Salta al menu principale di navigazione Salta al contenuto principale Salta al piè di pagina del sito

Articles

N. 1 (2019)

The evolution of corporate governance in Italy: formal convergence or path-dependence?

DOI
https://doi.org/10.3280/cgrds1-2019oa8799
Inviata
19 novembre 2019
Pubblicato
16-01-2020

Abstract

In this study, we explore the recent evolution of the Italian governance model, in order to better understand the triggers and the consequences for all stakeholders. In more details, we start highlighting the evolution of the national regulatory environment, in term of both corporate law and good governance code. Then we focus on three key elements of the corporate governance of Italian listed companies, i.e., the ownership structure, the board of directors, and the executive compensation. For each element, we present their traditional and current characteristics.

Riferimenti bibliografici

  1. Aganin A., Volpin P.F. (2003). History of Corporate Ownership in Italy, ECGI ‒ Finance Working Paper No. 17. DOI: 10.2139/ssrn.391180.
  2. Airoldi G., Zattoni A. (Eds.) (2001). Piani di stock option – Progettare la retribuzione del top management. Milano, Egea.
  3. Assonime (2004), Analisi dello stato di attuazione del codice di autodisciplina delle società quotate.
  4. Assonime (2018), La corporate governance in Italia: autodisciplina, remunerazioni e comply-or-explain.
  5. Bebchuk L.A., Roe M.J. (1999). Theory of path dependence in corporate ownership and governance. Stanford Law Review, 52 (1), 127-170. DOI: 10.2307/1229459
  6. Bianchi M., Bianco M. (2008). The evolution of ownership and control structure in Italy in the last 15 years, working paper.
  7. Consob (2018), Report on corporate governance of Italian listed companies.
  8. Crisci G., Tarizzo G. (1994). Il governo della impresa, Egon Zehnder International and Executive Interim Management.
  9. Cuomo F., Zattoni A., Valentini G. (2013). The Effects of Legal Reforms on the Ownership Structure of Listed Companies. Industrial and Corporate Change, 22(2), 427-58. DOI: 10.1093/icc/dts015.
  10. Ferrarini G. (2005). Corporate governance changes in the 20th century: A view from Italy, ECGI, Law working paper, n. 29. DOI: 10.2139/ssrn.695762.
  11. La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R. (1998). Law and Finance. Journal of Political Economy, 106 (6), 1113-55. DOI: 10.1086/250042.
  12. La Porta R., Lopez-de-Silanes F., Shleifer A. (1999). Corporate ownership around the world. Journal of Finance, 54, 471-517. DOI: 10.1111/0022-1082.00115.
  13. Melis A. (2000). Corporate Governance in Italy. Corporate Governance: An International Review, 8(4), 347-55. DOI: 10.1111/1467-8683.00213.
  14. Melis A. (2005). Corporate Governance Failures: to what extent is Parmalat a particularly Italian Case? Corporate Governance: An International Review, 13(4), 478-488. DOI: 10.1111/j.1467-8683.2004.00443.x.
  15. Melis A., Zattoni A. (2017). A Primer on Corporate Governance: Italy. New York, Business Expert Press.
  16. Mengoli S., Pazzaglia F., Sapienza E. (2009). Effect of Governance Reforms on Corporate Ownership in Italy: Is It Still Pizza, Spaghetti, and Mandolino? Corporate Governance: An International Review, 17(5), 629-45. DOI: 10.1111/j.1467-8683.2009.00752.x.
  17. Mercurio L., Zattoni A. (2013). La retribuzione dei consiglieri di amministrazione: un’analisi empirica sulle società quotate italiane. In Pittino D., Viganò R., Zattoni A. (Eds.), La retribuzione del top management: incentivi, carriera e governance. Milano, Egea, pp. 141-181.
  18. Minichilli A., Zattoni A. (2017). Corporate governance ‒ Non solo regole. Economia & Management, 4, 45-49.
  19. Minichilli A., Zattoni A., Zona F. (2009). Making boards effective: An empirical examination of board task performance. British Journal of Management, 20(1), 55-74. DOI: 10.1111/j.1467-8551.2008.00591.x.
  20. Ventoruzzo M. (2005). Experiments in Comparative Corporate Law: The Recent Italian Reform and the Dubious Virtues of a Market for Rules in the Absence of Effective Regulatory Competition. European Company & Financial Law Review, 2, 207-269. DOI: 10.1515/ecfr.2005.2.2.207.
  21. Ventoruzzo M. (2015). The Disappearing Taboo of Multiple Voting Shares: Regulatory Responses to the Migration of Chrysler-Fiat. Law Working Paper N° 288, ECGI.
  22. Zattoni A. (1999). The Structure of Corporate Groups: the Italian Case. Corporate Governance: An International Review, 7(1), 38-48. DOI: 10.1111/1467-8683.00127.
  23. Zattoni A. (2003). I piani di stock option in Italia: diffusione e caratteristiche. Economia & Management, 6, 71-90.
  24. Zattoni A. (2007). Stock incentive plans in Europe: empirical evidence and design implications. Corporate Ownership and Control, 4(4), 56-64. DOI:
  25. 22495/cocv4i4p5.
  26. Zattoni A. (2009). Corporate Governance in Italy: The Structural Conflict of Interests Between Majority and Minority Shareholders. In Lopez Iturriaga F.J. (Ed.). Codes of Good Governance Around the World. New York: Nova Science Publishers.
  27. Zattoni A. (2015). Corporate Governance. Milano, Egea.
  28. Zattoni A., Cuomo F. (2008). Why Adopt Codes of Good Governance? A Comparison of Institutional and Efficiency Perspectives. Corporate Governance: An International Review, 16 (1), 1-15. DOI: 10.1111/j.1467-8683.2008.00661.x.
  29. Zattoni A., Cuomo F. (2010). How Independent, Competent and Incentivized Should Non-Executive Directors Be? An Empirical Examination of Good Governance Codes. British Journal of Management, 21(1), 63-79. DOI: 10.1111/j.1467-8551.2009.00669.x.
  30. Zattoni A., Cuomo F. (2015). Institutional Changes and Ownership Patterns in Italy. In Goranova M., Verstegen R.L. (Eds.). Shareholder empowerment, UK, Palgrave-MacMillan.
  31. Zattoni A., Cuomo F. (2016). An Evolutionary Overview of the Ownership, Governance and Strategy of Mediobanca: From the Kingmaker of Italian Capitalism to a Large Financial Conglomerate. In Mallin C. (Ed.). Handbook on Corporate Governance in Financial Institutions. Cheltenham, Edward Elgar, pp. 7-34.
  32. Zattoni A., Minichilli A. (2009). The diffusion of equity incentive plans in Italian listed companies: What is the trigger? Corporate Governance: An International Review, 17(2), 224-237. DOI: 10.1111/j.1467-8683.2009.00732.x.
  33. Zattoni A., Mosca C. (2012). Corporate governance and initial public offerings in Italy. In Zattoni A., Judge W. (Eds.). Corporate Governance and Initial Public Offerings: An International Perspective. Cambridge, Cambridge University Press.
  34. Zona F., Zattoni A. (2007). Beyond the Black Box of Demography: Board Processes and Task Effectiveness within Italian Firms. Corporate Governance: An International Review, 15 (5), 852-864. DOI: 10.1111/j.1467-8683.2007.00606.x.

Metriche

Caricamento metriche ...