Relations among corporate governance, codes of conduct, and the profitability of public utilities: an empirical study of companies on the Italian Stock Exchange

Abatecola, Gianpaolo and Caputo, Andrea and Mari, Michela and Poggesi, Sara (2012) Relations among corporate governance, codes of conduct, and the profitability of public utilities: an empirical study of companies on the Italian Stock Exchange. International Journal of Management, 29 (2). pp. 611-626. ISSN 0813-0183

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Item Type:Article
Item Status:Live Archive

Abstract

This research examines the relationship between corporate governance and corporate performance through the findings of an empirical longitudinal investigation of public utilities listed on the Italian Stock Exchange (2000 -2008). The data for the measurement of the corporate governance variables are taken from the latest edition of the Italian Preda Code of Best Governance Practices (2006). Standard ratios (Return on Assets, Return on Equity, Return on Sales, Tobin’s Q and Book to Market Ratio) were used to assess the performance variables. The results are not conclusive. Specifically, whereas most relationships with the performance variables were statistically significant, different relationships were found between the same corporate governance variables and different indicators of performance. These ‘conflicting’ findings suggest that further research is needed for the impact of corporate governance practices on the performance of firms to be fully understood.

Keywords:Business, Management, Finance, European Studies, Social Sciences, Organizational Change, Italian Studies, Performance Studies, Strategic Management, Governance, Quantitative Methods, Stock Market Analysis
Subjects:N Business and Administrative studies > N990 Business and Administrative studies not elsewhere classified
N Business and Administrative studies > N100 Business studies
Divisions:Lincoln International Business School
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ID Code:18576
Deposited On:11 Sep 2015 09:30

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