 Appendix 2. Listed companies according to Freeman degree 1998-2006 The Freeman Degree identifies the extent of connections of a director or of a company. It is a measure of local centrality, that is the potentiality to act or communicate with a specified number of directors. A high Freeman Degree can correspond to a low or high level of centrality with respect to the entire company network. 70 soc 1998 a.m.g.a. spa - azienda mediterranea gas e acqua 1999 2000 2001 2002 10 4 9 5 2003 2004 2005 2006 0 0 ac.e.ga.s. spa acea spa 5 total 7 acegas - aps spa 14 9 7 7 6 55 5 4 4 4 17 1 1 2 3 29 acotel group spa acqua pia antica marcia spa 3 1 3 2 0 0 0 0 acque potabili spa - societa' per condotta di acque potabili 5 4 3 2 3 2 1 6 acquedotto de ferrari galliera spa 5 5 2 4 5 3 2 4 acquedotto nicolay spa 3 4 2 4 5 3 0 1 1 0 0 0 1 1 3 8 2 7 7 8 32 10 8 9 27 acsm como spa acsm spa 9 30 21 1 actelios spa aedes spa aedes spa - ligure lombarda per imprese e costruzioni 6 17 14 9 10 12 aem spa 0 1 1 2 3 3 3 4 5 aeroporti di roma spa 5 8 14 3 1 1 2 4 5 16 2 3 5 aeroporto di firenze - adf spa 0 68 27 aeroporto di venezia marco polo spa - save air dolomiti spa - linee aeree regionali europee 1 alerion industries spa 1 4 2 11 9 algol spa in liquidazione alitalia linee aeree italiane spa 22 11 11 46 0 0 7 8 1 3 2 0 1 1 1 24 alleanza assicurazioni spa 24 26 27 22 19 18 23 24 22 205 allianz subalpina spa 15 15 19 amga spa - azienda mediterranea gas e acqua 0 2 amplifon spa 49 3 2 2 3 10 2 2 2 4 4 4 18 5 5 10 1 1 anima sgr spa ansaldo sts spa ansaldo trasporti spa 1 1 0 arnoldo mondadori editore spa 8 8 8 8 9 arquati spa 2 3 3 2 1 22 2 arena agroindustrie alimentari spa 10 1 0 1 2 11 12 10 84 11 arquati spa in amministrazione straordinaria 0 arquati spa in liquidazione 0 0 as roma spa 4 2 0 0 0 0 0 0 0 5 10 10 7 8 40 14 19 22 26 22 220 2 2 2 3 3 ascopiave spa asm brescia spa assicurazioni generali spa 30 36 assitalia spa - assicurazioni d'italia 12 8 31 20 0 6 20 astaldi spa atlantia spa 12 23 23 28 74 15 19 20 24 26 23 23 24 23 197 autostrada torino milano spa 1 1 1 6 12 9 6 7 7 50 autostrade meridionali spa 0 0 autogrill spa 0 autostrade spa autostrade spa - concessioni e costruzioni autostrade 18 8 8 azienda energetica metropolitana torino 10 22 22 0 1 1 70 2 azimut holding spa banca agricola mantovana spa banca commerciale italiana spa 4 0 6 16 16 12 0 0 1 1 banca antoniana popolare veneta spa banca carige spa - cassa di risparmio di genova e imperia 18 21 34 32 banca di legnano spa 5 8 9 banca di roma spa 8 10 6 0 0 11 0 61 26 16 14 5 1 1 1 3 61 2 10 87 22 7 31 71 banca fideuram spa 4 4 1 3 4 banca finnat euramerica spa 5 4 6 8 39 9 9 9 10 37 15 15 banca generali spa banca ifis spa banca intermobiliare di investimenti e gestioni spa banca intesa spa 0 0 0 0 0 1 9 10 8 9 9 9 13 9 77 13 29 32 22 14 14 18 19 17 178 5 3 banca italease spa banca lombarda 8 18 13 14 13 13 15 15 11 10 91 5 8 8 11 11 12 11 9 3 78 10 9 9 13 10 10 13 16 banca nazionale dell'agricoltura spa 4 8 banca piccolo credito valtellinese scarl 2 3 3 3 3 2 banca lombarda e piemontese spa banca monte dei paschi di siena spa banca nazionale del lavoro spa 31 12 banca piccolo credito valtellinese societa' cooperativa banca popolare commercio e industria scrl 2 5 7 5 7 banca popolare dell'etruria e del lazio scarl 0 0 0 0 0 banca popolare di bergamo-credito varesino scrl 5 4 5 9 14 banca popolare di cremona scrl 0 0 0 0 0 banca popolare di cremona spa banca popolare di intra scrl 5 6 0 1 0 0 0 0 0 0 0 0 0 2 3 4 4 6 9 banca popolare di milano scrl 1 1 3 5 7 5 banca popolare di novara scrl 2 2 3 2 banca popolare di spoleto spa 0 0 1 1 banca popolare di verona - banco s. geminiano e s. prospero 4 3 4 6 0 0 0 2 2 4 28 5 5 6 38 9 1 0 1 1 1 6 17 banca popolare italiana - banca popolare di lodi societa' cooperativa banca profilo spa 1 0 0 0 14 37 banca popolare di lodi scrl banca toscana spa 16 3 26 0 banca popolare di intra spa banca san paolo di brescia spa 90 0 0 7 10 5 0 0 2 15 22 2 15 4 8 3 4 2 3 4 5 3 3 banco di desio e della brianza spa 10 8 7 5 7 8 7 9 7 banco di napoli spa 12 7 2 2 0 0 0 2 2 1 1 2 2 10 8 8 8 10 7 41 5 6 1 1 2 2 3 3 23 3 3 0 0 banche popolari unite scrl banco di chiavari e della riviera ligure spa banco di sardegna spa 21 17 banco popolare di verona e novara scrl basic net spa 17 18 68 23 bassetti spa 4 4 5 bastogi spa 2 3 3 3 4 bayerische vita spa 0 0 0 0 0 beghelli spa 3 1 3 2 2 3 3 4 4 25 benetton group spa 7 9 12 19 21 20 20 18 15 141 1 2 13 11 10 2 2 3 44 0 0 2 3 2 1 8 12 12 14 beni stabili spa biesse spa 13 bipielle investimenti spa bipop - carire spa 2 1 1 3 boero bartolomeo spa 0 0 0 0 21 0 8 46 7 1 0 0 0 bolzoni spa 0 1 1 1 bonaparte spa 2 1 4 5 bonifica terreni ferraresi e imprese agricole spa 3 3 3 4 borgosesia spa 0 0 brembo spa - freni brembo 5 4 8 3 3 3 4 3 4 37 brioschi finanziaria spa 0 1 1 1 1 3 3 0 0 10 bulgari spa 0 0 0 0 1 1 1 1 1 5 0 0 0 buongiorno spa 12 4 3 2 2 3 27 0 72 buzzi unicem spa 15 16 8 3 5 5 cad it spa caffaro spa 7 5 calcemento spa - societa' per il calcestruzzo ed il cemento spa 2 2 calp spa - cristalleria artistica la piana 2 2 6 4 0 0 0 12 cairo communication spa 1 caltagirone editore spa 62 1 2 4 2 2 1 9 12 13 12 11 12 16 85 9 caltagirone spa 13 11 15 18 17 18 18 19 21 150 camfin cam finanziaria spa 32 33 32 32 29 20 22 24 20 244 12 16 18 18 15 79 8 7 5 7 8 73 capitalia spa carraro spa cartiere burgo spa 9 12 10 11 cassa di risparmio di firenze 10 7 21 3 cassa di risparmio di firenze spa 3 4 3 6 cassa di risparmio di firenze spa - banca cr firenze castelgarden spa 13 3 3 cembre spa 0 0 cementeria di augusta spa 9 9 cementir spa - cementerie del tirreno centenari e zinelli spa 0 1 1 0 0 8 8 8 11 15 16 16 15 0 0 0 0 0 0 1 1 1 2 2 2 0 0 22 26 2 13 18 131 2 5 3 17 0 0 0 0 0 0 0 24 27 25 209 2 18 22 4 4 22 10 1 2 1 3 5 class editori spa 2 2 3 2 cmi spa 9 11 13 6 coats cucirini spa 0 0 0 0 2 1 0 0 0 0 comau spa compart spa - compagnia di partecipazioni assicurative ed industriali spa 19 24 9 9 16 18 credito artigiano spa 20 20 1 13 39 0 cobra automotive technologies spa cofide spa - compagnia finanziaria de benedetti 2 0 23 cirio finanziaria spa in amministrazione straordinaria cirio spa 1 24 ciccolella spa cirio finanziaria spa 0 14 chl - centro hl distribuzione spa cir spa - compagnie industriali riunite 1 15 18 13 centrale del latte di torino & c. spa ciga spa 8 6 cdc point spa cementeria di barletta spa 4 3 21 22 24 26 2 2 22 198 18 34 6 6 4 4 3 4 6 7 40 credito bergamasco spa 5 6 8 9 7 6 7 7 5 60 credito emiliano spa 8 9 10 11 6 6 5 4 2 61 credito fondiario e industriale spa 6 3 1 cremonini spa 2 2 2 2 2 2 1 3 4 csp - international industrie calze spa 0 0 0 0 0 0 0 0 0 3 0 10 csp international fashion group spa 0 dada spa dalmine spa 6 5 7 6 8 danieli spa - officine meccaniche danieli & c. 2 2 6 7 6 20 0 3 32 2 2 31 data service spa 8 7 15 datalogic spa 4 7 11 datamat spa 0 0 0 8 5 67 davide campari - milano spa de longhi spa dea capital spa deroma holding spa digital bros spa 0 2 2 14 13 15 12 4 4 3 6 7 9 33 19 16 35 0 0 0 0 0 73 dmail group spa dmt digital multimedia technologies spa ducati motor holding spa edison spa 7 0 0 1 1 1 0 3 3 2 1 1 1 2 2 4 16 8 6 8 6 9 7 10 9 70 0 0 4 7 0 0 eems italia spa el.en. spa 3 elica spa elios holding spa 0 0 0 emak spa 0 0 0 0 0 0 0 0 1 1 enel spa 0 2 0 2 2 2 3 3 3 17 1 4 5 4 9 23 enertad spa engineering - ingegneria informatica - spa 0 0 eni spa 6 7 7 7 6 8 10 9 9 69 erg spa 0 1 1 2 3 1 1 2 5 16 0 3 3 4 10 ericsson spa 5 6 5 3 2 1 2 esaote spa 4 3 3 2 2 ergo previdenza spa 24 14 esprinet spa 0 0 0 eurofly spa 0 1 1 eurotech spa 0 1 1 eutelia spa 1 0 1 exprivia spa 1 2 falck spa 31 28 27 fastweb spa 9 ferretti spa 1 ferrovie nord milano spa 0 0 fiar spa - fabbrica italiana apparecchiature radioelettriche 1 1 23 23 fiat spa 1 0 3 2 23 21 14 16 11 0 0 0 0 0 0 0 0 0 0 0 1 3 7 1 0 fin.part spa in fallimento finarte - semenzato casa d'aste spa finarte casa d'aste spa 0 5 5 1 fincasa 44 spa 0 1 6 4 finecogroup spa 8 12 finrex spa 166 4 0 4 2 0 2 0 0 3 3 5 5 3 2 6 7 10 1 1 8 6 12 6 13 14 8 7 7 8 2 1 80 3 30 29 129 2 2 4 2 8 3 13 0 0 0 6 16 29 0 1 25 fullsix spa 0 17 0 12 fondiaria - sai spa 0 0 11 fmr - art'e' spa - societa' internazionale di arte e cultura 0 0 gabetti property solutions spa garboli spa garboli-conicos spa impresa generale di costruzioni 20 0 finmeccanica spa gabetti holding spa 15 11 fineco spa finmatica spa 18 0 fiera milano spa fin.part spa 9 1 fidia spa filatura di pollone spa 3 86 1 0 2 3 2 2 1 1 11 1 1 gefran spa 1 1 1 2 3 2 3 5 4 22 gemina spa - generale mobiliare interessenze azionarie 4 7 9 12 8 7 10 8 8 73 0 1 1 2 0 3 4 4 3 3 3 5 4 29 0 0 gas plus spa geox spa gewiss spa giacomelli sport group spa giacomelli sport group spa in amministrazione straordinaria 0 1 1 74 gildemeister italiana spa gim spa - generale industrie metallurgiche giovanni crespi spa 0 0 0 0 29 35 34 30 28 22 24 21 19 242 1 1 1 0 0 0 0 0 0 3 2 1 3 3 0 1 6 7 6 6 7 6 grandi navi veloci spa granitifiandre spa 0 10 38 gruppo buffetti spa 4 4 4 gruppo ceramiche ricchetti spa 0 0 0 2 1 2 2 2 1 10 2 0 0 0 3 3 0 0 8 30 21 22 24 21 22 22 19 206 4 5 9 2 5 3 10 gruppo coin spa gruppo editoriale l'espresso spa 25 12 guala closures spa hera spa 2 hera spa (holding energia risorse ambiente) holding di partecipazioni industriali spa i grandi viaggi spa 38 43 31 26 27 0 0 0 0 0 0 0 0 0 0 2 4 5 4 5 0 20 0 0 1 1 2 2 0 1 1 8 1 3 4 15 17 20 161 21 17 15 1 1 2 i viaggi del ventaglio spa i.m.a. industria macchine automatiche spa 2 165 i.net spa idra presse spa 1 1 1 2 ifi spa - istituto finanziario industriale 19 19 19 19 17 16 5 ifil - finanziaria di partecipazioni spa 21 18 18 20 ifil investments spa ifil spa - finanziaria di partecipazioni 19 77 18 37 igd immobiliare grande distribuzione spa immobiliare lombarda spa immobiliare metanopoli spa 1 5 5 2 1 immsi spa impregilo spa ina - istituto nazionale delle assicurazioni spa 6 1 0 0 13 15 45 2 2 0 12 12 12 16 56 12 14 15 16 11 7 105 16 14 17 47 1 1 7 8 20 7 7 13 15 0 0 3 5 10 15 18 23 13 4 54 indesit company spa intek spa 0 1 0 1 1 interbanca spa 7 14 12 19 23 interpump group spa 8 12 9 5 5 75 investimenti & sviluppo spa investimenti immobiliari lombardi spa ipi spa 2 irce spa - industria romagnola conduttori elettrici 5 12 ipi spa - attivita' di investimento e promozione immobiliare 1 13 13 1 1 3 12 22 16 8 8 1 1 0 0 0 0 it holding spa italcementi spa fabbriche riunite cemento 92 2 0 5 7 3 4 5 14 26 2 10 3 14 isagro spa 9 81 10 iride spa istituto bancario san paolo di torino - istituto mobiliare italiano spa 53 12 5 31 0 0 0 1 0 1 0 0 1 3 25 24 26 21 23 16 23 21 22 201 0 0 italdesign-giugiaro spa 0 0 italfondiario spa - istituto italiano di credito fondiario 4 0 6 italgas spa - societa' italiana per il gas 4 3 3 3 4 italjolly spa - compagnia italiana dei jolly hotels 3 2 2 2 2 3 4 10 6 34 13 13 14 12 15 15 14 18 16 130 0 0 0 12 10 3 44 0 0 0 11 12 11 34 1 0 0 italmobiliare spa 0 10 17 itway spa juventus football club spa 2 5 12 kaitech spa kme group spa la doria spa la fondiaria assicurazioni spa la gaiana spa la rinascente spa 0 0 0 0 16 18 16 18 0 0 1 68 1 1 1 1 1 13 13 13 12 8 1 1 1 1 9 59 75 lavorwash spa 0 0 0 0 0 1 1 2 linificio e canapificio nazionale spa 9 8 7 13 11 9 10 10 10 87 locat spa 4 3 2 3 1 1 logitalia gestioni spa 3 3 6 3 3 4 12 4 32 8 3 5 15 14 16 71 6 lottomatica spa luxottica group spa 14 10 m&c management & capitali spa maffei spa magneti marelli spa 3 3 3 6 7 6 5 6 12 12 manuli rubber industries spa 7 9 9 5 marangoni spa 0 0 0 0 6 7 0 mariella burani fashion group spa 0 6 47 24 41 0 marazzi group spa marcolin spa 0 6 6 0 2 2 3 4 17 11 39 0 0 0 0 1 1 1 3 marr spa 1 1 2 23 27 24 21 20 20 22 26 16 199 1 1 2 mediaset spa 11 12 10 11 12 12 12 17 14 111 mediobanca spa 50 52 58 44 51 47 44 47 36 429 mediolanum spa 10 8 8 10 11 11 10 15 15 98 2 6 3 11 6 8 7 56 0 0 1 marzotto spa - manifattura lane gaetano marzotto & figli mediacontech spa mediterranea delle acque spa meliorbanca spa merloni elettrodomestici spa 0 2 2 10 7 16 2 2 5 6 meta modena energia territorio ambiente spa milano assicurazioni spa 15 17 1 17 16 12 7 23 19 21 22 0 0 0 0 0 0 1 1 2 13 6 11 10 10 10 10 10 9 89 0 0 0 6 7 7 6 7 5 5 5 3 51 montedison spa 11 12 16 7 montefibre spa 1 1 1 1 1 1 1 1 1 napoletanagas spa - compagnia di illuminazione e scaldamento col gas 2 navigazione montanari spa 0 0 0 0 1 0 0 1 1 3 necchi spa 2 1 1 1 0 0 0 5 5 5 5 5 25 3 1 2 mirato spa mittel spa mondo tv spa monrif spa 46 5 nice spa 2 0 olcese spa - cotonificio olcese veneziano 4 olivetti spa - ing. c. olivetti & c. pagnossin spa 1 2 0 0 0 0 14 37 41 50 54 2 3 2 4 2 11 14 12 3 0 0 0 4 4 2 2 2 1 1 8 4 partecipazioni italiane spa petra spa 0 0 0 0 0 1 1 0 9 9 0 3 6 5 17 3 3 34 16 16 112 5 5 0 0 pininfarina spa 14 15 13 14 15 pirelli & c. accomandita per azioni 19 19 18 25 28 pirelli & c. real estate spa 8 0 piaggio & c. spa pierrel spa 4 12 9 permasteelisa spa 25 44 parmalat spa 0 0 196 4 parmalat finanziaria spa in amministrazione straordinaria perlier spa 2 0 panariagroup industrie ceramiche spa parmalat finanziaria spa 2 10 1 olcese spa in amministrazione straordinaria olidata spa 9 2 negri bossi spa olcese spa 152 27 13 12 11 5 19 17 15 6 109 84 76 pirelli & c. spa pirelli spa 59 53 60 50 52 54 11 11 12 5 46 8 215 1 1 2 8 275 poligrafica s. faustino spa poligrafici editoriale spa 56 60 5 75 poltrona frau spa 8 7 7 7 polynt spa 1 1 premafin finanziaria spa holding di partecipazioni 4 7 6 9 10 20 16 17 16 105 premuda spa 1 1 1 1 1 2 1 4 5 17 2 3 5 prima industrie spa procomac spa 2 ras holding spa 32 31 ras spa - riunione adriatica di sicurta' ratti spa 2 63 58 56 55 40 37 25 2 3 4 3 5 5 2 2 1 27 35 43 47 33 158 rcs mediagroup spa 271 recordati spa - industria chimica e farmaceutica 6 5 4 3 5 4 3 5 5 40 reno de medici spa 1 1 2 2 0 4 1 3 3 17 reply spa 1 1 2 retelit spa 6 5 11 reti bancarie holding spa 5 reti bancarie spa richard ginori 1735 spa 2 3 0 5 risanamento napoli spa risanamento napoli spa - societa' pel risanamento di napoli 2 4 7 7 riva finanziaria spa 0 3 roland europe spa 0 0 0 0 23 18 23 19 1 0 6 7 0 roma vetus finanziaria spa roncadin spa 4 1 4 2 2 2 25 14 3 12 10 0 0 0 8 7 40 3 0 83 1 rotondi evolution spa 0 2 1 1 sabaf spa 0 0 0 0 0 2 15 4 1 1 sadi servizi industriali spa sadi spa 1 5 risanamento spa rolo banca 1473 spa 2 5 1 0 1 0 0 1 4 4 5 7 3 1 1 7 2 2 3 4 safilo spa - soc. az. fabbrica italiana lavorazione occhiali 2 2 4 sai spa - societa' assicuratrice industriale 8 11 10 15 saiag spa - industria articoli gomma 3 3 3 3 2 saipem spa 1 1 2 5 4 5 5 2 1 6 7 5 7 7 32 6 6 0 17 saes getters spa 1 1 0 2 saeco international group spa 4 1 10 2 8 safilo group spa san paolo imi spa 7 5 47 3 3 6 8 44 14 10 sanpaolo imi spa 10 saras spa raffinerie sarde savino del bene spa trasporti internazionali agenzia marittima 0 0 0 0 0 schiapparelli 1824 spa 1 2 2 0 0 seat - pagine gialle spa 17 20 15 21 18 seat pagine gialle spa sias - societa' iniziative autostradali e servizi spa 26 0 5 4 3 91 6 7 8 9 30 7 5 5 9 8 34 15 17 9 97 simint spa 0 0 0 sirti spa 5 2 11 10 16 12 20 20 20 22 20 11 smurfit sisa spa 0 0 0 0 0 0 0 0 0 snai spa 0 0 0 0 0 0 0 0 0 0 4 3 2 2 2 1 14 18 23 22 14 13 5 153 smi spa - societa' metallurgica italiana snam rete gas spa snia spa 23 18 17 0 113 0 77 so.pa.f. spa - societa' di partecipazioni finanziarie 5 5 societa' cattolica di assicurazione scarl 6 6 7 7 7 6 6 societa' cattolica di assicurazione societa' cooperativa societa' sportiva lazio spa 4 4 5 4 socotherm spa sogefi spa 19 sol spa 23 7 10 5 52 6 6 4 16 27 25 4 6 0 0 0 0 1 3 1 0 5 169 21 19 19 19 21 16 12 0 0 0 0 0 0 0 0 0 16 17 20 6 6 stayer spa 0 0 0 0 0 0 stefanel spa 5 5 7 5 7 targetti sankey spa 2 2 2 0 0 3 14 15 19 20 5 10 13 24 27 30 29 15 27 23 49 49 42 34 32 23 4 4 4 5 5 1 5 4 2 3 5 12 12 56 sondel spa - societa' nordelettrica sopaf spa - societa' di partecipazioni finanziarie 0 53 4 sorin biomedica spa 4 12 sorin spa 21 17 5 43 5 4 3 3 44 0 0 1 1 8 4 5 0 tas tecnologia avanzata dei sistemi spa tecnost spa telecom italia media spa telecom italia mobile spa telecom italia spa terme demaniali di acqui spa tiscali spa 3 toro assicurazioni spa 18 trevi - finanziaria industriale spa 20 17 0 0 6 12 15 66 138 294 22 terna - rete elettrica nazionale spa tod's spa 9 32 6 7 10 10 15 2 3 3 trevisan cometal spa trevisan spa 70 3 2 3 16 1 1 0 2 3 3 0 0 1 1 txt e-solutions spa uni land spa 0 unicem spa unione cementerie marchino emiliane spa 16 unicredito italiano spa 29 6 0 16 27 unimed - cementerie del mediterraneo spa 29 30 8 4 20 22 8 5 unipol spa - compagnia assicuratrice unipol 1 2 19 13 17 15 19 8 5 3 51 23 20 43 33 51 13 2 10 10 10 valentino fashion group spa vemer elettronica spa 211 12 unione di banche italiane scpa unione immobiliare spa 22 0 vemer siber group spa 0 8 4 4 4 6 7 0 vianini industria spa 11 9 10 10 10 10 11 10 11 92 vianini lavori spa 10 9 13 14 13 13 13 14 15 114 vittoria assicurazioni spa 6 5 6 5 6 7 10 12 13 70 zignago spa - industrie zignago s. margherita 9 8 8 8 11 13 13 zucchi spa - vincenzo zucchi 8 7 6 5 9 9 9 9 5 67 zucchini spa 4 1842 1808 1666 1688 1612 1620 1834 1594 15286 totale complessivo 1622 70 4 Appendix 3. Listed companies according to Betwenness 1998-2006 Betweenness indicates the number of paths that pass through a node. In this context, a node indicates a company, and a path indicates the shortest route which relies two companies through board interlocks. Betweenness is a complementary measure with respect to the Freeman Degree because it allows to specify whether a director or a company have a central or peripheral position within the entire network. soc a.m.g.a. spa - azienda mediterranea gas e acqua 1998 1999 2000 2001 2002 2003 2004 2005 2006 0 78 ac.e.ga.s. spa acea spa 34.608 340.924 35.714 6.848 794.105 881.888 acegas - aps spa 942.389 589.556 333.494 213.811 26.156 10.027 36.034 14.763 0 0 acotel group spa acqua pia antica marcia spa 53.679 0 54.358 12.367 0 0 0 0 acque potabili spa - societa' per condotta di acque potabili 679.936 378.083 101.94 101.995 56.255 0 0 4.881 acquedotto de ferrari galliera spa 773.547 579.38 110.829 602.269 731.388 498 332 0 64.308 107.694 132.983 184.524 354 334 0 0 0 0 0 0 0 182.596 168 222.637 128.013 354.58 111.742 119.643 259.723 acquedotto nicolay spa acsm como spa acsm spa actelios spa aedes spa aedes spa - ligure lombarda per imprese e costruzioni aem spa aeroporti di roma spa 0 252.669 0 304.744 122.829 91.693 217.834 0 0 0 89.634 256.952 103.483 65.103 0.5 81.643 107.643 74.633 397.653 65.368 0 0 17.341 48.581 125.664 0 0 671.739 719.823 aeroporto di firenze - adf spa 0 aeroporto di venezia marco polo spa - save air dolomiti spa - linee aeree regionali europee 0 alerion industries spa 0 95.617 540.629 421.702 algol spa in liquidazione alitalia linee aeree italiane spa 0 0 0 0 0 0 0 0 0 0 0 alleanza assicurazioni spa 964.006 559.11 577.855 721.75 487.732 582.957 608.621 1151.503 1049.374 allianz subalpina spa 207.227 146.731 248.699 amga spa - azienda mediterranea gas e acqua 0 1 amplifon spa 58.944 0 0 133.421 647.671 10.412 19.909 15.745 67.904 36.603 21.084 23.16 50.398 anima sgr spa ansaldo sts spa ansaldo trasporti spa 0 0 0 0 8.388 176 171.643 83.54 23.106 165 350 174.077 110.299 0 arena agroindustrie alimentari spa arnoldo mondadori editore spa arquati spa 27.233 arquati spa in amministrazione straordinaria 0 0 0 183.894 223.316 17.917 0 arquati spa in liquidazione 0 as roma spa 0 0 0 0 0 0 0 416.042 542.403 312.489 93.443 261.986 284.302 518.71 448.314 752.291 789.316 178 0 ascopiave spa 0 asm brescia spa assicurazioni generali spa assitalia spa - assicurazioni d'italia 312.763 696.389 0 11.87 238.19 441.349 astaldi spa atlantia spa autogrill spa 0 54.02 0 536.875 1029.008 1185.565 465.94 656.578 495.504 965.355 1267.117 483.062 464.745 614.882 779.265 autostrada torino milano spa 0 0 0 64.111 110.443 87.332 75.246 44.316 17.804 autostrade meridionali spa 0 0 37.548 0 107.814 347.736 215.711 0 0 0 0 0 0 autostrade spa autostrade spa - concessioni e costruzioni autostrade 366.522 azienda energetica metropolitana torino 11.995 azimut holding spa banca agricola mantovana spa 174.487 291.407 875.813 671.676 0 0 0 0 banca commerciale italiana spa 352.015 1308.372 1115.958 banca di legnano spa 224.529 326.581 394.601 banca di roma spa 45.059 102.404 115.134 556.636 banca fideuram spa 147.809 205.732 0 9.511 banca antoniana popolare veneta spa banca carige spa - cassa di risparmio di genova e imperia banca finnat euramerica spa 590.884 266.153 78.147 35.433 86.899 0 0 0 23.232 0 74.267 120.869 261.157 743.725 178.754 332.162 247.525 161.913 5.046 79 banca generali spa 729.664 banca ifis spa banca intermobiliare di investimenti e gestioni spa banca intesa spa 0 0 0 0 0 0 17.564 41.86 14.113 29.179 18.661 44.838 79.076 243.19 521.984 121.333 126.366 82.336 53.261 43.871 153.968 292.871 114.507 88.353 268.158 232.417 298.941 545.65 456.884 543.906 512.104 370.723 443.279 328 106.032 396.369 303.062 355 937.792 826.006 579.089 45.21 188.353 218.512 170.259 378.335 400.253 424.503 479.37 711.124 805 1.575 37.311 176 170 10.568 14.684 3.45 3.333 3.793 5.05 10.329 83.563 166.046 96.647 201.589 0 0 0 0 195 194 banca italease spa banca lombarda banca lombarda e piemontese spa banca monte dei paschi di siena spa banca nazionale del lavoro spa banca nazionale dell'agricoltura spa banca piccolo credito valtellinese scarl banca piccolo credito valtellinese societa' cooperativa banca popolare commercio e industria scrl banca popolare dell'etruria e del lazio scarl banca popolare di bergamo-credito varesino scrl banca popolare di cremona scrl 0 0 0 0 0 251.033 205.692 192.149 677.342 751.605 0 0 0 0 0 0 0 0 0 0 0 0 101.747 60.942 110.921 43.439 127.74 349.248 168 129.349 91.447 244.142 0 0 0 0 0 40.107 36.866 812.124 0 0 0 194 170.637 46.884 22.009 banca popolare di cremona spa banca popolare di intra scrl 0 0 banca popolare di intra spa banca popolare di lodi scrl banca popolare di milano scrl 0 0 38.009 221.61 banca popolare di novara scrl 94.152 54.416 99.074 26.609 banca popolare di spoleto spa 0 0 0 0 banca popolare di verona - banco s. geminiano e s. prospero 0 0 0 0 0 0 0 0 0 114.718 0 18.428 0 banco di chiavari e della riviera ligure spa 227.897 202.188 216.986 373.201 3 banco di desio e della brianza spa 246.908 189.626 114.595 205.693 382.735 banco di napoli spa 0 0 0 0 banco di sardegna spa 0 0 0 183 banca popolare italiana - banca popolare di lodi societa' cooperativa banca profilo spa banca san paolo di brescia spa banca toscana spa 186.349 banche popolari unite scrl 352.667 178 0 0 43.225 9.422 153.039 140.51 70.274 287.965 359.318 0 0 168 167 8.284 14.798 0 0 0 0 banco popolare di verona e novara scrl basic net spa 0 0 bassetti spa 6.434 4.704 88.629 bastogi spa 0 176 170 183 178 bayerische vita spa 0 0 0 0 0 beghelli spa benetton group spa 33.315 0 0 0 0 0 0 0 0 207.431 194.516 166.128 202.043 202.509 204.296 285.014 370.863 206.703 0 170 228.038 76.433 58.41 0 0 131.403 0 0 168 70.557 12.735 0 179.396 448.462 487.827 587.102 0 0 0 0 beni stabili spa biesse spa bipielle investimenti spa bipop - carire spa 316.818 165 0 0 364 0 0 0 0 bonaparte spa 0 0 338 72.833 bonifica terreni ferraresi e imprese agricole spa 0 0 0 16.932 15.452 10.658 12.415 10.271 215.904 borgosesia spa 0 0 boero bartolomeo spa 0 bolzoni spa brembo spa - freni brembo 0 66.587 155.408 388.715 191.351 187.638 183.102 178.499 14.752 33.6 brioschi finanziaria spa 0 0 0 0 0 0 0 0 0 bulgari spa 0 0 0 0 0 0 0 0 0 0 0 390.207 474.676 218.924 29.618 36.349 40.847 148.961 83.563 0 0 buongiorno spa buzzi unicem spa cad it spa 80 caffaro spa 17.622 9.522 calcemento spa - societa' per il calcestruzzo ed il cemento spa 0 0 calp spa - cristalleria artistica la piana 0 0 0 0 0 0 611.976 675.986 458.554 108 0 0.25 210.727 151.567 373.493 1483.435 882.354 455.147 741.268 628.734 cairo communication spa caltagirone editore spa caltagirone spa camfin cam finanziaria spa 0 0 125.422 213.098 450.747 49.197 32.617 18.83 278.765 402.257 618.723 892.5 505.999 173.3 431.514 660.6 858.954 44.35 65.249 18.45 0 10.005 13.776 14.788 224.195 226.429 80.102 76.457 475.819 0 0 capitalia spa carraro spa 70.815 54.039 cartiere burgo spa 599.16 330.118 cassa di risparmio di firenze 11.839 0 cassa di risparmio di firenze spa cassa di risparmio di firenze spa - banca cr firenze castelgarden spa 11.053 28.201 cdc point spa cembre spa cementeria di augusta spa cementeria di barletta spa cementir spa - cementerie del tirreno centenari e zinelli spa 0 0 124.175 63.881 0 0 0 0 0 0 0 173.227 161.99 232.584 17.465 102.857 386 0 0 0 0 0 28.064 100.221 180.676 0 0 0 0 0 0 108 0 0.25 17.73 23.561 0 0 0 0 0 0 0 0 0 0 0 centrale del latte di torino & c. spa chl - centro hl distribuzione spa ciccolella spa ciga spa cir spa - compagnie industriali riunite cirio finanziaria spa 0 0 286.808 132.302 113.535 0 15.028 21.724 14.215 18.087 cirio finanziaria spa in amministrazione straordinaria 15.203 0 cirio spa 0 0 class editori spa 0 2.152 7.692 4.241 cmi spa 0 0 76.168 84.643 10.522 0 coats cucirini spa 0 0 0 0 0 0 288.125 136.05 111.975 45.189 31.042 29.226 27.951 120.059 165.248 357.431 383.049 101.935 109.732 94.506 119.502 245.246 249.42 cobra automotive technologies spa cofide spa - compagnia finanziaria de benedetti comau spa compart spa - compagnia di partecipazioni assicurative ed industriali spa 0 11.61 10.758 165.571 183.941 credito artigiano spa credito bergamasco spa 165 194.851 138.869 167.453 102.067 76.123 64.109 70.938 17.752 29.257 63.635 31.357 117.044 27.652 26.982 7.983 11.163 3.975 435.537 171.627 0 cremonini spa 0 0 0 0 0 0 0 197.379 217.549 csp - international industrie calze spa 0 0 0 0 0 0 0 0 0 0 0 credito emiliano spa credito fondiario e industriale spa csp international fashion group spa dada spa dalmine spa danieli spa - officine meccaniche danieli & c. 654.712 224.756 129.511 303.577 186.123 0 0 102.196 82.141 36.574 86.688 114.659 data service spa 4.869 126.249 239.458 251.513 datalogic spa 395.665 398.86 datamat spa davide campari - milano spa de longhi spa 288.276 255.452 411.422 150.196 33.065 19.013 12.009 58.566 0 0 50.883 68.562 64.745 213.108 324.897 168.115 digital bros spa 0 0 dmail group spa 0 0 0 0 dea capital spa deroma holding spa dmt digital multimedia technologies spa 0 0 0 81 ducati motor holding spa edison spa 43.97 49.308 31.895 0 0 0 0 0 74.531 49.764 186.847 296.402 914.343 466.148 326.754 726.589 462.308 14.933 200.676 eems italia spa 0 el.en. spa elica spa 0 elios holding spa 0 0 emak spa 0 0 0 0 0 0 0 0 0 enel spa 0 0 0 0 178 168 167.832 33.538 31.14 0 37.738 206.688 202.639 387.156 enertad spa engineering - ingegneria informatica - spa 0 eni spa 88.395 342.003 158.162 178.877 97.594 221.355 309.336 229.756 92.677 erg spa 0 0 0 0 7.049 0 0 2.338 31.458 0 0 0 0 0 0 esprinet spa 0 0 eurofly spa 0 0 eurotech spa 0 0 eutelia spa 0 0 exprivia spa 0 0 546.374 542.187 672.081 956.376 ergo previdenza spa ericsson spa 137.362 80.884 46.163 0 0 esaote spa 130.373 111.916 75.869 88.712 67.801 falck spa 260.149 253.342 358.985 fastweb spa ferretti spa ferrovie nord milano spa 0 fiar spa - fabbrica italiana apparecchiature radioelettriche 0 0 605.002 325.725 fiat spa 0 0 0 256.822 353.812 99.91 362.919 67.047 106.235 0 0 0 0 388 0 0 0 0 332 195 44.227 1.148 20.493 258.601 0 fidia spa fiera milano spa filatura di pollone spa fin.part spa 0 0 0 0 0 0 0 0 0 207.97 377.692 fin.part spa in fallimento finarte - semenzato casa d'aste spa 0 finarte casa d'aste spa 0 71.116 64.092 0 fincasa 44 spa 0 0 273.543 120.461 0 fineco spa finecogroup spa finmatica spa finmeccanica spa finrex spa 50.58 18.831 647.384 356.789 589.555 485.878 195 0 673.721 881.123 818.726 884.164 1028.248 0 4.986 167 266.97 229.471 0 0 0 0 192.511 584.778 0 0 697.662 410.179 fmr - art'e' spa - societa' internazionale di arte e cultura fondiaria - sai spa fullsix spa gabetti holding spa 0 0 0 0 0 garboli spa 0 0 0 0 0 330.978 0 gabetti property solutions spa garboli-conicos spa impresa generale di costruzioni 0 0 gas plus spa gefran spa gemina spa - generale mobiliare interessenze azionarie 0 0 0 0 183 274.061 168 167 389 223.724 335.592 551.073 368.602 496.785 385.429 173.12 171.492 139.489 254.417 0 0 0 0 0 0 259.349 693.91 717.041 geox spa gewiss spa 0 0 0 giacomelli sport group spa 0 0 0 0 giacomelli sport group spa in amministrazione straordinaria gildemeister italiana spa gim spa - generale industrie metallurgiche 0 0 0 0 0 0 193.687 251.905 244.383 325.416 200.318 82.891 82 giovanni crespi spa 0 0 0 0 0 0 0 0 0 183 178 0 0 0 0 0 2.5 38.288 0 0 0 0 0 0 0 0 0 0 290.714 99.369 143.961 122.707 grandi navi veloci spa granitifiandre spa gruppo buffetti spa gruppo ceramiche ricchetti spa gruppo coin spa gruppo editoriale l'espresso spa 375.962 0 0 0 0 0 0 0 0 0 0 0 0 0 32.893 44.059 69.506 891.048 88.297 80.131 5.281 327.825 146.722 guala closures spa hera spa 17.527 hera spa (holding energia risorse ambiente) holding di partecipazioni industriali spa i grandi viaggi spa 1677.957 2451.808 1371.234 1295.58 1175.203 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 178 0 0 0 0 0 386 111.35 166.414 564.581 296.983 130.588 163.568 i viaggi del ventaglio spa i.m.a. industria macchine automatiche spa 0 0 0 i.net spa idra presse spa 0 0 0 0 ifi spa - istituto finanziario industriale 37.073 28.485 93.186 310.957 223.02 110.113 ifil - finanziaria di partecipazioni spa 107.815 133.695 420.038 410.642 ifil investments spa ifil spa - finanziaria di partecipazioni 28.485 38.647 0 22.711 igd immobiliare grande distribuzione spa immobiliare lombarda spa immobiliare metanopoli spa 0 0 immsi spa 536.801 0 0 0 0 0 195 236.705 0 3.447 183 0 670.079 711.416 313.694 491.547 253.839 514.117 356.819 466.415 304.512 98.047 1131.634 711.242 1121.498 0 0 1.879 14.312 122.304 116.368 502.922 612.104 0 0 22.655 537.386 67.496 93.331 impregilo spa 175.102 807.495 993.903 ina - istituto nazionale delle assicurazioni spa 318.247 630.475 86.638 0 0 0 0 0 1290.043 986.07 184.863 209.773 286.906 39.082 231.01 420.667 448.53 480.612 indesit company spa intek spa interbanca spa interpump group spa investimenti & sviluppo spa investimenti immobiliari lombardi spa ipi spa 0 ipi spa - attivita' di investimento e promozione immobiliare irce spa - industria romagnola conduttori elettrici 0 171.608 0 202.351 594.708 0 0 73.123 303.221 436.686 470.756 0 0 0 iride spa isagro spa istituto bancario san paolo di torino - istituto mobiliare italiano spa it holding spa italcementi spa fabbriche riunite cemento 5.934 684.673 italgas spa - societa' italiana per il gas italjolly spa - compagnia italiana dei jolly hotels italmobiliare spa 0 0 0 75.02 16.277 173.212 109.538 263.935 0 0 0 0 0 0 0 0 0 317.619 160.596 337.874 473.131 154.567 51.585 740.019 670.105 548.047 0 0 27.493 italdesign-giugiaro spa italfondiario spa - istituto italiano di credito fondiario 159.699 0 30.155 0 0 206.059 0 175.908 329 176 191.083 31.498 36.415 0 0 0 0 0 0 15.393 209.67 320.735 254.495 84.149 242.657 31.733 13.692 13.154 237.309 227.565 0 0 0 42.472 8.798 37.293 22.961 6.377 0 0 3.848 126.9 155.874 itway spa juventus football club spa kaitech spa kme group spa la doria spa la fondiaria assicurazioni spa la gaiana spa la rinascente spa 0 0 0 0 565.058 751.707 681.561 1482.371 0 0 0 31.418 11.032 lavorwash spa linificio e canapificio nazionale spa 0 0 0 0 0 0 0 0 0 0 0 0 0 17.127 23.101 0 0 0 0 0 0 0 0 0 334.117 260.881 222.077 219.559 226.761 154.535 83 locat spa 0 0 logitalia gestioni spa 0 0 0 lottomatica spa luxottica group spa 0 0 0 183.831 59.672 16.295 26.839 408.444 228.398 31.862 36.246 2.297 12.127 242.947 446.37 647.962 0 0 0 0 0 0 34.762 91.621 m&c management & capitali spa maffei spa 0 0 0 136.107 204.265 manuli rubber industries spa 0 0 65.677 87.29 marangoni spa 0 0 0 0 magneti marelli spa 0 marazzi group spa 86.371 marcolin spa 0 mariella burani fashion group spa 0 0 0 0 0 713.076 696.392 0 0 0 0 0 0 0 marr spa marzotto spa - manifattura lane gaetano marzotto & figli 576.879 954.442 882.544 884.339 409.803 488.318 448.91 mediacontech spa 0 0 750.376 210.542 0 0 mediaset spa 271.791 322.253 74.885 82.687 56.719 6.959 27.677 191.6 339.687 mediobanca spa 846.899 871.842 1825.219 2355.615 2350.234 1164.718 986.33 1524.077 1192.814 mediolanum spa 177.358 291.862 376.171 683.981 713.068 409.973 324.701 444.746 416.636 167 4.881 0 270.811 396.736 417.041 mediterranea delle acque spa meliorbanca spa merloni elettrodomestici spa 72.066 1387.732 810.425 1293.605 0 0 0 0 346.307 240.55 0 0 0 136.081 215.999 286.853 360.234 47.97 278.263 129.913 130.616 0 0 0 0 0 0 0 0 9.448 28.823 86.942 71.616 51.422 39.602 458.005 383.775 0 0 meta modena energia territorio ambiente spa milano assicurazioni spa mirato spa mittel spa 442.258 mondo tv spa monrif spa 0 0 0 10.787 124.58 143.46 188.007 250.584 montefibre spa 0 0 0 napoletanagas spa - compagnia di illuminazione e scaldamento col gas 0 navigazione montanari spa 0 0 necchi spa 0 0 montedison spa 377.97 11.193 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 26.417 228.797 206.153 0 0 0 0 0 0 0 0 0 0 278.352 1415.616 1802.526 2085.832 2129.524 0 0 0 0 0 0 0 0 0 2 0 0 632.256 613.454 negri bossi spa nice spa olcese spa 194 0 olcese spa - cotonificio olcese veneziano 0 olcese spa in amministrazione straordinaria 0 olidata spa olivetti spa - ing. c. olivetti & c. pagnossin spa panariagroup industrie ceramiche spa parmalat finanziaria spa 557.206 635.164 417.38 36.463 77.035 parmalat finanziaria spa in amministrazione straordinaria 333.454 76.816 parmalat spa partecipazioni italiane spa perlier spa 0 permasteelisa spa petra spa 0 0 0 0 0 0 0 0 14.234 25.652 0 6.876 182.753 20.697 31.142 12.237 piaggio & c. spa 568.692 pierrel spa pininfarina spa pirelli & c. accomandita per azioni 0 274.736 216.141 191.69 159.979 405.976 58.55 111.727 5.545 17.479 14.811 pirelli & c. real estate spa 482.901 pirelli & c. spa pirelli spa 1395.999 1154.36 625.753 2067.12 368.301 477.671 173.686 103.151 108.276 73.48 135.986 41.702 1635.933 1860.264 3167.294 3280.198 1100.181 84 poligrafica s. faustino spa poligrafici editoriale spa 25.341 43.728 64.846 0 9.059 27.398 26.217 0 0 27.361 194 poltrona frau spa 158.091 polynt spa 0 premafin finanziaria spa holding di partecipazioni 0 124.961 141.461 160.224 132.167 355.363 348.358 228.981 295.381 premuda spa 0 0 0 0 0 36.269 0 28.214 65.657 0 14.59 prima industrie spa procomac spa 2 ras holding spa ras spa - riunione adriatica di sicurta' ratti spa 932.653 2030.759 1696.096 1301.471 827.66 863.617 82.287 19.38 68.789 39.167 33.638 rcs mediagroup spa recordati spa - industria chimica e farmaceutica reno de medici spa 21.651 4.539 4.644 0 1229.456 1391.94 1522.533 987.167 189.098 183.395 45.221 0 178 0 0 109.074 164.626 0 0 1 0 0 171.974 0 29.154 11.066 0 0 48.996 53.722 reply spa retelit spa reti bancarie holding spa 19.035 reti bancarie spa richard ginori 1735 spa 0 0 risanamento napoli spa risanamento napoli spa - societa' pel risanamento di napoli 0 525 0 176 0 0 592.991 102.854 risanamento spa riva finanziaria spa roland europe spa rolo banca 1473 spa roma vetus finanziaria spa 0 0 0 0 357.64 223.505 244.169 297.183 0 0 roncadin spa 176 170 0 rotondi evolution spa 0 0 0 0 sabaf spa 0 0 0 0 0 0 0 0 0 0 0 128.042 250.51 194.236 296.27 163.24 0 0 0 0 0 0 0 0 0 208.15 0 0 0 157.324 141.749 124.649 15.333 1.389 sadi servizi industriali spa sadi spa 0 0 0 0 saeco international group spa saes getters spa 89.218 0 0 0 0 0 0 0 0 0 0 86.86 safilo group spa safilo spa - soc. az. fabbrica italiana lavorazione occhiali sai spa - societa' assicuratrice industriale saiag spa - industria articoli gomma saipem spa 1280.437 454.97 0 0 75.835 517.467 467.232 390.453 165 176 170 183 178 0 0 260.205 278.097 315.112 168 167 0 0 42.12 172.134 183.243 398.137 985.211 san paolo imi spa 773.316 295.768 sanpaolo imi spa saras spa raffinerie sarde savino del bene spa trasporti internazionali agenzia marittima schiapparelli 1824 spa seat - pagine gialle spa 121.04 0 0 0 0 0 0 0 0 0 0 999.101 940.705 302.092 183.649 332.508 seat pagine gialle spa sias - societa' iniziative autostradali e servizi spa simint spa sirti spa 0 0 0 0 0 0 0 529.374 137.796 198.422 274.374 0 6.269 16.734 119.293 69.626 628.343 692.673 417.372 179.7 9.097 331.521 366.594 641.24 285.494 262.666 240.332 267.467 711.315 511.774 146.389 smurfit sisa spa 0 0 0 0 0 0 0 0 0 snai spa 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1364.332 2135.646 1444.443 124.685 121.152 51.332 102.398 111.714 52.184 98.708 307.758 125.433 127.799 48.263 51.183 smi spa - societa' metallurgica italiana snam rete gas spa snia spa so.pa.f. spa - societa' di partecipazioni finanziarie societa' cattolica di assicurazione scarl 912.343 564.948 61.095 71.547 619.999 92.77 85 societa' cattolica di assicurazione societa' cooperativa societa' sportiva lazio spa 165 176 170 163.833 socotherm spa sogefi spa 113.079 sol spa sondel spa - societa' nordelettrica 77.99 26.94 40.74 35.05 170.39 0 0 0 0 0 0 2 0 0 120.849 74.927 51.822 8.392 14.319 5.712 0 0 0 0 0 0 0 775.081 297.978 87.467 0 0 0 0 356.019 566.877 482.957 83.705 81.965 0 0 0 0 0 0 328 350 230.317 3.518 70.725 20.088 2.055 17.668 0 0 0 0 0 0 0 0 0 0 95.914 445.762 845.141 sopaf spa - societa' di partecipazioni finanziarie 10.49 sorin biomedica spa sorin spa stayer spa stefanel spa targetti sankey spa tas tecnologia avanzata dei sistemi spa tecnost spa 0 91.219 157.817 telecom italia media spa telecom italia mobile spa telecom italia spa terme demaniali di acqui spa 252.476 575.165 33.033 345.915 589.714 608.662 604.016 919.392 574.153 803.295 1047.878 523.644 2120.525 2043.115 1354.654 843.001 979.757 650.828 0 0 0 31.383 23.698 0 590.567 74.809 10.751 34.859 278.723 274.582 terna - rete elettrica nazionale spa tiscali spa tod's spa 28.122 toro assicurazioni spa 211.692 trevi - finanziaria industriale spa 166.521 91.764 0 0 41.384 309.873 104.419 104.457 282.301 0 12.888 6.645 trevisan cometal spa trevisan spa 8.532 0 194 0 0 0 0 0 0 0 0 580.629 531.685 267.671 387.066 488.517 724.853 95.418 110.018 67.688 476.339 853.418 0 txt e-solutions spa uni land spa unicem spa unione cementerie marchino emiliane spa 478.849 unicredito italiano spa 119.944 461.964 unimed - cementerie del mediterraneo spa 398.203 800.99 0 0 541.227 526.404 unione di banche italiane scpa unione immobiliare spa unipol spa - compagnia assicuratrice unipol 52.75 287.388 0 0 0 166.276 127.34 446.475 valentino fashion group spa vemer elettronica spa 0 vemer siber group spa vianini industria spa vianini lavori spa vittoria assicurazioni spa zignago spa - industrie zignago s. margherita zucchi spa - vincenzo zucchi zucchini spa 0.5 114.33 3.862 24.476 58.387 22.218 0 0 108 0 0.25 17.73 23.561 0 0 0 0 0 0.25 17.73 23.561 0 0 0 0 73.379 58.13 120.693 87.593 80.08 192.382 311.947 532.702 763.787 0 59.737 0 0 2.01 9.288 31.345 18.396 10.5 9.441 10.63 38.105 0 216.336 74.502 59.409 0 Appendix 4. Directors according to betweenness 1998-2006 The Table represents the betweenness for directors in 1998-2006 with average betweenness higher than zero. In the first column (Levels), colours indicate levels of betweenness: orange values under or equal the 0.25 percentile (betweenness=0) red values equal or above the 0.75 percentile (betweenness=12341.5). the second column (Differences) negative values are represented in orange and positive values in red. dir abete luigi 1998 1999 2000 2001 2002 2003 2004 2005 2006 0 0 5028.727 18747.98 7298.532 1939.02 1745.83 10656.49 2941.064 0 17595.57 5961.121 5369.578 2358.678 23783.73 21768.55 26831.57 33667.15 40026.05 69772.48 abravanel roger acutis carlo 86 adler lionello agarini luigi 30024.04 11461.29 0 0 0 233.735 154.499 0 0 23575.92 26.349 5.333 153.938 172.575 154.868 8129.556 0 0 agnelli andrea agnelli umberto ago francesco 0 0 0 agostoni paolo 15179 16115 24939.68 0 0 4975.922 4642.581 7157.587 15075.4 agrusti raffaele aiello antonio ainis guido alateri di genola e suniglia gabriele 3287.958 0 0 1359.063 0 0 36 36 0 0 7103.621 19761.77 7428.848 0 0 0 0 13395.63 alberti piergiorgio 0 0 0 0 0 0 0 35332.81 6769.261 alcini pasquale 0 0 0 0 2.928 2.611 530.871 593.803 496.324 0 12120 12048 0 0 0 0 0 85 25602 25449 0 0 aleotti filippo alessandria giuseppe 263.3 alpa piero guido 0 andriani antonio silvano 0 1338.065 1455.715 0 0 0 0 andrioli danilo 0 0 2664.085 2497.335 0 0 0 0 0 anfossi giuseppe 0 0 0 0 0 0 0 77.759 0 6424.481 5549.296 0 253.172 0 12532.83 0 0 0 5527.608 32665.84 23968 22864 5355.949 4838.336 8825.623 angiolini guido antinori piero antonini fabrizio 1124.863 18.667 0 0 0 arcelli mario 21103.23 15939.94 18441.58 19696.54 20729.07 12380.21 arcuti luigi 10333.42 0 0 arletti william 3259.238 3578.667 5416 6036 0 0 arnaudo luigi 2510.659 99.26 73.129 105.267 2016.378 0 arona enrico 0 0 0 0 341.193 1268.818 2079.397 1032.711 658.476 0 0 13561.37 11702.55 19637.63 8294.323 3259.238 3578.667 5416 6036 0 0 3583.232 4259.868 0 12587.52 0 0 arpe matteo asquini franco attanasio leonardo gregorio autheman marc antoine 0 0 bacchiddu bruno 468.665 0 0 2165.217 34426.61 78 0 0 0 10066 0 baessato paolo baglioni marco 0 bagnai rossano baldi carlo 11567.63 10804.97 0 0 0 0 0 0 0 0 108 20819.91 11044.19 7954.827 0 7438.566 11984.32 6342.974 9822 0 baratta paolo 0 0 0 0 0 0 21232.8 15935.59 0 barbaro francesco 0 0 0 0 0 0 14150 16330 barachini enrico barel di sant'albano carlo barlassina francesco baroni bassano 19956.62 0 bartholomew reginald bartolomei corsi maurizio 0 8571.031 11339 11432.5 4642.103 5159.767 0 0 0 0 1090.693 886.313 1366.566 1248.994 0 0 0 0 0 0 0 0 168 0 barzaghini gianfranco 4040.649 3020.754 2033.25 1893.75 0 0 0 0 0 baseggio giulio 1721.299 1067.229 battiato lorenzo 5513.488 0 0 bazoli giovanni 35927.43 11627.6 15335.02 19744.17 19775.65 21840.93 15129.39 27832.7 33960.13 0 bazzano roberto 0 0 0 0 0 0 0 848.284 2935.333 1496.771 4623.72 1135.592 403.737 0 0 0 bellei franco 331.135 1035.913 667.204 2247.71 0 0 0 0 0 belloni antonio 25297.4 0 0 0 10138.56 6010.35 22615.71 0 10128 0 0 0 0 0 0 0 0 0 0 0 0 6103.034 0 7120.026 10991.02 1541.414 1077.384 0 0 7308.951 0 0 468.665 0 0 0 0 0 bellaveglia stefano ben ammar tarak benaglio enrico benassi lino benedini benito 0 87 benetton alessandro 17292.83 38920.34 44313.18 20928.41 11546.62 8638.914 25412.69 18529.81 776.545 benetton gilberto 16333.35 17567.94 14792.86 55582.29 140041.8 71297.66 61795.77 68241.83 64987.32 benevento giovanni 0 0 0 0 2343.875 6238.986 2379.072 332.204 berlusconi marina elvira 3258.216 7608.613 9682.39 10143.36 6133.776 4220.918 4625.077 5785.549 berlusconi piersilvio 3258.216 1307.682 662.491 473.518 565.288 387.913 827.961 1172.235 795.758 0 0 0 0 0 0 0 4880.137 0 0 11452 0 0 0 0 4390.43 0 0 0 0 0 564.378 1044.561 937.301 2764.585 15453.55 10299.12 21243.27 32260.34 34139.23 0 4514.633 13198.25 962.295 783.05 0 0 bernabe' franco bernardini mara bernazzi massimo bernheim antoine bertazzo carlo bertazzoni roberto bettinzoli angelo biancardi paolo bianchi luigi arturo bianchi tancredi biasi paolo 4985.119 10216.62 8895.039 9937.383 2472.375 4962.233 4171.2 4078.21 4415.603 0 0 0 0 9048 11496 11336 13080 3654.69 354.472 0 0 0 0 0 0 0 0 0 0 1179.86 1517.266 0 2744.336 4055.874 15880.55 17297.31 5059.651 13140.41 14644.68 19489.97 753.921 1114.078 0 0 0 0 3637.829 937.301 0 0 0 0 biesuz giuseppe 10 bifulco rosario bigatti gianfranco 7608 8076 0 0 0 0 0 0 8142 0 0 0 0 0 0 0 0 0 22806 22946 0 16430 bini mauro blasi paolo bodo giorgio 3190.021 3383.754 5278.995 5467.014 19815 0 0 bombassei alberto 0 10888.72 14765.98 5203.238 4598.81 5337.706 35528.36 34807.57 32631.32 bonato oliviero 0 0 7616 859.413 0 1459.259 0 0 0 0 3241.79 0 0 10832.57 8176.49 boidi stefano bonatti enrico bondi enrico 18609.65 46670.5 19989.48 bonferroni franco bonomi campanini andrea giuseppe borghesi arnaldo borlone pompeo boroli marco 4795.546 2690.662 7572.36 0 0 0 0 0 10541.82 0 150.819 199.965 305.566 0 0 0 0 0 25553.34 20135.32 12775.22 0 8817.405 5430.529 4282.301 21292.61 0 0 11118.65 11336 19795.84 41049 bortuzzo antonio 0 0 0 0 27812 0 0 0 0 0 1199.49 2941.064 0 3895.392 3080.127 1400.662 1745 2422.814 2790.089 8240 909.521 1370.632 14183.25 0 0 259.716 256.785 0 424.756 1258.343 1482.43 2161.493 0 3143.257 10418.4 14140.18 0 29649.49 boscarato maurizio 0 bossini leonardo bracaloni romano bracchi giampio bracco diana 0 11383.48 0 borrini amerigo boselli mario 0 14360.61 369.235 4463.986 6797.29 0 0 0 0 4054.697 3453.807 0 0 0 bragantini salvatore brambilla giorgio 0 17148.21 16143.3 brandolini d'adda tiberto 0 0 0 0 0 0 10465.84 13492.42 13758.78 brega oliviero maria 0 0 524.931 249.332 215.936 35.136 49.144 187.345 0 brignone marco 2559.323 0 0 0 0 0 0 0 0 broggini gerardo 10822.43 13121.85 9150.657 4121.95 3809.445 11699 20171.48 19970.68 18327.98 brugnoli giampaolo 4535.955 3815.646 0 0 0 0 0 0 0 0 brundi gian carlo 0 brunelli massimo saverio brunetti giorgio 280.934 0 16212 0 2894.111 2096.891 7590 307.114 346.866 8929.513 8941.136 8480.317 2324.055 4187.822 3595.415 bruno egidio giuseppe 6581.267 bulgheroni antonio 5950.143 3819.479 4451.482 7311.959 18582.08 7984.924 6575.08 8600.833 10104.1 9139.75 5469.444 4608.694 45379.54 96253.14 59352.57 38797.99 39678.29 2911.825 0 0 0 0 96 40 40 6.667 6.667 buora carlo burani giovanni valter buroni lucia 88 businaro ferdinando 0 busnelli massimo 8076 0 0 0 0 0 0 12087 12186 13626 13545 6.667 6.667 0 0 0 3567.863 9445.273 7137.288 15229.84 bussolotto pio 0 buzzi alessandro 4040.649 3020.754 2033.25 1893.75 0 0 0 0 0 buzzi enrico 4040.649 3020.754 2033.25 1893.75 0 0 0 0 0 buzzi franco 4040.649 3020.754 2033.25 1893.75 0 0 0 0 0 9187.714 3586.222 5583.966 5617.951 6068.972 11799.77 9939.276 0 buzzi pietro cacopardi italo callieri carlo caltagirone alessandro 0 9415 8142 1539.413 1205.731 0 0 0 263.3 3857.755 6091.815 60560.67 58614.2 30724.58 259.716 256.785 0 0 0 1.492 1.492 1.478 1.492 297.578 236.895 1461.401 0 0 0 0 0 0 1025.344 1.267 1.795 1.687 308.341 224.191 1248.678 556.322 473.608 525.393 28778.17 4.129 1.687 308.341 224.191 8075.762 2052.453 1850.81 3156.511 caltagirone azzurra caltagirone edoardo caltagirone francesco caltagirone francesco gaetano caltagirone gaetano camadini giuseppe camerana carlo cannatelli pasquale cantarella paolo 0 0 9.75 21350.42 17262.81 67237.89 12113.57 7235.687 15296.81 1.267 1.795 19.437 5019.715 5547.462 21.952 44.217 234.835 255.129 737.306 0 10535.55 16363.28 9137.188 9555.938 7760.578 8772.34 11446.35 6740.369 7015.324 2920.781 9310.388 14496.17 0 4220.918 4625.077 5785.549 19616.73 100.62 32.32 13160 0 0 0 0 12290.14 9980.859 4173.61 3850.963 capece minutolo massimiliano capotosti sandro 0 0 0 0 0 0 0 0 0 0 0 0 0 716.266 0 cappone michele cappugi luigi 0 0 0 2359.846 2300.399 1001.283 8628.106 6543.997 7462.688 0 20589.01 17170.84 18938.36 8101.353 1098.241 548.993 643.131 275.277 330.016 225.377 111.897 374.902 0 0 3061.943 0 13160 5195.799 4317.739 36 36 caputi massimo caracciolo carlo carbonato gianfranco carbone sergio cardarelli pasquale lino 4345.879 12076.38 14919.03 0 0 5080 14779 7158.798 4395.344 0 0 15443.09 caretti francesco 3143.26 0 10926.05 11896.35 10194.12 1488.815 411.123 carlevaris carlo 10890.87 120.829 188.67 14976.27 13391.76 9777.963 4340.822 carnevale maffe' carlo alberto carpaneda michele casella mario casini silvano cassaro renato 24687.5 0 0 0 24504.94 17606.65 0 0 399.608 352.477 12694.22 9426.387 cassese sabino 0 12569.25 8985.333 0 0 0 7146.074 0 0 1667.646 0 0 0 0 castellino onorato 21297.13 13164.37 15215.25 0 0 castellucci giovanni 1268.818 2079.397 1032.711 0 0 0 46806 0 24497.41 17283.42 28301.37 35112.05 23647.42 14249.89 0 0 6020 0 0 0 119 0 0 0 0 0 0 0 0 0 0 5670.254 16269.9 6530.439 3742.906 142.136 91.564 163.154 1648 0 0 27560.64 2346.593 0 4260.436 25345.08 20356.9 catturi giuseppe 0 0 cavallera piergiorgio 0 0 cavallini giovanni 0 0 6374.595 17573.08 celli pier luigi 4896.715 4071.971 cerchiai fabio 1100.317 4144.297 0 0 658.476 4271.422 2160.833 4698.02 6456.684 2284.83 0 11093.46 816.866 0 4532.29 5575.607 9136.357 12357.25 12630.55 14335.34 0 0 0 0 0 2048.008 0 ceretti paolo cerutti giancarlo 0 0 0 cera roberto 0 10757.29 0 cattaneo flavio ceola antonio 0 0 cattaneo ernesto cefis giorgio camillo marcello 2182.667 0 castellano carlo cattaneo mario 0 0 0 cesarini francesco 0 7158.067 3492.248 3069.865 19741.11 0 0 0 5476.154 3809.797 48 58392 10685.9 chiarva gianni maria 0 0 0 ciampicali pier antonio 0 0 0 89 ciani carlo 1685.333 ciliberto mario 40795.27 48889.73 69549.06 0 1.952 3.6 3.6 3.567 3.067 cimoli giancarlo cingano francesco cipolletta innocenzo cirla giorgio 0 0 268.751 0 0 5684 6556 4950 564.378 1044.561 937.301 2764.585 6223.758 8140.039 19200.57 7295.723 25266.34 14209.49 8634 18258.44 5656.527 2808.276 0 4305.875 9168.138 30494.09 51745.91 10361.98 0 0 2849.482 civardi giuseppe 2 civaschi aldo 0 5592.143 0 clo' alberto 0 14088.74 9855.566 12689.45 4330.112 colaninno matteo 23867.07 52258.23 45143.8 51439.47 0 0 0 1954.551 18626.6 21892.94 12715 0 2930.25 29325.24 0 4220.764 7490.308 10901.82 colaninno michele colaninno roberto 1954.551 5629.829 34091.7 colao vittorio amedeo colavolpe roberto 0 0.75 63700.89 32043.22 0 0 0 0 0 colleoni gastone collina piero colombo achille colombo felice comana mario 0 0 0 0 8315.02 4875.528 8634.476 25007 2247.766 33898.46 7543.325 9976.117 0 0 0 0 0 0 0 0 16543.53 10091.53 0 0 0 0 0 11683.43 12975.53 34036.62 28032.4 39769.07 75630.25 109354.1 78151.69 38982.15 17167.48 0 0 0 12120 12048 0 0 0 0 0 0 0 0 0 0 43769.37 0 10656.73 0 0 0 0 662.491 473.518 565.288 387.913 827.961 1172.235 0 0 0 0 0 9221.247 17548.52 0 10794.34 41278.17 17501.44 25263.56 0 0 11336 comoli maurizio concina enzo confalonieri fedele 698.633 1307.682 confortini massimo consorte giovanni 41003.37 2218.697 colombo paolo andrea colombo umberto 0 0 0 0 conti fabio massimo conti fulvio 1855.188 coppola di canzano eugenio 11293.33 9076.795 4348.216 cordero di montezemolo luca 0 0 0 19143 23762.89 cordero di montezemolo matteo 0 0 0 16233.32 23352.92 36877.12 0 0 4398.019 corrias alberto 2700.017 5263.875 0 cossutta dario 3568.532 4106.124 0 0 0 0 0 0 0 0 0 0 0 0 0 5143.833 9597.783 0 costa giorgio roberto costa maurizio 0 0 1307.682 662.491 473.518 565.288 387.913 827.961 1172.235 23017.95 19933.17 16076.74 0 0 0 9004.132 10021.18 0 0 0 2992.507 2855.567 0 8190 7370 2260 0 0 cragnotti sergio 8190 7370 2260 2992.507 2855.567 0 cravero alberto 8802.108 0 0 0 0 0 0 0 0 0 9822 9882 902.236 434.601 0 12744 0 0 4824.248 3234.758 4139.206 0 costa nicola cotone pierpaolo cragnotti andrea cragnotti elisabetta cremonini vincenzo croff davide 576.748 cucchiani enrico cuneo gianfilippo 0 0 782.112 7494.813 0 0 3344.722 dacci nereo 0 0 0 0 0 0 0 724.242 1141.261 d'agui' pietro 0 18 0 0 0 0 0 3209.207 3232.611 0 1 0 0 5.684 9571.229 15231.98 30555.32 31221.33 46017.24 4480.738 2206.041 3074.366 0 834.031 1983.877 902.683 3518.944 4537.149 4559.802 726.689 43.335 0 dal bo' domenico dallocchio maurizio daveri giuseppe de angelis luigi de benedetti carlo de benedetti marco edoardo diego de benedetti rodolfo de cecco enrico 25716.14 28478.88 35771.77 34556.72 22919.31 28165.69 26183.82 48399.81 7567.824 0 3925.543 2453.371 5423.54 5286.962 6396.535 4753.079 5894.781 6517.807 3991.687 3696.417 2086.436 910.735 842.021 397.753 11553.32 17025.56 6556.978 0 0 0 0 10549 0 90 de censi giovanni 8614.303 11339 11432.5 4642.103 5159.767 de jaegher jean f 1327.03 2051.825 4065.798 6001.431 2161.493 0 0 0 4879.551 0 0 0 0 1704.189 7564.735 32304.2 28313.56 38054.29 0 34272 4807.191 de jong jan maarten de maio adriano 8555.359 6263.315 de marco marco de nora niccolo' 2021.392 0 0 0 0 0 deaglio mario renzo 1005.988 466.392 672 0 0 debenedetti franco 628.064 306.66 310.449 52.924 53.135 0 0 0 253.172 23177.83 15779.49 11133.33 1315.257 2788.043 4692.381 16917.63 1941.479 2334.273 762.867 5.71 32.42 7643.673 8298.189 3056.13 0 0 0 1939.02 0 7200 de simoi sergio de stasio vittorio de tilla maurizio de vivo guido del ninno giulio del vecchio leonardo delfini mario della valle diego 0 0 1017.017 0 696.839 1383.068 3794.21 0 6891.255 6100.981 8148.613 0 0 19116.73 8812.025 17225.44 17982.55 30251.15 14727.06 0 0 0 0 0 16330 10887.43 0 0 4635.31 3769.632 60.044 46.241 94.787 19067.31 2666.316 2801.153 4253.819 2783.334 3871.817 3896.204 21082.58 61266.45 56295.85 613.534 1181.312 desiata alfonso 8830.063 2767.477 1708.222 988.051 914.372 1539.786 dettori vincenzo 4687.154 10580.67 0 0 0 0 devoto gianluigi 968.548 721.131 4157.909 3074.309 1434.898 4182.565 discepolo daniele domenichini giovanni 18164.13 2127.368 dematte' claudio dezzani flavio 20827.66 3876.457 79.009 9 4567.729 7604.817 0 17198.93 0 0 84 0 0 0 0 848.284 0 464.529 699.168 1742.21 1333.344 307.559 470.454 2265.944 7077.651 2720.255 doris ennio 0 0 23262.46 63929.04 60541.95 32749.54 27822.79 46693.53 21586.11 dossena giovanna maria 0 0 8142 10612 0 0 0 0 0 4259.868 0 0 0 2048.008 0 0 13874.48 7448.854 4757.597 2048.008 dona' dalle rose andrea paolo maria dotti bruno 5699.604 3583.232 drago marco 0 0 0 drago roberto 0 5452.38 5674.264 duehrkop klaus 0 0 658.799 0 0 0 0 0 d'urso carlo 6765.333 17549.65 17639.13 19781.45 27096.33 22031.28 12037.74 20953.87 30848.79 dusi emilio 1100.317 1298.212 674.259 2388.193 2267.738 0 0 0 0 0 0 335.167 1004.314 11714.27 14420.82 8075.639 7978.667 0 0 68017.09 83417.45 40078.33 29860.9 54373.86 84861.02 0 8081.733 387.913 827.961 5785.549 3190.021 23576.11 22043.64 29673.34 0 0 17958.52 17476.03 27894.5 7778.034 elkann john philip eramo biagio erede sergio 93993.7 149080.8 133784.2 ermolli bruno fabrizi pier luigi 27544 11441.49 32548.82 80176.91 120046 falck alberto 45541.22 40143.07 35271.43 45579.44 31871.52 falck federico 1312.568 1880.828 5898.093 faneschi mauro 11804.33 9858.057 14210 15636.48 10549 fausti luigi 0 0 0 3259.018 3171.591 4921.08 faverio gian giacomo 0 0 0 43.335 favrin antonio 0 0 0 1333.344 7896.875 10795.77 ferragamo ferruccio 8406.625 8293.435 27451.9 50178.98 18800 ferrari riccardo 8628.421 6800.075 0 10752 10840 47919 44266.09 0 fantozzi augusto ferrarini guido ferrero cesare 2883.857 0 5554.036 18650.65 7627.232 15443.35 9333.011 2034.768 2178.829 4662.903 2479.094 0 0 0 11899.99 15934.72 18732.19 21904.3 13113.01 5493.033 ferrero pierluigi 1136.426 1024.758 1119.632 910.735 842.021 397.753 328.953 918.481 934.789 ferrero pietro 8326.777 11863.57 22068.31 5113.272 0 0 0 4021.814 0 8580.189 0 0 8514 ferro luzzi paolo 4709.671 filippi alessandro fiorani gianpiero 0 0 0 0 2343.875 6238.986 2379.072 fois candido 0 3712.167 3233.331 14443.77 14063.36 10901.97 3187.25 0 0 folonari alberto 0 5596.717 8350.263 0 0 0 0 0 0 91 fontana giuseppe fontana loris forestieri giancarlo 0 0 0 0 0 3654.088 7715.042 10318.72 6762.939 4561.4 0 0 0 0 0 6735 0 988.051 914.372 1539.786 10840 13626 0 0 18444.4 fortis marco franceschetti ennio franceschetti giacomo franchi attilio francione luigi franco marcello fratta pasini carlo fresco paolo gagna giorgio 1181.312 1403.518 0 14706 14796 17196 0 0 0 2025.446 2050.55 1712.608 0 0 0 0 36 72 13626 3486.736 1503.209 1326.043 2427.877 263.3 186.921 2461.237 19815 28049.33 0 4399.5 6675 3874.469 1995.363 3088.781 4053.171 2075.448 2028.937 4885.923 579.402 761.713 10148.1 21027.34 30203.24 0 0 0 0 2260 2992.507 2855.567 0 5097.381 13881.2 15268.38 39151.45 31068.95 1516.651 5.333 153.938 172.575 154.868 260.485 4909.875 32899.5 24012 7872.995 8838.805 2720.433 0 0 6735 6790 17183.01 14625.9 40115.03 galli massimiliano gallo marcello 613.534 0 gajo giovanni galateri di genola e suniglia gabriele 14705.71 2544 fucile filippo gabetti gianluigi 5963.77 0 3 0 0 0 0 gambaro mauro gamberale vito alfonso 0 0 0 7.5 0 0 0 732.063 712.523 25449 25600.38 17428.3 0 0 0 0 0 16641.97 gandini ezio 0 1219.74 1329.645 648.298 4102.2 1868.554 1720.925 0 garavaglia carlo 0 0 6354.061 7711.469 8396.541 2474.462 3758.163 4432.046 21112.14 0 0 10844.58 0 3009.023 1081.774 4437.586 4661.454 0 0 1361.557 5789.063 36162.18 garavoglia luca garofano giuseppe maria garraffo mario 0 0 0 0 9048 0 0 50053.54 1708.206 3723.459 14864 9264.809 15326.94 9649.34 7956.963 0 garrone alessandro 0 0 0 0 0 0 0 9742.211 2546.961 garrone edoardo 0 0 0 0 0 0 0 0 4519.334 0 0 0 2779.334 14350 14150 5480.516 17671.64 4833.802 4638.195 1629.815 0 0 0 1035.191 4534.112 0 0 0 0 0 1459.259 2322.407 5837.141 6452.526 0 0 0 0 garrino gianluigi gatti giuseppe gatto carlo gatto giuseppe gavarone gregorio gavazzi roberto 0 0 0 180 2463.468 12847.83 14487.25 9806.006 0 0 0 6102.712 3263.278 0 0 0 0 341.193 1268.818 2079.397 1032.711 658.476 29371.97 17868.21 7952.905 8878.14 0 0 8350.148 4349.541 0 gavio beniamino gavio daniela gazzoni frascara giuseppe gera fabio germano giovanni geronzi cesare 757.35 3.795 3.204 3.204 2.928 2.611 0 0 0 763.423 229.369 213.414 150.373 54.811 10.686 44.845 224.44 688.562 1438.086 18461.9 26488.73 47908.99 27131.28 1884.105 7284.338 8079.232 8294.323 0 0 0 6914.003 6695.351 7823.964 6806.689 0 16227.17 12610.85 8748.224 58954.59 88647.31 0 giacomin francesco giannini giancarlo 1129.796 0 giarda dino piero giavazzi francesco giavazzi giovanni gibellini andrea giliberti enrico 1129.796 2383.659 963.762 646.706 76.477 74.272 121.56 33.016 299.719 0 8404.546 7610.097 9558.053 18560.18 19212 0 0 0 0 0 0 0 0 0 27361.69 9841.043 5524.459 9341.342 2653.88 468.665 0 0 0 0 0 0 21 4266 4920 4950 0 972.451 gilles gramat giordano pietro giordano ugo 2546.961 0 giovannini marco girard franco roberto 6356.422 3696.417 8107.49 10633.71 9220.495 girelli giorgio angelo gnudi piero gnutti emilio gotti tedeschi ettore 7187.78 6618.807 2433.683 1647.045 0 0 0 27812 12271.17 12806.42 12931.01 19942.15 10562.16 3578.667 0 6036 21000 32706 21871.43 0 12411.73 26452.74 25527.22 15110.37 33944.9 32826 0 0 0 12157.39 92 grande carlo grande stevens franzo grandi paolo 0 0 958.46 0 0 0 19105.05 30784.34 42226.88 62036.42 40405.22 81597.98 66750.5 26659.57 20624.01 45 60 119 21166 0 0 0 17209.55 0 grassini franco alfredo 0 graziosi giovanni battista 0 0 0 0 0 0 1646.357 greco mario 0 0 22068.49 44119.95 56671.56 44593.6 59666.06 21398.16 65073.34 grigesi enrico 0 3365 0 13249.92 12802.52 11124.18 9232.132 3312.648 0 0 0 0 0 7508.08 51179.82 70473.06 11639.96 10500.02 10534.63 20587.66 25769.96 24881.79 29001.28 34070.26 31741.9 0 0 0 0 0 10728.08 9424.936 0 16080 0 guidi guidalberto 20275.51 39439.66 1894.497 1017.017 841.693 0 0 16749.36 gutty gianfranco 64041.82 61545.5 38520.22 48115.04 2267.738 8778.006 0 2635.656 0 0 0 grilli enzo gros pietro gian maria guatri luigi guerra andrea guerra pietro imperatori gianfranco innocenzi fabio iozzo alfonso irti natale isabella bruno 9001.777 jaeger piergiusto 9858.208 jaquinto roberto 0 0 0 3088.781 4053.171 2075.448 14389.65 17061.1 3792.5 0 0 0 0 0 0 0 7868.604 0 7566.862 6003.136 2376.76 0 0 0 6425.701 4610.868 4314 4254 21 0 19882.17 12271.88 19960.33 16747.77 16481.82 23242.44 24139.81 16533 0 0 0 1954.551 la russa vincenzo 0 0 0 0 0 0 0 4757.422 2950.545 lado stefano melchiorre 0 0 0 0 0 0 0 724.242 1141.261 0 0 0 6579.71 21289.57 2477.741 9882 0 3504.696 5688.089 jona celesia lamberto la noce luciano pietro 0 laghi enrico lamberti paolo alberto 0 4141.406 5624.005 lamborghini bruno 0 726.15 786.936 16624.12 19186.73 2393.39 6648.466 5379.272 14592.29 0 7590 6347.278 0 0 0 0 0 0 30060 31353 20034 19754 23202.2 19340.83 0 45423.34 6365.956 2617.883 0 3244.658 10624.79 0 0 0 landi luigi 10519.76 lateri di genola e suniglia gabriele lazzaroni giuseppe 0 legnaioli michele lentati attilio leonardo 8763.955 7112.198 leoni guido 0 libonati berardino 6433.646 0 lignana giuseppe 2787.869 0 ligresti gioacchino paolo 0 0 0 17503.85 17280.86 96292 11990.79 6027.773 5492.726 ligresti giulia maria 0 0 0 10819.41 6807.585 38214 43003.77 56254.73 73635.03 1685.333 142.653 89.126 27094.42 27405.55 35446.57 50945.4 57655.29 38901.68 0 0 0 0 0 0 5476.154 3809.797 0 0 151.445 81.078 311.837 408.322 383.558 833.229 28766.29 17919.03 0 0 259.716 256.785 9508.225 ligresti jonella lina alberto lione augusto lo vecchio consolazione lucia lia 752.7 0 lombardi adolfo 737.306 0 0 0 lombardini siro 8498.043 10678.96 6416.354 17648.57 24047.68 0 1344.406 7124.18 0 0 704.347 1838.98 0 0 0 0 0 6605.971 5507.351 39438.76 18553.04 16247.57 35943.37 38369.15 34654.47 31672.06 11686.53 12154.59 646.706 76.477 18488.14 3195.1 1101.407 3414.31 5038.674 6270.679 49119.22 53355.86 0 0 0 3757.874 lonati ettore lonati tiberio loredan francesco 0 lualdi ambrogio lucchini giuseppe lucchini italo lucchini luigi 14108.11 lucchini marco lugli franco luzzati luigi macchini gianfranco 0 96 9102 12048 0 0 0 0 14414.3 21048 20082 9599.815 15248.42 16439 13080 93 macellari emilio 0 0 0 0 0 machirelli augusto magnocavallo antonio magnoni giorgio magnoni pierangelo majore albino 0 0 0 0 0 30.256 767.225 4940.792 0 754.517 2.2 16.85 3881.828 5024.554 2941.064 0 3772.231 0 0 11452 9882 9097.645 14137.26 21605.67 3998.666 1454.483 297.806 780.66 984.614 0 5408.893 0 4761.122 17451.94 malguzzi alfredo malim hugh charles blagden 1199.49 0 0 0 14150 mancinelli paolo 6403.042 487.922 433.222 171.329 217.034 55.241 116.453 292.431 0 manes vincenzo 0 8076 0 0 0 0 0 2126.316 2253.77 manfredi manfredo 10128 20055 9830.446 9774.708 6040 0 mangiagalli marco 0 0 0 958.46 4298.756 4314 4254 21 56 0 6280.717 16654.6 12576.63 41202 22544 0 0 0 0 6320.984 4729.484 15550.52 0 0 0 0 mangoni andrea manuli mario 0 manzoni armando maramotti achille 7816.54 0 5855.707 7352.838 2573.676 4195.085 4171.837 56015.06 14010.33 13491.46 11434.63 0 0 3392.5 3792.5 0 3654.088 3813 4047 4080 4560 4533 0 0 0 0 0 8137.718 8529.266 7964.391 0 2239.281 1596.928 7657.568 8615.827 8747.78 0 0 0 0 0 0 marchi ferruccio 0 233.735 154.499 0 0 0 0 0 0 marchini alfio 0 0 0 0 0 0 13336.73 13621.91 19698.89 15941.16 20888.21 32090.63 5113.272 0 0 0 311.837 408.322 5498.52 4324.034 maramotti luigi maranzana luigi marcegaglia emma marcegaglia steno marchetti piergaetano marchi carlo marchio' angelo 7134.738 0 marchionni fausto marchiorello dino 0 15590.55 6342.02 mari giuliano marinelli luciano 3406.966 4306.364 0 0 9102 0 0 0 0 0 0 0 0 0 19754 22806 22946 4116.555 21961.94 3649.354 0 20790.11 0 0 0 0 0 18020.85 42613.38 marino antonio marniga romano 0 0 0 0 11882.51 13316.01 15841.1 7583.876 marocco antonio maria 0 marrone virgilio 8804.701 martellini maria 0 0 2928.854 7106.689 9182.893 14350 0 0 18062 martinelli felice 0 5758.496 21705.43 36546.89 30462.47 29173.15 31156.71 25872.06 28933.23 martini giandomenico 0 0 45381.76 11567.63 10804.97 1742.21 470.454 460.401 0 0 martino luciano 0 marzotto nicolo' 17550 1333.344 307.559 marzotto paolo 464.529 699.168 1742.21 1333.344 307.559 marzotto pietro 40458.36 25700.04 6340.906 11341.71 13538.03 2746.448 marzotto stefano 464.529 699.168 0 0 0 0 0 marzotto umberto 464.529 699.168 1742.21 0 307.559 470.454 460.401 0 mascaretti sergio stefano 0 0 0 0 0 0 0 8 8 masera rainer stefano 0 0 3392.5 0 0 3654.088 55 44 0 30370.42 11300.67 0 0 0 0 0 0 15392.05 9245.928 0 4220.764 masetti maurizio masini giovanni 24 24 mattera massimo 0 mauri mario mazzi carlo mazzola gianni mazzoleni mario 0 0 mazzotta roberto mazzotti stefano 0 1146.892 1073.25 1885.333 0 12773.83 15475.68 0 0 0 0 0 0 0 0 7403.275 7885.659 15614.83 0 0 0 0 0 15423.42 12389.51 0 0 0 6596 0 mei enzo meloni stefano 0 0 4125.284 0 0 2182.667 94 meomartini alberto merle christian merloni vittorio messina alfredo 7608 3365 8142 0 0 2653.88 468.665 0 0 0 0 0 0 0 0 0 0 0 0 9967.75 1845.488 2880.135 3517.118 4379.713 4381.898 2349.58 927.446 1687.706 1557.169 micciche' gaetano 0 0 0 0 23520.66 9182.539 0 micheli francesco 34242.52 20381.6 22986.7 3847.03 2741.501 0 0 0 mignoli ariberto 9049.676 3764.459 0 0 0 2595.547 1170.898 0 11040.06 10580.67 0 0 0 3849.9 6514.717 3471.788 5468.159 1681.588 1981.035 1414.811 2886.862 0 mincato vittorio 0 0 0 0 0 0 0 9556.062 6755.753 minelli giovanni 737.306 0 0 0 0 0 0 0 0 minguzzi italo giorgio 0 0 72 72 12048 0 0 0 0 minozzi romano 0 0 0 9.333 9.333 0 0 0 0 minucci aldo 0 2607.123 12712.46 15018.18 12759.79 15036.11 9668.265 17456.07 31488.21 11708.87 16094.68 7011.108 63983.19 70764.25 48460.98 56663.8 31072.6 39543.11 0 21000 20034 36442.55 52416.11 50696.54 52171.34 48550.98 milanello angelo milanese tommaso vincenzo milla alberto mion gianni modiano pietro molinari amato luigi molinari sandro 18533.5 29734.26 7124.467 30332.1 15290.27 13492.98 0 0 moltrasio andrea mondadori forneron leonardo monferino paolo 6217.48 1415.406 6735 263.3 186.921 0 3.795 montani piero luigi montevecchi walter 7925.551 0 0 0 0 0 5058.604 3.204 482.245 224.191 1248.678 0 0 0 0 31353 23590.43 28105.92 12191.7 42754.66 163.154 1648 monti ernesto monti riffeser maria luisa montini gianbattista bosco montipo' fulvio 4524.672 150.819 199.965 305.566 104.926 110.29 142.136 91.564 1441.562 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5242.464 0 1073.25 1885.333 2182.667 0 6540.405 3727.984 2507.263 3056.65 14238.06 0 0 20327.45 14318.33 13947.75 21258.25 11487.26 18327.71 morat claudio moratti massimo 19446.31 11943.02 3115.551 8895.309 morazzoni gaetano morbidelli giuseppe morchio giuseppe 0 0 0 0 0 26671.83 0 0 0 7677.291 0 0 0 2126.316 2253.77 0 2212.02 2580.129 4047.381 0 9882 0 0 2 0 0 moriani diva moscato guglielmo 0 0 mugnaioni alessandro nale franco 0 0 0 1995.363 nardozzi giangiacomo 0 0 0 0 0 3928.422 2729.33 4197.993 0 6279.713 13445.78 0 33858.48 39624.55 15910.03 14658.24 7876.427 14996.49 23258 56180.27 40800.44 0 0 4882.101 4572.052 nattino giampietro nefri nicolo' negri clementi gianfranco nicodano umberto carlo maria 0 4167.586 7746.295 0 761.031 10178.47 0 6040 5764 11336 0 0 nicolo' giuseppe 0 0 7584.809 5384.875 3659.644 3388.365 3129.095 3636.91 0 notarbartolo di villarosa roberto 0 0 119.756 381.819 1902.869 11896.64 16717.66 14397.44 12939.36 18724.69 5149.002 0 0 0 0 12293.87 27751.09 32715.82 28129.97 27542.85 21420.37 0 33787.71 42661.68 32751.66 2233.96 noto alfio nottola antonio novarese andrea oldoini giorgio 0 0 olmo giorgio orlandi sergio orlando luigi 0 3951.543 0 0 0 0 332.204 0 9926 11452 11522 808.126 8869 10752 9492 10612 10549 10066 23979.12 4621.77 3967.078 8520.791 6622.839 2825.887 0 orlando rosolino 0 0 0 0 0 0 43.335 orlando salvatore jr 0 120.374 194.143 390.449 487.761 726.689 1661.137 6708.039 ottolenghi emilio 0 0 6055.479 10642.81 11244.54 0 0 0 0 0 0 1509.583 2815.444 15504.64 17544.33 ovi alessandro 10570.91 95 pacchioni piermaria 6228.488 2627.464 5674.473 0 0 7595.149 4476.627 3540.252 11258.37 0 pagani carlo pagliaro renato palandri enrico palazzani giampietro 1073.25 0 0 5512.461 0 0 palenzona fabrizio 0 0 2864.799 3396.103 3373.229 4843.38 0 0 3238.451 3403.881 0 6806.893 22777.07 3855.271 6263.315 1640.159 1270.385 0 34062 0 13080 2 paolillo ernesto 0 paolucci umberto papa franco carlo 0 0 0 0 0 0 16430 0 0 0 0 0 0 10897.86 13626 700.536 962.295 0 0 0 0 0 1270.385 4197.993 6625.283 0 pasqua valter passera corrado paveri fontana luca pavesi carlo 0 0 23599.39 3928.422 2729.33 3874.469 1995.363 0 0 0 0 0 0 0 8656.394 10683.39 7140.489 0 4399.5 6675 5632.648 0 0 11934.81 0 0 0 0 18616 14150 1754.06 1273.306 16693.08 33727.11 32585.17 35161.32 4481.934 2785.85 2844.006 15314.98 26207.35 0 0 24696.88 21738.79 16224.65 13184.79 pavesio carlo pecci alberto 13160 0 parazzini enrico pasti francesco 0 0 palmeri aldo 1128.728 5225.886 0 palma angelo maria paravicini crespi luca 3900.729 195 7829.216 10248.12 pedersoli alessandro 0 0 0 pellicioli lorenzo 0 22670.69 856.667 peretti carlo 0 0 10840 12120 0 perissich riccardo 0 0 0 3262.761 700.536 0 0 0 0 0 0 4930.302 13399 33840.71 41718.39 54613.69 78911.78 23534.6 23579.17 6719.818 10476.63 1072.714 559.041 600.392 1237.139 1804.455 pesenti carlo 4465.424 25271.52 41634.43 35332.79 71619.16 42212.78 52904.91 57786.69 55373.97 pesenti giampiero 48589.09 42853.52 22575.61 26297.39 19725.45 20741.83 37736.99 56314.34 40680.73 28773 0 0 43673.75 33197.09 7457.354 0 0 0 10757.29 0 0 0 49.144 187.345 2087.416 perissinotto giovanni perolari giorgio 7305.241 14150 2048.008 0 20592.27 14173.05 perricone antonio petroni mario philippe jaques emile georges 10930.51 piaggio giuseppe 0 0 0 piantini ferruccio 5179.598 19446.33 0 0 249.332 215.936 0 0 0 0 0 0 6588.682 0 27652.93 16451.5 5498.52 25540.24 4713.815 piaser alberto piccinini marco 0 0 pini massimo 35.136 pininfarina andrea 6955.285 6351.441 7250.486 5700.79 19561.2 428.193 14560.46 9973.443 pininfarina sergio 8633.113 6667.366 672 0 16653.55 4106.17 3385.935 0 0 0 2720.433 0 0 23433.34 7904.114 2240.283 22475.02 18934.43 6125.539 6847.791 18408.71 29772.85 5011.104 7329.277 5459.462 0 0 10368.19 10055.53 7761.257 7353.859 0 0 0 0 4050.756 8248.892 7032.27 1964.524 pino salvatore piol elserino pirelli alberto pirelli leopoldo 19529.61 489.465 94.755 pistorio pasquale pittatore gianfranco pizzini flavio 15970.73 0 poli roberto 0 0 0 0 2339.105 poma giuseppe 0 0 16946.24 0 0 0 341.193 0 4305.875 2465.524 3632.781 pompei giancarlo pontello silvano 0 pontolillo vincenzo 0 0 0 3124.807 6194.751 12844.3 ponzanelli giulio 0 3926.695 2414.238 0 0 0 ponzellini massimo 10504.08 porcari carlo pozzoli guido prato maurizio 0 0 0 20220 11257.5 9850.376 7352.135 15601.55 31516.22 0 0 724.242 1141.261 11235 96 preda stefano 9603.724 7107.399 presutti ennio 17536.12 21235.21 0 0 0 0 0 7419.87 7598.379 8024.564 10685.9 3403.881 3501.692 2594.619 0 0 0 15786.96 0 0 0 8075.639 7978.667 0 0 47562.43 40660.26 471.984 22454.85 28889.29 29293.17 0 0 0 2309.804 2610.971 12924 31551.58 31377.62 2935.333 443.057 4718 5024.48 6020 0 0 profumo alessandro stefano m prosperetti luigi puca vincenzo puri negri carlo alessandro quadrani ettore 0 quadrino umberto querci carlo racugno gabriele rampinelli rota pierfrancesco 10865.31 0 0 2663.599 3855.271 21905.97 30880.85 24495.4 10170.69 14377.52 28469.62 0 0 0 0 0 0 0 0 3472.258 3268.673 0 0 0 0 rampl dieter randazzo francesco rangoni machiavelli claudio rastelli pietro ratti mario 0 0 0 0 12903.88 4399.5 6675 3874.469 1995.363 3088.781 4053.171 2075.448 2028.937 4885.923 5080 5392 5436 6076 6040 34888 17511.08 8943.135 19852.99 15184.69 0 0 0 0 0 0 0 0 0 0 8190 8240 ravanelli fabio razzano dante reboa marco recchi claudio 0 0 0 0 0 1394.388 1805.155 5226.019 0 10752 29848.9 25282.43 34979.42 37828.15 30478.99 26425.02 25495.91 7099.306 7812.67 8963.286 0 2774.119 1725 1632.535 2203.597 4413.09 0 2228.023 0 0 0 2339.105 4050.756 8248.892 7032.27 1964.524 recchi giuseppe repetto flavio 9060.279 resca mario 0 reviglio franco rho ermanno 0 0 riccardi guido riffeser andrea leopoldo 0 3855.271 0 0 0 0 7114.274 8772.343 0 2664.085 2497.335 3999.599 4787.005 3626.267 3933.521 5990.026 0 0 0 0 0 6556 32 150.819 199.965 305.566 104.926 110.29 142.136 91.564 163.154 1648 righetti luigi 0 0 0 5384.875 3659.644 3388.365 3129.095 3636.91 0 rinaldini carlo 5 4 4 3 7.5 2 rinaldini giuseppe 5 4 4 3 0 0 rinaldini guido 0 0 0 3 7277.431 3982.118 18675.23 20363.11 66140.51 2116.671 ripa di meana vittorio rispoli vittorio rizzo roberto 0 0 roascio roberto rocca paolo riccardo romiti maurizio 4133.11 0 0 0 0 132 0 0 7978.667 25686 14150 0 38.111 222.68 348 34795.79 37718.95 38727.53 48304.17 32040.57 46235.07 59166.61 59031.6 0 0 0 0 0 105.406 38.111 222.68 348 11422.26 10366 10562.63 4386.521 8297.149 13155.98 0 0 1219.74 13544.1 17280.3 4102.2 1868.554 1720.925 1035.191 0 13132.27 17515.59 20936.06 1640.365 4248.997 0 0 12157.84 25288.12 0 12333.68 0 12570.08 20148.16 rosa umberto 8689.49 8068.442 0 rosiello piera 1897.553 726.15 786.936 7608 10752 9492 0 9841.875 25686 17071.5 12120 168 2436.656 0 0 5120.374 0 13839.14 20727.7 18356 17996.19 0 0 14131.25 4181.307 0 7539.172 20116.57 48523.33 rossetti mario rossi roberto roth luigi 0 0 0 ronzo errico rosina alcide ezio 6813.748 0 83777.39 romiti pier giorgio rondelli lucio 5008.316 0 robotti roberto rocca gianfelice 1 24234.95 0 0 roverato paolo roversi fabio alberto 0 0 8764.845 0 10970.47 12383.92 32409.8 rucellai cosimo 0 0 0 0 0 311.837 408.322 383.558 833.229 ruffolo ugo 0 0 0 0 0 0 0 1181.312 8151.678 0 0 0 6042.339 2695.466 26034.42 38783.2 26831.04 19509.71 34897.63 21372.22 28188.85 42299.92 38859.66 10128 0 0 0 0 0 0 0 0 ruggiero riccardo ruozi roberto russo salvatore 97 saa' marzio sabatini paolo 17988.81 62273.07 6765.645 9750.298 9048 8634 0 3944.101 0 31911.41 37344.27 5112.667 5465.817 3156.366 sabelli rocco sacchetti ivano 0 4980.148 9926 0 0 1750.186 3906.948 0 sacchi alberto 0 0 0 0 341.193 1268.818 2079.397 11853.8 salvati sandro 2140.501 619.887 844.979 988.051 914.372 1539.786 613.534 0 salvatori carlo 0 2653.88 0 3403.881 8347.83 6983.253 7884.982 0 0 0 0 13080 13160 salvemini severino sangalli gian carlo santa maria alberto 0 0 0 0 9584.423 0 0 13935.06 12239.74 9994.353 15590.96 13366.48 0 0 0 0 0 273.767 158.642 534.934 5513.488 5918.23 1506.256 0 0 0 0 saracco claudio sardo salvatore sassi stefano savio pierpaolo saviotti pierfrancesco 0 0 2720.255 0 4 23427.65 savona paolo scaroni paolo 6876.484 0 2 9999.992 48871.77 57024.07 23003.21 18295.39 8099.189 48426.52 16956.59 11745.82 8629.532 22195.57 0 8612.611 10612 12048 0 9422.903 0 0 0 8017.963 7243.936 8160.372 9110.366 0 43.335 0 17465.68 9926 6169.507 12188.16 scarsi pio scherger albert 0 10199.81 schmitz franz 1288.621 0 0 0 sciume' paolo 22109.45 26692.64 19107.28 15543.15 17147.53 sclavi antonio 0 3019.706 4019.472 0 0 40953 0 0 0 0 0 0 35113.97 38044.63 0 0 0 0 307.559 470.454 460.401 39225.65 33695.51 8869 939.64 2738.548 4562.875 4076.62 5214.844 6226.726 18930.23 24204.08 0 0 5138.004 10545.46 0 0 0 2224.745 0 5216.985 0 0 0 0 0 0 0 0 0 0 9464.88 2978.308 secchi carlo segre dario federico segre massimo sella maurizio sensi francesco 0 23400.81 schettino michele scotti luigi 5409.496 15018.49 0 serafino vittorio 10998.77 seragnoli giorgio 5136.347 14482.75 4897.681 0 0 0 0 0 severgnini oreste 4909.052 1196.883 4183.535 2400.582 10855.69 3039.4 2989.784 3508.867 0 0 13160 siagri roberto sibani leone siglienti sergio 0 0 5507.95 29969.22 0 0 simonetto gianfranco sozzani vincenzo 28958.96 16611.5 spadafora giuseppe spalla franco 0 0 spinelli francesco 0 14350 6620.916 2649.376 9882 0 25 144 117 0 9127.758 21379.51 30159.55 17423.56 18923.8 5417.229 0 0 0 0 0 7009.262 12419.49 0 35 42 8634 8514 5186.15 6597.268 0 0 49.761 0 0 0 0 0 4757.422 2950.545 0 4384.761 5183.948 0 0 0 0 0 spiniello salvatore spoglianti agostino sposito claudio 3258.216 7608.613 9682.39 10143.36 6133.776 0 0 stefana mauro 20128 0 0 0 0 0 0 0 6154.757 0 0 2012.635 1839.915 0 0 3061.136 0 0 0 0 0 0 6439.092 0 12048 stefanel giuseppe stefanini pierluigi storer silvano 369.235 424.756 1258.343 strazzera livio strutz eric 0 superti furga ferdinando tabellini mauro taddei franco tamburi carlo 842.162 0 0 0 0 0 3018.977 3792.152 0 0 1459.259 2322.407 9460.928 0 0 0 0 9.333 9.333 20 20 8 8 5080 5392 7616 859.413 0 5764 0 0 0 0 2915.271 2459.551 0 12640 13420 14872 5481.56 5914.616 13859.39 408.322 5498.52 0 20359.5 11235 tagliavini giuliano talarico antonio 2357.582 4324.034 98 tamburi giovanni tamburini matteo tanzi calisto 8579.905 0 0 0 0 3950.417 9761.584 41725.87 6735 20296.35 12038.13 13729.84 20493.6 32116.93 49714.09 51249.96 24249.74 8392.769 15117.75 13280.56 2348.718 2587.51 0 0 4844.901 32468.31 taormina antonio 9048 taranto francesco 0 0 0 24276 23936 tazartes alberto 21010.01 24729.69 39463.8 0 0 16183.89 5417.143 tazartes antonio 3568.532 4106.124 0 0 0 0 6127.978 0 3863.939 tazzetti alberto teodorani fabbri pio terrenghi vittorio tesone antonio 12948.22 29430 26.349 5.333 153.938 10784.58 8167.988 7116.71 6815.734 13214.88 23214.97 0 4458.391 3890.685 0 0 0 0 0 0 15715.35 29822.59 32865.3 8793.681 6570.6 0 0 0 0 todisco franco 0 2805.392 9406.539 4372.192 tondato da ruos gianmario 0 0 5094.892 torchia luisa 36648.9 6330.141 toti pierluigi 0 0 0 4726.638 0 0 0 0 753.988 761.818 2648.392 4970.875 16713.42 21259.38 15848.87 0 0 0 0 0 0 9048 8634 8514 0 0 trombi gino 4996.626 2864.716 3399.34 5551.352 3622.859 2730.088 2983.802 5537.022 8309.609 tronchetti provera marco 24305.35 46847.92 34099.73 104042.6 21633.11 9942.373 8712.946 13225.81 14008.75 0 0 22783.28 6514.589 tracanella umberto trapani francesco tunioli roberto turchetti manfredo uckmar victor ugo renato 10 14013.35 7916.559 5733.135 7198.276 5625.151 0 0 0 0 0 0 0 0 0 7224.063 8197.361 10616.53 11628.28 13130.83 12515.63 vagnone paolo valdani enrico 0 valerio stefano valle silvano valori giancarlo elia vanoli carlo 14706 6828 0 0 7766.52 0 0 478.47 291.415 478.47 291.415 5578.406 5476.592 4464.442 10234.37 8995.055 0 16990.07 43488.88 48012.58 0 0 0 0 16330 5519.98 6089.921 14985.28 vella francesco vender giovanni jody 27626.31 14032.15 vento fulvio vercelli alessandro 0 3019.706 4019.472 0 0 vesce francesco 0 0 0 0 0 vicari salvatore 0 vicari vincenzo 13463.49 0 6.667 6.667 0 0 0 0 8240 14796 378.53 vigni antonio 18132 18024 0 villa roberto visentini gustavo 14796 0 varaldo riccardo vecchio virgilio 32.135 2 1244.335 vita giuseppe 0 13080 0 0 0 12469.9 9286.023 22509.92 72945.02 40721.83 30043.66 36850.59 vitale marco 17640 22695 31405.95 60272.25 83896.25 vitali giacomo 145.5 0 0 0 0 0 0 0 3757.874 0 0 0 0 0 17952 14796 4366.575 3463.322 8349.954 0 110.29 volpi nicola volta romano von ruedorffer axel freiherr vullo gaetano maria pietro weiss fritz ulrich 0 6198.397 0 0 0 0 11968.34 10553.06 12218.26 15130 13545 14350 11690.91 13237.64 3192.487 1131.743 2145.922 1030.004 1495.581 0 0 0 0 0 0 0 0 0 7272.737 6737.707 2913.345 4628.43 28863.52 9241.755 866.609 2990.148 3048.046 3563.198 0 0 146 0 0 0 0 0 0 0 winteler daniel john worms gerard etienne 708.642 zaleski romain camille 0 zanetti emilio 48430.3 1535.545 6075.062 4020.665 22842.59 zanguio mauro zanni umberto 19518.67 18341.41 18566.87 0 99 zannoni oscar zanon di valgiurata lucio igino 0 0 0 36217.03 6040 16596.46 22901.54 23842.15 6596 11341.39 8357.083 9098.133 6495.586 7657.72 5288.831 6118.11 15816.37 11364.37 0 0 0 0 0 4950 zanone poma mario zanotto giorgio 4399.5 zucchi manlio 487.305 458.349 3499.293 0 0 0 0 0 zuccoli giuliano 0 9415 9492 6504.588 6198.839 6355.794 3794.482 13759.84 12296.82 zunino luigi 0 0 7616 859.413 0 1459.259 2322.407 0 0 100