Banche e adesione al Codice di Autodisciplina sulla Corporate Governance: forma o sostanza?

We examine the quality of corporate governance disclosure of the italian listed banks in the period 2010-2012, using two complementary methodologies. First, using a statistical software, we measure the degree of new information that each bank disseminates on corporate governance by publishing its Corporate Governance Report; second, we measure the degree of substantive compliance to the corporate governance code by examining in detail the quality of information on the implementation of the “Comply or explain principle”. The results indicate that there is room for increasing the quality of corporate governance disclosure.