The governance of Italian asset management companies: some considerations

IF 0.9 4区管理学 Q3 BUSINESS, FINANCE

Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad Pub Date : 2014-04-03 DOI:10.1080/02102412.2014.911474

M. Arcuri

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.

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意大利资产管理公司的治理:一些考虑

资产管理是意大利金融体系的关键部门，其公司治理(CG)是一个关键问题。本文以2006年至2010年意大利银行和独立资产管理公司为样本，对意大利资产管理公司(amc)的CG进行了研究。我们研究的目的是确定意大利资产管理公司的治理结构是否影响产品和盈利能力。我们使用看似无关的回归方法。我们发现，CG制度可能会影响意大利资产管理公司提供的共同基金类别。此外，共同基金类别可能有助于AMC的盈利能力。我们的研究结果对意大利资产管理市场具有有趣的运营影响，其特点是潜在的利益冲突。资产管理公司更好的CG结构有助于提高业绩，减少向客户收取的佣金。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad BUSINESS, FINANCE-

CiteScore

2.10

自引率

10.00%

发文量

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.