Corporate Governance Reforms, Interlocking Directorship Networks and Company Value in Italy (1998-2007)
In this paper we contribute to the literature on the structure of interlocking directorship networks and to the literature on the relationship between corporate governance and performance. We use a unique dataset made of corporate governance variables related to the board size and interlocking directorships of the Italian companies listed in the stock exchange over 1998-2007. We find that the corporate governance reforms introduced over the period considered have shown some effectiveness by slightly dispersing the network of companies. Moreover, we find robust evidence that interlocking directorships has been negatively related with company performance.
|Date of creation:||2011|
|Date of revision:|
|Contact details of provider:|| Postal: Poschingerstrasse 5, 81679 Munich|
Phone: +49 (89) 9224-0
Fax: +49 (89) 985369
Web page: http://www.cesifo-group.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Santella, Paolo & Drago, Carlo & Polo, Andrea, 2007. "The Italian Chamber of Lords Sits on Listed Company Boards: An Empirical Analysis of Italian Listed Company Boards from 1998 to 2006," MPRA Paper 2265, University Library of Munich, Germany.
- claudio Michelacci & Fabiano Schivardi, 2008.
"Does Idiosyncratic Business Risk Matter?,"
EIEF Working Papers Series
0813, Einaudi Institute for Economics and Finance (EIEF), revised Jul 2008.
- Claudio Michelacci & Fabiano Schivardi, 2010. "Does Idiosyncratic Business Risk Matter?," Working Papers CELEG 1002, Dipartimento di Economia e Finanza, LUISS Guido Carli.
- Michelacci, Claudio & Schivardi, Fabiano, 2008. "Does Idiosyncratic Business Risk Matter?," CEPR Discussion Papers 6910, C.E.P.R. Discussion Papers.
- Dyck, Alexander & Zingales, Luigi, 2002.
"Private Benefits of Control: An International Comparison,"
CEPR Discussion Papers
3177, C.E.P.R. Discussion Papers.
- Alexander Dyck & Luigi Zingales, 2004. "Private Benefits of Control: An International Comparison," Journal of Finance, American Finance Association, vol. 59(2), pages 537-600, 04.
- Alexander Dyck & Luigi Zingales, 2002. "Private Benefits of Control: An International Comparison," NBER Working Papers 8711, National Bureau of Economic Research, Inc.
- Dooley, Peter C, 1969. "The Interlocking Directorate," American Economic Review, American Economic Association, vol. 59(3), pages 314-23, June.
- Hallock, Kevin F., 1997. "Reciprocally Interlocking Boards of Directors and Executive Compensation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 32(03), pages 331-344, September.
- Eliezer M. Fich & Anil Shivdasani, 2006. "Are Busy Boards Effective Monitors?," Journal of Finance, American Finance Association, vol. 61(2), pages 689-724, 04.
- Paolo Santella & Giulia Paone & Carlo Drago, .
"How Independent Are Independent Directors? The Case Of Italy,"
German Working Papers in Law and Economics
2006-1-1148, Berkeley Electronic Press.
- Paolo Santella & Giulia Paone & Carlo Drago, 2005. "How Independent are Independent Directors? The Case of Italy," Finance 0512026, EconWPA.
- Santella, Paolo & Drago, Carlo & Polo, Andrea & Gagliardi, Enrico, 2009. "A Comparison among the director networks in the main listed companies in France, Germany, Italy, and the United Kingdom," MPRA Paper 16397, University Library of Munich, Germany.
- Santella Paolo & Drago Carlo & Polo Andrea & Gagliardi Enrico, 2008. "A Comparison of the Director Networks in the Main Companies Listed in Italy, France and the United Kingdom," L'industria, Società editrice il Mulino, issue 2, pages 271-288.
- Tod Perry & Urs Peyer, 2005. "Board Seat Accumulation by Executives: A Shareholder's Perspective," Journal of Finance, American Finance Association, vol. 60(4), pages 2083-2123, 08.
- Farina, Vincenzo, 2008. "Banks’ centrality in corporate interlock networks: evidences in Italy," MPRA Paper 11698, University Library of Munich, Germany.
- Alain Alcouffe & Hee-Young Yeo & Christine Pochet, 2003.
"Ceo Reciprocal Interlocks in French Corporations,"
- Manuel Arellano & Stephen Bond, 1991.
"Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations,"
Review of Economic Studies,
Oxford University Press, vol. 58(2), pages 277-297.
- Tom Doan, . "RATS program to replicate Arellano-Bond 1991 dynamic panel," Statistical Software Components RTZ00169, Boston College Department of Economics.
- Barker, Roger M., 2010. "Corporate Governance, Competition, and Political Parties: Explaining Corporate Governance Change in Europe," OUP Catalogue, Oxford University Press, number 9780199576814, December.
When requesting a correction, please mention this item's handle: RePEc:ces:ceswps:_3322. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Klaus Wohlrabe)
If references are entirely missing, you can add them using this form.