Research on Interlocking Directorates: A Review and Pro-spect

Interlocking directorates are prevalent in corporate systems worldwide. In recent years, the proportion of interlocking directorates in Chinese companies has been on the rise. The interlocking directorate mechanism is of great practical significance for improving corporate governance levels, promoting innovation and transformation, facilitating cross-border cooperation and resource integration, and enhancing corporate social responsibility awareness. Current research on interlocking directorates mostly focuses on demonstrating their impact on specific aspects of corporate performance, lacking a comprehensive analysis of their economic effects and a systematic examination of fundamental issues. Theoretically, this paper systematically combs relevant literature on interlocking directorates, reviews related concepts and measurement methods, summarizes and compares the basic theories of interlocking directorate research, and sorts out the influencing factors of interlocking directorates. In terms of effects, it reviews studies on the impact of interlocking directorates on corporate behavior, governance, and performance, identifies potential research directions, and provides valuable practical references for policy formulation and corporate governance decisions.