10,593 research outputs found
Dati disaggregati e analisi della struttura industriale: la matrice europea delle quote di mercato
No full textWP 10/1996
CORPORATE GOVERNANCE AND CAPITAL ACCUMULATION: FIRM-LEVEL EVIDENCE FROM ITALY
No full textThis study investigates the impact of investor protection on firm ownership and capital growth in a model where investor protection is allowed to vary between firms. Using panel data for Italy, we construct firm level variables to capture the degree of investor protection, which is observable to all shareholders. Empirical evidence indicates that the stronger the investor protection the lower the fraction of equity that is owned by insiders. Results show that higher insider equity ownership is linked to larger risk premiums and higher costs of capital. Implications suggest that the magnitude of capital stock distortions is particularly important when shareholder protection is weak and ownership concentration is hig
Access Regulation, Financial Structure and Investment in Vertically Integrated Utilities: Evidence from EU Telecoms
No full textWe examine theoretically and empirically the relationship between access regulation, financial structure and investment decisions in network industries, analyzing if financial variables can be used as a strategic device to influence the regulator’s price setting decisions. Using a panel of 15 EU Public Telecommunication Operators (PTOs) over the period 1994-2005, we first investigate the determinants of regulated prices (both wholesale and retail), firm financial structure and investment, and then test the relationship between leverage, regulated charges and firm’s investment. However, our model suggests that if leverage influences the regulated access charges, then it will also impact competition in the downstream segment. Therefore, we also investigate the impact of the PTO’s leverage on market competition. Our results show that leverage positively affects regulated rates, as well as the PTOs’ investment rate, as predicted by Spiegel and Spulber (1994). Moreover, higher leverage also leads to higher access charges and an increase in leverage is followed by a decrease in the number of competitors and by an increase of the incumbent’s market share. This suggests that the strategic use of debt to discipline the regulator’s lack of commitment within a vertically integrated network industry may somewhat impair or delay competition in the retail segment, but has a favorable counterpart in mitigating the underinvestment problem.
The post-IPO growth of Italian firms. Is there a link between inside ownership and underinvestment?
No full textLinee evolutive dell'assetto industriale del Mezzogiorno. Confronto tra i dati censuari del ‘71 e dell''81 e con altre aree territoriali
No full textIncentivizing the Owner: Why Family Firms offer Pay-for-performance Contracts to their CEOs
No full textWe study the managers’ compensation schemes adopted by publicly listed family firms by means of a theoretical model and an empirical analysis. Existing empirical literature finds puzzling evidence about the structure of family CEOs’ pay, which apparently contradicts the fundamental tenets of principal-agent theory under moral hazard. In particular, family CEOs typically exhibit lower expected pay but higher pay-for-performance sensitivity than external managers, despite their large inside ownership. In a theoretical model, we show that the outcome-related compensation structure of family CEOs reduces the CEO’s incentive to divert value from minority shareholders. We test the main hypotheses on a panel of Italian listed family firms (2000-2017), for which we have collected data on CEOs’ parental ties, cash and equity-based components of CEOs’ pay and internal corporate governance mechanisms. The evidence confirms our theoretical predictions
Modelli interpretativi per l'analisi dello sviluppo della grande impresa: confronto tra imprese pubbliche e private
No full text
- …
