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Coping with the Leviathan: Minority shareholders in state-owned enterprises -- evidence from Italy

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  • Andrea Colli

Abstract

The relation between large blockholders and minorities is a notoriously problematical one, particularly when the controlling shareholder is the government. This article explores this issue, referring to the history of corporate governance practices at L'Istituto per la Ricostruzione Industriale (The Agency for Industrial Reconstruction, IRI), a huge diversified group in which state ownership was -- for a long time -- associated with that of several thousands of private small shareholders. The case provides some useful insights which help us to understand the external and internal conditions under which such a partnership may last, or come to an end.

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  • Andrea Colli, 2013. "Coping with the Leviathan: Minority shareholders in state-owned enterprises -- evidence from Italy," Business History, Taylor & Francis Journals, vol. 55(2), pages 190-214, March.
    • Handle: RePEc:taf:bushst:v:55:y:2013:i:2:p:190-214
    DOI: 10.1080/00076791.2012.692084
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    References listed on IDEAS

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    1. Clarke, Donald C., 2003. "Corporate governance in China: An overview," China Economic Review, Elsevier, vol. 14(4), pages 494-507.
    2. Claessens, Stijn & Djankov, Simeon & Joseph P. H. Fan & Lang, Larry H. P., 1999. "Expropriation of minority shareholders : evidence from East Asia," Policy Research Working Paper Series 2088, The World Bank.
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    Cited by:

    1. Emanuele Felice & Amedeo Lepore, 2017. "State intervention and economic growth in Southern Italy: the rise and fall of the ‘Cassa per il Mezzogiorno’ (1950–1986)," Business History, Taylor & Francis Journals, vol. 59(3), pages 319-341, April.

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