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 (https://doi.org/10.1007/s10551-009-0044-x)
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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.
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Item type: Article ID code: 28372 Dates: DateEventDecember 2009PublishedSubjects: Social Sciences > Finance Department: Strathclyde Business School > Accounting and Finance Depositing user: Miss Donna McDougall Date deposited: 19 Oct 2010 13:10 Last modified: 03 May 2024 00:39 URI: https://strathprints.strath.ac.uk/id/eprint/28372