Corporate Governance And Firm Value In Italy

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Corporate Governance And Firm Value In Italy

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Author : Bruno Buchetti
language : en
Publisher:
Release Date : 2021

Corporate Governance And Firm Value In Italy written by Bruno Buchetti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.

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. .

Corporate Governance In Italy

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Author : Silvio Bianchi Martini
language : en
Publisher: de Gruyter
Release Date : 2021-10

Corporate Governance In Italy written by Silvio Bianchi Martini and has been published by de Gruyter this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10 with Business & Economics categories.

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.

Corporate Governance And Shareholder Value In Listed Firms

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Author : Barbara Monda
language : en
Publisher:
Release Date : 2013

Corporate Governance And Shareholder Value In Listed Firms written by Barbara Monda and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.

In this paper, we design a multi-dimensional index to measure the quality of Corporate Governance systems adopted by firms and use it to investigate the correlation between Corporate Governance quality and firm value.Unlike most studies that examine the relationship between only one dimension of Governance and firm value, we present a complex index (CGI) composed of 39 variables referable to four dimensions: Board, Remuneration, Shareholder Rights and Disclosure.By analysing a sample of 100 large companies listed on the main stock markets in five different countries over three years (2009-2011), we confirm the widespread hypothesis of the existence of a positive and statistically significant relationship between Corporate Governance, as measured by a subset of 12 variables, and firm value.

Corporate Governance And Firm Value In Italy

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Author : Bruno Buchetti
language : en
Publisher: Springer Nature
Release Date : 2021-01-04

Corporate Governance And Firm Value In Italy written by Bruno Buchetti and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-04 with Business & Economics categories.

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.

Corporate Governance Risk Taking And Firm Performance

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Author : Fabrizio Rossi
language : en
Publisher:
Release Date : 2016

Corporate Governance Risk Taking And Firm Performance written by Fabrizio Rossi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.

Using a balanced panel data of 82 Italian listed companies, for 984 firm-year observations, the relationship between corporate governance, risk-taking, and risk-adjusted performance is investigated. The beta and the standard deviation, as proxies for risk-taking, and two different measures of risk-adjusted performance and Tobin's Q are used. Investigating the period 2002-2013, which includes both the pre-crisis time horizon and the one during the crisis, the result is a negative and statistically significant relationship between risk-taking and ownership concentration; conversely, there is a positive and statistically significant relationship between ownership concentration and risk-adjusted performance and with respect to Tobin's Q. However, instead of a definite linear relationship between risk-taking (risk-adjusted performance) and ownership structure, it seems to be a significant non-monotonic relationship. The independent directors seem to assume a positive (negative) sign with regard to the risk-adjusted performance (risk-taking) variables, and a wider board appears to be positively associated with both risk and the value of the firm.

Regulatory Intervention And The Effect Of Changes In Corporate Governance On Firm Decisions And Market Reactions

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Author : Giorgio Gotti
language : en
Publisher:
Release Date : 2009

Regulatory Intervention And The Effect Of Changes In Corporate Governance On Firm Decisions And Market Reactions written by Giorgio Gotti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

This paper investigates whether Italian companies that cross-list in the United States between 1993 and 2005 show (i) a change in their internal policies as anticipated by the bonding hypothesis, (ii) an increase in market value, or (iii) an increase in the access to capital funds. We use the unique environment created by the 1998 Draghi reform which significantly improved the protection of Italian listed companies' minority shareholders and we further examine the impact of legislated changes in corporate governance in Italy on the decision of Italian companies to cross-list in the United States. Our results indicate that following the Draghi reform (i) firms that cross-list in the United States modify their dividend and cash policies as anticipated by the bonding hypothesis. Contrary to prior research, (ii) we do not find evidence that cross-listing serves to enhance shareholder value or (iii) is used as a vehicle to more easily access capital funds either before or after the domestic corporate governance is improved.The results of this study provide evidence that country level legislative innovations intended to enhance a weak corporate governance system can be a valid and effective substitute to the bonding mechanism by providing an alternative signal of a firm's quality.

Morality And Corporate Governance Firm Integrity And Spheres Of Justice

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Author : Giulio Sapelli
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-11-09

Morality And Corporate Governance Firm Integrity And Spheres Of Justice written by Giulio Sapelli and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-09 with Business & Economics categories.

Firms, the most significant nucleus of modern economic activity, are very special social organisations with economic purposes and also a responsibility for pursuing the welfare of all ranks of society. This requires moral commitment at a subjective and collective level, i.e. ethics. In this book, a renowned author with long experience as a consultant to large firms explores the relationship between moral action and economic action with particular reference to the firm. Diverse aspects of corporate responsibility – social, civil, political, and environmental – within a rapidly changing world are investigated from a philosophical perspective. Prerequisites for self-regulation are considered and aspects of responsibility beyond the law, such as charters of values and codes of ethics, are discussed. Particular attention is paid to firm integrity and different spheres of justice, each of which has its own criteria for the distribution of goods.

Essays On Voting Power Corporate Governance And Capital Structure

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Author : Yinghong Chen
language : en
Publisher:
Release Date : 2004

Essays On Voting Power Corporate Governance And Capital Structure written by Yinghong Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Corporate governance categories.

International Corporate Governance And Firm Value

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Author : David Oesch
language : en
Publisher:
Release Date : 2011

International Corporate Governance And Firm Value written by David Oesch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

The Fin Gov Report On Corporate Governance In Italy

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Author : M. Belcredi
language : en
Publisher:
Release Date : 2022

The Fin Gov Report On Corporate Governance In Italy written by M. Belcredi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Business & Economics categories.