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Measuring corporate governance: objectives and solutions by comparison

Massimo Regalli, Federica Ielasi, Maria Gaia Soana
March 2011 - n°3
Jel codes: G34, G38

Many indicators have been developed at international level to evaluate the quality of corporate governance. In this paper, the fundamental elements and limitations of existing indicators are discussed. Among these indicators, particular attention has been focused on the Gim Index, an index utilized by numerous economists in empirical analyses on U.S. firms.The paper emphasizes the difficulty of the Gim Index to reflect the type of governance that characterizes enterprises operating in continental European countries. In order to evaluate the quality of governance of European firms a specific model (Sir Index) is formulated taking into account the main variables useful in understanding the asymmetry existing between minority and majority shareholders

 

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