This study examines the relationship between deglobalization and the structure of interlocking directorates, considering the historical perspective. Corporate networks are vital for coordination, information flow, and cost reduction. However, existing research on corporate networks and (de)globalization remains fragmented, focusing on specific countries or time periods. By analyzing 15 countries over the twentieth and early twenty-first centuries, we document that deglobalization is a key condition generating dense corporate networks. However, institutional factors from the Capital, Labor, and State domains also play crucial complementary roles (particularly legal systems) in generating dense corporate networks during periods of deglobalization. This challenges the prevailing notion that globalization alone caused the decline in corporate network cohesion since the 1980s. Our study emphasizes the significance of institutions in shaping the impact of deglobalization on corporate networks, highlighting the institutional complementarity, equifinality, and asymmetry as core mechanisms driving the institutional configurations. Overall, this research contributes to comparative management by stressing the importance of considering institutional factors and their interactions when understanding network dynamics during periods of deglobalization. It enhances our understanding of the consequences of deglobalization for corporate networks.
