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| Author: | Bajo, E. (et al.) |
| Title: | The determinants of regulatory compliance: an analysis of insider trading disclosures in Italy |
| Journal: | Journal of Business Ethics
2009 : DEC II, VOL. 90:3, p. 331-343 |
| Index terms: | corporate governance insider trading regulations family firms Italy |
| Language: | eng |
| Abstract: | This paper explores the determinants of regulatory compliance in corporate organizations. Using a unique enforcement and reporting framework for insider trading in Italy, there are three main findings: 1. board governance, like chief executive-chairman duality and the proportion of non-executive directors, does not increase the propensity of firms to comply with regulation. 2. family firms and firms with a high degree of separation of ownership from control are most likely to adhere to regulation. 3. corporate ethos is more important in predicting regulatory compliance than explicit corporate governance structures. |
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