IJMB Journal – June 2014 – Abstract

IJMB Journal – Abstracts

International Journal of Management and Business

IJMB Volume V, Issue 1

 

Voluntary Delisting in Italy:
Are Italian Listed Firms Moved by Different Incentives?
M. Tutino^a*, I.C. Panetta^b, E. Laghi^c

^aRoma Tre University, Department of Business Studies, Roma, Italy
marco.tutino@uniroma3.it
^bSapienza University, Faculty of Economics, and Roma Tre University, Department of Management, Roma, Italy. ida.panetta@uniroma1.it
^cSapienza University, Department of Law and Economics of Productive Activities, Roma, Italy. enrico.laghi@studiolaghi.it

ABSTRACT

The purpose of the paper is to examine the incentives and motives of Italian voluntary delisting between 2001 and 2011. Focusing on a sample of 53 industrial companies, we empirically tested if incentives acknowledged by academic literature on the topic can be considered also for Italian listed companies. In particular, we tested for hypotheses related to Free Cash Flow, Leverage Potential, Decreasing Benefits of Being Listed, Limited Capital Market Efficiency and Dividend Payments. Results show that Italian firms are moved substantially by different incentives.

Keywords: Going Private, Delisting, Public to private, Buyout Offer Squeeze Out (BOSO), Governance.

Click for full manuscript (PDF) or back to Volume 5-1, Table of Content.