Determine the assignment rule and semantics of Node 1/Node 2 in the Board Connection Edges dataset

Determine the rule used to assign directors to the BM_N1_Name (Node 1) and BM_N2_Name (Node 2) fields in the Board Connection Edges (BCE) dataset, and ascertain whether the Node 1/Node 2 ordering encodes any semantics—such as directionality, seniority, or relative importance—beyond arbitrary pairing, in order to enable correct interpretation of edge meaning and connection significance in the directors’ network visualization.

Background

The paper constructs a data visualization tool using two datasets provided by Free Float LLC: a Director Independence dataset (DIF) and a Board Connection Edges dataset (BCE, renamed “Connections”). The BCE dataset represents connections between pairs of directors with fields for the two endpoints (BM_N1_Name and BM_N2_Name) and the overlap time indicating years of concurrent service.

The authors explicitly state that they lack information about how Node 1 versus Node 2 is assigned to each director pair and point out that clarifying the meaning of this ordering is important for revealing more specific information and assessing the importance of connections. Without knowing whether the Node 1/Node 2 ordering carries semantics or is arbitrary, it is difficult to make certain inferences about the structure or directionality of relationships in the network.

References

We did not have any information on how Directors at the Connection Edge table were assigned as either Node 1 or Node 2, except that those connections are professional ones (overlap of time worked in companies - Fig. 15). It is important to define the meaning of this order to allow revealing more specific information and importance to the connections.

— Visualization of Board of Director Connections for Analysis in Socially Responsible Investing  (2405.20522 - Fonseca et al., 2024) in Section IV. Data Limitations, item 3 (Figure 15)