Title: Corporate governance and safeguard of minority shareholders in Italy: theoretical analysis and empirical research

Authors: Giuseppe Sancetta, Alessandro Gennaro

Addresses: Sapienza University of Rome, Via del Castro Laurenziano 9, 00161 Rome, Italy. ' Sapienza University of Rome, Via del Castro Laurenziano 9, 00161 Rome, Italy

Abstract: This paper analyses the relationship between governance systems and protection of minority shareholders, with the purpose of evaluating the contribution of governance systems to favouring a fair distribution of value to the shareholders of listed companies, regardless of the size of the share held. It should be considered that where governance actually protects minority shareholders, there should be an inverse correlation between compliance with best practices and majority premiums.

Keywords: corporate governance; best practices; self-regulation codes; minority shareholders; minority interest; majority premium; private benefits; public tender offer; shareholder protection; fair distribution.

DOI: 10.1504/EJIM.2009.022631

European Journal of International Management, 2009 Vol.3 No.1, pp.5 - 20

Published online: 19 Jan 2009 *

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