CORPORATE GOVERNANCE

ECONOMICS CORPORATE GOVERNANCE

0222200039
DEPARTMENT OF ECONOMICS AND STATISTICS
EQF7
ECONOMICS
2022/2023

OBBLIGATORIO
YEAR OF COURSE 2
YEAR OF DIDACTIC SYSTEM 2018
SPRING SEMESTER
CFUHOURSACTIVITY
1060LESSONS
Objectives
KNOWLEDGE AND UNDERSTANDING

CORPORATE GOVERNANCE IS A BRANCH OF MICROECONOMICS THAT STUDIES THE SET OF RULES, AT EVERY LEVEL (LAWS, REGULATIONS, ETC.), THAT GOVERN THE MANAGEMENT AND DIRECTION OF A COMPANY, PUBLIC OR PRIVATE. THE COURSE DEALS WITH ADVANCED TOPICS RELATED TO THE INTERNAL AND EXTERNAL MECHANISMS OF CORPORATE GOVERNANCE, FOCUSING, IN PARTICULAR, ON EMPIRICAL ISSUES WITH THE AIM OF ANALYZING HOW SOME MECHANISMS/FACTORS, ASSOCIATED WITH THE COMPANY AND NOT ONLY, CAN AFFECT THE ECONOMIC AND FINANCIAL PERFORMANCE OF THE COMPANY ITSELF AND HAVE A DIRECT EFFECT ON THE MARKET. THEREFORE, AT THE END OF THE COURSE THE STUDENT WILL HAVE THE TOOLS AND ELEMENTS (ESPECIALLY ANALYTICAL) NECESSARY TO UNDERSTAND THE FUNCTIONING OF THE MANAGEMENT OF A COMPANY IN DIFFERENT ENVIRONMENTAL CONTEXTS, APPROPRIATELY EVALUATING THE DECISIONS TO BE TAKEN IN ORDER TO ACHIEVE CORPORATE EFFICIENCY.

APPLYING KNOWLEDGE AND UNDERSTANDING

BY APPLYING THE ACQUIRED KNOWLEDGE, THE STUDENT WILL BE ABLE TO:

I) UNDERSTAND AND ANALYZE THE PROBLEMS RELATED TO THE COMPANY DECISIONS IN DIFFERENT ENVIRONMENTAL CONTEXTS, FOCUSING IN PARTICULAR ON THE FIRM’S EFFICIENCY.

II) UNDERSTAND AND ANALYZE HOW THE PARTS THAT MAKE UP THE CORPORATE FRAMEWORK (SHAREHOLDERS, BOARD OF DIRECTORS, MANAGER) INTERACT WITH EACH OTHER IN ORDER TO ALLOW THE COMPANY TO ACHIEVE THE MAIN OBJECTIVES.

III) UNDERSTAND AND ANALYZE THE INTERNAL AND EXTERNAL MECHANISMS OF CORPORATE GOVERNANCE USING AN EMPIRICAL APPROACH (FOR EXAMPLE THE STUDY OF EMPIRICAL MODELS TO UNDERSTAND HOW INTERNAL FACTORS – BOARD SIZE, CEO COMPENSATION, MANAGERIAL OWNERSHIP – AND EXTERNAL FACTORS – MARKET STRUCTURE IN WHICH FIRMS OPERATE - CAN INFLUENCE NOT ONLY THE COMPANY PERFORMANCE, BUT ALSO THE GROWTH OF THE MARKET).
Prerequisites
NOT PROVIDED
Contents
PART I (30H)

1) INTRODUCTION TO CORPORATE GOVERNANCE: CONCEPTS AND MAIN MODELS.

2) THEORY OF PRODUCTION: SOME CONCEPTS.

3) INTRODUCTION TO MARKET FORMS: MONOPOLY, OLIGOPOLY AND COMPETITION.

4) DEVELOPMENT STRATEGIES AND ELEMENTS TO BUSINESS SUCCESS.

5) SCP (STRUCTURE CONDUCT PERFORMANCE) AND NEIO (NEW EMPIRICAL INDUSTRIAL ORGANIZATION).

6) INTRODUCTION TO STATISTICAL REGRESSION.

7) PARAMETRIC TECHNIQUES FOR MEASURING THE FIRM’S EFFICIENCY.

8) DISCUSSION OF SOME CASE STUDIES.

PART II (30H)

1) NON-PARAMETRIC TECHNIQUES FOR MEASURING THE FIRM’S EFFICIENCY.

3) MEASUREMENT PROBLEMS AND INTERNAL/EXTERNAL MECHANISMS OF CORPORATE GOVERNANCE.

4) THE ROLE OF BOARDS OF DIRECTORS.

5) SHAREHOLDERS ACTIVISM AND AGENCY COSTS.

6) CAPM AND CORPORATE GOVERNANCE MECHANISMS.

7) DISCUSSION OF SOME CASE STUDIES.
Teaching Methods
THERE ARE THREE LESSONS A WEEK OF TWO HOURS EACH. TIMETABLES ARE AVAILABLE ON THE DISES WEBSITE. ATTENDANCE IS NOT MANDATORY, BUT STRONGLY RECOMMENDED.
Verification of learning
THE ACHIEVEMENT OF THE OBJECTIVES OF THE COURSE IS CERTIFIED BY PASSING AN EXAM WITH MARK IN THIRTIETH.

FOR STUDENTS OF THE COURSE

THE EXAM INCLUDES THE PRESENTATION OF A SCIENTIFIC CASE STUDY OR ALTERNATIVELY A WRITTEN TEST AND FINALLY AN ORAL TEST THAT MAY TAKE PLACE IN DIFFERENT DAYS (THE SCIENTIFIC CASE STUDY OR WRITTEN TEST IS PREPARATORY TO THE ORAL TEST). EACH TEST IS EVALUATED IN THIRTIETH AND PASSED WITH A MINIMUM MARK OF 18/30. THE FINAL MARK IS GIVEN BY THE AVERAGE OF THE MARKS REPORTED IN EACH TEST.

THE CASE STUDY CONCERNS THE UNDERSTANDING OF A SCIENTIFIC TEXT (REGARDING THE TOPICS COVERED DURING THE COURSE) TO WHICH THE STUDENT (DIVIDED INTO A GROUP) WILL HAVE TO STUDY AND PRESENT BY FOLLOWING THIS FRAMEWORK: CONTRIBUTION AND MOTIVATION, INTRODUCTION AND MAIN LITERATURE, DATA AND VARIABLES, EMPIRICAL STRATEGY, RESULTS, CONCLUSIONS AND DISCUSSIONS). THIS TEST IS AIMED AT ASKING THE LEVEL OF UNDERSTANDING AND EXPOSURE CAPABILITY REACHED BY THE STUDENT ON SCIENTIFIC ISSUES RELATING TO CORPORATE GOVERNANCE. THIS TEST HAS DURATION OF 30 MINUTES FOR EACH GROUP AND WILL BE CARRIED OUT AT THE END OF THE COURSE.

THE WRITTEN TEST IS COMPOSED OF OPEN QUESTIONS CONCERNING THE PROGRAM CARRIED OUT, WITH THE AIM TO VERIFY, TRANSPARENTLY AND OBJECTIVELY, THE LEVEL OF KNOWLEDGE AND THE UNDERSTANDING SKILL ACHIEVED BY THE STUDENT ON THE THEORETICAL AND METHODOLOGICAL CONTENTS IN THE PROGRAM. THIS TEST WILL BE CARRIED OUT AT THE END OF THE COURSE.
DURING THE WRITTEN TEST IS NOT ALLOWED TO CONSULT BOOKS, TO USE OF COMPUTERS AND MOBILE PHONES; ONLY THE USE OF THE CALCULATOR IS ALLOWED.

THE ORAL TEST CONSISTS OF AN INTERVIEW, WITH QUESTIONS AND DISCUSSION ON THE THEORETICAL AND METHODOLOGICAL CONTENTS INDICATED IN THE PROGRAM, IN ORDER TO UNDERSTAND NOT ONLY THE LEVEL OF KNOWLEDGE AND UNDERSTANDING SKILL REACHED BY THE STUDENT, BUT ALSO THE SKILL OF EXPOSURE APPROPRIATE TERMINOLOGY. THIS TEST WILL BE CARRIED OUT AT THE END OF THE COURSE.

FOR NON-STUDENTS OF THE COURSE

THE EXAM INCLUDES A WRITTEN TEST AND AN ORAL TEST THAT MAY TAKE PLACE ON DIFFERENT DAYS (THE WRITTEN TEST IS PREPARATORY TO THE ORAL TEST). EACH TEST IS EVALUATED IN THIRTIETH AND PASSED WITH A MINIMUM MARK OF 18/30. THE FINAL MARK IS GIVEN BY THE AVERAGE OF THE MARKS REPORTED IN EACH TEST.

THE WRITTEN TEST IS COMPOSED OF OPEN QUESTIONS CONCERNING THE PROGRAM CARRIED OUT, WITH THE AIM TO VERIFY, TRANSPARENTLY AND OBJECTIVELY, THE LEVEL OF KNOWLEDGE AND THE UNDERSTANDING SKILL ACHIEVED BY THE STUDENT ON THE THEORETICAL AND METHODOLOGICAL CONTENTS IN THE PROGRAM. THIS TEST WILL BE CARRIED OUT AT THE END OF THE COURSE.
DURING THE WRITTEN TEST IS NOT ALLOWED TO CONSULT BOOKS, TO USE OF COMPUTERS AND MOBILE PHONES; ONLY THE USE OF THE CALCULATOR IS ALLOWED.

THE ORAL TEST CONSISTS OF AN INTERVIEW, WITH QUESTIONS AND DISCUSSION ON THE THEORETICAL AND METHODOLOGICAL CONTENTS INDICATED IN THE PROGRAM, IN ORDER TO UNDERSTAND NOT ONLY THE LEVEL OF KNOWLEDGE AND UNDERSTANDING SKILL REACHED BY THE STUDENT, BUT ALSO THE SKILL OF EXPOSURE APPROPRIATE TERMINOLOGY. THIS TEST WILL BE CARRIED OUT AT THE END OF THE COURSE.
Texts
- ALESSANDRO ZATTONI, “CORPORATE GOVERNANCE”, MILAN, EGEA, 2015.

- LARCKER DAVID E TAYAN BRIAN, “CORPORATE GOVERNANCE MATTERS”, FT PRESS, UPPER SADDLE RIVER, NEW JERSEY 07458, 2011 (ONLY CHAPTERS: 1, 3, 5, 8, 12)
More Information
- LECTURE NOTES PROVIDED BY THE TEACHER AND POSTED ON THE WEBSITE (SECTION: TEACHING MATERIALS).

- FURTHER DETAILS WILL EVENTUALLY BE PROVIDED DURING THE LESSONS.

- FOR FURTHER INFORMATION, PLEASE CONTACT: CBARRA@UNISA.IT
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