1,721,012 research outputs found
FIRM VALUE IN FAMILY-CONTROLLED FIRMS: THE INFLUENCE OF THE BOARD OF DIRECTORS
No full textLa tesi si pone l’obiettivo di investigare la relazione tra composizione del CDA e le performance delle imprese familiari quotate italiane.
Il database, interamente raccolto a mano, copre un periodo di 3 anni (2014-2016). Il numero totale di amministratori analizzati è 2.661. Per ogni amministratore sono state acquisite 26 variabili per un totale di 69,186 dati raccolti.
La variabili sono state estratte guardando alle esperienze professionali e al ruolo di ogni amministratore all'interno del CDA. Precisamente, le variabili fanno riferimento alle precedenti esperienze lavorative, alle possibili connessioni generate con altre imprese, a conoscenze tecniche acquisite (commercialista, avvocato, consulente strategico e professore), al livello di educazione scolastica, l’appartenenza alla famiglia controllante, caratteristiche specifiche (genere, età e nazionalità), eventuali esperienze all’estero e altri elementi dettagliati nella tesi.
Queste variabili sono chiamate “strutturate” quando sono acquisite direttamente della “relazione annuale sulla corporate governance” (art. 123- bis TUF), documento obbligatorio per le società quotate italiane e “non strutturate” quando sono state acquisite per il tramite dei curricula presentati dagli amministratori alla data di nomina.In this dissertation I investigate the relation between board composition and the performance of family-controlled firms.
The element that makes this thesis unique is that the database was entirely hand-collected, with the analysis covering the three-year period from 2014 to 2016 for a total of 2,661 directors analyzed, and 26 variables extracted for each director1. The total number of hand-collected variables for all the board members is 69,186.
The board composition is measured using different variables extracted directly from the board members’ characteristics and professional experiences. The board members’ characteristics are measured in terms of previous work experiences, specific connections with other companies, work experience in specific sectors, personal characteristics, level and type of education, international experience, role and power on the board and the relation with the family (family member or not). These variables are called “structured variables” when they are collected using the table that Italian listed companies must publish every year in a report called “Corporate Governance report and ownership structure” (art. 123- bis TUF). In contrast, variables are considered “unstructured variables” when they are collected using the information provided in the directors’ curricula
Capitolo 2 - Soggetto Economico e Corporate Governance” in Economia Aziendale: modelli, misure e casi
No full textA literature review on corporate governance and ESG research: Emerging trends and future directions
Full text linkExtant research emphasizes that corporate governance (CG) significantly influences environmental, social, and governance (ESG) outcomes. This paper undertakes a content analysis and reviews 91 academic articles published in 41 journals over the past 14 years (2010-2023). We examine the role of CG in ESG outcomes by focusing on CG themes, ESG indicators, theories, countries, and empirical methodologies used to address endogeneity. The findings show that several factors collectively impact ESG outcomes positively. Such factors include female directors, institutional investors, independent directors, CEO characteristics, directors' compensation, and sustainability committees. Relatedly, the findings also suggest that family ownership may potentially exert a detrimental effect on ESG performance. Despite the burgeoning evidence on CG and ESG outcomes, we highlight several understudied areas, such as directors' ESG expertise in specific ESG-related sectors and CEO tenure. Furthermore, we ca..
The veil of secrecy: Family firms’ approach to ESG transparency and the role of institutional investors
Full text linkOur analysis explores the relationship between family ownership and ESG (Environmental, Social, Governance) transparency in Italian companies from 2016–2020, employing agency theory, stakeholder theory, and Socio Emotional Wealth (SEW). We find that family-owned firms typically exhibit lower ESG transparency, especially in social aspects, due to priorities like privacy and legacy. Institutional investors (IIs), however, play a crucial role in enhancing transparency, mitigating the usual opacity in these firms. This highlights the importance of IIs in advancing ESG disclosures, providing strategic insights for addressing the transparency challenges associated with family ownership and improving governance practices to narrow the corporate transparency gap
Investor sentiment and dynamic connectedness in European markets: insights from the covid-19 and Russia-Ukraine conflict
No full textThe primary objective of this study is to explore the dynamic relationships between equity returns or
volatility and sentiment factors in European markets during both the periods preceding the COVID-19
pandemic, the COVID-19 itself, and the Russia-Ukraine war. We achieve this by applying the network
methodology initially introduced by Diebold & Yilmaz (2014), along with its extensions based on realized
measures and generalized forecast error variance decomposition, as proposed by Baruník & Křehlík (2018)
and Chatziantoniou et al. (2023). Additionally, we investigate how the global sentiment factor influences
the overall connectedness index by employing a quantile-on-quantile approach, following the methods
outlined by Sim & Zhou (2015) and Bouri et al. (2022). To conduct our analysis, we utilize daily-frequency
data encompassing the period from January 1, 2011, to December 31, 2023, covering the entirety of the
COVID-19 pandemic in 2020 and the Russia-Ukraine conflict in 2022 across six European stock indices.
Our primary discovery is the interconnectedness of both returns and sentiment. Furthermore, our results
indicate that during the COVID-19 and Russia-Ukraine war, there is a notable increase in volatility
spillovers among the analyzed stock indices, driven by the heightened interconnectedness between stock
market returns
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