This paper studies the empirical relationship between common ownership and interlocking
directorships. I estimate a gravity equation model for the probability that a pair of firms will
have a common director, as a function of the geographic distance between the firms, their
sizes, and a set of covariates, including measures of common ownership between the firms.
The main finding is that, robustly across several measures of common ownership, firm pairs
with higher levels of common ownership are associated with a higher likelihood of sharing …