Dipartimento di Scienze Aziendali e Giuridiche - Tesi di Dottorato

Permanent URI for this collectionhttps://lisa.unical.it/handle/10955/104

Questa collezione raccoglie le Tesi di Dottorato afferenti al Dipartimento di Scienze Aziendali e Giuridiche dell'Università della Calabria.

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Subject: search.filters.subject.Corporate Governance

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    La compliance in tema di sistema di controllo interno e gestione dei rischi : effetti sulle performance operative e determinanti
    (Università della Calabria, 2021-08-06) Tassone, Tonia; Rubino, Franco Ernesto
    Nel corso degli ultimi decenni l’importanza del sistema di controllo interno e gestione dei rischi, quale strumento di governo aziendale per il raggiungimento efficacie ed efficiente degli obiettivi aziendali, è stata ampiamente riconosciuta da accademici e practitioner di tutto il mondo. Con il presente lavoro si è inteso rispondere alla call lanciata dalla comunità scientifica relativa all’esigenza di nuove analisi e contributi empirici sugli effetti dell’applicazione del sistema di controllo interno e gestione dei rischi sull’attività d’impresa nel contesto europeo. In particolare, l’obiettivo vuole essere duplice: i) comprendere se una maggiore qualità della compliance alle raccomandazioni fornite dal Codice di Autodisciplina, in tema di controlli interni e gestione dei rischi, migliora le performance operative delle società quotate italiane; ii) comprendere quali sono i principali fattori interni che inducono le società quotate italiane a migliorare la qualità della compliance alle predette raccomandazioni. Lo studio fa riferimento al contesto italiano, poiché ancora poco esplorato e ben rappresentativo di quello europeo, e analizza un campione di 111 società quotate appartenenti a 9 differenti settori industriali. Al fine di valutare impatto e determinanti della qualità della compliance, si è proceduto con la costruzione di un apposito score (l’Internal Control System Compliance Score- ICSCS), sottoposto ad opportuni test di affidabilità e validità. I risultati indicano un effetto positivo e statisticamente significativo della compliance or explanation alle raccomandazioni inerenti al sistema di controllo interno e gestione dei rischi sulle performance operative, confermando quanto tendenzialmente sostenuto dalla letteratura d’oltreoceano. Inoltre, emerge che i fattori interni all’azienda che influenzano maggiormente la qualità della compliance or explanation risultano essere relativi alla composizione del CdA, piuttosto che alla sua dimensione o al suo funzionamento.
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    The relationship between independent minority directors and related party transaction disclosure
    (Università della Calabria, 2021-09-02) Cappellieri, Francesca; Rubino, Franco Ernesto; Pastore, Patrizia; Ricciardi, Antonio
    The thesis investigates the role minority shareholders' representation plays on detrimental and abusive Related party transactions (RPT) in Italy. The purpose is to analyse the impact that the slate-vote system can exercise on the fairness of the RPT procedure and the transparency of its disclosure. The role of RPT is central in the literature debate, also considering conceptual difficulties in defining and measuring its consequences. Mainly, academic research has been interested in the potential economic and social impacts of these peculiar transactions. There are conflicting views on whether RPTs are beneficial or detrimental to stakeholders. A review of the existing academic literature will be proposed (Chapter 1) to analyse the prevalent approaches that fuel academic debate: some studies give priority to risks over the benefits arising from the transaction (conflict of interest hypothesis); others emphasize the natural ability of RPT to compress monitoring costs (efficient transaction hypothesis); a more recent part of literature overcomes this dichotomy, offering a new perspective of RPT under contingency theory. Chapter 2 will show the most common legal techniques usable to tackle the risks of self-dealing RPT. Disclosure requirements and the procedures for approval by the board and/or shareholders, external independent advice, and ex-post standard-based tools are described in detail. In Italian institutional setting characterized by high concentrated ownership entities, independent directors do not have the actual effectiveness in fostering corporate transparency since they lack the mandate, the incentives, and the ability to be an efficient monitoring mechanism. In this context - in any setting that shares the same features and critical issue - the presence of objective, disinterested outsiders' members on boards of directors can represent an effective corporate governance solution to reduce the risk of opportunistic behaviours, overcoming the limits traced to the appointment of independent directors and disclosure requirements. The abandonment of the single-winner model – according to which the shareholder who holds most of the voting rights has the power to elect the entire board –in favour of a new multiple winner election systems (also known as 'slate-vote-system') – in which the appointment of the members of the board is also an expression of the will of the minorities – may therefore represent an effective mechanism to alleviate the principal-principal conflict and risk of majority shareholders can expropriate value to the detriment of minority ones (endemic issue of Italian setting). The appointment of at least one director by non-controlling shareholders reinforces the board independence from the corporate controllers (the management or the block- holder in case of high-ownership concentration) and ensure that at least some of the relevant resolutions of the company are adopted with the involvement of the minorities. The analysis will illustrate in Chapter 3 the Italian Regulation to steam the risk of detrimental RPT. In particular, procedures of fairness as rules to be followed in the decision-making process of the competent bodies (substantive Regulation) and transparency obligations, i.e., disclosure obligations that the company must fulfil periodically or immediately, to convey all necessary information to the market (transparency regulation) will be shown in detail. In the last part of the thesis, content analysis is conducted on RPT information documents to infer the influence that minority shareholders' representativeness could exercise on the immediate disclosure on the highly material transaction (Chapter 4). It evaluates the relationship with the ability of RPT communication to convey valuable information for all stakeholders, limiting self-serving managerial disclosure. The contribution restricts analysis to narrative disclosures 160 information documents on material RPTs approved by non-financial Italian listed companies to capture the influence of minority directors on impression management of RPT corporate disclosure. From the methodological point of view, besides the general descriptive aspects and statistics that allow the observation of the phenomena, qualitative and quantitative tools will be cross-sectionally and sometimes jointly used in carrying out the research objectives. The findings of this thesis contribute to the advancement of knowledge on the role of minority directors: this could be the basis for future suggestions related to the legislative framework and future insight for academics and practitioners.