This paper examines all New Zealand listed public companies in the years 1987, 1990 and 1993 to highlight changes over time in interlocking directorates. Potential company and individual director interlocks, as well as average board size, are found to have decreased since 1984. This points to a marked reversal of the trends identified in Firth (1987). The prevalence of interlocks in New Zealand appears no greater than in Australia and may fall with the implementation of the Companies Act 1993.
Alexander, M. and G. Murray, 1992, Interlocking directorships in the top 250 Australian companies: comment on Carroll, Stening and Stening, Company and Securities Law Journal, 10, 6, December, 385–395.
2.
Alexander, M., G. Murray, and J. Houghton, 1994, Business power in Australia: the concentration of company directorship holding among the Top 250 corporates, Australian Journal of Political Science, 29, 1, March, 40–61.
3.
Berle, A.A., and G.C. Means, 1933, The Modern Corporation and Private Property (New York, MacMillan).
Campbell-Hunt, C., D.A. Harper and R.T. Hamilton, 1993, Islands of excellence?A study of management in New Zealand, Research Monograph No. 59, New Zealand Institute of Economic Research.
6.
Carroll, R., 1990, Trade practices implications of director interlocks, Australian Business Law Review, 18, 6, December, 395–400.
7.
Carroll, R., B. Stening, and K. Stening, 1990, Interlocking directorships and the law in Australia, Company and Securities Law Journal, 8, 5, October, 290–302.
8.
Chandler, R.F., 1982, The control and accountability of New Zealand's public corporations, New Zealand Journal of Business, 4, 1–19.
9.
Chandler, R.F. and B.D. Henshall, 1982, Corporate directorship practices in New Zealand listed public companies, Department of Management Studies Working Paper No. 8, University of Auckland.
10.
Christie, M., 1992, The directors fiduciary duty not to compete, Modern Law Review, 55, 4, July, 506–520.
11.
Davis, G.F., and W.W. Powell, 1992, Organizational-environment relations, in: M. Dunnette and L.M. Hough, eds., Handbook of Industrial and Organizational Psychology (Palo Alto, Psychologists Press), 2nd edition, Volume 3, pp. 315–375.
12.
Dooley, P.C., 1969, The interlocking directorate, American Economic Review, 59, 3, June, 314–323.
13.
Firth, M., 1987, Multiple directorships and corporate interlocks in New Zealand, Australian and New Zealand Journal of Sociology, 23, 2, July, 274–281.
14.
Florence, P.S., 1961, Ownership and Control and Success of Large Companies (London, Sweet and Maxwell Ltd).
15.
Fogelberg, G., 1963, Ownership and control of public companies in New Zealand, unpublished Master's dissertation, Victoria University, Wellington.
16.
Fogelberg, G., 1980, Ownership and control in 43 of New Zealand's largest companies: 1962 and 1974, New Zealand Journal of Business, 2, 54–72.
17.
Fogelberg, G. and C.R. Larent, 1973, Interlocking directorates: a study of large companies in New Zealand, Journal of Business Policy, 3, 2, 16–21.
18.
Fogelberg, G. and C.R. Larent, 1974, Boards of directors in New Zealand companies, Research Paper No. 1, Department of Business Administration, Victoria University, Wellington.
19.
Fox, M.A. and R.T. Hamilton, 1994, Ownership and diversification: agency theory or stewardship theory, Journal of Management Studies, 31, 1, January, 69–82.
20.
Fox, M.A. and M.R. Roy, 1994, Corporate control and foreign ownership of New Zealand listed equities, New Zealand Strategic Management, 1, 2, Summer, 24–31.
21.
Glasberg, D.S. and M. Schwartz, 1983, Ownership and control of corporations, Annual Review of Sociology, 9, 311–332.
22.
Hall, C., 1983, Interlocking directorships in Australia: the significance for competition policy, Australian Quarterly, 55, 1, Autumn, 42–53.
23.
Hamilton, R.T., 1991, Diversification and concentration in New Zealand industry, New Zealand Economic Papers, 25, 2, December, 151–170.
24.
Hunt, H.G., 1986, The separation of corporate ownership and control: theory, evidence, and implications, Journal of Accounting Literature, 5, 85–124.
25.
Laurent, C.R., 1971, Interlocking directorates in New Zealand, unpublished thesis, Department of Accountancy, Victoria University, Wellington.
26.
McEwin, R.I., 1992, Public versus shareholder control of directors, Company and Securities Law Journal, 10, 3, June, 182–204.
27.
McLoughin, D., 1992, Nights of the roundtable, North and South, September, 66–76.
28.
McManus, J., 1994, Is company law stifling directors or steering them in the right direction?The Independent, 25 February, 26–27.
29.
Mizruchi, M.S. and M. Schwartz, eds., 1987, Intercorporate Relations: The Structural Analysis of Business (New York, Cambridge University Press).
30.
Pearce, J.A. and S.A. Zahra, 1992, Board composition from a strategic contingency perspective, Journal of Management Studies, 29, 4, July, 411–438.
Pfeffer, J. and G. Salancik, 1978, The External Control of Organizations: A Resource Dependence Perspective (New York, Harper and Row).
33.
Pfeffer, J., 1987, A resource dependence perspective on interorganizational relations, in: M.S. Mizruchi and M. Schwartz, eds., Intercorporate Relations: The Structural Analysis of Business (New York, Cambridge University Press).
34.
Rolfe, H.A., 1967, The Controllers: Interlocking Directorates in Large Australian Companies (Melbourne, Cheshire).
35.
Schwartz, M.A., 1993, Executive compensation: a brief on the SEC's new rules, Directors and Boards, 17, 2, Winter, 59–61.
36.
Scott, J., 1987, Intercorporate structures in Western Europe: a comparative historical analysis, in: M.S. Mizruchi and M. Schwartz, eds., Intercorporate Relations: The Structural Analysis of Business—Structural Analysis in the Social Sciences (Cambridge, Cambridge University Press) Volume 1.
37.
Scott, J., 1991, Networks of corporate power: a comparative assessment, Annual Review of Sociology, 17, 181–203.
38.
Stening, B. and W.T. Wai, 1984, Interlocking directorates among Australia's largest 250 corporations 1959-1979, Australian and New Zealand Journal of Sociology, 20, 1, March, 47–55.
39.
Stinchcombe, A.L., 1990, Weak structural data, in: M.S. Mizruchi and M. Schwartz, eds., Contemporary Sociology (New York, Cambridge University Press) Volume 19, pp. 380–382.
40.
Zajac, E.J., 1992, Interlocking directorates research and the study of boards of directors, unpublished paper, Kellog School of Management, Northwestern University, Illinois.
