Italian corporate governance is characterized by advanced regulations (equalling or exceeding the continental European average) but a low degree of enforcement. The ownership structure of listed companies is highly concentrated, and public companies with dispersed ownership are rare. Most of the time, a majority shareholder (a family, a company or the government) controls a relevant stake of voting rights and exercises full control of the company. Legal devices such as pyramidal groups, non-voting shares and voting agreements are relatively widespread and allow separation of ownership from control, especially in family groups. It follows that the typical agency conflict is not between managers and shareholders, as in the United States or the United Kingdom, but between majority and minority shareholders.

Italian Corporate Governance / M. Barbi; M. Bigelli; S. Mengoli. - STAMPA. - (2009), pp. 267-275.

Italian Corporate Governance

BARBI, MASSIMILIANO;BIGELLI, MARCO;MENGOLI, STEFANO
2009

Abstract

Italian corporate governance is characterized by advanced regulations (equalling or exceeding the continental European average) but a low degree of enforcement. The ownership structure of listed companies is highly concentrated, and public companies with dispersed ownership are rare. Most of the time, a majority shareholder (a family, a company or the government) controls a relevant stake of voting rights and exercises full control of the company. Legal devices such as pyramidal groups, non-voting shares and voting agreements are relatively widespread and allow separation of ownership from control, especially in family groups. It follows that the typical agency conflict is not between managers and shareholders, as in the United States or the United Kingdom, but between majority and minority shareholders.
2009
The Handbook of International Corporate Governance
267
275
Italian Corporate Governance / M. Barbi; M. Bigelli; S. Mengoli. - STAMPA. - (2009), pp. 267-275.
M. Barbi; M. Bigelli; S. Mengoli
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/69583
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