RT Article
T1 The Determinants of Regulatory Compliance: An Analysis of Insider Trading Disclosures in Italy
JF Journal of business ethics
VO 90
IS 3
SP 331
OP 331
A1 Bajo, Emanuele
A1 Bigelli, Marco
A1 Hillier, David
A1 Petracci, Barbara
LA English
PB Springer Science + Business Media B. V
YR 2009
UL https://www.ixtheo.de/Record/1785636960
AB 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.
K1 Family firms
K1 Italy
K1 Regulation
K1 Insider trading
K1 Corporate Governance
K1 regulatory compliance
DO 10.1007/s10551-009-0044-x