arXiv subjects

Andrea Pannone

Publications and source records attributed to Andrea Pannone.

3 recordsLinked to original sources

arXiv2026

Ownership Networks and Economic Power in the Italian Energy Sector

The energy sector is a cornerstone of national strategic autonomy, yet its increasing financialization has transformed ownership structures into complex networked configurations. This paper investigates the distribution of economic power in the Italian energy sector by introducing two sector-level extensions of the Network Power framework: the Aggregate Network Power Index (A-NPI) and the Aggregate Network Power Flow (A-NPF). Unlike traditional macro-level measures, these indices aggregate firm-level control and influence into a systemic framework that accounts for the relative economic weight of each operator. Applying this framework to the Italian case reveals a "Governance Paradox": while the State retains formal majority ownership, the sector's deepening reliance on global capital markets and the pervasive presence of common ownership by transnational institutional investors have progressively hollowed out public strategic direction. The results show that capital centralization enables global financial actors to internalize sectoral competition, fostering a regime of tacit strategic convergence in the management of critical infrastructure. This configuration challenges European strategic autonomy, raising questions about the adequacy of traditional Foreign Direct Investment (FDI) screening and antitrust tools in addressing the systemic influence exerted through networked ownership structures.

econ.GN↗

arXiv2026

Financial Intermediaries and Capital Centralization in Global FDI: A Network Approach to Tracing Transnational Corporate Control

Understanding how corporate control concentrates in modern ownership systems is crucial in an economy increasingly shaped by cross-border mergers and acquisitions. Rather than expanding productive capacity, these operations reorganize ownership and control over existing firms through complex transnational structures involving financial intermediaries, holding companies, and investment vehicles. As a result, corporate control may become highly concentrated even when formal ownership appears fragmented. This paper examines how foreign direct investments-related capital centralization reshapes firm-level governance by tracing how control converges on individual companies through multi-layered ownership networks. Focusing on two strategically relevant Italian firms, we show that control is rarely exercised solely by ultimate owners, but instead arises from the interaction of a small set of financially interconnected intermediaries operating along transnational ownership chains. The results show how small equity stakes translate into substantial governance power, highlighting the role of financial intermediation and raising implications for strategic autonomy and economic sovereignty in key sectors.

econ.GN↗

arXiv2026

Power and Control in Complex Networks: A Taxonomy and Critical Review

This paper reviews the main network analysis methods used to measure structural power, which refers to the ability to shape outcomes through network position and influence, and the ability to affect others through network connections. These approaches have been applied in fields such as corporate control, global value chains, and technology supply networks. Despite significant advances, a unified framework that systematically connects these methodologies to their conceptual foundations has yet to emerge. To fill this gap, the paper introduces a taxonomy that categorizes existing methods into six families: centrality-based approaches, game-theoretic models, concentration measures, flow-based methods, optimization frameworks, and hybrid approaches that combine elements from different approaches. This classification clarifies their assumptions, analytical focus, and relative strengths, offering a coherent view of how power is structured and transmitted in complex economic and political systems. The paper concludes by outlining future research directions to refine hybrid models linking decision-making and network flows.

econ.GN↗