L’influenza della corporate governance sulla relazione fra struttura del capitale e valore

This paper focuses on a well-known topic in the management and financial literature: the relation between capital structure and firm’s value. Particularly interesting is the debate on the role of moderation and/or mediation of corporate governance on the relation between capital structure and firm’s value. The controversial empirical results on this topic can be due to the lack of attention on the interaction between capital structure and other corporate governance variables. In fact, capital structure represents a corporate governance device as others. For this reason, to appreciate the relation between capital structure and firm’s value, it is necessary to take into account the presence of complementarity relationships with ownership concentration, managerial ownership, the role of the Board of Directors, and so on. To conclude, the paper provides some suggestions for future empirical research on this topic.