Corporate control: Persistence and the shifting role of control-enhancing mechanisms in Italian listed firms (1978–2018)

This paper analyses the evolution of ownership and control of non-financial listed firms in Italy from 1978 to\r\n2018. Corporate control is persistent in the Italian stock market, and this is a constant trait across time periods.\r\nInstead, ownership has changed over time. The use of control-enhancing mechanisms and, relatedly, the wedge\r\nhas followed an irregular path. Legal and market conditions significantly influence how controlling shareholders\r\nstructure their ownership and control over time. Family capitalism remains pervasive.