1,720,967 research outputs found
La buona governance. Scelte e strumenti per le imprese non quotate
No full textLa buona governance è ormai un imperativo.
Tuttavia, in concreto, in che cosa consiste e quali sono i suoi benefici? Questo libro risponde a entrambi i quesiti con l’ancoraggio di una base empirica estremamente significativa, data dalla popolazione delle imprese sopra i 50 milioni di euro di fatturato monitorata dal Corporate Governance Lab di SDA Bocconi School of Management. Ne deriva una rappresentazione, per vari aspetti inedita, degli elementi distintivi della buona governance, del suo impatto positivo su strategie e performance e dei percorsi che hanno
condotto le imprese indagate a compiere progressi rilevanti, pur con una strada ancora lunga e impegnativa di fronte a sé. Come percorrerla con successo? Combinando studi, analisi quantitative ed esperienze dirette, il libro propone a imprenditori e imprenditrici e, in generale, a chi ha responsabilità apicali in imprese non quotate, riflessioni e indicazioni su come disegnare la governance corporate
e proprietaria, superare ostacoli e trappole e ricoprire al meglio i ruoli chiave. Un’attenzione speciale è riservata alle imprese familiari ma con uno sguardo anche sulle imprese a controllo di coalizione, finanziario e statale e con testimonianze dei tre operatori partner del Lab. La prospettiva aziendale dei curatori (che hanno scritto introduzione e conclusioni e quattro dei sei capitoli) si combina con quella giuridica grazie a due contributi di autori esperti di diritto societario
La buona governance aziendale e i suoi benefici. L’indice di Corporate Governance nelle imprese italiane non quotate (sopra e sotto i 50 milioni)
No full textIl Capitolo analizza la bontà della corporate governance nella popolazione delle imprese italiane di diverse forme proprietarie medie e grandi, e precisamente sopra i 50 milioni di euro di fatturato (con un ampliamento alle piccole imprese) per mezzo di un indice sviluppato ad hoc e a più dimensioni, corrispondenti a cinque best practices consolidate in termini di articolazione e di apertura a terzi del CdA. Ne emerge un quadro variegato e dinamico, in cui sono stati fatti molti progressi – premiati da performance superiori e da una loro maggior tenuta anche durante la crisi pandemica – e, nel contempo, vi sono ancora numerosi spazi di miglioramento. Il capitolo è mfrutto di una comune riflessione, ma sono da attribuirsi a Daniela Montemerlo i paragrafi 3.2 e 3.6, ad Alessandro Minichilli i paragrafi 3.1, 3.3 e 3.7 e a Valentino D’Angelo i paragrafi 3.4 e 3.5
The Diffusion of Equity Incentive Plans in Italian Listed Companies: What is the Trigger?
No full textRecent dynamics in the institutional and market environment have facilitated the propagation of equity incentive plans outside the US and the UK. This study sheds light on the reasons behind the diffusion of these plans in a country, Italy, where companies are usually controlled by a blockholder and where these instruments were almost absent until the end of the ‘90s.
To gain a deep understanding of the phenomenon, we collected data and information on both the diffusion and the technical aspects of equity incentive plans adopted by Italian listed companies in 1999 and 2005. The results show that (i) the determinant of their adoption is the firm size rather than the absence of a controlling shareholder; (ii) these plans are not extensively used to extract company value, although few cases suggest this possibility; and (iii) plans’ characteristics generally comply with the requirements in tax law so that fiscal benefits can be accessed. Our findings contribute to expand the traditional knowledge on reasons behind the adoption of equity incentive plans outside Anglo-Saxon countries, and support a symbolic perspective of corporate governance, according to which the introduction of new governance practices may not imply substantive governance reforms.
Practitioner/Policy implications: Our study recommends policymakers to improve the disclosure rules about these plans and to avoid the introduction of fiscal benefits that incentive the diffusion of some compensation schemes respect to others. Moreover, our results encourage members of remuneration committees to pay attention to the specific characteristics of the plans they design
A Contingency Model of Boards of Directors and Firm Innovation: The Moderating Role of Firm Size
No full textThis study asserts that the effects of board characteristics on firm innovation need to be evaluated with reference to contingency variables. A literature review suggests that relatively few studies adopt a contingency view when examining the outcomes of boards
of directors. This study examines the influence on firm innovation of characteristics such as board size, outsider ratio and board diversity, and suggests that their influence is contingent upon firm size. The model is tested on a sample of Italian companies and finds support for the contingency hypothesis. This study advances research on boards of directors by emphasizing the importance of context
Board tasks in small firms: The importance of motivation and evaluations
No full textThe attention to board of directors in small firms is increasing. Traditionally they have been considered to be passive and labeled paper boards or aunt boards. However, boards in small firms are now undergoing major changes. In this paper we test hypotheses of what makes boards active and allows them to contribute to value creation. Activity is seen in relation to board task involvement. Predictions based on agency theory, resource dependence theory and the resource based view of the firm are used to explore board task involvement. In a sample of 347 small firms we got strong support for hypotheses highlighting the use of the knowledge of the board members and various board maintenance tools, such as regular board evaluations, to increase board task involvement. Various contextual variables were included as control variables, but few were significantly related to board task involvement. Actionable advice to boards in small firms is provided
Boards Activity in Large Italian Companies. A Behavioural Perspective
No full textIn this article we present behavioural antecedents of board activity. We define board activity as the involvement of the board in various tasks such as control, advice, network and strategy. We adopt a behavioural perspective and hypothesize that three board attributes, i.e., board diversity, the commitment of the board members, and cognitive conflict among the board members, positively impact on the level of board activity. Our model was tested on a sample of 301 large manufacturing Italian corporations. The results support that commitment and diversity positively impact on the level of board activity; on the other hand, we did not find in the overall analysis that cognitive conflict significantly influenced board activity. However, further investigation showed that cognitive conflict may exert significant influence on some of the specific tasks of the board. Our findings suggest that behavioural attributes may shed light on what determines board activities; moreover, they suggest that future study should pay more attention to the specific tasks of the board
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Boards of Directors and Firm Innovation: an Empirical Analysis on Large Italian Companies
No full textIn this article we analyse how board characteristics influence firm innovation. Firm innovation refers to basic innovation and entrepreneurial activities internal to a firm, such as the firm emphasis on new product development, innovation technology, and RandD investments. Drawing on agency theory, we developed hypotheses on specific board structural characteristics - i.e., board size, outsider ratio, directors’ shareholdings, and CEO duality - and firm innovation. We tested our model on a sample of 301 large manufacturing Italian companies. We find support for our argument that – contrary to predictions of agency theory on CEO ownership - directors’ shareholdings negatively influence firm propensity to innovate. Our results also suggest that board size may play a role in shaping firm propensity toward innovation
Come rafforzare la governance proprietaria e aziendale: le imprese familiari tra eccellenze uniche e ostacoli persistenti (con qualche rimedio)
No full textIl capitolo si focalizza sulle imprese familiari – che rappresentano l’80% della popolazione delle imprese analizzate nel volume (medie e grandi imprese sopra i 50 milioni di Euro di fatturato) – offrendo alcune riflessioni su quattro punti di eccellenza delle famiglie imprenditoriali in grado di amplificare la qualità della governance proprietaria, ma anche aziendale e delle famiglie stesse e su quattro ostacoli alla buona governance a tutti i livelli ancora ben radicati e sempre più dannosi, e proponendo alcune idee per superarli e portarsi un passo avanti a fronte delle grandi sfide da affrontare
- …
