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Corporate Governance in Italian Listed Companies and Compliance to Best Practices: An Empirical Research
| Content Provider | Semantic Scholar |
|---|---|
| Author | Romano, Giulia |
| Copyright Year | 2010 |
| Abstract | This study aim to: (1) monitor the evolution of corporate governance practices in Italian listed companies from 2003 to 2005; (2) evaluate the formal and substantial compliance to the Corporate Governance Code; (3) define if listing segment/market (and consequently also capitalization) is significantly related with the adoption of best practices. The research arose from the analysis of data contained in the “Summary reports”, a questionnaire that Consob, the public authority responsible for regulating the Italian securities market, receive annually from the Board of Auditors, a statutory and mandatory control board typical of the Italian corporate governance system, of Italian listed companies. We find that nearly every Italian listed company adopts the Corporate Governance Code and its most important best practices. However, we find some contradictory discrepancies. We also find that the adoption of the Corporate Governance Code is significantly related to listing segment/market. The study contributes to enriching the knowledge of the corporate governance system in Italy that has its own unique features. In Italian listed companies governance best practices have become widespread; nevertheless in some companies still persist critical aspects that support the idea that in some cases there is only a “formal” adhesion to best practices instead of a substantial compliance. This study show that governance of Italian listed companies has been improved during the last few years in order to reach international standards. However, an enhancement in the substantial compliance to best practices is still needed. |
| Starting Page | 123 |
| Ending Page | 139 |
| Page Count | 17 |
| File Format | PDF HTM / HTML |
| DOI | 10.22495/cocv8i1p11 |
| Volume Number | 8 |
| Alternate Webpage(s) | https://www.virtusinterpress.org/IMG/pdf/10-22495_cocv8i1p11.pdf |
| Alternate Webpage(s) | https://doi.org/10.22495/cocv8i1p11 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
