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The determinants of regulatory compliance : an analysis of insider trading disclosures in Italy

Bajo, E. and Bigelli, M. and Hillier, D.J. and Pertacci, B. (2009) The determinants of regulatory compliance : an analysis of insider trading disclosures in Italy. Journal of Business Ethics, 90 (3). pp. 331-343. ISSN 0167-4544

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Abstract

This paper investigates the determinants of regulatory compliance in corporate organizations. Exploiting a unique enforcement and reporting framework for insider trading in Italy, we present three main findings. First, board governance, such as chief executive- chairman duality and the proportion of non-executive directors, does not increase the propensity of firms to comply with regulation. Second, family firms and firms with a high degree of separation of ownership from control are most likely to comply with regulation. Third, corporate ethos is more important in predicting regulatory compliance than explicit corporate governance structures.

Item type: Article
ID code: 28372
Keywords: regulatory compliance, corporate governance, insider trading, regulation, Italy, family firms, Finance, Business, Management and Accounting(all), Economics and Econometrics, Business and International Management, Law
Subjects: Social Sciences > Finance
Department: Strathclyde Business School > Accounting and Finance
Related URLs:
    Depositing user: Miss Donna McDougall
    Date Deposited: 19 Oct 2010 14:10
    Last modified: 05 Sep 2014 05:36
    URI: http://strathprints.strath.ac.uk/id/eprint/28372

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