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Challenging issues and fundamental concepts of corporate governance
No full textDear readers, it is a great pleasure to present the research papers published in the latest issue of the journal “Corporate Ownership and Control”. The recent volume examines several relevant topics in the international framework such as the role of corporate governance in financial institutions both in Italy and in international contexts, the governance system in Italy, with a specific focus on the adoption of gender quotas and on risk disclosure. Two very interesting researches that highlight, respectively, the determinants of the voluntary disclosure and the importance of international accounting standards in South America, complete the issue
Consiglio di amministrazione e valore d'impresa
No full textThis paper examines the role of the board of governances in influencing the value of the firm. In particular, we study the impact of the five most important characteristics of corporate governance on firm value of the Italian listed firms during the period 2003-2013. The empirical findings, based on sample of 193 firms-year and 1613 total observations, show the predominance of the benefits deriving of stewardship theory and resource dependence theory rather than the disadvantages related to agency theory. The results, obtained using panel data analysis, show that performance are positively affected by the presence of Busy governances and Board Size. On contrary to our expectations, CEO duality, Independent and Female Governances do not influence firm value
The role of family control in affecting the relationship between CEO duality and firm performance before and during the crisis
No full textUsing agency theory, stewardship theory and socio-emotional wealth theory perspectives, we examine the relationship between CEO duality and the performance of Italian publicly listed companies over the period 2003–2013. In addition, the role of moderating factors, before and during the recent financial crisis, is investigated. The results, without considering the role of family control as moderating factors, show a negative effect of dual leadership on performance, in line with the point of view of agency theory. However, focusing on family firms only, we observe that family CEO duality increases the performance of firms during the financial and economic crisis. Our study confirms the advantages of family control in a period of crisis and highlights the importance of family firms for Italy
Jonas Gabrielsson, Wafa Khlif and Sibel Yamak (eds.): Research handbook on board of directors: Edward Elgar Publishing, 2019
No full textCorporate governanc
Context-Specific and Firm-Specific Factors and Their Effect on Banking Credit Policies in Post-Unification Southern Italy: A Case Study
Full text linkThe paper presents a case study based on the credit policies of a southern Italian bank, named “Cassa di
Risparmio di Calabria”, which operated between 1861 and 1998. We opted to investigate the role of “Cassa di
Risparmio di Calabria” because historical researchers considered it, in the years following the unification process
of Italy, the most important local bank in southern of the country. In order to analyze the credit policies of the
Cassa di Risparmio di Calabria, we employed an interdisciplinary approach, using Canergie and Napier’s
framework, which allows us to investigate both contextual and firm-specific factors that affected the way in
which the firm adopted its credit policies emerging from bookkeeping.
To address the research question of the paper a case study has been used. This methodology fits very well with
the purpose of this paper because it offers the possibility of investigating a firm's policies from a practical rather
than a theoretical point of view, through the exploration of a complex phenomenon in a specific context.. The use
of a case study provides scholars a rich source of data from a real setting with the aim to deepen the
understanding of the investigated phenomena.
To address the research question, we used moreover archival sources, both accounting and non-accounting
documents, as well to several statutes and notary protocols, old books, journal and ledgers. The findings
highlight the important part of the local bank in contributing to the economic development of the area and its role
in improving the human conditions within the territories under its jurisdiction, as well as the great importance to
socio-educational investments. Diversely, from the qualitative analyses it emerges the marginal support to the
manufacturing and commercial activities. The article contributes to enlarging the knowledge of the functioning
of the credit sector in southern Italy after unification. The originality of the article lies in the use of an
interdisciplinary approach, specifically the Canergie and Napier framework, to analyze credit policies of a bank
Book review: “Corporate governance in emerging economies: Theory and practice”
Full text linkCorporate Governanc
Il falso in bilancio
No full textIl capitolo affronta la tematica relativa al falso in bilancio alla luce della rivisitazione da parte del legislatore nazionale, il quale, attraverso la legge n. 69 del 2015, conosciuta anche come legge anticorruzione, ha inteso riformare interamente quanto previsto dalla precedente normativa
Quote rosa e performance d'impresa. Profili qualitativi e numerosità a confronto
No full textOver last years, lot of studies examine the relationship between gender diversity and firm performance,
reaching conflicting empirical results. Some authors find a positive relationship (Liu et al. 2014; Terjesen et al. 2016), while other
researchers observe the presence of a negative link between diversity and firm value (Adams and Ferreira 2009; Ahern and
Dittmar 2012). The importance of gender diversity on boards can be described both by the vision of agency theory and in the
resource dependence framework. From an agency theory perspective, the presence of female directors in the board should increase a
company’s profits, primarily by reducing agency problems in the firms and improving monitoring abilities. Diversely, following
resource dependence theory, female directors bring unique skills, valuable resources and useful networks to the board, contributing
to enhancing the decision-making capabilities of the firm and, thus, they can enhance firm performance. Our empirical study
analyzes the impact of Italian gender quotas on performance of Italian listed companies. Specifically, we study the effect of the
presence and the role of women in the boardroom and some of their personal characteristics, i.e. education. Using data from 195
Italian listed firms during the period 2006-2015, the aim is to show the effect arising of the introduction of the Italian law
120/2011, which forces the listed companies to reserve a mandatory quota to female directors in the board. The results show an
insignificant effect of the continuous variable female directors on performance. However, focusing on the number of female directors,
employing some dummy variables that measure the different participation of female in the board (one, two and more than three
female), we observe in presence of a minimum of three female directors firms have lower performance. In addition, the main
empirical findings allow us to state the importance of graduate female directors. Indeed, their presence improve the quality of the
board and lead to superior financial performance. Diversely, the independent female directors reduce firm performance. The result is
consistent with the point of view that indicates that too much board monitoring can decrease shareholder value. Lastly, the executive
female directors do not affect firm performance
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