IDEAS home Printed from https://ideas.repec.org/a/psl/moneta/202321.html
   My bibliography  Save this article

La corporate governance delle banche italiane: e' tutto oro quello che luccica? (Corporate governance of Italian banks: not all that glitters is gold)

Author

Listed:
  • Daniela Venanzi

    (Universita' degli Studi Roma Tre)

Abstract

Per l'Agenda 2030 delle Nazioni Unite sullo sviluppo sostenibile (2015) l'adozione delle best practices di corporate governance (CG) e' un fattore chiave di comportamenti sostenibili delle imprese al fine di accrescere ricchezza e resilienza dei sistemi economici mondiali. In aggiunta, l'approccio ESG (environmental, social, governance) sta assumendo crescente importanza nella gestione delle imprese italiane. E tuttavia, l'adesione ai principi del Codice di CG da parte delle imprese italiane quotate sembra essere piu' formale che effettivo in varie aree, generando comportamenti di box-ticking e box-checking ai principi del Codice (quelli piu' facilmente applicabili e verificabili), rispettivamente da parte di operatori e di supervisori. Questo studio contribuisce a evidenziare il gap tra compliance effettiva vs formale su un campione di societa' finanziarie italiane quotate, considerate "campioni" nella CG. The 2030 Agenda for Sustainable Development by United Nations (2015) considers the adoption of the best practices of corporate governance (CG) a key-driver for a sustainable behaviour of companies to improve wealth and resilience of economic systems worldwide. In addition, ESG (environmental, social, governance) approach has been becoming important in Italian firms' management. However, the compliance to the CG Code by the Italian listed companies seems to be more formal rather than substantial/effective in some areas, producing a sort of box-ticking and box-checking behaviours to the Code requirements (those more easily applicable/verifiable), respectively by operators and supervisory institutions. This study contributes to highlight the gap between effective and formal compliance to CG Code in a sample of Italian listed financial companies considered "CG champions".

Suggested Citation

  • Daniela Venanzi, 2023. "La corporate governance delle banche italiane: e' tutto oro quello che luccica? (Corporate governance of Italian banks: not all that glitters is gold)," Moneta e Credito, Economia civile, vol. 76(302), pages 113-132.
    • Handle: RePEc:psl:moneta:2023:21
    as

    Download full text from publisher

    File URL: https://rosa.uniroma1.it/rosa04/moneta_e_credito/article/view/17965/17013
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Leona Achtenhagen & Petra Inwinkl & Jacob Björktorp & Robert Källenius, 2018. "More than two decades after the Cadbury Report: How far has Sweden, as role model for corporate-governance practices, come?," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 15(4), pages 235-251, November.
    2. Shrives, Philip J. & Brennan, Niamh M., 2015. "A typology for exploring the quality of explanations for non-compliance with UK corporate governance regulations," The British Accounting Review, Elsevier, vol. 47(1), pages 85-99.
    3. Shrives, Philip J. & Brennan, Niamh M., 2017. "Explanations for corporate governance non-compliance: A rhetorical analysis," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 49(C), pages 31-56.
    4. Marcello Bianchi & Angela Ciavarella & Valerio Novembre & Rossella Signoretti, 2011. "Comply or Explain: Investor Protection Through the Italian Corporate Governance Code," Journal of Applied Corporate Finance, Morgan Stanley, vol. 23(1), pages 107-121, January.
    5. Pathan, Shams & Faff, Robert, 2013. "Does board structure in banks really affect their performance?," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1573-1589.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Brennan, Niamh M. & Edgar, Victoria C. & Power, Sean Bradley, 2022. "COVID-19 profit warnings: Delivering bad news in a time of crisis," The British Accounting Review, Elsevier, vol. 54(2).
    2. Areneke, Geofry & Adegbite, Emmanuel & Tunyi, Abongeh, 2022. "Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors," International Business Review, Elsevier, vol. 31(5).
    3. Maria Aluchna & Tomasz Kuszewski, 2022. "Responses to corporate governance code: evidence from a longitudinal study," Review of Managerial Science, Springer, vol. 16(6), pages 1945-1978, August.
    4. Marius Eugen ROGOZ & Dragoș Andrei STOICA, 2024. "How Do Listed Romanian Companies Comply with or Explain Good Corporate Governance Guidelines?," CECCAR Business Review, Body of Expert and Licensed Accountants of Romania (CECCAR), vol. 5(7), pages 51-61, July.
    5. Benkraiem, Ramzi & Boubaker, Sabri & Brinette, Souad & Khemiri, Sabrina, 2021. "Board feminization and innovation through corporate venture capital investments: The moderating effects of independence and management skills," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    6. Owen, Ann L. & Temesvary, Judit, 2018. "The performance effects of gender diversity on bank boards," Journal of Banking & Finance, Elsevier, vol. 90(C), pages 50-63.
    7. Khan, Habib Zaman & Bose, Sudipta & Johns, Raechel, 2020. "Regulatory influences on CSR practices within banks in an emerging economy: Do banks merely comply?," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 71(C).
    8. Jason Brennan, 2023. "Diversity for Justice vs. Diversity for Performance: Philosophical and Empirical Tensions," Journal of Business Ethics, Springer, vol. 187(3), pages 433-447, October.
    9. Yeoh, Siew-Boey & Hooy, Chee-Wooi, 2024. "Is the military CEO aggressive or conservative? Differences in legal and cultural factors around the world," Research in International Business and Finance, Elsevier, vol. 70(PA).
    10. Mollah, Sabur & Zaman, Mahbub, 2015. "Shari’ah supervision, corporate governance and performance: Conventional vs. Islamic banks," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 418-435.
    11. Díaz, Violeta & Huang, Ying, 2017. "The role of governance on bank liquidity creation," Journal of Banking & Finance, Elsevier, vol. 77(C), pages 137-156.
    12. Nourhene BLIBECH & Sarra Berraies, 2018. "The impact of CEO' duality and board's size and independence on firms’ innovation and financial performance," E3 Journal of Business Management and Economics., E3 Journals, vol. 9(1), pages 022-029.
    13. Sofi Mohd Fikri & Mohamed Hisham Yahya & Taufiq Hassan, 2017. "A Review on Agency Cost of Shariah Governance in Mutual Fund," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 530-538.
    14. Laura Baselga-Pascual & Antonio Trujillo-Ponce & Emilia Vähämaa & Sami Vähämaa, 2018. "Ethical Reputation of Financial Institutions: Do Board Characteristics Matter?," Journal of Business Ethics, Springer, vol. 148(3), pages 489-510, March.
    15. Mollah, Sabur & Skully, Michael & Liljeblom, Eva, 2021. "Strong Boards and Risk-taking in Islamic Banks," Review of Corporate Finance, now publishers, vol. 1(1-2), pages 135-180, April.
    16. Zhou, Yifan & Kara, Alper & Molyneux, Philip, 2019. "Chair-CEO generation gap and bank risk-taking," The British Accounting Review, Elsevier, vol. 51(4), pages 352-372.
    17. María Victoria Uribe‐Bohorquez & Jennifer Martínez‐Ferrero & Isabel‐María García‐Sánchez, 2019. "Women on boards and efficiency in a business‐orientated environment," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(1), pages 82-96, January.
    18. Jing Li & Jiang Cheng, 2023. "Are female CEOs associated with lower insolvency risk? Evidence from the US property‐casualty insurance industry," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 90(4), pages 941-973, December.
    19. Correa, Ricardo & Goldberg, Linda S., 2022. "Bank complexity, governance, and risk," Journal of Banking & Finance, Elsevier, vol. 134(C).
    20. Li, Guangqin & Shao, Shuai & Zhang, Lihong, 2019. "Green supply chain behavior and business performance: Evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 144(C), pages 445-455.

    More about this item

    Keywords

    corporate governance; Italian financial firms; independence of board members; formal vs effective compliance; quality of disclosure;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:psl:moneta:2023:21. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Carlo D'Ippoliti (email available below). General contact details of provider: http://www.economiacivile.it .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.