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Board composition, political connections, and performance in state-owned enterprises

Author

Listed:
  • Anna Menozzi
  • María Gutiérrez Urtiaga
  • Davide Vannoni

Abstract

This article analyses the effects of board composition on the behavior of a sample of 114 Italian local public utilities, for which information about 1630 directors during 1994--2004 has been collected. This period is particularly interesting because of the legal changes that forced many firms to alter their juridical form and accommodated the entrance of private investors. We investigate whether board size and/or board composition do affect decisions about employment and how they ultimately impact performance. Our main findings indicate that politically connected directors, who dominate boards of directors in Italian public utilities, exert a positive and significant effect on employment, and have a negative impact on performance. Copyright 2012 The Author 2011. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved., Oxford University Press.

Suggested Citation

  • Anna Menozzi & María Gutiérrez Urtiaga & Davide Vannoni, 2012. "Board composition, political connections, and performance in state-owned enterprises," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 21(3), pages 671-698, June.
    • Handle: RePEc:oup:indcch:v:21:y:2012:i:3:p:671-698
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    File URL: http://hdl.handle.net/10.1093/icc/dtr055
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    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • H42 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Private Goods
    • H82 - Public Economics - - Miscellaneous Issues - - - Governmental Property
    • J45 - Labor and Demographic Economics - - Particular Labor Markets - - - Public Sector Labor Markets
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • L97 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Utilities: General

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