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1、TheMoneyCenterCannotHold:CommercialBanksintheU.S.SystemofCorporateGovernanceAuthor(s):GeraldF.DavisandMarkS.MizruchiSource:AdministrativeScienceQuarterly,Vol.44,No.2(Jun.,1999),pp.215-239Publishedby:SagePublications,Inc.onbehalfoftheJohnsonGraduateSchoolofManagemen
2、t,CornellUniversityStableURL:http://www.jstor.org/stable/2666995.Accessed:12/12/201323:40YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTORisanot-for-profitservicethath
3、elpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org..SagePubl
4、ications,Inc.andJohnsonGraduateSchoolofManagement,CornellUniversityarecollaboratingwithJSTORtodigitize,preserveandextendaccesstoAdministrativeScienceQuarterly.http://www.jstor.orgThiscontentdownloadedfrom113.108.133.58onThu,12Dec201323:40:38PMAllusesubjecttoJSTORTe
5、rmsandConditionsTheMoneyCenterThispaperexamineshowtheplaceofbanksintheinter-CannotHold:corporatenetworkhaschangedasaresultoftheirde-CommercialBanksincreasingroleasfinancialintermediariesintheU.S.economy.AnanalysisofcomprehensivedataonthetheU.S.Systemofboardsofthefi
6、ftylargestbanksandtheirconnectionsCorporateGovernancewiththeseveralhundredlargestnonbankcorporationsfrom1982to1994showsthatthecentralityofbankshasGeraldF.Davissignificantlydeclinedasexecutivesofmajorcorpora-UniversityofMichigantions,particularlythoserepresentingcen
7、tralfirms,joinedMarkS.Mizruchibankboardsatasubstantiallylowerrate.Decliningcen-tralityreflectsastrategicchoiceonthepartofthebanks:UniversityofMichiganasthereturnsavailablefromlendingtomajorcorpora-tionshavedeclined,thelargestbankshavemovedintootherformsofbusinessan
8、dreducedtheirrecruitingofcentrallylocateddirectors.Weconcludewithadiscus-sionoftheroleoffinancialintermediationinshapingthesocialorganizationofth