Shareholder engagement e co-creation. Un’analisi su un campione di imprese quotate (Shareholder engagement and co-creation. An analysis of a sample of listed companies)

  • Salvatore Esposito De Falco
  • Nicola Cucari
  • Sergio Carbonara
Keywords: shareholder engagement, value co-creation, corporate governance, dissent of minority shareholders


Purpose of the paper: The paper analyzes and interprets the shareholder engagement as a means of co-creation of value and aims to verify whether it could encourage a greater flow of information within the firm, creating the foundations for a shared government.

Methodology: This study has an exploratory approach; the scholars used a phenomenological approach to test a sample of 44% of Italian companies to large and mid-cap. The data used refer to the years 2014/2016 and report the degree of dissent by minority shareholders with respect to the proposals in shareholder meetings and in particular with regard to remuneration policies.

Findings: Results show that the continuous shareholder engagement reduces the degree of dissent by minority towards business decisions, with regard to decisions relating to the remuneration policies.

Research limits: The paper used a sample of 44% of Italian companies to large and mid-caps listed. It would be desirable, in the future, expand the survey to a sample of international companies, operating in different contexts. 

Practical implications: The paper provides information on the operation and effectiveness of the actions and policies of engagement by providing useful practical guidance on the effectiveness of proxy solicitors and on a “new role” of the Annual General Meeting.

Originality of the paper: In studies on corporate governance, the co-creation of value approach has not found a specific epistemological framework. In this work, however, we have tried to reinterpret the shareholder engagement as a co-creation tool.


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