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Proprietà, controllo e trasferimenti nelle imprese italiane.Cosa è cambiato nel decennio 1993-2003?


  • Silvia Giacomelli
  • Sandro Trento


This paper analyzes the results of two surveys conducted by the Bank of Italy in 2003, respectively among 1,900 and 500 Italian firms, on ownership structures, control and control transfers of non-listed firms, building upon similar surveys carried on in 1993. The aim of the research is to assess the degree and the directions of changes in control patterns of industrial firms in Italy. The data show that ownership concentration, as measured by various indicators, is high and that direct family control of firms is prevalent. Separation between ownership and control is limited. Financial institutions (including private equity) rarely own capital stakes or play a role in controlling non-financial firms. Ownership of a firm by another firm is widespread, especially for bigger firms; ultimate owners are usually families. Foreign ownership and control of Italian firms is growing. Overall, relatively small changes in the patterns of ownership and control have occurred over the decade (1993-2003). The market for corporate control has not developed significantly; it remains based on personal contacts. Financial institutions do not play a relevant role in it; transactions are usually mediated by legal and accounting professionals. Many firms will deal with generational transfers of control in the near future.
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Suggested Citation

  • Silvia Giacomelli & Sandro Trento, 2004. "Proprietà, controllo e trasferimenti nelle imprese italiane.Cosa è cambiato nel decennio 1993-2003?," ROCK Working Papers 030, Department of Computer and Management Sciences, University of Trento, Italy, revised 12 Jun 2008.
  • Handle: RePEc:trt:rockwp:030

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    References listed on IDEAS

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    Cited by:

    1. 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.
    2. Marco Cucculelli & Lidia Mannarino & Valeria Pupo & Fernanda Ricotta, 2014. "Owner-management, firm age and productivity in Italian family firms," Mo.Fi.R. Working Papers 99, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    3. Bigelli, Marco & Sánchez-Vidal, Javier, 2012. "Cash holdings in private firms," Journal of Banking & Finance, Elsevier, vol. 36(1), pages 26-35.
    4. Agostino, Mariarosaria & Nifo, Annamaria & Trivieri, Francesco & Vecchione, Gaetano, 2016. "Total factor productivity heterogeneity: channelling the impact of institutions," MPRA Paper 72759, University Library of Munich, Germany.
    5. Fabiano Schivardi & Francesco Lippi, 2009. "Corporate Ownership and Managerial Selection," 2009 Meeting Papers 721, Society for Economic Dynamics.
    6. Cucculelli, Marco & Micucci, Giacinto, 2008. "Family succession and firm performance: Evidence from Italian family firms," Journal of Corporate Finance, Elsevier, vol. 14(1), pages 17-31, February.
    7. Annamaria Simonazzi & Paolo Villa & Federico Lucidi, 2008. "Continuity and Change in the Italian Model: Italy's Laborious Convergence towards the European Social Model," Working Papers 108, University of Rome La Sapienza, Department of Public Economics.

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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill


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