{"title":"The governance of Italian asset management companies: some considerations","authors":"M. Arcuri","doi":"10.1080/02102412.2014.911474","DOIUrl":null,"url":null,"abstract":"Asset management is a key sector of the Italian financial system, and its corporate governance (CG) is a key issue. This article investigates CG of Italian asset management companies (AMCs) by observing a sample of banking and independent AMCs from 2006 to 2010. The purpose of our research is to establish whether the governance structure of Italian AMCs influences products and profitability. We use the seemingly unrelated regression methodology. We find that the CG system may affect mutual fund categories offered by Italian AMCs. Moreover, the mutual funds category may contribute to AMC profitability. Our results have interesting operating implications concerning the Italian asset management market, characterised by a potential conflict of interest. A better CG structure of asset managers could contribute to improving their performances and reducing commissions charged to clients.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"123 1","pages":"132 - 148"},"PeriodicalIF":0.9000,"publicationDate":"2014-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1080/02102412.2014.911474","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Asset management is a key sector of the Italian financial system, and its corporate governance (CG) is a key issue. This article investigates CG of Italian asset management companies (AMCs) by observing a sample of banking and independent AMCs from 2006 to 2010. The purpose of our research is to establish whether the governance structure of Italian AMCs influences products and profitability. We use the seemingly unrelated regression methodology. We find that the CG system may affect mutual fund categories offered by Italian AMCs. Moreover, the mutual funds category may contribute to AMC profitability. Our results have interesting operating implications concerning the Italian asset management market, characterised by a potential conflict of interest. A better CG structure of asset managers could contribute to improving their performances and reducing commissions charged to clients.
期刊介绍：
The Spanish Journal of Finance and Accounting ( SJFA) is a quarterly academic journal founded in 1972. It aims to publish high quality research papers in accounting and finance. The scope of SJFA covers theoretical and empirical analysis relating to financial markets and institutions, corporate finance, market microstructure, corporate governance, internal and management accounting and a wide spectrum of financial performance and financial reporting, including auditing and public accounting. The Journal welcomes both theoretical and empirical contributions, and in particular, theoretical papers that yield novel testable implications and empirical papers that are theoretically well motivated. The journal is not a suitable outlet for highly abstract mathematical papers or empirical papers with inadequate theoretical motivation. All manuscripts that meet these editorial guidelines are blind reviewed by external reviewers. SJFA sponsors a periodic conference in which selected papers under review are presented and discussed by additional reviewers in order to increase the quality of the papers published in the journal. If accepted for publication, these selected articles are published in the Journal with a special distinction. The Journal welcomes replies and discussions to both published and forthcoming articles. These contributions, if accepted by the editors, may eventually be published jointly with a reply or comment by the authors of the original paper.
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