Corporate Governance and Performance: Evidence from Italian Companies
Affiliation(s)
1 Cattaneo University (LIUC), Castellanza, Italy. 2 Bocconi University, Milan, Italy.
1 Cattaneo University (LIUC), Castellanza, Italy. 2 Bocconi University, Milan, Italy.
ABSTRACT
The purpose of this paper is to verify the presence and intensity (extent) of the relationship between corporate governance and performance in Italian listed companies by using both accounting and non-accounting performance measures. We extended previous literature in considering all the main aspects of governance (board structure and ownership structure) and all relevant peculiarities of Italian entrepreneurial system (family business, concentrated ownership, State ownership, pyramidal groups). In the first part of the paper, we used regression analysis on a sample of 182 Italian listed companies to find that firm performance was positively related to board size and audit committee’s effort and negatively related to leverage, although with a very low coefficient. No particular relationship was highlighted for ownership structure. We tested the consistency of this finding by doing a follow-up analysis between a sub-group of 134 of 2003 sample companies and the same companies in 2007 to verify the stability of the determinants of performance and their relative impact overtime. What we found was that only board size kept its positive relation with performance. Audit committee and leverage lost their relevance in 2007 sample in which the presence of a compensation committee showed a positive impact on performance. From our findings, we can conclude that, according to other studies (Belcredi & Rigamonti [1]), the relationship among ownership and corporate governance structure and firm performance is ambiguous. The ambiguity improves if considering the relationship overtime.
The purpose of this paper is to verify the presence and intensity (extent) of the relationship between corporate governance and performance in Italian listed companies by using both accounting and non-accounting performance measures. We extended previous literature in considering all the main aspects of governance (board structure and ownership structure) and all relevant peculiarities of Italian entrepreneurial system (family business, concentrated ownership, State ownership, pyramidal groups). In the first part of the paper, we used regression analysis on a sample of 182 Italian listed companies to find that firm performance was positively related to board size and audit committee’s effort and negatively related to leverage, although with a very low coefficient. No particular relationship was highlighted for ownership structure. We tested the consistency of this finding by doing a follow-up analysis between a sub-group of 134 of 2003 sample companies and the same companies in 2007 to verify the stability of the determinants of performance and their relative impact overtime. What we found was that only board size kept its positive relation with performance. Audit committee and leverage lost their relevance in 2007 sample in which the presence of a compensation committee showed a positive impact on performance. From our findings, we can conclude that, according to other studies (Belcredi & Rigamonti [1]), the relationship among ownership and corporate governance structure and firm performance is ambiguous. The ambiguity improves if considering the relationship overtime.
Cite this paper
Fratini, F. and Tettamanzi, P. (2015) Corporate Governance and Performance: Evidence from Italian Companies. Open Journal of Business and Management, 3, 199-218. doi: 10.4236/ojbm.2015.32020.
Fratini, F. and Tettamanzi, P. (2015) Corporate Governance and Performance: Evidence from Italian Companies. Open Journal of Business and Management, 3, 199-218. doi: 10.4236/ojbm.2015.32020.
References
[1] Belcredi, M. and Rigamonti, S. (2008) Ownership and Board Structure in Italy (1978-2003). Proceedings of the EFMA Annual Meeting, Athens, 25-28 June 2008, 1-36. [2] Abdel-khalik, A.R. (2002) Reforming Corporate Governance Post Enron: Shareholders’ Board of Trustees and the Auditor. Journal of Accounting and Public Policy, 21, 97-103.
http://dx.doi.org/10.1016/S0278-4254(02)00040-6 [3] Revsine, L. (2002) Enron: Sad but Inevitable. Journal of Accounting and Public Policy, 21, 137-145.
http://dx.doi.org/10.1016/S0278-4254(02)00044-3 [4] Blair, M.M. (2002) Post Enron Reflections on Comparative Corporate Governance. Business, Economics and Regulatory Law—Working Paper No. 316663, Georgetown University Law Centre, Washington DC. [5] Palepu, K. and Healy, P.M. (2003) The Fall of Enron. Journal of Economic Perspectives, 17, 3-26.
http://dx.doi.org/10.2139/ssrn.417840 [6] Berle, A. and Means, G. (1932) The Modern Corporation and Private Property. Commerce Clearing House, New York. [7] Shleifer, A. and Vishny, R. (1997) A Survey of Corporate Governance. Journal of Finance, 52, 737-783.
http://dx.doi.org/10.1111/j.1540-6261.1997.tb04820.x [8] Jensen, M.C. and Meckling, W.H. (1976) Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305-360.
http://dx.doi.org/10.1016/0304-405X(76)90026-X [9] Fama, E.F. and Jensen, M.C. (1983) Separation of Ownership and Control. Journal of Law and Economics, 26, 301- 325.
http://dx.doi.org/10.1086/467037 [10] Keasey, K., Thompson, S. and Wright, M. (1997) Corporate Governance: Economic and Financial Issues. Oxford University Press, Norfolk. [11] Fama, E.F. (1980) Agency Problems and the Theory of the Firm. Journal of Political Economy, 88, 288-307.
http://dx.doi.org/10.1086/260866 [12] Hermalin, B.E. and Weisbech, M.S. (1991) The Effects of Board Composition and Direct Incentives on Firm Performance. Papers 91-02, Business-Financial Research and Policy Studies, Rochester. [13] Bhagat, S. and Black, B. (2001) The Non-Correlation between Board Independence and Long Term Firm Performance. Journal of Corporation Law, 27, 231-274. [14] Dulecwicz, V. and Herbert, P. (2004) Does the Composition and Practice of Boards of Directors Bear Any Relationship to the Performance of their Companies? Corporate Governance: An International Review, 12, 263-280.
http://dx.doi.org/10.1111/j.1467-8683.2004.00368.x [15] Pfeffer, J. (1972) Size and Composition of Corporate Boards of Directors: The Organization and Its Environment. Administrative Science Quarterly, 17, 218-228.
http://dx.doi.org/10.2307/2393956 [16] Yermack, D. (1996) High Market Valuation of Companies with a Small Board of Directors. Journal of Financial Economics, 40, 185-211.
http://dx.doi.org/10.1016/0304-405X(95)00844-5 [17] Muth, M. and Donaldson, L. (1998) Stewardship Theory and Board Structure: A Contingency Approach. Corporate Governance: An International Review, 6, 2-28.
http://dx.doi.org/10.1111/1467-8683.00076 [18] Agrawal, A. and Knoeber, C.R. (1999) Outside Directors, Politics, and Firm Performance.
http://ssrn.com/abstract=85310 [19] Dehaene, A., De Vuyst, V. and Ooghe, H. (2001) Corporate Performance and Board Structure in Belgian Companies. Long Range Planning, 34, 383-398.
http://dx.doi.org/10.1016/S0024-6301(01)00045-0 [20] Kiel, G.C. and Nicholson, G.J. (2003) Board Composition and Corporate Performance: How the Australian Experience Informs Contrasting Theories of Corporate Governance. Corporate Governance: An International Review, 11, 189-205.
http://dx.doi.org/10.1111/1467-8683.00318 [21] Dalton, D.R., Daily, C.M., Johnson, J.L. and Ellstrand, A.E. (1999) Number of Directors and Financial Performance: A Meta-Analysis. The Academy of Management Journal, 42, 674-686.
http://dx.doi.org/10.2307/256988 [22] Eisenberg, T., Sundgren, S. and Wells, M.T. (1998) Larger Board Size and Decreasing Firm Value in Small Firms. Journal of Financial Economics, 48, 35-54.
http://dx.doi.org/10.1016/S0304-405X(98)00003-8 [23] Lipton, L. and Lorsch, J. (1992) A Modest Proposal for Improved Corporate Governance. The Business Lawyer, 48, 59-77. [24] Jensen, M.C. (1993) The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48, 831-880.
http://dx.doi.org/10.2307/2329018 [25] Boyd, B.K. (1995) CEO Duality and Firm Performance: A Contingency Model. Strategic Management Journal, 16, 301-312.
http://dx.doi.org/10.1002/smj.4250160404 [26] Dalton, D.R., Daily, C.M., Ellstrand, A.E. and Johnson, J.L. (1998) Meta-Analytic Reviews of Board Composition, Leadership Structure, and Financial Performance. Strategic Management Journal, 19, 269-290.
http://dx.doi.org/10.1002/(SICI)1097-0266(199803)19:3<269::AID-SMJ950>3.0.CO;2-K [27] Vafeas, N. and Theodorou, E. (1998) The Relationship between Board Structure and Firm Performance in the UK. The British Accounting Review, 30, 383-407.
http://dx.doi.org/10.1006/bare.1998.0075 [28] Dowen, R.J. (1995) Board Director Quality and Firm Performance. International Journal of the Economics of Business, 2, 123-132.
http://dx.doi.org/10.1080/758521100 [29] Klein, A. (1998) Firm Performance and Board Committee Structure. Journal of Law and Economics, 16, 275-303.
http://dx.doi.org/10.1086/467391 [30] Wild, J.J. (1994) Managerial Accountability to Shareholders: Audit Committees and the Explanatory Power of Earning for Returns. British Accounting Review, 26, 353-374.
http://dx.doi.org/10.1006/bare.1994.1024 [31] Brown, L.D. and Caylor, M.L. (2004) Corporate Governance and Firm Performance.
http://ssrn.com/abstract=586423 [32] Morck, R., Shleifer, A. and Vishny, R.W. (1988) Management Ownership and Market Valuation. Journal of Financial Economics, 20, 293-315.
http://dx.doi.org/10.1016/0304-405X(88)90048-7 [33] McConnell, J.J. and Servaes, H. (1990) Additional Evidence on Equity Ownership and Corporate Value. Journal of Financial Economics, 27, 595-612.
http://dx.doi.org/10.1016/0304-405X(90)90069-C [34] Holderness, C., Kroszner, R. and Sheehan, D. (1999) Were the Good Old Days That Good? Changes in Managerial Stock Ownership since the Great Depression. Journal of Finance, 54, 435-469.
http://dx.doi.org/10.1111/0022-1082.00114 [35] Short, H. and Keasey, K. (1999) Managerial Ownership and the Performance of Firms: Evidence from the UK. Journal of Corporate Finance, 5, 79-101.
http://dx.doi.org/10.1016/S0929-1199(98)00016-9 [36] Lins, K. (2002) Equity Ownership and Firm Value in Emerging Markets. Journal of Financial and Quantitative Analysis, 38, 159-184.
http://ssrn.com/abstract=331320
http://dx.doi.org/10.2307/4126768 [37] La Porta, R., Lopez-de-Sinales, F., Shleifer, A. and Vishny, R. (2002) Investor Protection and Corporate Valuation. Journal of Finance, 57, 1147-1170.
http://dx.doi.org/10.1111/1540-6261.00457 [38] Demsetz, H. and Villalonga, B.(2001) Ownership Structure and Corporate Performance. Journal of Corporate Finance, 7, 209-233.
http://dx.doi.org/10.1016/S0929-1199(01)00020-7 [39] Volpin, P. (2002) Governance with Poor Investor Protection: Evidence from Top Executive Turnover in Italy. Journal of Financial Economics, 64, 61-90.
http://dx.doi.org/10.1016/S0304-405X(02)00071-5 [40] Denis, D.K. and McConnell, J.J. (2003) International Corporate Governance. Finance Working Paper No. 5/03, ECGI. [41] Bianco, M. and Casavola, P. (1999) Italian Corporate Governance: Effects on Financial Structure and Firm Performance. European Economic Review, 43, 1057-1069.
http://dx.doi.org/10.1016/S0014-2921(98)00114-7 [42] Bianchi, M., Bianco, M. and Enriques, L. (2002) Pyramidal Groups and the Separation between Ownership and Control in Italy. In: Barca, F. and Becht, M., Eds., The Control of Corporate Europe, Oxford University Press, Oxford, 154-188.
http://dx.doi.org/10.1093/0199257531.003.0006 [43] La Porta, R., Lopez-de-Sinales, F. and Shleifer, A. (1998) Corporate Ownership around the World. NBER Working Paper No. W6625.
http://ssrn.com/abstract=226343 [44] Faccio, M. and Lang, L.H.P. (2002) The Ultimate Ownership of Western European Corporations. Journal of Financial Economics, 65, 365-395.
http://dx.doi.org/10.1016/S0304-405X(02)00146-0 [45] Holderness, C. and Sheehan, D. (1988) The Role of Majority Shareholders in Publicly Held Corporations. Journal of Financial Economics, 20, 317-346.
http://dx.doi.org/10.1016/0304-405X(88)90049-9 [46] Anderson, R. and Reeb, D.M. (2003) Founding Family Ownership and Firm Performance: Evidence from the S&P 500. Journal of Finance, 58, 1301-1329.
http://dx.doi.org/10.1111/1540-6261.00567 [47] Villalonga, B. and Amit, R.H. (2004) How Do Family Ownership, Control, and Management Affect Firm Value? AFA 2005 Philadelphia Meetings; EFA 2004 Maastricht Meetings Paper No. 3620.
http://ssrn.com/abstract=556032 [48] Ben-hamar, W. and André, P. (2005) Separation of Ownership from Control and Acquiring Firm Performance: The Case of Family Ownership in Canada.
http://ssrn.com/abstract=676352 [49] Górriz, C.G. and Fumás, V.S. (2005) Family Ownership and Performance: The Net Effect of Productive Efficiency and Growth Constraints. Finance Working Paper No. 66/05, ECGI. [50] Barontini, R. and Caprio, L. (2005) The Effect of Family Control on Firm Value and Performance: Evidence from Continental Europe. Finance Working Paper No. 88/05, ECGI. [51] Kocenda, E. and Svejnar, J. (2002) The Effects of Ownership Forms and Concentration on Firm Performance after Large-Scale Privatization. William Davidson Institute Working Papers Series, No. 471a. [52] Grünfeld, L.A., Benito, G.R.G. and Goldeng, E. (2004) The Inferior Performance of State Owned Enterprises: Is It Due to Ownership or Market Structure? NUPI Working Paper No. 663.
http://ssrn.com/abstract=741787 [53] Tian, L. and Estrin, S. (2005) Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value? IZA Discussion Paper Series No. 1493. [54] Lemmon, M. and Lins, K. (2001) Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crises. William Davidson Institute Working Papers Series, No. 393. [55] Melis, A. (1998) Corporate Governance in Europe. An Empirical Analysis of the Italian Case among Non Financial Listed Companies. Working Paper.
http://ssrn.com/abstract=168728 [56] Tobin, J. (1969) A General Equilibrium Approach to Monetary Theory. Journal of Money, Credit and Banking, 1, 15- 29.
http://dx.doi.org/10.2307/1991374 [57] Aganin, A. and Volpin, P. (2003) History of Corporate Ownership in Italy. Finance Working Paper No. 17/03, ECGI. [58] Bianchi, M. and Bianco, M. (2006) Italian Corporate Governance in the Last 15 Years: From Pyramids to Coalitions. Finance Working Papers No. 144/2006, ECGI.
http://ssrn.com/abstract_id=952147 [59] Yaffee, R. (2002) Robust Regression Analysis: Some popular Statistical Package Options. ITS, New York University, New York.
[1] Belcredi, M. and Rigamonti, S. (2008) Ownership and Board Structure in Italy (1978-2003). Proceedings of the EFMA Annual Meeting, Athens, 25-28 June 2008, 1-36. [2] Abdel-khalik, A.R. (2002) Reforming Corporate Governance Post Enron: Shareholders’ Board of Trustees and the Auditor. Journal of Accounting and Public Policy, 21, 97-103.
http://dx.doi.org/10.1016/S0278-4254(02)00040-6 [3] Revsine, L. (2002) Enron: Sad but Inevitable. Journal of Accounting and Public Policy, 21, 137-145.
http://dx.doi.org/10.1016/S0278-4254(02)00044-3 [4] Blair, M.M. (2002) Post Enron Reflections on Comparative Corporate Governance. Business, Economics and Regulatory Law—Working Paper No. 316663, Georgetown University Law Centre, Washington DC. [5] Palepu, K. and Healy, P.M. (2003) The Fall of Enron. Journal of Economic Perspectives, 17, 3-26.
http://dx.doi.org/10.2139/ssrn.417840 [6] Berle, A. and Means, G. (1932) The Modern Corporation and Private Property. Commerce Clearing House, New York. [7] Shleifer, A. and Vishny, R. (1997) A Survey of Corporate Governance. Journal of Finance, 52, 737-783.
http://dx.doi.org/10.1111/j.1540-6261.1997.tb04820.x [8] Jensen, M.C. and Meckling, W.H. (1976) Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305-360.
http://dx.doi.org/10.1016/0304-405X(76)90026-X [9] Fama, E.F. and Jensen, M.C. (1983) Separation of Ownership and Control. Journal of Law and Economics, 26, 301- 325.
http://dx.doi.org/10.1086/467037 [10] Keasey, K., Thompson, S. and Wright, M. (1997) Corporate Governance: Economic and Financial Issues. Oxford University Press, Norfolk. [11] Fama, E.F. (1980) Agency Problems and the Theory of the Firm. Journal of Political Economy, 88, 288-307.
http://dx.doi.org/10.1086/260866 [12] Hermalin, B.E. and Weisbech, M.S. (1991) The Effects of Board Composition and Direct Incentives on Firm Performance. Papers 91-02, Business-Financial Research and Policy Studies, Rochester. [13] Bhagat, S. and Black, B. (2001) The Non-Correlation between Board Independence and Long Term Firm Performance. Journal of Corporation Law, 27, 231-274. [14] Dulecwicz, V. and Herbert, P. (2004) Does the Composition and Practice of Boards of Directors Bear Any Relationship to the Performance of their Companies? Corporate Governance: An International Review, 12, 263-280.
http://dx.doi.org/10.1111/j.1467-8683.2004.00368.x [15] Pfeffer, J. (1972) Size and Composition of Corporate Boards of Directors: The Organization and Its Environment. Administrative Science Quarterly, 17, 218-228.
http://dx.doi.org/10.2307/2393956 [16] Yermack, D. (1996) High Market Valuation of Companies with a Small Board of Directors. Journal of Financial Economics, 40, 185-211.
http://dx.doi.org/10.1016/0304-405X(95)00844-5 [17] Muth, M. and Donaldson, L. (1998) Stewardship Theory and Board Structure: A Contingency Approach. Corporate Governance: An International Review, 6, 2-28.
http://dx.doi.org/10.1111/1467-8683.00076 [18] Agrawal, A. and Knoeber, C.R. (1999) Outside Directors, Politics, and Firm Performance.
http://ssrn.com/abstract=85310 [19] Dehaene, A., De Vuyst, V. and Ooghe, H. (2001) Corporate Performance and Board Structure in Belgian Companies. Long Range Planning, 34, 383-398.
http://dx.doi.org/10.1016/S0024-6301(01)00045-0 [20] Kiel, G.C. and Nicholson, G.J. (2003) Board Composition and Corporate Performance: How the Australian Experience Informs Contrasting Theories of Corporate Governance. Corporate Governance: An International Review, 11, 189-205.
http://dx.doi.org/10.1111/1467-8683.00318 [21] Dalton, D.R., Daily, C.M., Johnson, J.L. and Ellstrand, A.E. (1999) Number of Directors and Financial Performance: A Meta-Analysis. The Academy of Management Journal, 42, 674-686.
http://dx.doi.org/10.2307/256988 [22] Eisenberg, T., Sundgren, S. and Wells, M.T. (1998) Larger Board Size and Decreasing Firm Value in Small Firms. Journal of Financial Economics, 48, 35-54.
http://dx.doi.org/10.1016/S0304-405X(98)00003-8 [23] Lipton, L. and Lorsch, J. (1992) A Modest Proposal for Improved Corporate Governance. The Business Lawyer, 48, 59-77. [24] Jensen, M.C. (1993) The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48, 831-880.
http://dx.doi.org/10.2307/2329018 [25] Boyd, B.K. (1995) CEO Duality and Firm Performance: A Contingency Model. Strategic Management Journal, 16, 301-312.
http://dx.doi.org/10.1002/smj.4250160404 [26] Dalton, D.R., Daily, C.M., Ellstrand, A.E. and Johnson, J.L. (1998) Meta-Analytic Reviews of Board Composition, Leadership Structure, and Financial Performance. Strategic Management Journal, 19, 269-290.
http://dx.doi.org/10.1002/(SICI)1097-0266(199803)19:3<269::AID-SMJ950>3.0.CO;2-K [27] Vafeas, N. and Theodorou, E. (1998) The Relationship between Board Structure and Firm Performance in the UK. The British Accounting Review, 30, 383-407.
http://dx.doi.org/10.1006/bare.1998.0075 [28] Dowen, R.J. (1995) Board Director Quality and Firm Performance. International Journal of the Economics of Business, 2, 123-132.
http://dx.doi.org/10.1080/758521100 [29] Klein, A. (1998) Firm Performance and Board Committee Structure. Journal of Law and Economics, 16, 275-303.
http://dx.doi.org/10.1086/467391 [30] Wild, J.J. (1994) Managerial Accountability to Shareholders: Audit Committees and the Explanatory Power of Earning for Returns. British Accounting Review, 26, 353-374.
http://dx.doi.org/10.1006/bare.1994.1024 [31] Brown, L.D. and Caylor, M.L. (2004) Corporate Governance and Firm Performance.
http://ssrn.com/abstract=586423 [32] Morck, R., Shleifer, A. and Vishny, R.W. (1988) Management Ownership and Market Valuation. Journal of Financial Economics, 20, 293-315.
http://dx.doi.org/10.1016/0304-405X(88)90048-7 [33] McConnell, J.J. and Servaes, H. (1990) Additional Evidence on Equity Ownership and Corporate Value. Journal of Financial Economics, 27, 595-612.
http://dx.doi.org/10.1016/0304-405X(90)90069-C [34] Holderness, C., Kroszner, R. and Sheehan, D. (1999) Were the Good Old Days That Good? Changes in Managerial Stock Ownership since the Great Depression. Journal of Finance, 54, 435-469.
http://dx.doi.org/10.1111/0022-1082.00114 [35] Short, H. and Keasey, K. (1999) Managerial Ownership and the Performance of Firms: Evidence from the UK. Journal of Corporate Finance, 5, 79-101.
http://dx.doi.org/10.1016/S0929-1199(98)00016-9 [36] Lins, K. (2002) Equity Ownership and Firm Value in Emerging Markets. Journal of Financial and Quantitative Analysis, 38, 159-184.
http://ssrn.com/abstract=331320
http://dx.doi.org/10.2307/4126768 [37] La Porta, R., Lopez-de-Sinales, F., Shleifer, A. and Vishny, R. (2002) Investor Protection and Corporate Valuation. Journal of Finance, 57, 1147-1170.
http://dx.doi.org/10.1111/1540-6261.00457 [38] Demsetz, H. and Villalonga, B.(2001) Ownership Structure and Corporate Performance. Journal of Corporate Finance, 7, 209-233.
http://dx.doi.org/10.1016/S0929-1199(01)00020-7 [39] Volpin, P. (2002) Governance with Poor Investor Protection: Evidence from Top Executive Turnover in Italy. Journal of Financial Economics, 64, 61-90.
http://dx.doi.org/10.1016/S0304-405X(02)00071-5 [40] Denis, D.K. and McConnell, J.J. (2003) International Corporate Governance. Finance Working Paper No. 5/03, ECGI. [41] Bianco, M. and Casavola, P. (1999) Italian Corporate Governance: Effects on Financial Structure and Firm Performance. European Economic Review, 43, 1057-1069.
http://dx.doi.org/10.1016/S0014-2921(98)00114-7 [42] Bianchi, M., Bianco, M. and Enriques, L. (2002) Pyramidal Groups and the Separation between Ownership and Control in Italy. In: Barca, F. and Becht, M., Eds., The Control of Corporate Europe, Oxford University Press, Oxford, 154-188.
http://dx.doi.org/10.1093/0199257531.003.0006 [43] La Porta, R., Lopez-de-Sinales, F. and Shleifer, A. (1998) Corporate Ownership around the World. NBER Working Paper No. W6625.
http://ssrn.com/abstract=226343 [44] Faccio, M. and Lang, L.H.P. (2002) The Ultimate Ownership of Western European Corporations. Journal of Financial Economics, 65, 365-395.
http://dx.doi.org/10.1016/S0304-405X(02)00146-0 [45] Holderness, C. and Sheehan, D. (1988) The Role of Majority Shareholders in Publicly Held Corporations. Journal of Financial Economics, 20, 317-346.
http://dx.doi.org/10.1016/0304-405X(88)90049-9 [46] Anderson, R. and Reeb, D.M. (2003) Founding Family Ownership and Firm Performance: Evidence from the S&P 500. Journal of Finance, 58, 1301-1329.
http://dx.doi.org/10.1111/1540-6261.00567 [47] Villalonga, B. and Amit, R.H. (2004) How Do Family Ownership, Control, and Management Affect Firm Value? AFA 2005 Philadelphia Meetings; EFA 2004 Maastricht Meetings Paper No. 3620.
http://ssrn.com/abstract=556032 [48] Ben-hamar, W. and André, P. (2005) Separation of Ownership from Control and Acquiring Firm Performance: The Case of Family Ownership in Canada.
http://ssrn.com/abstract=676352 [49] Górriz, C.G. and Fumás, V.S. (2005) Family Ownership and Performance: The Net Effect of Productive Efficiency and Growth Constraints. Finance Working Paper No. 66/05, ECGI. [50] Barontini, R. and Caprio, L. (2005) The Effect of Family Control on Firm Value and Performance: Evidence from Continental Europe. Finance Working Paper No. 88/05, ECGI. [51] Kocenda, E. and Svejnar, J. (2002) The Effects of Ownership Forms and Concentration on Firm Performance after Large-Scale Privatization. William Davidson Institute Working Papers Series, No. 471a. [52] Grünfeld, L.A., Benito, G.R.G. and Goldeng, E. (2004) The Inferior Performance of State Owned Enterprises: Is It Due to Ownership or Market Structure? NUPI Working Paper No. 663.
http://ssrn.com/abstract=741787 [53] Tian, L. and Estrin, S. (2005) Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value? IZA Discussion Paper Series No. 1493. [54] Lemmon, M. and Lins, K. (2001) Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crises. William Davidson Institute Working Papers Series, No. 393. [55] Melis, A. (1998) Corporate Governance in Europe. An Empirical Analysis of the Italian Case among Non Financial Listed Companies. Working Paper.
http://ssrn.com/abstract=168728 [56] Tobin, J. (1969) A General Equilibrium Approach to Monetary Theory. Journal of Money, Credit and Banking, 1, 15- 29.
http://dx.doi.org/10.2307/1991374 [57] Aganin, A. and Volpin, P. (2003) History of Corporate Ownership in Italy. Finance Working Paper No. 17/03, ECGI. [58] Bianchi, M. and Bianco, M. (2006) Italian Corporate Governance in the Last 15 Years: From Pyramids to Coalitions. Finance Working Papers No. 144/2006, ECGI.
http://ssrn.com/abstract_id=952147 [59] Yaffee, R. (2002) Robust Regression Analysis: Some popular Statistical Package Options. ITS, New York University, New York.