Community Structure in the Boards Network of Enterprises on Polish Capital Market

Abstract

The article looks at the community structure in the network of interlocking directorates. The study covered 518 enterprises within the largest component of the total of 902 companies listed on the main market at the Warsaw Stock Exchange and on the NewConnect at the end of 2014. The strength of the community structure was assessed using the distribution function for quality (modularity), calculated for seven divisions of enterprises with different algorithms, respectively. The analysis led to the conclusion that the community structure existing in the board network between enterprises on Polish capital market is strong.