The 2003 Italian Corporate Reform Law, establishing one-tier vs two-tier board for listed and unlisted joint stock companies, introduced an alternative corporate governance system. This study implements probit regressions in order to compare 548 unlisted firms: corporations with better performance in sales and capital structure, as well as those subject to control and coordination , maintain a traditional system. Conversely, firms with a high proportion of individual shareholders adopt alternative systems. For alternative systems' firms, split between one-tier and two-tier boards, companies subjected to control and coordination action tend to implement a one-tier system, same as firms with a higher proportion of individual shareholders.

(2010). Alternative vs Traditional Corporate Governance Systems in Italy: An Empirical Analysis [journal article - articolo]. In PROBLEMS & PERSPECTIVES IN MANAGEMENT. Retrieved from http://hdl.handle.net/10446/229478

Alternative vs Traditional Corporate Governance Systems in Italy: An Empirical Analysis

Pellegrini, Laura;
2010-01-01

Abstract

The 2003 Italian Corporate Reform Law, establishing one-tier vs two-tier board for listed and unlisted joint stock companies, introduced an alternative corporate governance system. This study implements probit regressions in order to compare 548 unlisted firms: corporations with better performance in sales and capital structure, as well as those subject to control and coordination , maintain a traditional system. Conversely, firms with a high proportion of individual shareholders adopt alternative systems. For alternative systems' firms, split between one-tier and two-tier boards, companies subjected to control and coordination action tend to implement a one-tier system, same as firms with a higher proportion of individual shareholders.
articolo
Bellavite Pellegrini, Carlo; Pellegrini, Laura; Sironi, Emiliano
(2010). Alternative vs Traditional Corporate Governance Systems in Italy: An Empirical Analysis [journal article - articolo]. In PROBLEMS & PERSPECTIVES IN MANAGEMENT. Retrieved from http://hdl.handle.net/10446/229478
File allegato/i alla scheda:
File Dimensione del file Formato  
2010_PPM_Alternative vs traditional CG systems in Italy_Bellavite Pellegrini Pellegrini Sironi.pdf

accesso aperto

Versione: publisher's version - versione editoriale
Licenza: Creative commons
Dimensione del file 155.8 kB
Formato Adobe PDF
155.8 kB Adobe PDF Visualizza/Apri
Pubblicazioni consigliate

Aisberg ©2008 Servizi bibliotecari, Università degli studi di Bergamo | Terms of use/Condizioni di utilizzo

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10446/229478
Citazioni
  • Scopus 3
  • ???jsp.display-item.citation.isi??? ND
social impact