The 2003 Italian Corporate Reform Law, establishing one-tier vs two-tier board for listed and unlisted joint stock companies, introduced an alternative corporate governance system. We compare 548 unlisted firms: corporations with best performance in sales and capital structure, as well as those...

The 2003 Italian corporate law reform, which established one-tier and two-tier boards for listed and unlisted joint stock companies, introduced alternative corporate governance systems. In addition to the traditional model, which, at least in its basic features, continues to be used by the...