Coping with the Leviathan: Minority shareholders in state-owned enterprises -- evidence from Italy

Andrea Colli

Business History, 2013, vol. 55, issue 2, 190-214

Abstract: The relation between large blockholders and minorities is a notoriously problematical one, particularly when the controlling shareholder is the government. This article explores this issue, referring to the history of corporate governance practices at L'Istituto per la Ricostruzione Industriale (The Agency for Industrial Reconstruction, IRI), a huge diversified group in which state ownership was -- for a long time -- associated with that of several thousands of private small shareholders. The case provides some useful insights which help us to understand the external and internal conditions under which such a partnership may last, or come to an end.

Date: 2013
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DOI: 10.1080/00076791.2012.692084

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