Costo degli organi societari e scelta dei sistemi di governance alternativi: l’evidenza empirica in Italia

Bellavite Pellegrini, Carlo and Pellegrini, Laura and Sironi, Emiliano (2013): Costo degli organi societari e scelta dei sistemi di governance alternativi: l’evidenza empirica in Italia. Published in: Rivista dei Dottori Commercialisti (2013)

Abstract

The literature on corporate governance has investigated the relationship between the adoption of a corporate governance system and firms’ performance, but it seems to ignore the issue of costs of the body corporate members among different systems, i.e. the traditional and alternative models, with specific reference to unlisted companies. The paper aims to investigate to what extent the costs of each corporate body may affect the choice of a corporate governance system. The analysis, that is led on a sample of unlisted Italian corporations in 2008, shows that the one-tier system, characterizing firms not necessarily small, with more fragmented ownership structures and more likely to be under control and coordination, highlights lower costs than the traditional and the two-tier systems.

• Item Type: MPRA Paper
• English Title: Cost of corporate bodies and choice of alternative governance systems: empirical evidence in Italy
• Language: Italian
• Keywords: sistema di controlli; costo dei controlli; sistemi di governance alternativi
• Subjects: G - Financial Economics > G3 - Corporate Finance and Governance

References

Baker, G.P., Jensen, M.C., Murphy, K.J. (1988), Compensation and incentives: Practice vs Theory, Journal of Finance, 43, 593-616.

Baysinger, B.D., Butler, H. (1985), Corporate governance and the boards of directors:Performance effects of changes in board composition, Journal of Law, Economics and Organizations, 1, 101-124.

Belcredi, M., Caprio, L. (2003), Struttura del CdA ed efficienza della corporate Governance,Analisi Giuridica dell’Economia, 1/03, 61-80.

Bellavite Pellegrini, C. (2006), La riforma del diritto societario: alcune prime evidenze empiriche. La riforma del diritto societario: approfondimenti ed esperienze, Osservatorio sulla Riforma del Diritto Societario della Camera di Commercio di Milano, 25-62, Il Sole 24 Ore, Milano.

Bellavite Pellegrini, C. (2009), Evoluzione e dinamica quantitativa delle diverse forma giuridiche di soggetti economici in Italia, Osservatorio sulla Riforma del Diritto Societario della Camera di Commercio di Milano, 1-43, Il Sole 24 Ore, Milano.

Bellavite Pellegrini, C., Pellegrini, L., Sironi, E. (2010), Why do Italian joint stock companies adopt one or two tier board?, Rivista Internazionale di Scienze Sociali, 1, 3-25.

Bellavite Pellegrini, C., Sironi, E. (2011), Quanto costano i controlli? Regolamentazione e costo del sistema dei controlli nelle società quotate in Italia, Rivista delle Società, anno LVI Fasc. 5, 878-910.

Bertrand, M., Mullainathan S., (2001), Are CEO’s rewarded for luck? The ones without principals are, Quarterly Journal of Economics, 116 (3), 901 - 932.

Bhagat, S., Black, B. (1999), The uncertain relationship between board composition and firm performance, Business Lawyer, 54, 921-963.

Bryan, S.H, Hwang, L.S., Klein, A., Lilien, S. (2000), Compensation of Outside Directors: An Empirical Analysis of Economic Determinants, NYU Working Paper No. 2451/ 27453.

Brunello, G., Graziano, C., Parigi, B. (1999), Ownership or Performance: What Determines Board of Directors’ Turnover in Italy?, Fondazione E.N.I. Enrico Mattei, Working paper N. 30.99.

Coles, J.L., Daniel, N.D., Naveen, L. (2006), Managerial incentives and risk-takings,Journal of Financial Economics, 79, 431-468.

Core, J.E., Guay, W., Larcker, D.F. (2003), Executive Equity Compensation and Incentives:A Survey, Economic Policy Review, 9 (1), 27-50.

De Socio, A. (2010), La situazione economico-finanziaria delle imprese italiane nel confronto internazionale, Occasional Paper, Banca D’Italia.

Drobertz, W., Schillhofer, A., Zimmerman, H. (2004), Corporate governance and expected stock returns: evidence from Germany, European Financial Management, 10, 267- 293.

Enriques, L., Scassellati Sforzolini, G. (2007a), Adozione del sistema monistico da parte di una società quotata: il caso Ducati Motor Holding S.p.a., Notariato, 279-288.

Enriques, L., Scassellati Sforzolini, G. (2007b), Difficoltà “dualistiche” della nuova governance, Il Sole 24 Ore, Milano.

Fama, E.F, Jensen, M.C. (1983), Separation of Ownership and Control, Journal of Law & Economics, 26, 301-325.

Fratini, F., Tettamanzi, P. (2010), Corporate governance and performance: Evidence from Italian companies. Discussion paper, JMG workshop, 7 September 2010.

Ghezzi, F. (2003), La riforma delle società di capitali. Un confronto tra i sistemi di amministrazione e controllo: primi appunti sulle caratteristiche dei modelli dualistico e monistico, in www.associazionepreite.it.

Ghezzi, F., Malberti, C. (2008), Corporate law reforms in Europe: The two-tier model and the one-tier model of corporate governance in the Italian reform of corporate law, European Company and Financial Law Review, 5 (1), 1-47.

Giovannini, R. (2009), Corporate governance, family ownership and performance of Italian firms, Journal of Management and Governance, 14 (2), 145-166.

Hermalin, B. E., Weisbach, M. S. (1988), The determinants of board composition, Journal of Economics, vol. 19 (4), 589-606.

Hermalin, B. E., Weisbach, M. S. (2010), The Role of Boards of Directors in Corporate Governance: A conceptual Framework and Survey, Journal of Economic Literature, 48 (1), 58-107.

Jensen, M. C., Meckling, W. H. (1976), Theory of the firm, managerial behaviour, agency costs and ownership structure, Journal of Financial Economics, 3 (4), 305-360.

Jungmann, C. (2006), The effectiveness of corporate governance in one-tier and two-tier board systems, European Company and Financial Law Review, 3, 426-474.

Larcker, D.F., Richardson, S.A., Tuna, I. (2007), Corporate Governance and Accounting Outcomes, The Accounting Review, 83 (4), 963-1008.

Mazzotta, R. (2007), La Corporte Governance e le performance aziendali - Un’analisi sulle società italiane quotate in borsa, Franco Angeli, Milano.

Miller-Reyes, B., Zao, R. (2010), A comparison between one-tier and two-tier board structures in France, Journal of International Financial Management and Accounting,21 (3), 279-310.

Neuman, W. L. (2005), Social research methods: Quantitative and qualitative approaches.Allyn & Bacon, Boston.

Nobolo, A., Magli, F. (2006), Evolution of corporate Governance control in manufacturing firms, Emerging Issues in International Accounting & Business conference 2006, 677-699 Ed. Università di Padova, Padova.

Nobolo, A. (2007), Corporate Governance e sistema duale: è efficace ed efficiente?, XXI convegno Fondazione Brescia.

Parbonetti, A. (2006), Corporate Governance - Problemi di configurazione dell’organo di governo e riflessi sugli andamenti aziendali, Giuffrè Editore, Milano.

Shleifer, A., Vishny, R.W. (1997), The limits of arbitrage, The Journal of Finance, 52 (1), 35-55.

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, Texas International Law Journal, 40 (1), 113-140.

Weir C.D, Laing D.L., Mcknight P.J. (2002), Internal and External Government Mechanisms: Their Impact on the Performance of Large UK Public Companies, Journal of Business Finance and Accounting, 19(5-6), 579-611.

Zattoni A. (2006), Assetti proprietari e corporate governance, EGEA, Milano.

Zattoni, A, Zona, F. (2002), La retribuzione del top management in Italia: aspetti teorici ed evidenze empiriche, in L’evoluzione degli assetti di Corporate Governance, Clueb,Bologna.