Abstract

The 2003 Italian Corporate Reform Law, establishing one-tier vs two-tier board for listed and unlisted joint stock companies, introduced an alternative corporate governance system. This study implements probit regressions in order to compare 548 unlisted firms: corporations with better performance in sales and capital structure, as well as those subject to control and coordination , maintain a traditional system. Conversely, firms with a high proportion of individual shareholders adopt alternative systems. For alternative systems' firms, split between one-tier and two-tier boards, companies subjected to control and coordination action tend to implement a one-tier system, same as firms with a higher proportion of individual shareholders.
Lingua originaleEnglish
pagine (da-a)4-15
Numero di pagine12
RivistaPROBLEMS & PERSPECTIVES IN MANAGEMENT
Volumeissue 3
Stato di pubblicazionePubblicato - 2010

Keywords

  • Corporate governance
  • Sistema di amministrazione e controllo monistico
  • Sistemi alternativi di amministrazione e controllo
  • Sistemi di amministrazione e controllo alternativi
  • alternative corporate governance system
  • one-tier board
  • two-tier board

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