Abstract
Using a novel dataset of over 3500 public and private firms, we construct the
network of firm connections through executives and directors on the eve of the
1929 financial market crash. We find that more connected firms have higher 10-
year survival rates, on average and using geographic market segmentation for
identification. Consistent with a financing channel, the results are particularly
strong for small firms, private firms, cash-poor firms, and firms located in counties
with high bank suspension rates during the crisis. Moreover, connections to cashrich
firms, but not to cash-poor firms predict survival, overall and among
financially constrained firms.