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OWNERSHIP AND CONTROL IN ITALIAN LISTED COMPANIES

Yıl 2021, Cilt: 14 Sayı: 1, 133 - 134, 31.12.2021
https://doi.org/10.17261/Pressacademia.2021.1508

Öz

Purpose- Dual class shares and shareholder agreements are among the most commonly mechanisms that listed companies use for separating
voting rights from cash flow rights. The paper provides an analysis of the diffusion of these mechanisms in Italian listed companies.
Methodology- The analysis to separate voting rights and ownership rights was carried out on all companies listed in the Milan Stock Exchange
from 2009 to 2020. The investigation refers to the entire population of listed companies in the Italian market. Data on ownership structures
was gathered through the analysis of Consob archives and publications. The dual-class companies were identified considering among
companies listed on the MSE those with limited voting shares, and then reconstructing for each company, the percentage of voting rights
held by the majority shareholder and the percentage of non-voting shares on the total share capital. In order to estimate the extent to which
shareholder agreements are diffused between companies listed on the Italian Stock Exchange, agreements in force between 2009 and 2020
were analyzed, reconstructing the duration, number and kind of members, eventual variations in dates of commencement and dates of
expiry, renewals as well as the percentage of share capital subject to a shareholders agreement and shares held by the parties involved. For
the same period, the change in the ownership concentration of the Italian market is also analyzed using the Shapley-Shubik and Banzhaf
indices.
Findings- We find that dual class model in Italy record a sharp decrease in the last 11 years due to corporate transactions that changed the
shareholding structure. In most of these companies the first shareholder exercises first degree control maintaining an absolute majority of
votes. As regards the shareholder agreements, analysis exhibit the significant decline in the number of companies that recur to these
agreements especially in the last three years. The evolution of the Shapley-Shubik and Banzhaf indices show the reduction in ownership
concentration.
Conclusion- This paper has examined the intensity of two separation mechanisms between ownership and control for Italian companies in
the period of 2009-2020. Analysis revealed that the issue of shares with limited voting rights is conceived by the shareholder in order to
consolidate its position as controller, rather than to obtain control. The study shows a stability of the leverage on voting rights and a
progressive decrease in the leverage on control and in the leverage demonstrating that in recent years it has been possible to exercise control
in companies by binding smaller shares of shareholdings in the agreements.

Kaynakça

  • Almeida, H., & Wolfezon, D. (2006). A theory of family business group and pyramidal ownership. Journal of Finance, 61, 2637-2680.
  • Bennedsen, M., &. Wolfenzon, D. (2000). The balance of power in closely held corporations. Journal of Financial Economics, 58, 113-119.
  • Berle, A., & Means, G. (1932). The modern corporation and private property. New York: MacMillan.
  • Bertrand, M., Mehta, P., & Mullainathan, S. (2002). Ferreting out tunneling: An application to indian business groups. Quarterly Journal of Economics, 117, 121-148.
  • Bianchi, M., Bianco, M., & Enriques, L. (2001). Pyramidal groups and the separation between ownership and control in Italy. In F. Barca, & M.
  • Becht (Eds.), The control of corporate Europe. Oxford University Press.
  • Bianco, M., & Nicodano, G. (2006). Pyramidal groups and debt. European Economic Review, 50, 937-961.
  • Brealey, R. A.,. Myers, S. C., Allen, F., & Sandri, S. (2007). Principi di Finanza Aziendale. Milan: McGraw-Hill.
  • Burkart, M., & Lee, S. (2008). One share-one vote: The theory. Review of Finance, 12, 1-49.
  • Chemla, G., Habib, M. A., & Ljungqvist, A. (2007). An analysis of shareholder agreements. Journal of the European Economic Association, 5, 93-121.
  • Claessens, S., Fan, J. P. H., & Lang, L. H. P. (2006). The benefits and costs of group affiliation: Evidence from East Asia. Emerging Markets Review, 7, 1-26.
  • Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93, 1155- 1177.
  • Faccio, M., & Lang, L. (2002). The ultimate owner of Western European corporations. Journal of Financial Economics, 65, 365-395.
  • Faccio, M., Lang, L., & Young, L. (2001). Dividends and expropriation. American Economic Review, 91, 54-78.
  • Gangopadhyay, S., Lensink, R., & Van Der Molen, R. (2003). Business groups, financing constraints and investment: The case of India. Journal of Development Studies, 40, 93-119.
  • Gianfrate, G. (2007). What do shareholders’ coalitions really want? Evidence from Italian voting trusts. Corporate Governance: An International Review, 15, 122-132.
  • Gomes, A., & Novaes, W. (2005). Sharing of control versus monitoring as corporate governance mechanisms. Working paper, University of Pennsylvania, Washington University in St. Louis.
  • Gopalan, R., Nanda, V., & Seru, A. (2007). Affiliated firms and financial support: Evidence from Indian business groups. Journal of Financial Economics, 86, 759-795.
  • Grossman, S., & Hart, O. (1988). One share-one vote and the market for corporate control. Journal of Financial Economics, 20, 175-202.
  • Intrisano, C. (2009.). Proprietà e controllo: dual class, patti parasociali e gruppi piramidali. Un'analisi sulle società italiane quotate in borsa. Roma: Aracne Editrice.
  • Johnson, S., La Porta, R., Lopez-de.Silanes, F., & Shleifer, A. (2000). Tunneling. American Economic Review, 90, 22-27.
  • Khanna, T., & Palepu, K. (1997). Why focuses strategies may be wrong for emerging markets. Harward Business Review, 75, 41-49.
  • La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54, 471-517.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1997). Legal determinants of external finance. Journal of Finance, 52, 1131-1150.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1998). Law and finance. Journal of Political Economy, 106, 1113-1155.
  • Laeven, L., & Levine, R. (2008). Complex ownership structures and corporate valuations. Review of Financial Studies, 21, 579-604.
  • Lamont, O. (1997). Cash flow and investment: Evidence from internal capital markets. Journal of Finance, 52, 57-82.
  • Piga, C. A. G. (2002). Debt and firms’ relationship: the Italian evidence. Review of Industrial Organization, 20, 267-282.
  • Riyanto, Y. E., & Toolsema, L. A. (2008). Tunneling and propping: A justification for pyramidal ownership. Journal of Banking and Finance, 32, 2178-2187.
  • Shin, H. H., & Stulz, R. M. (1998). Are internal capital markets efficient? Quarterly Journal of Economics, 113, 531-552. Volpin, P. (2002). Governance with poor investor protection: evidence from top executive turnover in Italy. Journal of Financial Economics, 64, 61-90.
  • Zingales, L. (1994). The value of the voting right: A study of the Milan stock exchange experience. Review of Financial Studies, 7, 125-148.
Yıl 2021, Cilt: 14 Sayı: 1, 133 - 134, 31.12.2021
https://doi.org/10.17261/Pressacademia.2021.1508

Öz

Kaynakça

  • Almeida, H., & Wolfezon, D. (2006). A theory of family business group and pyramidal ownership. Journal of Finance, 61, 2637-2680.
  • Bennedsen, M., &. Wolfenzon, D. (2000). The balance of power in closely held corporations. Journal of Financial Economics, 58, 113-119.
  • Berle, A., & Means, G. (1932). The modern corporation and private property. New York: MacMillan.
  • Bertrand, M., Mehta, P., & Mullainathan, S. (2002). Ferreting out tunneling: An application to indian business groups. Quarterly Journal of Economics, 117, 121-148.
  • Bianchi, M., Bianco, M., & Enriques, L. (2001). Pyramidal groups and the separation between ownership and control in Italy. In F. Barca, & M.
  • Becht (Eds.), The control of corporate Europe. Oxford University Press.
  • Bianco, M., & Nicodano, G. (2006). Pyramidal groups and debt. European Economic Review, 50, 937-961.
  • Brealey, R. A.,. Myers, S. C., Allen, F., & Sandri, S. (2007). Principi di Finanza Aziendale. Milan: McGraw-Hill.
  • Burkart, M., & Lee, S. (2008). One share-one vote: The theory. Review of Finance, 12, 1-49.
  • Chemla, G., Habib, M. A., & Ljungqvist, A. (2007). An analysis of shareholder agreements. Journal of the European Economic Association, 5, 93-121.
  • Claessens, S., Fan, J. P. H., & Lang, L. H. P. (2006). The benefits and costs of group affiliation: Evidence from East Asia. Emerging Markets Review, 7, 1-26.
  • Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93, 1155- 1177.
  • Faccio, M., & Lang, L. (2002). The ultimate owner of Western European corporations. Journal of Financial Economics, 65, 365-395.
  • Faccio, M., Lang, L., & Young, L. (2001). Dividends and expropriation. American Economic Review, 91, 54-78.
  • Gangopadhyay, S., Lensink, R., & Van Der Molen, R. (2003). Business groups, financing constraints and investment: The case of India. Journal of Development Studies, 40, 93-119.
  • Gianfrate, G. (2007). What do shareholders’ coalitions really want? Evidence from Italian voting trusts. Corporate Governance: An International Review, 15, 122-132.
  • Gomes, A., & Novaes, W. (2005). Sharing of control versus monitoring as corporate governance mechanisms. Working paper, University of Pennsylvania, Washington University in St. Louis.
  • Gopalan, R., Nanda, V., & Seru, A. (2007). Affiliated firms and financial support: Evidence from Indian business groups. Journal of Financial Economics, 86, 759-795.
  • Grossman, S., & Hart, O. (1988). One share-one vote and the market for corporate control. Journal of Financial Economics, 20, 175-202.
  • Intrisano, C. (2009.). Proprietà e controllo: dual class, patti parasociali e gruppi piramidali. Un'analisi sulle società italiane quotate in borsa. Roma: Aracne Editrice.
  • Johnson, S., La Porta, R., Lopez-de.Silanes, F., & Shleifer, A. (2000). Tunneling. American Economic Review, 90, 22-27.
  • Khanna, T., & Palepu, K. (1997). Why focuses strategies may be wrong for emerging markets. Harward Business Review, 75, 41-49.
  • La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54, 471-517.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1997). Legal determinants of external finance. Journal of Finance, 52, 1131-1150.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1998). Law and finance. Journal of Political Economy, 106, 1113-1155.
  • Laeven, L., & Levine, R. (2008). Complex ownership structures and corporate valuations. Review of Financial Studies, 21, 579-604.
  • Lamont, O. (1997). Cash flow and investment: Evidence from internal capital markets. Journal of Finance, 52, 57-82.
  • Piga, C. A. G. (2002). Debt and firms’ relationship: the Italian evidence. Review of Industrial Organization, 20, 267-282.
  • Riyanto, Y. E., & Toolsema, L. A. (2008). Tunneling and propping: A justification for pyramidal ownership. Journal of Banking and Finance, 32, 2178-2187.
  • Shin, H. H., & Stulz, R. M. (1998). Are internal capital markets efficient? Quarterly Journal of Economics, 113, 531-552. Volpin, P. (2002). Governance with poor investor protection: evidence from top executive turnover in Italy. Journal of Financial Economics, 64, 61-90.
  • Zingales, L. (1994). The value of the voting right: A study of the Milan stock exchange experience. Review of Financial Studies, 7, 125-148.
Toplam 31 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans, İşletme
Bölüm Makaleler
Yazarlar

Anna Paola Mıchelı Bu kişi benim 0000-0003-1150-1874

Carmelo Intrısano Bu kişi benim 0000-0002-8990-3366

Anna Maria Calce Bu kişi benim 0000-0003-1877-9932

Yayımlanma Tarihi 31 Aralık 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 14 Sayı: 1

Kaynak Göster

APA Mıchelı, A. P., Intrısano, C., & Calce, A. M. (2021). OWNERSHIP AND CONTROL IN ITALIAN LISTED COMPANIES. PressAcademia Procedia, 14(1), 133-134. https://doi.org/10.17261/Pressacademia.2021.1508
AMA Mıchelı AP, Intrısano C, Calce AM. OWNERSHIP AND CONTROL IN ITALIAN LISTED COMPANIES. PAP. Aralık 2021;14(1):133-134. doi:10.17261/Pressacademia.2021.1508
Chicago Mıchelı, Anna Paola, Carmelo Intrısano, ve Anna Maria Calce. “OWNERSHIP AND CONTROL IN ITALIAN LISTED COMPANIES”. PressAcademia Procedia 14, sy. 1 (Aralık 2021): 133-34. https://doi.org/10.17261/Pressacademia.2021.1508.
EndNote Mıchelı AP, Intrısano C, Calce AM (01 Aralık 2021) OWNERSHIP AND CONTROL IN ITALIAN LISTED COMPANIES. PressAcademia Procedia 14 1 133–134.
IEEE A. P. Mıchelı, C. Intrısano, ve A. M. Calce, “OWNERSHIP AND CONTROL IN ITALIAN LISTED COMPANIES”, PAP, c. 14, sy. 1, ss. 133–134, 2021, doi: 10.17261/Pressacademia.2021.1508.
ISNAD Mıchelı, Anna Paola vd. “OWNERSHIP AND CONTROL IN ITALIAN LISTED COMPANIES”. PressAcademia Procedia 14/1 (Aralık 2021), 133-134. https://doi.org/10.17261/Pressacademia.2021.1508.
JAMA Mıchelı AP, Intrısano C, Calce AM. OWNERSHIP AND CONTROL IN ITALIAN LISTED COMPANIES. PAP. 2021;14:133–134.
MLA Mıchelı, Anna Paola vd. “OWNERSHIP AND CONTROL IN ITALIAN LISTED COMPANIES”. PressAcademia Procedia, c. 14, sy. 1, 2021, ss. 133-4, doi:10.17261/Pressacademia.2021.1508.
Vancouver Mıchelı AP, Intrısano C, Calce AM. OWNERSHIP AND CONTROL IN ITALIAN LISTED COMPANIES. PAP. 2021;14(1):133-4.

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