1,721,014 research outputs found
Il bilancio di genere. Prospettive teoriche e riflessi empirici per l'accountability degli atenei
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Examining the relationship between disproportional ownership mechanisms and company performance: an empirical research
No full textL’impatto delle loyalty share e della natura proprietaria sulla performance delle imprese italiane
No full textPrompted by the proposal of creating a “Long term stock exchange” in Europe, last years have witnessed the increasing adoption of a particular type of disproportional ownership mechanism, called loyalty share. Such tool separates ownership from control and deviates from the one share-one vote rule (the proportionality principle) by providing long-term shareholders with extra voting rights.
This is especially true in Italy, where loyalty shares have started to be issued after the adoption of the Law Decree 24/06/2014 n. 91, converted into the Law 116/2014. While research has provided an overview of the markets where such disproportional ownership mechanisms are in place and has explored the changes in firm’s capitalization and control due to their use, less attention has been paid to the effects of loyalty shares on firms’ outcomes. Especially in countries where the investors’ protection is limited, the deviation from the one share-one vote rule and the increased power of blockholders arisen by loyalty shares prompt the opportunistic behavior of majority shareholders and provide incentives to the extraction of private control benefits. Indeed, while the ownership concentration due to such tools hampers the first type agency conflict, it fosters the blockholders’ entrenchment and can prevent the effective allocation of firm’s resources and the adoption of value maximizing managerial decisions. With this in mind, the study intends to investigate the implications of loyalty shares for firm performance and the moderating effect of family ownership on such relationship. To this aim, the paper empirically analyzes a sample of 285 Italian listed companies through ordinary least squares regressions. Findings support the hypotheses formulated and show that, while loyalty shares hamper firm performance, family ownership positively moderates such effect. Thereby, the research fills a gap in the literature that has devoted limited attention to loyalty shares. At the same time, it advances the debate on the implications of separating ownership from control by disproportional ownership mechanisms and sheds light into the role of family ownership and its ability to weaken the agency conflicts arisen by loyalty shares. Finally, it can improve the awareness of practitioners and policy-makers around the importance of encouraging the adoption of ownership solutions able to hinder company expropriation as well as foster long-term ownership, while balancing ownership stability and performance maximization
Pyramidal structures, voting trusts and performance: empirical evidence from Italian listed companies
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Profili di analisi dell'earnings management nelle aggregazioni aziendali. Approcci teorici ed evidenze empiriche
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Gli effetti dell'Ifrs 9 sulla rappresentazione e sulla valutazione delle altre partecipazioni e dei titoli nel bilancio consolidato
No full text"Best paper award" per il miglior articolo presentato da giovani ricercatori dell’Accademia Italiana di Economia Aziendale (AIDEA), nell’ambito del XXXVIII Convegno AIDEA, per il paper dal titolo "The role of board educational and functional background heterogeneity for firm innovation: lessons from the high-tech context".
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