Boards of directors of large companies all over the world frequently have a certain number of shared directors, which can be motivated by social structures that foster different types of links, including investments and vertical relationships. The purpose of this paper is to identify the effects that board interlocking exerts on innovation, considering the different nature of shared directors that finally determines the type of links dominating the boards.,Panel regression analyses were conducted using data collected from 69 Spanish listed innovative sector companies during the period 2010–2014, which provided an unbalanced panel of 325 data observations.,The results suggested that the typology of interlocks determined their effects on innovation, which had a positive influence when independent and extra-industry directors held multiple directorships, whereas it was negative in the case of intra-industry and women interlocking directors.,This study provided evidence for the diverse effects of interlocking directorates and contributed to the open debate on the best board composition for improving business innovation, considering the common feature of shared directorships.,The value of this research was twofold. On the one hand, the study considered a wide typology of interlocking directorates, such as women, affiliated and independent directors, intra- and extra-industry directorships, as well as shared directors from the same country. On the other hand, the effects of these different interlocking directorate typologies were analysed on innovation by considering different innovation indicators.

中文翻译：

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相互联系的董事对创新的影响：商业和社会纽带的影响

全世界大公司的董事会经常有一定数量的共享董事，这可能是由促进不同类型链接（包括投资和纵向关系）的社会结构所激发。考虑到共享董事的不同性质，最终决定了主导董事会的链接类型，本文旨在确定董事会联动对创新的影响。使用来自69个西班牙上市创新部门的数据进行面板回归分析公司在2010年至2014年期间提供了325个数据观察结果的不平衡面板。结果表明，互锁的类型决定了它们对创新的影响，在独立和行业外董事担任多个董事职位时产生积极影响，而在行业内和女性联锁董事的情况下则是负面的。这项研究为联锁董事会的不同影响提供了证据，并为公开辩论做出了贡献考虑到共同董事职位的共同特点，在改善董事会创新的最佳董事会组成上，这项研究的价值是双重的。一方面，该研究考虑了相互联系的董事局的广泛类型，例如妇女，关联董事和独立董事，行业内和行业外董事职位以及同一国家的共同董事。另一方面，