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I passaggi generazionali nelle società "chiuse". Una nota a margine delle recenti riforme

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  • Sciandra Luisa
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    Intergenerational succession is one of the most critical moments in the development of family enterprises. Indeed, the circumstances of family succession are of great importance not only for the family members directly involved, but also for the long-run survival of firms. The economic literature has paid attention especially on listed companies, stressing the role of investors' protection and giving just few suggestions regarding the overall rules for not listed and "closed" corporations. A new deal of studies and policy proposals is particularly important in those countries, like Italy, where a large part of small and medium firms takes the form of private companies with strong family ties. This paper aims at analysing whether recent reforms adopted in Italy (the legislation of the family trust and the corporate law reform) are able to cope with the two main critical aspects of the intergenerational succession in small and private enterprises: 1) the risk of an inefficient ownership structure and 2) the potential conflicts between family shareholders and descendents. In Italy, rules on family firms succession derives at the same time from two different legislative pillars: on one side, the civil code establishing the patrimonial rights of the descendents (with a "static approach"); on the other side, the corporate law defining the terms for firm activity and internal/external relationships (with a "dynamic approach"). In order to coordinate these pillars bridging the "gap", the so called "family trust" has been introduced in February 2006, aiming at strengthening conditions to assure the survival of the firms after founder's death. Together with the recent reform of the corporate law, enacted in 2003, the "family trust" is expected to have a relevant impact on firm adaptability. Throughout the analysis and in my conclusion I will question whatever these legislative innovations can be viewed as improvements, with emphasis on some critical aspects.Gli avvicendamenti generazionali costituiscono passaggi critici nelle imprese a carattere familiare, per le ricadute sugli assetti proprietari, sulla continuità e sulle prospettive di crescita aziendale. La letteratura economica in materia ha incentrato l'indagine sulle grandi imprese quotate, prevalentemente ad azionariato diffuso, evidenziando l'importanza della tutela degli azionisti di minoranza e dei finanziatori; poche sono, invece, le indicazioni che provengono dalla letteratura per la definizione delle caratteristiche di un sistema di regole per le società non quotate e "chiuse" che costituiscono, invece, l'ossatura del sistema industriale italiano. Il presente contributo è volto a verificare se le recenti novità normative adottate nel nostro ordinamento (l'introduzione del "patto di famiglia" e la riforma del diritto societario) concorrano a mitigare parte delle ricadute negative proprie del modello di controllo familiare: i rischi di un'inefficiente allocazione del controllo e la conflittualità che può sorgere tra gli eredi subentrati. Dal punto di vista giuridico, la successione è regolata da due ordinamenti settoriali che perseguono interessi diversi: da un lato, l'ordinamento civilistico delle successioni, volto alla tutela dei diritti patrimoniali degli eredi (tendenzialmente "statico"); dall'altro, l'ordinamento afferente al diritto di impresa in senso ampio, diretto a favorire l'esecuzione e la valorizzazione dell'attività imprenditoriale (tendenzialmente "dinamico"). Individuare un raccordo tra queste opposte esigenze è stato il punto di partenza per la recente introduzione del "patto di famiglia", strumento nato con l'esplicito obiettivo di dare certezza alla sorte dell'azienda e delle partecipazioni societarie dopo la morte del titolare. E la riforma del diritto delle società di capitali si prefigura come un utile strumento a favore dell'adattabilità dell'impresa. Il lavoro si incentra su alcuni snodi critici che l'analisi delle recenti riforme normative suggerisce.

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    Article provided by Società editrice il Mulino in its journal Mercato Concorrenza Regole.

    Volume (Year): (2006)
    Issue (Month): 2 ()
    Pages: 375-394

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    Handle: RePEc:mul:jhpfyn:doi:10.1434/22659:y:2006:i:2:p:375-394
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