A tale of lost chances. A short history of corporate governance and ownership in Italy

Abstract

When the process of institutional transformation reached its peak at the end of the Nineties, many commentators (and politicians) said the Italian system of governance, ownership and control of large firms was on the verge of a (hopefully) quick process of convergence towards the Anglo-Saxon standards of transparency, protection of minority shareholders, diffused presence of institutional investors able to exert a monitoring role over the management and an increase in the efficiency of the whole system. Apart from these expectations, this process has been occuring at a very slow pace – and according to other observers, has not taken place at all. This article through a dynamic, historical approach reconstructs the process of evolution and change in the institutional framework, and explores the reasons of this limited convergence.