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Corporate Governance In Italy After The 1998 Reform
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Book Synopsis Corporate Governance in Italy after the 1998 Reform by : Marcello Bianchi
Download or read book Corporate Governance in Italy after the 1998 Reform written by Marcello Bianchi and published by . This book was released on 2012 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In February 1998 the Italian Government passed an Act reforming the law on financial services, stock exchanges and listed companies. With regard to listed companies, the reform was intended to strengthen minority shareholders' rights. The idea behind the new rules on corporate governance was that active institutional investors would make use, if necessary, of these rights in their monitoring of listed companies. A reduction of the agency costs stemming from the separation between ownership and control in listed companies would follow, with beneficial effects for shareholders' wealth and for the Italian economy as a whole. This paper tries to answer two questions: first, whether the changes in the law resulting from the 1998 reform encourage institutional investor activism in Italy; and second, whether, legal rules aside, it is reasonable to expect significant institutional investor activism in Italy. We provide, then, both an empirical analysis of the factors affecting institutional investor activism in Italy and a legal analysis of the most relevant changes in the Italian mutual funds and corporate laws, following the 1998 reform. The former analysis shows that institutional shareholdings and investment strategies are compatible with the hypothesis that institutional investors can play a significant role in the corporate governance of Italian listed companies. However, a curb to their playing such an active role may derive from the predominance of mutual fund managers belonging to banking groups (giving rise to conflicts of interest) and from the prevailing ownership structure of listed companies, which are still dominated by controlling shareholders holding stakes higher than, or close to, the majority of the capital (implying a weaker bargaining power of institutions vis-a-vis controllers). The analysis of the legal changes prompted by the 1998 financial markets and corporate law reform indicates that the legal environment is now definitely more favorable to institutional investor activism than before. However, the Italian legal environment proves still to be little favorable to institutional investor activism, when compared to that of the U.S. or the U.K.
Book Synopsis Corporate Governance in Italy After the 1998 Reform: what Role for Istitutional Investors? by : Marcello Bianchi
Download or read book Corporate Governance in Italy After the 1998 Reform: what Role for Istitutional Investors? written by Marcello Bianchi and published by . This book was released on 2001 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance in Italy After the 1998 Reform by : Marcello Bianchi
Download or read book Corporate Governance in Italy After the 1998 Reform written by Marcello Bianchi and published by . This book was released on 2001 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Primer on Corporate Governance by : Andrea Melis
Download or read book A Primer on Corporate Governance written by Andrea Melis and published by Business Expert Press. This book was released on 2017-06-27 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an understanding of the characteristics of corporate governance in Italy, one of the most developed countries in the world, symbol of the family capitalism. The text presents the main peculiarities of the Italian corporate governance system, its impact on decision-making in corporate boardrooms, and the potential positive and negative consequences for the firm and its stakeholders. Several real-life case studies were included to help the reader grasp the subtleties of how power is exercised in Italian companies. The authors combine their knowledge of research with their professional experience. Such an approach helps the reader interpret the nuances of corporate governance practices in Italian companies as those practices are driven not only by the globalization of markets, but also by national economic, social, and political forces. The result is a unique corporate governance system, which deeply differs from the Anglo-American one. This book is, therefore, particularly relevant for a wide international audience (including investors, corporate directors, scholars, and practitioners) as it provides useful insights to interpret, evaluate and take sound decisions in Italian companies.
Book Synopsis Corporate Law Reforms in Europe by : Federico Cesare Guido Ghezzi
Download or read book Corporate Law Reforms in Europe written by Federico Cesare Guido Ghezzi and published by . This book was released on 2008 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the Italian reform of corporate governance of 2003, which, for the first time, allowed corporations to choose among three different models of governance in part inspired by foreign legal systems. Italian corporations have three governance options. First, corporations may adopt the Italian traditional system of governance which has been modernized by the reform of corporate law. This model of governance is still the most influential and most commonly used in Italy. Besides the traditional model two other quot;alternativequot; systems of governance were created by the 2003 reform: the two-tier system and the one-tier system. The first model owes its basic structure to the German tradition, where the shareholders' meeting appoints a supervisory board, which then appoints a management board. In contrast, the one-tier model derives from the Anglo-American tradition. In this system the shareholders' meeting appoints the board of directors, which then appoints a number of directors to an audit committee entrusted with monitoring functions. Taking into account the initial goals of the Italian legislator in designing the 2003 reform, we illustrate how the models have been implemented in Italian practice, and describe the initial predictions of their benefits and disadvantages. Then, we provide some empirical evidence of the practical consequences of the Italian reform of corporate governance three years after its enactment, and we investigate whether the predictions mentioned above were accurate.
Book Synopsis A History of Corporate Governance around the World by : Randall K. Morck
Download or read book A History of Corporate Governance around the World written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-11-01 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
Book Synopsis Corporate Governance Rules for Investment Funds in Italy by : Raffaele Lener
Download or read book Corporate Governance Rules for Investment Funds in Italy written by Raffaele Lener and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The corporate governance of investment funds was hardly studied in Italy before the reform of 1998, when the Financial Markets Consolidated Act (TUF) entered into force, amending the rules on management companies (SGRs) and introducing new corporate governance rules for listed companies. Following this reform, it is now clear that the management of SGRs is an extremely delicate and sensitive matter, especially when the legislator assigns a central role in the governance of listed companies to these intermediaries.From 1998 onwards, commentators have gradually started to pay more attention to this topic, and the quantity and quality of the measures taken by the supervisory authorities and the Professional Association of Fund Managers (Assogestioni) have also increased. Consequently, there has been a very lively and rich debate in recent years. The present article intends to address this debate and attempts to examine the issue from a double point of view: that of the unit holders (conflict of interests risk) and that of the companies in which the stakes are held (funds as minority shareholders). These aspects may become intertwined in cases in which, for example, a manager buys shares in a company for purposes of control or, at any rate, for purposes other than maximising the profits of the unit holders' investment.
Book Synopsis Corporate Governance Reforms, Interlocking Directorship Networks and Company Value in Italy, 1998-2007 by : Carlo Drago
Download or read book Corporate Governance Reforms, Interlocking Directorship Networks and Company Value in Italy, 1998-2007 written by Carlo Drago and published by . This book was released on 2015 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we analyze the effects of corporate governance reforms on interlocking directorship, and assess the relationship between interlocking directorships and company value for the main Italian companies listed on the stock exchange over 1998-2007. Using a unique dataset that includes two groups of variables: (i) corporate governance variables related to the board size and the interlocking directorships and (ii) another group of variables related to the economic and financial performance of the companies considered. We find that interlocking directorships are negatively related with company performance with one- or two-year delay, and that the corporate governance reforms introduced over the period considered showed some effectiveness by slightly dispersing the network of companies.
Book Synopsis Is It Still Pizza, Spaghetti and Mandolino? Effect of Governance Reforms on Corporate Ownership in Italy by : Stefano Mengoli
Download or read book Is It Still Pizza, Spaghetti and Mandolino? Effect of Governance Reforms on Corporate Ownership in Italy written by Stefano Mengoli and published by . This book was released on 2017 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the effect of corporate governance reforms on the balance between ownership and control in a country characterized by poor investor protection. We use the example of Italy, where major reforms were passed in 1998 to protect minority shareholders from the risks of expropriation on account of the exercise of high voting rights (or high control) by the ultimate owner despite low cash flow rights (or low ownership). Using a two-stage longitudinal research design incorporating both quantitative and qualitative analyses (1995-2005), we find that reforms led to improved disclosure and greater representation of minority shareholders. In turn, this led to a decline in the risk of expropriation of minority shareholders. The reforms had a greater effect on firms where an institutional investor was present. We also find that while reforms led to an increase in the cash flow rights of the ultimate owner, they did not lead to a decrease in voting rights. This paper highlights the importance of studying the mechanisms by which the content of reforms affects actual business practices through the use of longitudinal research designs and the crucial role played by institutional investors in improving governance practices of firms. This paper also suggests that corporate governance reforms are more likely to be successful when regulatory coercion is accompanied by provisions that facilitate market-based control mechanisms.
Book Synopsis Remaking Italian Capitalism? The Politics of Corporate Governance Reform by : Richard Deeg
Download or read book Remaking Italian Capitalism? The Politics of Corporate Governance Reform written by Richard Deeg and published by . This book was released on 2010 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article addresses the issue of how to explain institutional change in national political economies. Within an actor-centered institutionalist theoretical framework, it explores the utility of a coalitional explanation for changes in the financial and corporate governance systems of Italy. Finance and corporate governance are useful foci for understanding change and the evolutionary direction of national political economies as a whole because, first, national and European reformers have focused a great deal of their energy on transforming financial market structures and corporate governance and, second, the regulation of finance and corporate governance is increasingly important as a means for states to exert influence over their economies. The paper finds considerable change in Italian capitalism as a result of successful elite reformers, party system changes, and the emergence of a reform coalition. However, change is limited and Italy retains a distinctive model of capitalism.
Book Synopsis Regulatory Intervention and the Effect of Changes in Corporate Governance on Firm Decisions and Market Reactions by : Giorgio Gotti
Download or read book Regulatory Intervention and the Effect of Changes in Corporate Governance on Firm Decisions and Market Reactions written by Giorgio Gotti and published by . This book was released on 2009 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether Italian companies that cross-list in the United States between 1993 and 2005 show (i) a change in their internal policies as anticipated by the bonding hypothesis, (ii) an increase in market value, or (iii) an increase in the access to capital funds. We use the unique environment created by the 1998 Draghi reform which significantly improved the protection of Italian listed companies' minority shareholders and we further examine the impact of legislated changes in corporate governance in Italy on the decision of Italian companies to cross-list in the United States. Our results indicate that following the Draghi reform (i) firms that cross-list in the United States modify their dividend and cash policies as anticipated by the bonding hypothesis. Contrary to prior research, (ii) we do not find evidence that cross-listing serves to enhance shareholder value or (iii) is used as a vehicle to more easily access capital funds either before or after the domestic corporate governance is improved.The results of this study provide evidence that country level legislative innovations intended to enhance a weak corporate governance system can be a valid and effective substitute to the bonding mechanism by providing an alternative signal of a firm's quality.
Book Synopsis Modernizing Italy's Corporate Governance Institutions by : Luca Enriques
Download or read book Modernizing Italy's Corporate Governance Institutions written by Luca Enriques and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay takes stock of the corporate governance reform efforts Italian policymakers have engaged in since the beginning of the 1990s. After describing the reform process and its drivers (a concern for Italian equity markets' attractiveness in an increasingly competitive and global framework, scandals, and EC activism), the essay analyzes the main reforms to single out what has worked (i.e. had a practical positive impact on Italian listed companies' corporate governance) and what has not worked. After concluding that the corporate governance legal framework has greatly improved as a result of reforms, the essay identifies a number of areas in which further steps could be taken to protect investors against the risk of expropriation by corporate insiders. It is also argued, however, that the mother of all corporate governance reforms in Italy would be a change in legal and political culture; legal culture should change so as to put substance over form, function over doctrine. That would be a precondition to effective enforcement of corporate and securities laws. Political culture should change from one that deems it to be the norm for politicians to decide on the allocation of corporate control to one more respectful of property rights. Two modest, bottom-up proposals to help change legal culture in the long run are finally put forth.
Book Synopsis Corporate Governance Reforms, Interlocking Directorship and Company Performance in Italy by : Carlo Drago
Download or read book Corporate Governance Reforms, Interlocking Directorship and Company Performance in Italy written by Carlo Drago and published by . This book was released on 2015 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the effects of corporate governance reforms on interlocking directorship (ID), and we assess the relationship between interlocking directorships and company performance for the main Italian firms listed on the Italian stock exchange over 1998-2007. We use a unique dataset that includes corporate governance variables related to the board size, interlocking directorships and variables related to companies' performances. The network analysis showed only some effectiveness of these reforms in slightly dispersing the web of companies. Using a diff-in-diff approach, we then find in the period considered a slight reduction in the returns of those companies where interlocking directorships were used the most, which confirms our assumption on the perverse effect of ID on company performance in a context prone to shareholder expropriation such as the Italian one.
Book Synopsis The Two-Tier Model and the One-Tier Model of Corporate Governance in the Italian Reform of Corporate Law by : Federico Cesare Guido Ghezzi
Download or read book The Two-Tier Model and the One-Tier Model of Corporate Governance in the Italian Reform of Corporate Law written by Federico Cesare Guido Ghezzi and published by . This book was released on 2009 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article explores the Italian reform of corporate law of 2003, which, for the first time, allowed corporations to choose among three different models of corporate governance. In addition to the traditional model, which has been significantly modernized by the reform, two other quot;alternativequot; systems of governance were introduced: the two-tier system, which owes its basic structure to the German tradition, and the one-tier system which derives from the Anglo-American tradition. Taking into account the initial goals of the Italian legislature in designing the reform, we describe how the alternative board structures have been implemented in Italian practice, and provide an overview of the initial predictions about their advantages and disadvantages. We argue that Italy has taken an innovative approach to corporate governance that may be useful for other European countries interested in granting corporations the power to choose between board structures. However, analyzing some empirical evidence on the first effects of the reform, we also recognize that, even if courageous, the reform so far was not particularly successful in attracting corporations to the new models.
Book Synopsis Handbook on International Corporate Governance by : Chris A. Mallin
Download or read book Handbook on International Corporate Governance written by Chris A. Mallin and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Throughout the world there is conflict between the desire to reap wealth from strong corporate functioning and the imperative of preserving the integrity of the sovereign state. Christine Mallin has assembled a collection of delightful essays describing the current circumstances of corporate governance in a variety of different countries. The volume reads like a story, fascinating, accessible and informative. The book can be read for information in each article or as a totality giving insight into the critical balancing of interests required in particular countries. Anyone buying this book – and you should – will have a fine experience.' – Robert Monks, Lens Governance Advisors, US The second edition of this major Handbook provides a thoroughly revised and extensive analysis of the development of corporate governance across a broad range of countries including Australia, China, Germany, India, Italy, Japan, Poland, Russia, South Africa, Spain, Turkey and the UK. Additional coverage in this second edition includes Brazil, Hungary, Malaysia, and Norway. The Handbook reveals that whilst the stage in the corporate governance life cycle may vary from country to country, there are certain core features that emerge such as the importance of transparency, disclosure, accountability of directors and protection of minority shareholders' rights. With contributions by leading academics and practitioners in the field of corporate governance, this important Handbook provides a comprehensive insight into the evolution of corporate governance in countries with diverse cultural, economic and legal systems.
Book Synopsis Italian Corporate Reform by : Eugenio Simone de Nardis
Download or read book Italian Corporate Reform written by Eugenio Simone de Nardis and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Italy ushered in extensive corporate law and governance reforms in 2003-2006 ('the Reform'), amidst increased economic and regulatory competition, as well as corporate fraud. The general policy objectives were to increase the efficiency and competitiveness of Italian corporate governance, simplify corporate regulation, and allow greater space for party autonomy. Adopting a functional approach, this paper examines four themes of the Reform with regard to the public corporation: financing; governance models; minority protection; corporate integration. Special rules for listed corporations are occasionally considered. The new rules and regulatory strategies are compared with Italian tradition and, occasionally, international best practices. We conclude that - considering the Italian context - often the declared policy objectives may not have been pursued or achieved in practice.
Book Synopsis Corporate Governance and Institutional Investment by : Malik M. Hafeez
Download or read book Corporate Governance and Institutional Investment written by Malik M. Hafeez and published by Universal-Publishers. This book was released on 2015-12-16 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance and Institutional Investment focuses on corporate governance and the legal nature of institutional investors in the corporate system. Its aim is to expose the complexity of the relationships that exist between companies on one side, and their shareholders, stakeholders, and monitors on the other. Various types of investors, including trusts and companies, are discussed, including how they function under different legal guidelines. The role of investment managers acting on the behalf of institutional investors is examined, as well as why fund managers overlook the corporate governance problems of their investee’s companies when they are performing well financially. This complexity is one of the main reasons why corporate scandals still occur, despite the existence of an extensive academic literature on corporate governance and the sustained efforts by the corporate community around the world. An analysis of how the monitoring role of institutional investors became effective in the light of company law and trusts is presented by using a comparative model involving the U.K., the U.S.A., Pakistan, and continental Europe. Financial scandals of the last decade such as Enron, Northern Rock, and the banking crisis are also examined. Finally, a review of regulatory approaches which rely upon formal rules and institutions backed by the state legal system, and non-regulatory approaches emphasizing the market mechanism and contractual arrangements, is included.
