Italian Corporate Governance, Investment and Finance
Author: Robert E. Carpenter
Publisher:
Published: 2000
Total Pages: 36
ISBN-13:
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Italian Corporate Governance, Investment, and Finance
Author: Robert E. Carpenter
Publisher:
Published: 2003
Total Pages:
ISBN-13:
DOWNLOAD EBOOKItalian industrial structure and financial markets have several distinct features. Italian firms are relatively small, few trade publicly and no corporate bond market exists. The limited types of external funds available to Italian firms makes them prone to financing constraints. We examine a panel containing over 1100 Italian firms. We find that firm size does not appear correlated with the severity of financing constraints. We also find that small firms are frequently mature. Our results suggest that young firms face financing constraints, while mature firms may develop relationships with lenders that lower the costs of external funds. Small, young firms appear to face the tightest financing constraints. Many firms are affiliated with pyramidal business groups. We find that affiliation with pyramidal business groups appears to reduce the effect of financing constraints. Our results have important implications for government policy to promote small firm growth in Italy.
A Primer on Corporate Governance
Author: Andrea Melis
Publisher: Business Expert Press
Published: 2017-06-27
Total Pages: 217
ISBN-13: 1606498851
DOWNLOAD EBOOKThis book provides an understanding of the characteristics of corporate governance in Italy, one of the most developed countries in the world, symbol of the family capitalism. The text presents the main peculiarities of the Italian corporate governance system, its impact on decision-making in corporate boardrooms, and the potential positive and negative consequences for the firm and its stakeholders. Several real-life case studies were included to help the reader grasp the subtleties of how power is exercised in Italian companies. The authors combine their knowledge of research with their professional experience. Such an approach helps the reader interpret the nuances of corporate governance practices in Italian companies as those practices are driven not only by the globalization of markets, but also by national economic, social, and political forces. The result is a unique corporate governance system, which deeply differs from the Anglo-American one. This book is, therefore, particularly relevant for a wide international audience (including investors, corporate directors, scholars, and practitioners) as it provides useful insights to interpret, evaluate and take sound decisions in Italian companies.
A History of Corporate Governance around the World
Author: Randall K. Morck
Publisher: University of Chicago Press
Published: 2007-11-01
Total Pages: 700
ISBN-13: 0226536831
DOWNLOAD EBOOKFor many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
Corporate Governance Rules for Investment Funds in Italy
Author: Raffaele Lener
Publisher:
Published: 2005
Total Pages:
ISBN-13:
DOWNLOAD EBOOKThe corporate governance of investment funds was hardly studied in Italy before the reform of 1998, when the Financial Markets Consolidated Act (TUF) entered into force, amending the rules on management companies (SGRs) and introducing new corporate governance rules for listed companies. Following this reform, it is now clear that the management of SGRs is an extremely delicate and sensitive matter, especially when the legislator assigns a central role in the governance of listed companies to these intermediaries.From 1998 onwards, commentators have gradually started to pay more attention to this topic, and the quantity and quality of the measures taken by the supervisory authorities and the Professional Association of Fund Managers (Assogestioni) have also increased. Consequently, there has been a very lively and rich debate in recent years. The present article intends to address this debate and attempts to examine the issue from a double point of view: that of the unit holders (conflict of interests risk) and that of the companies in which the stakes are held (funds as minority shareholders). These aspects may become intertwined in cases in which, for example, a manager buys shares in a company for purposes of control or, at any rate, for purposes other than maximising the profits of the unit holders' investment.
Commentaries and cases on italian business law - Second edition
Author: Andrea Sacco Ginevri
Publisher: CEDAM
Published: 2021-10-12
Total Pages: 383
ISBN-13: 881337738X
DOWNLOAD EBOOKThis casebook deals with the basic principles of the Italian business law and focuses on certain recent and pivotal cases in which important rules governing the modern public company have been applied. After a short overview of the main corporate and securities laws and regulation applicable to Italian listed companies, certain leading cases which triggered the application of such rules are analyzed. The main interrelationships between and among the economic and legal elements are scrutinized for the purpose of highlighting the economic logic underlying corporate law. In the financial markets’ dynamics, the public company plays a vital role since it attracts the public savings coming from the investors in order to finance business plans and strategies which create growth and welfare. In such a scenario, financial intermediaries must act in the interest of the investors, selecting among the potential issuers those who are the most attractive for their clients. When companies are structurally organized to attract standardized equity or debt investments, by issuing listed shares, bonds or other financial instruments, their operational and governance rules change in order to safeguard the public savings coming from the investors. In the end, what makes this branch of law so interesting to students, practitioners, and scholars alike is the open-textured relationship between corporate law and securities regulation which plays a crucial role in such context. The cases selected in the second part of this book deal with significant topics in the Italian market practice and are briefly commented making reference to an updated set of laws and references. Therefore, this book can be used also with a focus on comparative legal systems for corporations taught in Italy or abroad.
Corporate Governance and Economic Performance
Author: Klaus Gugler
Publisher: Oxford University Press, USA
Published: 2001
Total Pages: 244
ISBN-13: 9780199245703
DOWNLOAD EBOOKThis text presents evidence about corporate governance and performance in a large number of countries. It is the result of a collective research effort by the members of the European Corporate Governance Network (ECGN).
Italian Corporate Governance in the Last 15 Years
Author: Marcello Bianchi
Publisher:
Published: 2007
Total Pages: 42
ISBN-13:
DOWNLOAD EBOOKBetween 1990 and 2005 the Italian legal and economic framework relating to financial markets experienced major developments (a new Banking Law was passed, institutional investors' role increased in financial markets, the stock market was privatized, a securities law was enacted, a corporate governance code was introduced and then twice revised; a new company law has been enacted; the law on savings has further strengthened shareholders' protection). All these changes should have deeply affected the governance structure of Italian companies. We provide an in-depth (descriptive) analysis of the evolution of both unlisted and listed corporate governance over the period, with the aim of evaluating the effect of the reforms in the light of the recent theoretical developments. We find limited changes in the ownership and control structures of unlisted firms and listed companies. At the same time there is no substantial increase in the access to stock market.For both listed and unlisted companies we observe some changes in the instruments used to ensure stability of control. In unlisted companies the aim is pursued through an increasing use of by-laws clauses that restrict the transferability of shares; in listed companies the objective was reached in the past through an extensive use of pyramids, more recently by establishing shareholders' coalitions of various nature, with an increasing relevance of bank-firm relationships.This evidence shows that no radical change occurred; this suggests on the one side, that it might still be necessary to further strengthen shareholders' protection; on the other side, that the unwillingness of owners to release control is central in understanding the limited separation between ownership and control in Italy. The role of coalitions and the nature of the bank-firm relationships seem to be the main issues for both regulatory and market developments.
Italian Banking and Financial Law: Regulating Activities
Author: D. Siclari
Publisher: Springer
Published: 2016-01-12
Total Pages: 354
ISBN-13: 1137507594
DOWNLOAD EBOOKItalian banks and financial intermediaries are subject to extensive regulation which has evolved throughout the country's history. There has also been much change to the country's financial regulation in recent years in response to the globalization of markets and intermediaries. The Italian administrative and regulatory system is often perceived as a major obstacle to economic productivity, and some causes of this ineffectiveness are deeply rooted and date back to the Italian unification and juridical culture. This book provides an overview of the Italian regulation of banking and financial activities, and tracks the evolution of its 'economic Constitution' and market trends. It explores a range of topics within Italian regulation, including the regulation of banking activities, investment services and collective portfolio management. It examines in detail the relationship between intermediaries and customers, public offerings of financial instruments and products, public takeover bids, listed companies, insurance and reinsurance business. Among other current topics the authors discuss the link between investor protection and confidence in the financial markets; and assess the financial markets as a source of financing for companies.
Corporate Governance, Financial Markets and Global Convergence
Author: Morten Balling
Publisher: Springer Science & Business Media
Published: 2013-11-11
Total Pages: 358
ISBN-13: 1475726333
DOWNLOAD EBOOKfor many years been heavily dependent on bank financing, and this situation has not changed fundamentally. In his paper on stock exchange governance in the European Union Guido Ferrarini discusses the relative merits of member and investor ownership and compares stock exchange regulation in a number of EU countries. Faced with increasing competition amongst themselves and against other enterprises that offer transaction services, such as proprietary trading systems, it is essential for European stock exchanges to improve their efficiency and to generate volume. Large investments in new information technology are necessary in order to preserve competitiveness in agIobaI financial market. The implementation of the ISD has accelerated cross-border transaction activity of member firms and investors and strengthened the pressure for convergence of national stock exchange laws in the EU. In their paper, Francesco Giavazzi and Marco Battaglini look at the role played by banks in privatization processes. Banks can be involved in such processes in several ways. They may themselves be the objects of privatization since in many countries a significant fraction of the banking industry is publicly owned. This is the case in France, Spain and Italy. But banks can also be important buyers of the equity of industrial firms sold by the government if they are allowed to do so. The authors characterize privatizations as a very good opportunity to set up the right environment for the development of new financial intermediaries and in general for asound corporate governance system.
