CORPORATE GOVERNANCE IN ITALIAN LISTED COMPANIES AND COMPLIANCE TO BEST PRACTICES: AN EMPIRICAL RESEARCH

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Abstract

This study aims to: (1) monitor the evolution of corporate governance practices in Italian listed companies; (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 The research arose from the analysis of data contained in an unpublished source of information made available by the public authority responsible for regulating the Italian securities market. We find that nearly every listed company adopts the Code and its most important best practices. However, we find some contradictory discrepancies. We also find that the adoption of the Code is significantly related to listing segment/market.

Keywords: Corporate Governance, Best Practices Code, Italy, Listed Companies

How to cite this paper: Romano, G. (2010). Corporate governance in Italian listed companies and compliance to best practices: An empirical research. Corporate Ownership & Control, 8(1), 123-139. https://doi.org/10.22495/cocv8i1p11