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Applied Economics Volume 37, 2005 - Issue 14
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Original Articles

Profits persistence and ownership: evidence from the Italian banking sector

Mariarosaria Agostino Dipartimento di Economia e Statistica, Università degli Studi Della Calabria, 87036, Arcavacata di Rende, Cosenza, Italy
,
Leone Leonida Dipartimento di Economia e Statistica, Università degli Studi Della Calabria, 87036, Arcavacata di Rende, Cosenza, Italy; Department of Economics and Related Studies, University of York, Heslington, York, YO10 5DD, UK
&
Francesco Trivieri * Dipartimento di Economia e Statistica, Università degli Studi Della Calabria, 87036, Arcavacata di Rende, Cosenza, Italy
Pages 1615-1621 | Published online: 01 Sep 2006
 
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Abstract

The hypothesis that ownership structure affects persistence of profits in the Italian banking industry is tested. The time-invariant components of ROA and ROE are regressed against ownership concentration and the fraction of shares held by the major shareholders. The results show that abnormal profits increase if ownership is concentrated in foundations and banks, and decrease if market forces are allowed to operate.

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