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Article
Affiliation(s)

Domenico Celenza, Ph.D. in Business Economics, Researcher in Business Economics, Department of Economics and Law, University of Cassino and Southern Lazio.
Fabrizio Rossi, Ph.D. in Management Engineering, Adjunct Professor of Economics and Business Organization, Department of Electrical and Information Engineering, University of Cassino and Southern Lazio.

ABSTRACT

The paper extends previous research on the topic of intellectual capital (IC) and the relationship between ownership concentration (OC) and firm performance. The ambitious goal of this work is to answer three questions: (1) Whether there is a relationship between IC and firm performance; (2) Whether there is a relationship between the efficiency of IC and the ownership structure of the Italian listed companies; and (3) If the performance of Italian listed companies is influenced by the ownership structure and by the efficiency of IC. The results obtained by investigating on a sample of Italian listed companies during the period 2002-2011 suggest the lack of relationship between the efficiency of IC and the performance of the companies examined, but show a significant relationship among OC, the efficiency of IC, and firm performance.

KEYWORDS

ownership structure, largest blockholder, value added intellectual coefficient (VAICTM), firm performance, agency costs, Italian listed companies

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