Determinants of Corporate Governance in the Italian Financial Market

Emilio Barucci and Jury Falini

Economic Notes, 2005, vol. 34, issue 3, 371-405

Abstract: We evaluate the determinants of corporate governance of companies listed at the Italian Stock Exchange. We consider ownership structure, balance sheet data, company performance and some qualitative features as determinants. We evaluate the convergence of Italian companies’ governance towards a system with effective governance mechanisms. Our analysis shows definitely that companies with a large shareholder and/or minority blockholders controlling a large stake and companies belonging to a pyramidal group or controlled by a shareholders’ coalition are characterized by a poor governance/shareholders’ protection standard. Institutional investors play a positive role.

Date: 2005
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