The evolution of corporate governance in Italy: formal convergence or path-dependence?

Abstract

In this study, we explore the recent evolution of the Italian governance model, in order to better understand the triggers and the consequences for all stakeholders. In more details, we start highlighting the evolution of the national regulatory environment, in term of both corporate law and good governance code. Then we focus on three key elements of the corporate governance of Italian listed companies, i.e., the ownership structure, the board of directors, and the executive compensation. For each element, we present their traditional and current characteristics.