This paper investigates the evolution of ownership structure of the Italian listed companies before and after the recent Corporate Governance Law Reform («Riforma Draghi»). While, recently the high separation between ownership and control has dramatically narrowed, this result seems not to be driven by a real spread tendency to reduce the risk of expropriation. Pulling together all findings we suggest that the typical equity structure of Italian firms continuously persists to be the only possible answer to the general market forces.
L'evoluzione degli assetti proprietari delle società quotate italiane: un'indagine empirica riferita al periodo 1996-2000
SAPIENZA, ELENA
2005
Abstract
This paper investigates the evolution of ownership structure of the Italian listed companies before and after the recent Corporate Governance Law Reform («Riforma Draghi»). While, recently the high separation between ownership and control has dramatically narrowed, this result seems not to be driven by a real spread tendency to reduce the risk of expropriation. Pulling together all findings we suggest that the typical equity structure of Italian firms continuously persists to be the only possible answer to the general market forces.
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