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Network effects in the formation of the financial industry's regulatory preferences in the European Union
Business and Politics ( IF 2.457 ) Pub Date : 2020-01-28 , DOI: 10.1017/bap.2019.33
Adam William Chalmers , Kevin L Young

This paper examines the determinants of financial industry actors’ regulatory preferences—examining why some financial industry actors prefer less stringent financial regulations while others prefer more stringent regulations. The determination of preferences, we argue, can be understood as mutually dependent. How an organization is connected to other organisations through network ties may help to explain its regulatory preferences. Our empirical point of focus is financial industry lobbying in the context of the European Union (EU). Using data from nearly nine hundred lobbying letters related to legislation on banking, insurance, and securities regulation, we map out a “socialization network” that models connections between financial industry firms, their associations, as well as a broad range of other organisations and actors that are auxiliary to this community of organizations. Using these data we find evidence that organizations’ preferences are informed by their location within this socialization network. Controlling for a range of other plausible factors, we find that 1) those connected via common associational ties, 2) those closer to one another in the network and 3) those more “embedded” in this network are all less likely to diverge in terms of their preferences from one another.

中文翻译:

欧盟金融业监管偏好形成中的网络效应

本文研究了金融业参与者监管偏好的决定因素——研究为什么一些金融业参与者更喜欢不那么严格的金融监管,而另一些人更喜欢更严格的监管。我们认为,偏好的确定可以理解为相互依赖。一个组织如何通过网络联系与其他组织联系可能有助于解释其监管偏好。我们的实证重点是在欧盟(EU)背景下的金融业游说。利用近 900 封与银行、保险和证券监管立法相关的游说信中的数据,我们绘制了一个“社会化网络”,该网络模拟了金融行业公司、它们的协会、以及辅助这个组织社区的广泛的其他组织和参与者。使用这些数据,我们发现有证据表明组织的偏好是由它们在这个社会化网络中的位置决定的。控制一系列其他似是而非的因素后,我们发现 1) 通过共同的关联关系连接的那些,2) 在网络中彼此更接近的那些,以及 3) 在这个网络中更“嵌入”的那些都不太可能在术语上出现分歧彼此的喜好。
更新日期:2020-01-28
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