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Corporate Governance Reforms Interlocking Directorship Networks And Company Value In Italy 1998 2007
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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 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 Interaction Between Competition Law and Corporate Governance by : Florence Thépot
Download or read book The Interaction Between Competition Law and Corporate Governance written by Florence Thépot and published by Cambridge University Press. This book was released on 2019-02-14 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the interaction between competition law and corporate governance. It will appeal to an audience of lawyers and non-lawyer competition professionals in the US, UK, and EU, as well as other jurisdictions with competition law regimes.
Book Synopsis An Attempt to Disperse the Italian Interlocking Directorship Network by : Carlo Drago
Download or read book An Attempt to Disperse the Italian Interlocking Directorship Network written by Carlo Drago and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance and Firm Value in Italy by : Bruno Buchetti
Download or read book Corporate Governance and Firm Value in Italy written by Bruno Buchetti and published by Springer Nature. This book was released on 2021-01-04 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book expands on the literature on the characteristics of management boards by especially focusing on family-listed and family-controlled companies, as they are ideal for studying board heterogeneity. It uses specific multidimensional indices and in-depth econometric analysis to introduce new variables, such as international experience, that represent a source of competitive advantage for firms in today’s globalized world. In addition, by examining the heterogeneity ratio and the representation of independent and family directors, the book demonstrates how family-controlled firms use independent directors to import their heterogeneous expertise. The book makes a threefold contribution: for regulators, it offers suggestions on improving the quality of reporting in family-controlled firms; for researchers, it demonstrates the importance of including directors’ characteristics apart from the firm-specific factors in their analyses; and for practitioners, it shows that selecting directors with specific characteristics can have a substantial impact on firms’ performance.
Book Synopsis Small Worlds Evolving by : Raffaele Corrado
Download or read book Small Worlds Evolving written by Raffaele Corrado and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: How do ownership networks among business enterprises evolve over time? What roles do corporate governance reforms and privatization programs play in shaping the structural characteristics of these networks? This article addresses these questions by leveraging on small-world analysis techniques applied to the ownership networks among Italian enterprises in 1990 and 2000. Italy underwent a significant program of privatizations over the decade under study, coupled with changes in the corporate law aimed at strengthening the defense of minority shareholders. The data show signs of significant fragmentation of the overall network, but at the same time of stability in the structure of its main component, as measured by small-world coefficients. Further, the role of the key players in the network seems to remain relatively stable despite the major turbulence at the institutional level as well as in the structural characteristics of the complete network.
Book Synopsis Corporate Governance in Italy by : Silvio Bianchi Martini
Download or read book Corporate Governance in Italy written by Silvio Bianchi Martini and published by de Gruyter. This book was released on 2021-10 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contribution of this book is to provide useful insights regarding the current development of the Italian corporate governance code through an international comparison. Compliance with the code may reveal interesting practices by boards towards a more sustainable corporate value creation path. Ethical behaviour by directors, inclusivity and executive compensation linked to ESG issues may strengthen the crucial role played by corporate governance and businesses against firm sustainable development.
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 The Small Worlds of Corporate Governance by : Bruce Mitchel Kogut
Download or read book The Small Worlds of Corporate Governance written by Bruce Mitchel Kogut and published by MIT Press. This book was released on 2012 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2008 laid bare the hidden network of relationships in corporate governance: who owes what to whom and who will stand by whom in times of crisis. This book maps the influence of these types of economic and social networks on corporate behaviour and governance.
Book Synopsis An Assessment of Corporate Governance Reforms in Italy Based on a Comparative Analysis of Earnings Management by : Domenico Campa
Download or read book An Assessment of Corporate Governance Reforms in Italy Based on a Comparative Analysis of Earnings Management written by Domenico Campa and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We argue that the effectiveness of corporate governance can best be assessed with reference to its ability to provide a positive outcome with respect to choices made by management or controlling shareholders. We use the curtailment of earnings management as a desirable and measurable outcome of good corporate governance to assess Italy's progress since the 1990s. We use the UK as a reference point since it is an EU economy of comparable size and there is evidence that its firms managed earnings to a much lesser extent than their counterparts in Italy in the 1990s. We use a matched sample of UK and Italian firms for our empirical analysis. We find that in contrast to the situation in the 1990s firms in Italy do not manage earnings to a greater extent than their UK counterparts. In addition, firm-level governance has a greater effect on earnings management in Italy than in the UK. We attribute this to firm-level governance compensating for deficiencies in national institutions (Doidge et al., 2007). The restriction of earnings management is just one positive consequence of good governance. Other positive outcomes require to be studied to form a complete picture of the impact of governance reforms in Italy. This paper is the first to use an outcome driven approach to evaluate the impact of governance reforms.
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 Small Worlds Evolving by : Raffaele Corrado
Download or read book Small Worlds Evolving written by Raffaele Corrado and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Decline of the Corporate Community by : Eelke M. Heemskerk
Download or read book Decline of the Corporate Community written by Eelke M. Heemskerk and published by Amsterdam University Press. This book was released on 2007 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, much of big business in the industrialized Western world has been organized around particular corporate societies—notoriously referred to as “old boy” networks. With the recent drift toward a more liberal market economy, however, these networks have been showing signs of decline—in some cases, all but disappearing. Eelke M. Heemskerk combines formal network analysis and interviews with key members of the corporate elite in order to examine how this decline has affected Dutch capitalism. Even in a liberal market economy, however, corporate directors need social networks to communicate and coordinate their strategic decisions, and Decline of the Corporate Community considers the shift of the corporate elite to the new private and informal circles where networking takes place.
Book Synopsis The Convergence of Corporate Governance by : Abdul Rasheed
Download or read book The Convergence of Corporate Governance written by Abdul Rasheed and published by Springer. This book was released on 2012-06-12 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Takes readers through an in-depth examination of many leading industrialized nations and identifies both the drivers that propel corporations towards convergence and the major impediments that stand in the way of convergence. Also examines many mechanisms of convergence such as governance codes, MNCs, and IPOs.
Book Synopsis The Econometric Analysis of Network Data by : Bryan Graham
Download or read book The Econometric Analysis of Network Data written by Bryan Graham and published by Academic Press. This book was released on 2020-06-03 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Econometric Analysis of Network Data serves as an entry point for advanced students, researchers, and data scientists seeking to perform effective analyses of networks, especially inference problems. It introduces the key results and ideas in an accessible, yet rigorous way. While a multi-contributor reference, the work is tightly focused and disciplined, providing latitude for varied specialties in one authorial voice. Answers both 'why' and 'how' questions in network analysis, bridging the gap between practice and theory allowing for the easier entry of novices into complex technical literature and computation Fully describes multiple worked examples from the literature and beyond, allowing empirical researchers and data scientists to quickly access the 'state of the art' versioned for their domain environment, saving them time and money Disciplined structure provides latitude for multiple sources of expertise while retaining an integrated and pedagogically focused authorial voice, ensuring smooth transition and easy progression for readers Fully supported by companion site code repository 40+ diagrams of 'networks in the wild' help visually summarize key points
