Board of Directors’ Interlocks: A Social Network Analysis Tutorial
Open Data
Main Article Content
Claudine Pereira Salgado
Vivian Sebben Adami
Jorge Renato de Souza Verschoore Filho
Cristiano Machado Costa
Abstract
Objective: the literature on board interlocks has increased in recent years, focusing on understanding board composition and its relationships with other companies’ boards. Such studies usually require multiple procedures of data extraction, handling, and analysis to create and analyze social networks. However, these procedures are not standardized, and there is a lack of methodological instructions available to make this process easier for researchers. This tutorial intends to describe the logical steps taken to collect data, treat them, and map and measure the network properties to provide researchers with the sources to replicate it in their own research. We contribute to the literature in the management field by proposing an empirical methodological approach to conduct board interlocks’ research. Proposal: our tutorial describes and provides examples of data collection, directors’ data treatment, and the use of these data to map and measure network structural properties using an open-source tool — R statistical software. Conclusions: our main contribution is a tutorial detailing the steps required to map and analyze board interlocks, making this process easier, standardized, and more accessible for all researchers who wish to develop social network analysis studies.
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Salgado, C. P., Adami, V. S., Verschoore Filho, J. R. de S., & Costa, C. M. (2022). Board of Directors’ Interlocks: A Social Network Analysis Tutorial. Journal of Contemporary Administration, 27(1), e210286. https://doi.org/10.1590/1982-7849rac2022210286.en
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Methodological Articles
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References
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Borgatti, S. P., Mehra, A., Brass, D. J., & Labianca, G. (2009). Network analysis in the social sciences. Science, 323(5916), 892-895. https://doi.org/10.1126/science.1165821
Borgatti, S. P., Everett, M. G., & Johnson, J. C. (2018). Analyzing social networks. Thousand Oaks, CA: SAGE.
Butts, C. T. (2008). Social network analysis with SNA. Journal of Statistical Software, 24(6), 1-51. https://doi.org/10.18637/jss.v024.i06
Certo, S. T. (2003). Influencing initial public offering investors with prestige: Signaling with board structures. Academy of Management Review, 28(3), 432-446. https://doi.org/10.5465/amr.2003.10196754
Costa, C. M., Galdi, F. C., Motoki, F. Y., & Sanchez, J. M. (2016). Non‐compliance in executive compensation disclosure: The Brazilian experience. Journal of Business Finance & Accounting, 43(3-4), 329-369. https://doi.org/10.1111/jbfa.12177
Crabtree, J. (2011, May 10). One woman, multiple boards: Rise of the ‘super-connected’ director. Financial Times. Retrieved from https://www.ft.com/content/620ad5a0-7a20-11e0-bc74-00144feabdc0
Croci, E., & Grassi, R. (2014). The economic effect of interlocking directorates in Italy: New evidence using centrality measures. Computational and Mathematical Organization Theory, 20(1), 89–112. https://doi.org/10.1007/s10588-013-9154-1
Csardi, G., & Nepusz, T. (2006). The igraph software package for complex network research. InterJournal, Complex Systems, 1695(5), 1-9.
Comissão de Valores Mobiliários. (2009). Instrução CVM 480 - Dispõe sobre o registro de emissores de valores mobiliários admitidos à negociação em mercados regulamentados de valores mobiliários. Rio de Janeiro, RJ, Brasil. Retrieved from https://conteudo.cvm.gov.br/legislacao/instrucoes/inst480.html#:~:text=Disp%C3%B5e%20sobre%20o%20registro%20de,134%2F90%3B%20o%20art
Dahlin, P., & Patel, P. C. (2022). Joined by remoteness: An exploratory comparison of regional board networks in Sweden. Global Networks, 22(2), 325-343. https://doi.org/10.1111/glob.12347
Davis, G. F., & Cobb, J. A. (2010). Resource dependence theory: Past and future. In F. Dobbin & C. B. Schoonhoven (Orgs.), Stanford’s organization theory renaissance, 1970-2000 (pp. 21-42).Bingley, UK: Emerald Group.
Drago, C., Millo, F., Ricciuti, R., & Santella, P. (2015). Corporate governance reforms, interlocking directorship and company performance in Italy. International Review of Law and Economics, 41, 38-49. https://doi.org/10.1016/j.irle.2014.09.003
Everett, M. G., & Borgatti, S. P. (2013). The dual-projection approach for two-mode networks. Social Networks, 35(2), 204-210. https://doi.org/10.1016/j.socnet.2012.05.004
Fich, E., & White, L. J. (2003). CEO compensation and turnover: The effects of mutually interlocked boards. Wake Forest Law Review, 38, 935-959. Retrieved from https://heinonline.org/HOL/LandingPage?handle=hein.journals/wflr38&div=34&id=&page=
Fich, E., & White, L. J. (2005). Why do CEOs reciprocally sit on each other’s boards? Journal of Corporate Finance, 11(1-2), 175-195. https://doi.org/10.1016/j.jcorpfin.2003.06.002
Freeman, L. C., Roeder, D., & Mulholland, R. R. (1979). Centrality in social networks: II. Experimental results. Social Networks, 2(2), 119-141. https://doi.org/10.1016/0378-8733(79)90002-9
Hamdan, A. (2018), Board interlocking and firm performance: The role of foreign ownership in Saudi Arabia. International Journal of Managerial Finance, 14(3), 266-281. https://doi.org/10.1108/IJMF-09-2017-0192
Harjoto, M. A., & Wang, Y. (2020). Board of directors network centrality and environmental, social and governance (ESG) performance. Corporate Governance, 20(6), 965-985. https://doi.org/10.1108/CG-10-2019-0306
Haunschild, P. R., & Beckman, C. M. (1998), When do interlocks matter? Alternate sources of information and interlock influence. Administrative Science Quarterly, 43(4), 815-844. https://doi.org/10.2307/2393617
Helmers, C., Patnam, M., & Rau, P. R. (2017). Do board interlocks increase innovation? Evidence from a corporate governance reform in India. Journal of Banking & Finance, 80, 51-70. https://doi.org/10.1016/j.jbankfin.2017.04.001
Higgins, M. C., & Gulati, R. (2003). Getting off to a good start: The effects of upper echelon affiliations on underwriter prestige. Organization Science, 14(3), 244-263. Retrieved from https://www.jstor.org/stable/4135135
Hillman, A. J., Withers, M. C., & Collins, B. J. (2009). Resource dependence theory: A review. Journal of Management, 35(6), 1404-1427. https://doi.org/10.1177%2F0149206309343469
Kang, E. (2008). Director interlocks and spillover effects of reputational penalties from financial reporting fraud. Academy of Management Journal, 51(3), 537-555. https://doi.org/10.5465/amj.2008.32626007
Kilduff, M., & Tsai, W. (2003). Social networks and organizations. London: SAGE Publications.
Lamb, N. H., & Roundy, P. (2016). The “ties that bind” board interlocks research: A systematic review. Management Research Review, 39(11), 1516-1542. https://doi.org/10.1108/MRR-02-2015-0027
Larcker, D. F., Richardson, S. A., Seary, A., & Tuna, A. (2005). Back door links between directors and executive compensation. SSRN. https://doi.org/10.2139/ssrn.671063
Lazzarini, S. G. (2008). Empresas em rede. São Paulo: Cengage Learning.
Lei n. 6.404, de 15 de dezembro de 1976 (1976). Dispõe sobre as sociedades por ações. Diário Oficial da União. Brasília, DF: Casa Civil. Retrieved from http://www.planalto.gov.br/ccivil_03/leis/l6404consol.htm
Locatelli, L. G., Ramos, F. M., & Costa, C. M. (2021). Conexões sociais e rotatividade involuntária do CEO: Evidências do mercado brasileiro. Revista Contemporânea de Contabilidade, 18(48), 124-137. https://doi.org/10.5007/2175-8069.2021.e76116
Mastella, M., Vancin, D., Perlin, M., & Kirch, G. (2021). Board gender diversity: Performance and risk of Brazilian firms. Gender in Management, 36(4), 498-518. https://doi.org/10.1108/GM-06-2019-0088
Mazzola, E., Perrone, G., & Kamuriwo, D. S. (2016). The interaction between inter-firm and interlocking directorate networks on firm’s new product development outcomes. Journal of Business Research, 69(2), 672-682. https://doi.org/10.1016/j.jbusres.2015.08.033
Meghanathan, N. (2017). Graph theoretic approaches for analyzing large-scale social networks. Hershey, PA: IGI Global. https://doi.org/10.4018/978-1-5225-2814-2
Perlin, M., Kirch, G., & Vancin, D. (2018). Accessing financial reports and corporate events with GetDFPData. SSRN. https://doi.org/10.2139/ssrn.3128252
Pfeffer, J. (1983), Organizational demography. In L. L. Cummings & B. M. Staw (Orgs.). Research in Organizational Behavior (pp. 299-357). Greenwich, CT: JAI Press.
Phan, P. H., Lee, S. H., & Lau, S. C. (2003). The performance impact of interlocking directorates: The case of Singapore. Journal of Managerial Issues, 15(3) 338-352. Retrieved from https://www.jstor.org/stable/40604436
Rocha, L. E., Ryckebusch, J., Schoors, K., & Smith, M. (2021). The scaling of social interactions across animal species. Scientific Reports, 11(1), 12584. https://doi.org/10.1038/s41598-021-92025-1
Rodrigues, S. D. S., & Galdi, F. C. (2017). Investor relations and information asymmetry. Revista Contabilidade & Finanças, 28(74), 297-312. https://doi.org/10.1590/1808-057x201703630
Santos, R. L., da Silveira, A. D. M., & Barros, L. A. B. D. C. (2007). Board interlocking in Brazil: Director participation in multiple companies and its effect on the value of firms. Revista Brasileira de Finanças, 5(2), 125-163. https://doi.org/10.12660/rbfin.v5n2.2007.1173
Sarabi, Y., & Smith, M. (2021). Busy female directors: An exploratory analysis of the impact of quotas and interest groups. Gender in Management, 36(3), 368-385. https://doi.org/10.1108/gm-07-2019-0129
Scott, J. (1992). Corporate interlocks and social network analysis. Hong Kong: Social Sciences Research Centre of the University of Hong Kong. Retrieved from http://hdl.handle.net/10722/42551
Silva, L. K. S., Silva, A. R. H., Vasconcelos, A. C., & Crisóstomo, V. L. (2019, July). Influência do board interlocking e do controle acionário na qualidade da governança corporativa no mercado de ações Brasileiro. Proceedings of the USP International Conference in Accounting, São Paulo, SP, Brazil, 29. Retrieved from https://congressousp.fipecafi.org/anais/19UspInternational/ArtigosDownload/1721.pdf
Smith, M., & Sarabi, Y. (2021a). UK trading patterns within and between regions in the automotive sector — A network analysis. The World Economy, 44(2), 510-529. https://doi.org/10.1111/twec.13006
Smith, M., & Sarabi, Y. (2021b). “What do interlocks do” revisited – A bibliometric analysis. Management Research Review, 44(4), 642-659. https://doi.org/10.1108/MRR-05-2020-0258
Sprenger, K. B., Kronbauer, C. A., & Costa, C. M. (2017). Características do CEO e o gerenciamento de resultados em empresas listadas na BM&FBOVESPA. Revista Universo Contábil, 13(3), 120-142. Retrieved from https://proxy.furb.br/ojs/index.php/universocontabil/article/view/6425
Tham, Y. H., Sultana, N., Singh, H., & Taplin, R. (2019). Busy boards and earnings management – an Australian perspective. Asian Review of Accounting, 27(3), 464-486. https://doi.org/10.1108/ARA-08-2018-0149
Useem, M. (1986), The inner circle: Large corporations and the rise of business political activity in the US and UK. Oxford: Oxford University Press.
Vesco, D. G. D., & Beuren, I. M. (2016). Do the board of directors’ composition and the board interlocking influence on performance? BAR - Brazilian Administration Review, 13(2), e160007. https://doi.org/10.1590/1807-7692bar2016160007
Yeo, H.-J., Pochet, C., & Alcouffe, A. (2003). CEO reciprocal interlocks in French corporations. Journal of Management and Governance, 7(1), 87-108. https://doi.org/10.1023/A:1022442602193
Wasserman, S., & Faust, K. (1994). Social network analysis: Methods and applications. Cambridge: Cambridge University Press. https://doi.org/10.1017/CBO9780511815478
Wong, L. H. H., Gygax, A. F., & Wang, P. (2015). Board interlocking network and the design of executive compensation packages. Social Networks, 41, 85-100. https://doi.org/10.1016/j.socnet.2014.12.002
Wu, Y., Zhang, Y., & Chen, Y. (2021). The influence of board interlocking network centrality on foundation performance: Evidence from China. Journal of Chinese Governance, 6(1), 43-57. https://doi.org/10.1080/23812346.2020.1841483
Zhu, B., Watts, S., & Chen, H. (2010). Visualizing social network concepts. Decision Support Systems, 49(2), 151-161. https://doi.org/10.1016/j.dss.2010.02.001
Bebchuk, L. A., & Fried, J. M. (2004) Pay without performance: The unfulfilled promise of executive compensation. Cambridge, MA: Harvard University Press.
Beuren, I. M., Pamplona, E., & Leite, M. (2020). Remuneração dos executivos e desempenho em empresas brasileiras familiares e não familiares. Revista de Administração Contemporânea, 24(6), 514-531. https://doi.org/10.1590/1982-7849rac2020190191
Borgatti, S. P. (2009). Two-mode concepts in social network analysis. In R. Meyers (Ed.), Encyclopedia of complexity and systems science (pp. 8279-8291). New York, NY: Springer. https://doi.org/10.1007/978-0-387-30440-3_491
Borgatti, S. P., Mehra, A., Brass, D. J., & Labianca, G. (2009). Network analysis in the social sciences. Science, 323(5916), 892-895. https://doi.org/10.1126/science.1165821
Borgatti, S. P., Everett, M. G., & Johnson, J. C. (2018). Analyzing social networks. Thousand Oaks, CA: SAGE.
Butts, C. T. (2008). Social network analysis with SNA. Journal of Statistical Software, 24(6), 1-51. https://doi.org/10.18637/jss.v024.i06
Certo, S. T. (2003). Influencing initial public offering investors with prestige: Signaling with board structures. Academy of Management Review, 28(3), 432-446. https://doi.org/10.5465/amr.2003.10196754
Costa, C. M., Galdi, F. C., Motoki, F. Y., & Sanchez, J. M. (2016). Non‐compliance in executive compensation disclosure: The Brazilian experience. Journal of Business Finance & Accounting, 43(3-4), 329-369. https://doi.org/10.1111/jbfa.12177
Crabtree, J. (2011, May 10). One woman, multiple boards: Rise of the ‘super-connected’ director. Financial Times. Retrieved from https://www.ft.com/content/620ad5a0-7a20-11e0-bc74-00144feabdc0
Croci, E., & Grassi, R. (2014). The economic effect of interlocking directorates in Italy: New evidence using centrality measures. Computational and Mathematical Organization Theory, 20(1), 89–112. https://doi.org/10.1007/s10588-013-9154-1
Csardi, G., & Nepusz, T. (2006). The igraph software package for complex network research. InterJournal, Complex Systems, 1695(5), 1-9.
Comissão de Valores Mobiliários. (2009). Instrução CVM 480 - Dispõe sobre o registro de emissores de valores mobiliários admitidos à negociação em mercados regulamentados de valores mobiliários. Rio de Janeiro, RJ, Brasil. Retrieved from https://conteudo.cvm.gov.br/legislacao/instrucoes/inst480.html#:~:text=Disp%C3%B5e%20sobre%20o%20registro%20de,134%2F90%3B%20o%20art
Dahlin, P., & Patel, P. C. (2022). Joined by remoteness: An exploratory comparison of regional board networks in Sweden. Global Networks, 22(2), 325-343. https://doi.org/10.1111/glob.12347
Davis, G. F., & Cobb, J. A. (2010). Resource dependence theory: Past and future. In F. Dobbin & C. B. Schoonhoven (Orgs.), Stanford’s organization theory renaissance, 1970-2000 (pp. 21-42).Bingley, UK: Emerald Group.
Drago, C., Millo, F., Ricciuti, R., & Santella, P. (2015). Corporate governance reforms, interlocking directorship and company performance in Italy. International Review of Law and Economics, 41, 38-49. https://doi.org/10.1016/j.irle.2014.09.003
Everett, M. G., & Borgatti, S. P. (2013). The dual-projection approach for two-mode networks. Social Networks, 35(2), 204-210. https://doi.org/10.1016/j.socnet.2012.05.004
Fich, E., & White, L. J. (2003). CEO compensation and turnover: The effects of mutually interlocked boards. Wake Forest Law Review, 38, 935-959. Retrieved from https://heinonline.org/HOL/LandingPage?handle=hein.journals/wflr38&div=34&id=&page=
Fich, E., & White, L. J. (2005). Why do CEOs reciprocally sit on each other’s boards? Journal of Corporate Finance, 11(1-2), 175-195. https://doi.org/10.1016/j.jcorpfin.2003.06.002
Freeman, L. C., Roeder, D., & Mulholland, R. R. (1979). Centrality in social networks: II. Experimental results. Social Networks, 2(2), 119-141. https://doi.org/10.1016/0378-8733(79)90002-9
Hamdan, A. (2018), Board interlocking and firm performance: The role of foreign ownership in Saudi Arabia. International Journal of Managerial Finance, 14(3), 266-281. https://doi.org/10.1108/IJMF-09-2017-0192
Harjoto, M. A., & Wang, Y. (2020). Board of directors network centrality and environmental, social and governance (ESG) performance. Corporate Governance, 20(6), 965-985. https://doi.org/10.1108/CG-10-2019-0306
Haunschild, P. R., & Beckman, C. M. (1998), When do interlocks matter? Alternate sources of information and interlock influence. Administrative Science Quarterly, 43(4), 815-844. https://doi.org/10.2307/2393617
Helmers, C., Patnam, M., & Rau, P. R. (2017). Do board interlocks increase innovation? Evidence from a corporate governance reform in India. Journal of Banking & Finance, 80, 51-70. https://doi.org/10.1016/j.jbankfin.2017.04.001
Higgins, M. C., & Gulati, R. (2003). Getting off to a good start: The effects of upper echelon affiliations on underwriter prestige. Organization Science, 14(3), 244-263. Retrieved from https://www.jstor.org/stable/4135135
Hillman, A. J., Withers, M. C., & Collins, B. J. (2009). Resource dependence theory: A review. Journal of Management, 35(6), 1404-1427. https://doi.org/10.1177%2F0149206309343469
Kang, E. (2008). Director interlocks and spillover effects of reputational penalties from financial reporting fraud. Academy of Management Journal, 51(3), 537-555. https://doi.org/10.5465/amj.2008.32626007
Kilduff, M., & Tsai, W. (2003). Social networks and organizations. London: SAGE Publications.
Lamb, N. H., & Roundy, P. (2016). The “ties that bind” board interlocks research: A systematic review. Management Research Review, 39(11), 1516-1542. https://doi.org/10.1108/MRR-02-2015-0027
Larcker, D. F., Richardson, S. A., Seary, A., & Tuna, A. (2005). Back door links between directors and executive compensation. SSRN. https://doi.org/10.2139/ssrn.671063
Lazzarini, S. G. (2008). Empresas em rede. São Paulo: Cengage Learning.
Lei n. 6.404, de 15 de dezembro de 1976 (1976). Dispõe sobre as sociedades por ações. Diário Oficial da União. Brasília, DF: Casa Civil. Retrieved from http://www.planalto.gov.br/ccivil_03/leis/l6404consol.htm
Locatelli, L. G., Ramos, F. M., & Costa, C. M. (2021). Conexões sociais e rotatividade involuntária do CEO: Evidências do mercado brasileiro. Revista Contemporânea de Contabilidade, 18(48), 124-137. https://doi.org/10.5007/2175-8069.2021.e76116
Mastella, M., Vancin, D., Perlin, M., & Kirch, G. (2021). Board gender diversity: Performance and risk of Brazilian firms. Gender in Management, 36(4), 498-518. https://doi.org/10.1108/GM-06-2019-0088
Mazzola, E., Perrone, G., & Kamuriwo, D. S. (2016). The interaction between inter-firm and interlocking directorate networks on firm’s new product development outcomes. Journal of Business Research, 69(2), 672-682. https://doi.org/10.1016/j.jbusres.2015.08.033
Meghanathan, N. (2017). Graph theoretic approaches for analyzing large-scale social networks. Hershey, PA: IGI Global. https://doi.org/10.4018/978-1-5225-2814-2
Perlin, M., Kirch, G., & Vancin, D. (2018). Accessing financial reports and corporate events with GetDFPData. SSRN. https://doi.org/10.2139/ssrn.3128252
Pfeffer, J. (1983), Organizational demography. In L. L. Cummings & B. M. Staw (Orgs.). Research in Organizational Behavior (pp. 299-357). Greenwich, CT: JAI Press.
Phan, P. H., Lee, S. H., & Lau, S. C. (2003). The performance impact of interlocking directorates: The case of Singapore. Journal of Managerial Issues, 15(3) 338-352. Retrieved from https://www.jstor.org/stable/40604436
Rocha, L. E., Ryckebusch, J., Schoors, K., & Smith, M. (2021). The scaling of social interactions across animal species. Scientific Reports, 11(1), 12584. https://doi.org/10.1038/s41598-021-92025-1
Rodrigues, S. D. S., & Galdi, F. C. (2017). Investor relations and information asymmetry. Revista Contabilidade & Finanças, 28(74), 297-312. https://doi.org/10.1590/1808-057x201703630
Santos, R. L., da Silveira, A. D. M., & Barros, L. A. B. D. C. (2007). Board interlocking in Brazil: Director participation in multiple companies and its effect on the value of firms. Revista Brasileira de Finanças, 5(2), 125-163. https://doi.org/10.12660/rbfin.v5n2.2007.1173
Sarabi, Y., & Smith, M. (2021). Busy female directors: An exploratory analysis of the impact of quotas and interest groups. Gender in Management, 36(3), 368-385. https://doi.org/10.1108/gm-07-2019-0129
Scott, J. (1992). Corporate interlocks and social network analysis. Hong Kong: Social Sciences Research Centre of the University of Hong Kong. Retrieved from http://hdl.handle.net/10722/42551
Silva, L. K. S., Silva, A. R. H., Vasconcelos, A. C., & Crisóstomo, V. L. (2019, July). Influência do board interlocking e do controle acionário na qualidade da governança corporativa no mercado de ações Brasileiro. Proceedings of the USP International Conference in Accounting, São Paulo, SP, Brazil, 29. Retrieved from https://congressousp.fipecafi.org/anais/19UspInternational/ArtigosDownload/1721.pdf
Smith, M., & Sarabi, Y. (2021a). UK trading patterns within and between regions in the automotive sector — A network analysis. The World Economy, 44(2), 510-529. https://doi.org/10.1111/twec.13006
Smith, M., & Sarabi, Y. (2021b). “What do interlocks do” revisited – A bibliometric analysis. Management Research Review, 44(4), 642-659. https://doi.org/10.1108/MRR-05-2020-0258
Sprenger, K. B., Kronbauer, C. A., & Costa, C. M. (2017). Características do CEO e o gerenciamento de resultados em empresas listadas na BM&FBOVESPA. Revista Universo Contábil, 13(3), 120-142. Retrieved from https://proxy.furb.br/ojs/index.php/universocontabil/article/view/6425
Tham, Y. H., Sultana, N., Singh, H., & Taplin, R. (2019). Busy boards and earnings management – an Australian perspective. Asian Review of Accounting, 27(3), 464-486. https://doi.org/10.1108/ARA-08-2018-0149
Useem, M. (1986), The inner circle: Large corporations and the rise of business political activity in the US and UK. Oxford: Oxford University Press.
Vesco, D. G. D., & Beuren, I. M. (2016). Do the board of directors’ composition and the board interlocking influence on performance? BAR - Brazilian Administration Review, 13(2), e160007. https://doi.org/10.1590/1807-7692bar2016160007
Yeo, H.-J., Pochet, C., & Alcouffe, A. (2003). CEO reciprocal interlocks in French corporations. Journal of Management and Governance, 7(1), 87-108. https://doi.org/10.1023/A:1022442602193
Wasserman, S., & Faust, K. (1994). Social network analysis: Methods and applications. Cambridge: Cambridge University Press. https://doi.org/10.1017/CBO9780511815478
Wong, L. H. H., Gygax, A. F., & Wang, P. (2015). Board interlocking network and the design of executive compensation packages. Social Networks, 41, 85-100. https://doi.org/10.1016/j.socnet.2014.12.002
Wu, Y., Zhang, Y., & Chen, Y. (2021). The influence of board interlocking network centrality on foundation performance: Evidence from China. Journal of Chinese Governance, 6(1), 43-57. https://doi.org/10.1080/23812346.2020.1841483
Zhu, B., Watts, S., & Chen, H. (2010). Visualizing social network concepts. Decision Support Systems, 49(2), 151-161. https://doi.org/10.1016/j.dss.2010.02.001