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in an apparently unfavorable corporate environment (Italy), commonly depicted as one of concentrated ownership …
Persistent link: https://www.econbiz.de/10013062933
Sound corporate governance is essential for a well-functioning banking system and the integrity of financial markets. The paper discusses the corporate governance of Italian banks, its regulatory framework, and the specific challenges arising from the role played by foundations and large...
Persistent link: https://www.econbiz.de/10013045259
agency costs in Italy. Corporate governance in Italy is distinguished by the fact that a large number of Italian firms are …
Persistent link: https://www.econbiz.de/10013124689
This paper tests the impact of firms' ownership structure on firms' innovation decisions using a rich dataset of about 20,000 Italian manufacturers. After accounting for its possible endogeneity, we find that ownership concentration negatively affects the probability of innovation, especially by...
Persistent link: https://www.econbiz.de/10013096914
Persistent link: https://www.econbiz.de/10013152835
The legal environment is one important determinant of corporate governance. However, within legal families, also cultural differences can explain the level of corporate governance to some extent. We analyze this relationship for the case of Switzerland. Swiss firms are mainly located in two...
Persistent link: https://www.econbiz.de/10011390668
In recent years, there has been an increasing interest in assessing the effectiveness of corporate governance in China. This paper examines the impact of internal governance mechanisms such as ownership structure and board characteristics and debt financing on agency costs making use of a large...
Persistent link: https://www.econbiz.de/10012894146
Using a large panel of Chinese listed companies over the period 2004-2010, we document that both export propensity and intensity increase with managerial ownership up to a point of around 23%-27%, and decrease thereafter. In addition, we find a negative association between state ownership and...
Persistent link: https://www.econbiz.de/10013014387
When public institutions do not support information disclosure and contract enforcement, controlling owners may compensate by setting up ownership networks that facilitate the exchange of resources and alignment of interests. We examine how firms' controlling owners draw power from ownership...
Persistent link: https://www.econbiz.de/10012937095
The aim of this paper is to examine the effect of 2005-ownership reform and state ownership on the linkages between corporate governance mechanisms and agency costs for Chinese listed firms. Based on a large panel of Chinese listed firms, we find that following the reform managerial ownership,...
Persistent link: https://www.econbiz.de/10012867655