La buona e la cattiva governance

CAMBRIDGE – I mercati sono in grado di comprendere e valutare correttamente le strategie di governo societario, o corporate governance, delle aziende? La nuova ricerca empirica, che ho condotto insieme ad Alma Cohen e Charles C.Y. Wang, analizza in che modo i mercati azionari hanno capito come valutare le clausole anti-scalata, nonché le relative implicazioni sia per i management delle società per azioni che per i loro investitori.

Nel 2001, tre economisti finanziari, Paul Gompers, Joy Ishii e Andrew Metrick, hanno identificato una strategia di investimento, basata sulla governance, che avrebbe garantito rendimenti azionari superiori durante gli anni 90. Tale strategia si basava sulla presenza di misure di governance di tipo “entrenching” (misure protettive e ingiustificate da parte dei dirigenti), quali ad esempio “classified board” (amministratori suddivisi in classi con scadenze sovrapposte) o “poison pills” (“pillole avvelenate”, ossia ostacoli statutari alle acquisizioni) che esimono il management dalla disciplina di mercato per il controllo societario.

Durante gli anni 90, le quote di partecipazione delle aziende con poche o nessuna clausola “entrenching”, e quotazioni di short selling di aziende con numerose misure di questo tipo, avrebbero registrato sovraperformance di mercato. Tali conclusioni hanno incuriosito aziende, investitori ed esperti di governo societario da quando sono state rese note, e hanno spinto i consulenti degli stakeholder a sviluppare prodotti di investimento basati sulla governance.

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