Braggion,F.2025-02-012025-02-012011Braggion, F 2011, 'Managers and (secret) social networks : The influence of the freemasonry on a firm's performance', Journal of the European Economic Association, vol. 9, no. 6, pp. 1053-1081. https://doi.org/10.1111/j.1542-4774.2011.01031.x1542-4774arno: 3735127metis: 339208ORCID: /0000-0002-5918-417X/work/12018960010.1111/j.1542-4774.2011.01031.xhttps://hdl.handle.net/20.500.14602/52163Appeared earlier as CentER DP 2008-36 (rt)In this paper, I study the impact of managers’ affiliations with the Freemasonry on the performances of companies. Using a unique data set of 412 companies quoted on the London Stock Exchange between 1895 and 1902, I find that young and small firms run by Masonic managers exhibited larger leverage ratios. These companies earned higher profits, although the effect is not statistically significant. Large publicly quoted corporations managed by Freemasons instead had lower profits and lower Tobin’s Q. I discuss the issue of the endogeneity of Freemasonry membership, and I use four different approaches to partially address this.enginfo:eu-repo/semantics/restrictedAccessArticleGeneral rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. - Users may download and print one copy of any publication from the public portal for the purpose of private study or research. - You may not further distribute the material or use it for any profit-making activity or commercial gain - You may freely distribute the URL identifying the publication in the public portal" Take down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim.https://www.scopus.com/pages/publications/82355170467http://onlinelibrary.wiley.com/doi/10.1111/j.1542-4774.2011.01031.x/suppinfo1166248https://research.tilburguniversity.edu/en/publications/e65069fb-36dc-4d9f-9bfc-9139e4a415c2(c) Universiteit van TilburgBraggion, F.§0000-0002-5918-417X