Bringing the owners back in: An analysis of a 3-mode interlock network

► Association between ownership and directorship interlocks is studied. ► Network simulations on the 3-mode network of owners, firms, and directors. ► Association is high throughout the period for directors with a CEO position. ► Association is initially high, but decreasing for directors without CEO position. This paper examines the association between ownership and director interlocks in Swedish big business during the period 1990–2005. By analyses of the 3-mode network of owners, firms, and directors, multiple director assignments are shown to be highly dependent on owner interlocks. The findings provide a new understanding of the mechanisms behind the formation of director interlocks. Furthermore, the association between the interlock types suggests that the ownership network may potentially (co-)produce some of the phenomena that have been attributed to the director network. Future analyses of director interlocks have to bring the owners back in.