少数族裔在董事会中的代表性及其对遵守意大利RPTs法规水平的影响

IF 2.3 Q2 BUSINESS, FINANCE Journal of Financial Reporting Pub Date : 2022-11-01 DOI:10.3280/fr2022-002003
Pietro Fera, R. Vinciguerra
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引用次数: 1

摘要

关联方交易(rpt)的定义和监管主要取决于解释这种现象的概念框架。利益冲突假说关注的是机会主义行为,而有效交易假说则认为RPTs会导致效率的提高。在这种情况下,权变假设没有提供相反的解释,而是考虑了与特定rpt相关的潜在风险和利益,即其他背景因素和公司治理机制。在后者中,获得全球多数国家立法授权的独立董事,应在揭露损害少数群体利益的机会主义行为方面发挥关键作用。然而,鉴于许多公司丑闻凸显了rpt的问题,从业者和学者对其有效性提出了质疑,特别是在股权高度集中的背景下,为所谓的少数董事,即由少数股东任命的独立董事留下了空间。在这一问题上,本实证研究旨在分析少数股东对RPTs实施程序合规水平的潜在影响,基于数据集的实证研究表明,他们代表了全面和严格采用现行RPTs监管的更有效工具,而独立董事未能发挥其监督作用,在提高RPTs方面的公司透明度方面无效。
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Minorities' Representativeness on the Board and their Effect on the Level of Compliance with the Italian RPTs Regulation
The definition and regulation of related-party transactions (RPTs) depend mainly on the conceptual framework underlying the interpretation of such a phenomenon. While the conflict of interests hypothesis focuses on opportunistic behaviours, the efficient transaction hypothesis suggests that RPTs lead to more efficient. In such a scenario, instead of providing opposite interpretations, the contingency hypothesis considers the potential risks and benefits associated with specific RPTs, i.e. other contex- tual factors and corporate governance mechanisms. Among the latter, independent di- rectors, empowered by the majority of national legislations worldwide, should play a crucial role in spotlighting opportunistic behaviours to the detriment of minorities. However, in light of the many corporate scandals that have stressed the RPTs' issues, practitioners and academics have questioned their effectiveness, especially in contexts characterized by high ownership concentration, while leaving room for the so-called minority directors, i.e. independent directors appointed by minority shareholders. On this matter, aiming to analyse the potential impact of minority directors on the level of procedural compliance for the RPTs' implementation, this empirical study, based on a data set, shows that they represent a more effective tool for the full and strict adoption of the current RPTs regulation, while independent directors fail in their monitoring role and are ineffective in bolstering corporate transparency with regard to RPTs.
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来源期刊
Journal of Financial Reporting
Journal of Financial Reporting BUSINESS, FINANCE-
自引率
6.70%
发文量
19
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