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This article is based on the almost exhaustive study of all private schools in Russia in the 18th century, of which we still have traces, makes it possible to establish their role in the education of certain sections of the urban population in Russia, mainly in Moscow and St. Petersburg. Private schools in Russia are compared with schools of the same type in Holland, Sweden, France and Poland. We study the customers of these schools and in particular their educational needs. There is a strong focus on foreign language learning in Russia at that time and on learning methods. The article also looks at the Russian government's educational policy in general and with regard to private schools in particular. We are also interested in the "cultural capital" of the masters and teachers of these schools, the methods they used and compare the French and German schools. The lists of these schools drawn up on the basis of the archives documents are published in the annex, as well as the lists of "manuals" used to learn French (in the paper version only). ; International audience ; This article is based on the almost exhaustive study of all private schools in Russia in the 18th century, of which we still have traces, makes it possible to establish their role in the education of certain sections of the urban population in Russia, mainly in Moscow and St. Petersburg. Private schools in Russia are compared with schools of the same type in Holland, Sweden, France and Poland. We study the customers of these schools and in particular their educational needs. There is a strong focus on foreign language learning in Russia at that time and on learning methods. The article also looks at the Russian government's educational policy in general and with regard to private schools in particular. We are also interested in the "cultural capital" of the masters and teachers of these schools, the methods they used and compare the French and German schools. The lists of these schools drawn up on the basis of the archives documents are published ...

According to a theorem recently proved in the theory of logical aggregation, any nonconstant social judgment function that satisfies independence of irrelevant alternatives (IIA) is dictatorial. This note shows that the strong and little plausible IIA condition can be replaced with a minimal independence assumption plus a Pareto-like condition. This new version of the impossibility theorem likens it to Arrow's and arguably enhances its paradoxical value. ; La théorie de l'agrégation logique a récemment établi le résultat d'impossibilité suivant: toute fonction de jugement social non-constante qui satisfait l'indépendance des options non pertinentes est dictatoriale. Comme cette dernière condition paraît difficilement acceptable, on la remplace par une condition plus faible en lui adjoignant une condition d'unanimité de type parétien. Le théorème obtenu se rapproche de celui d'Arrow et se présente comme plus authentiquement paradoxal que le théorème d'impossibilité d'origine.

, Nicolas Sarkozy, presented on 4 May 2004 a recovery plan for the French economy. The plan aims to lower the French savings rate to stimulate growth in a context of budgetary rigour. We mainly evaluate three measures. (1) a tax credit on interest paid in 2004 and 2005 in respect of consumer credit. This tax credit could increase consumption by EUR 1 billion at a budgetary cost of around EUR 400 million per year. (2) exemption from duties on advance gifts of less than EUR 20 000. This measure would lead to a shift from the oldest to the youngest between EUR 0 billion and EUR 8,8 billion, with an impact on consumption of between EUR 0 and 500 million. (3) early release of the participation reserves. This measure could lead to the release of EUR 3 billion in participation reserves and have a comparable impact on consumption. ; M. Nicolas Sarkozy a présenté le 4 mai 2004 un plan de relance de l'économie française. Ce plan vise à abaisser le taux d'épargne des français pour stimuler la croissance dans un contexte de rigueur budgétaire. Nous évaluons principalement trois mesures. 1) Un crédit d'impôt sur les intérêts versés au cours des années 2004 et 2005 au titre du crédit à la consommation. Ce crédit d'impôt pourrait augmenter la consommation de 1 milliard d'euros pour un coût budgétaire de l'ordre de 400 millions d'euros par an. 2) L'exonération de droits sur les donations anticipées inférieures à 20 000 euros. Cette mesure induirait un transfert des plus âgés vers les plus jeunes entre 0 et 8,8 milliards d'euros pour un effet sur la consommation entre 0 et 500 millions d'euros. 3) Le déblocage anticipé des réserves de participation. Cette mesure pourrait conduire au déblocage de 3 milliards d'euros de réserves de participation et avoir un impact comparable sur la consommation.

International audience In 1982, the French socialist government lead by Pierre Mauroy reduced the legal age of retirement for both men and women. In 1993, the Balladur reform modified the pay-as-you-go basic private scheme. In March 1997, the Parliament enacted the Thomas Act that introduced retirement savings plan, but the law was never enforced because of the political change in June 1997, and was formally abrogated in 2002. Amazingly there seems be a 10 years cycle in French pension system reforms since the French parliament started to examine a new pension reform presented by the French Prime minister Jean-Pierre Raffarin in June 2003. According to his defender, the project is the most comprehensive and the most ambitious since 1945. Our assessment is more critical: in fact, after a four-month round of negotiations with trade-unions and despite its impressive number of articles (81) the final project is milder than it originally was, with a parametric reform of the first pillar as its main component. This article aims at giving the main features of this reform. The first section presents the context of the reform. The second section is devoted to the main features of the reform, while section 3 gives a critical appraisal, underlines the remaining problems, and raises alternative relevant solutions. ; En 1982, le gouvernement socialiste conduit par Pierre Mauroy réduisait l\'âge légal de départ en retraite. En 1993, la réforme Balladur modifiait un certain nombre de paramètres du régime général de retraite par répartition. En mars 1997, le Parlement adoptait la loi Thomas introduisant des plans d\'épargne retraite, mais la restait lettre morte faute de décret dápplication, pour être formellement abrogée en 2002. Il semble ainsi exister un cycle de 10 ans dans les réformes des systèmes de retraites en France, puisque le Parlement a commencé à examiner un projet de loi de réformes des retraites en juin 2003. Selon son promoteur, le projet est le plus vaste et le plus ambitieux depuis la fin de la deuxième ...

After meeting the objectives of debt stabilisation and participation in the single currency, the various Italian governments were able to move towards a gradual reduction of the tax burden. First, corporate taxation was reformed by a reduction in the tax rate on profits and by a greater neutrality of taxation depending on the type of company financing, although the latter approach was called into question by the Berlusconi Government. Tax policy has then shifted more gradually towards reducing household income taxes, first by reducing income tax rates and then by redesigning the less progressive scale, the latter reform having been only partially implemented. The social protection system has been reformed by a transformation of the public pension system from a defined benefit scheme to a defined contribution scheme, without any change in the contribution rate. The reform of the Constitution towards greater decentralisation gave the regions greater functions and imposed fiscal federalism, which replaced transfers from the State with regional revenue, with national solidarity only partly ensured by an equalisation fund between the regions. ; Après avoir atteint l'objectif de stabilisation de la dette et celui de participation à la monnaie unique, les différents gouvernements italiens ont pu s'orienter vers une réduction progressive de la pression fiscale. D'abord la fiscalité d'entreprise a été reformée par une baisse du taux d'imposition des bénéfices et par une plus forte neutralité de l'impôt selon le type de financement des entreprises, cette dernière orientation ayant toutefois été remise en cause par le gouvernement Berlusconi. La politique fiscale s'est ensuite orientée plus graduellement vers la réduction des prélèvements sur le revenu des ménages, d'abord par une baisse des taux de l'impôt sur le revenu, puis par une refonte du barème rendu moins progressif, cette dernière réforme n'ayant encore été que partiellement appliquée. Le système de protection sociale a été réformé par une transformation du ...

International audience ; Dans le cadre d'une étude de l'organisation biochimique des phytocénoses, une analyse des constituants organiques (glucides, tanins, lignine) et minéraux (métaux et métalloïdes biogènes) a été conduite sur 36 espèces végétales terrestres et aquatiques de la Dombes (Ain, France), région d'étangs d'eau douce relevant du biome caducifolié. L'analyse multivariable de ces données phytochimiques révèle une organisation tripolaire du peuplement, basée sur l'opposition pool phénolique/pool minéral (plantes terrestres versus plantes aquatiques) d'une part, cellulose/lignine (plantes aquatiques émergées versus plantes flottantes) d'autre part. Des recoupements sont observés entre profils biochimiques et sectionnement phytosociologique ou processus d'atterrissement. Mais la discussion des résultats se complique du fait que la plupart des végétaux terrestres présents sont des dicotylédones ligneuses, alors que les espèces aquatiques émergées sont majoritairement des monocotylédones herbacées. Cependant, chez les espèces flottantes (dicotylédones ou monocotylédones), les macromolécules pariétales dépendent plus de l'écologie que de la systématique : quelle que soit l'espèce, la lignine l'emporte sur la cellulose, comme chez les plantes terrestres. En ce qui concerne les constituants minéraux, les végétaux aquatiques se montrent généralement plus riches (de 1,5 à 2 fois) que les végétaux terrestres. La teneur en potassium atteint en moyenne 2,9 % chez les végétaux aquatiques flottants, contre 2,2 % chez les végétaux aquatiques émergés et seulement 1,2 % chez les végétaux terrestres ; cet élément est considérablement enrichi par rapport à l'eau ambiante (d'un facteur supérieur à 1 000), alors que le calcium ne l'est que faiblement (d'un facteur inférieur à 100). Pour les métalloïdes biogènes, les espèces aquatiques flottantes sont plus riches que les espèces émergées et que les espèces terrestres : 3,7 % contre 2,4 ± 0,4 % pour l'azote ; 0,46 ‰ contre 0,24 %o pour le phosphore. Ces résultats confirment ...

International audience [The analysis of the evolution of natural population movement in the European Union highlights three characteristics: a relatively stable number of deaths, a net decrease in births and a collapse in natural increase, turned negative in some countries.] ; L'analyse de l'évolution du mouvement démographique naturel dans l'Union européenne met en évidence trois caractéristiques : une relative stabilité du nombre de décès, une nette diminution des naissances et un effondrement de l'accroissement naturel, devenu négatif

International audience [Any permanence of a low birth rate leads to multiple political consequences: it changes the intergenerational relationships within the population concerned and its electorate, it changes the demographic characteristics of this population and relative can help to accentuate the spatial inequalities; in addition, it raises the question of the transmission of political values.] ; Repris in extenso dans Problèmes économiques, 19 juillet 1989. Toute permanence d'une faible natalité entraîne de multiples conséquences politiques : elle modifie les rapports intergénérationnels à l'intérieur de la population considérée et de son corps électoral, elle change les spécificités démographiques relatives de cette population et peut concourir à accentuer les inégalités spatiales ; en outre, elle pose la question de la transmission des valeurs politiques.

In multi-ethnic and multicultural Mauritania, linguistic challenges are all the more important as this country occupies a pivotal position between the Arab-speaking Maghreb world and the French-speaking black world. In most regions, Arabic Maures account for the majority of the country as a whole. Regardless of the colour of their skin, they speak of Hassâniyya, while the Negro-Africans — the Black of Mauritania that do not have Hassâniyya as their mother tongue — are divided into three different ethnicities, all of which belong to larger groups than the borders have cut. In this article I study the country's language policy since independence and analyse the conflict between language communities arising from the place accorded to French and Arabic respectively, both as official languages and as languages of instruction. ; International audience ; In multi-ethnic and multicultural Mauritania, linguistic challenges are all the more important as this country occupies a pivotal position between the Arab-speaking Maghreb world and the French-speaking black world. In most regions, Arabic Maures account for the majority of the country as a whole. Regardless of the colour of their skin, they speak of Hassâniyya, while the Negro-Africans — the Black of Mauritania that do not have Hassâniyya as their mother tongue — are divided into three different ethnicities, all of which belong to larger groups than the borders have cut. In this article I study the country's language policy since independence and analyse the conflict between language communities arising from the place accorded to French and Arabic respectively, both as official languages and as languages of instruction. ; Dans la Mauritanie pluriethnique et multiculturelle, les enjeux linguistiques sont d'autant plus importants que ce pays occupe une position charnière entre le monde maghrébin arabophone et le monde noir francophone. Majoritaires à l'échelle du pays dans son entier, les Maures arabophones le sont aussi dans la plupart des régions. Quelle que soit la ...

SOMMAIRE: I. Applicable texts/A. émission/1. Right of émission/2. Holders of the émission/3 right. Conditions of the emission right/B. The transmission/2. Holders of the transmission/3 right. Conditions of transmission right/C. Reception/II right. The system of division of powers/A. General principles/B. Communications of the national government/C. Commercial advertising/D. Technical aspects/E. Other problems ; SOMMAIRE : I. Les textes applicables / A. L'émission / 1. Droit d'émission / 2. Titulaires du droit d'émission / 3. Conditions du droit d'émission / B. La transmission / 2. Titulaires du droit de transmission / 3. Conditions du droit de transmission / C. Droit de réception / II. Le système de répartition de compétences / A. Les principes généraux / B. Les communications du gouvernement national / C. La publicité commerciale / D. Les aspects techniques / E. Autres problèmes

The arms race is expensive for a national economy. The comparison of military expenditure, a comparative analysis and the economic impact of the defence effort on the economies of France and the United Kingdom highlight the comparative weight of national security in the two countries. Analysis of the armaments industries, the importance of jobs linked to the security of a country and the substitution of capital/labour of military expenditure are all issues that shed light on the influence of security factors on national economies. ; International audience The arms race is expensive for a national economy. A comparison of military spending, a comparative analysis and the economic impact of the defence effort on the economies of France and the United Kingdom highlight the comparative weights of national security in the two countries. The analysis of arms industries, the importance of jobs linked to a country's security and the capital-labour substitution of military spending all shed light on the influence of security factors on national economies. ; The arms race is expensive for a national economy. The comparison of military expenditure, a comparative analysis and the economic impact of the defence effort on the economies of France and the United Kingdom highlight the comparative weight of national security in the two countries. Analysis of the armaments industries, the importance of jobs linked to the security of a country and the substitution of capital/labour of military expenditure are all issues that shed light on the influence of security factors on national economies. ; La course aux armements est onéreuse pour une économie nationale. La comparaison des dépenses militaires, une analyse comparative et l'impact économique de l'effort de défense sur les économies de la France et du Royaume-Uni mettent en évidence les poids comparatifs de la sécurité nationale dans les deux pays. L'analyse des industries d'armement, l'importance des emplois liés à la sécurité d'un pays et la substitution capital/travail des ...

Dissemination of the document: Rural Economy and Sociology Station 65 rue de Saint-Brieuc 35042 RENNES CEDEX (FRA) In 1970 and 1971, surveys were carried out in Brittany on the fate of the sons and daughters of farmers. One of the objectives was to determine both how much land was leaving the land and who did it. At the same time, we learned how much and who remained in agriculture. It appeared that in the new low labour factor agriculture, which was the result of "modernisation", there was a strong selection of entry and maintenance. Did not wish to do so; among those who started, some stated that they would have preferred to stay; some of them had started working as agricultural workers. This was the case at least for boys because the girls went more, except in Haute-Brittany. ; Diffusion du document : Station d'Économie et Sociologie rurales 65 rue de Saint-Brieuc 35042 RENNES CEDEX (FRA) En 1970 et 1971, des enquêtes ont été effectuées en Bretagne sur le devenir des fils et filles d'agriculteurs exploitants. L'un des objectifs était de déterminer à la fois combien quittaient la terre et qui le faisaient. Nous avons appris en même temps combien et qui restaient dans l'agriculture. Il apparaissait que dans la nouvelle agriculture à faible coefficient de main-d'œuvre, qui était issue de la "modernisation", une forte sélection s'exerçait à l'entrée et au maintien. Ne restait pas qui le souhaitait ; parmi ceux qui partaient, certains déclaraient qu'ils auraient préféré se maintenir ; quelques-uns d'entre eux avaient d'ailleurs commencé leur vie professionnelle comme actifs agricoles. Il en était ainsi tout au moins chez les garçons car les filles s'en allaient davantage, sauf en Haute-Bretagne.

The referendum on 23 June 2016, expressing the will to leave Brexit- from the UK (United Kingdom of Great Britain) from the EU (European Union) marks the starting point for a process of greatest strategic, geopolitical and geoeconomic importance. This June 2016, it asked us questions about what strategic interests and projects were confronting in Brexit, in the clear will to leave the EU or stay. In appearances, the UK was who needed and decided to leave the EU; and that the EU was faced with a fact that I was not looking for but which did not mean anything negative in itself, even though it entails a threat of territorial fragmentation. The dominant globalist financial interests in the City of London show not only the first clear signs of opposition to Brexit, but also, in the face of the past, it launches an offensive against the EU, its continental oligarchy, which takes the form of media, politics and acts of destabilisation? terrorists, which in its counter-narrative appears as promoting Euroscepticismo.The globalist financial policy of medically promoting Exit in each EU nation, strengthening that position with the actions of terrorist groups (isis) and organising mass migration from the orient environment (Syria/Iraq/etc.) also in war against ISIS/NATO; it is in its strategy to weaken and fragment the EU so that it can subordinate and control it from its local financial cities (Paris, Milan, Amsterdam, etc.). For those reasons it was perhaps not apparent at the outset that the globalist interests in the city of London had a major confrontation in the UK with the British Crown. This only starts to emerge and be observed when Teresa May activates Article 50 to start leaving the EU on 29 March 2017. In March 2017, not only the interests of the British krone decided to move forward with the institutional steps out of the EU, but Trump's triump in the US and its president on 19 January 2017, with positions openly opposed to the financial globalism of the federal reserve, city of New York and London, ...

International audience This paper outlines in some detail the population dynamics of a large, free-ranging herd of Bison in Wood Buffalo National Park in northern Canada. That herd increased from a remnant of about 500 in the 1890's to an estimated 1,500 in 1922. In the late 1920's 6,600 plains Bison were added to the original population of wood Bison. Since 1930 the increase has been much slower, probably because of increased mortality caused by tuberculosis and reduced fertility caused by brucellosis. Both diseases were probably introduced with the plains Bison. In contrast, the rate of increase of three small, fenced herds of plains Bison is about 25 percent per year. Management of the fenced herds consists mainly of periodic reduction in numbers to keep the population within the carrying capacity of the range. Management of the wild, northern Bison entails mainly an attempt to reduce the incidence of tuberculosis in certain selected portions of the herd. A minor, but still significant management goal is to restore the Bison to the list of game animals by permitting the hunting of trophy bulls in areas outside the Park boundary. The bulk of the herd is being left in as nearly a natural state as possible in order to reap the maximum aesthetic benefits. At present there are about 20,000 Bison under federal government protection in the United States and Canada plus others under State, Provincial or private control. The herds are widely distributed in the western part of the continent and the future of the species seems assured.

Il presente contributo esamina il consiglio d'amministrazione delle società aventi azioni quotate in Borsa Italiana, e le retribuzioni destinate ai suoi membri, alla luce delle numerose innovazioni dell'ordinamento giuridico italiano e seguendo quella linea di analisi recentemente proposta dalla letteratura avente alla propria base l'idea che gli amministratori possono influenzare a proprio vantaggio i termini del pay-package loro corrisposto. A tal fine l'elaborato presenta una struttura articolata in due parti, nella prima delle quali viene fornita una visione organica dell'assetto istituzionale in cui l'analisi empirica, prodotta nella seconda, trova il proprio presupposto. Più specificatamente, la prima parte della tesi fornisce un'analisi giuridico-finanziaria della figura dell'amministratore (Capitolo 1) e del consiglio d'amministrazione (Capitolo 2), che risulta, oltre che assente in letteratura, quantomai attuale alla luce delle numerose e recenti riforme normative introdotte in materia. La normativa primaria, costituita dagli articoli del codice civile riguardanti gli amministratori ed i sistemi d'amministrazione e controllo (libro V, sezione VI bis, del Codice Civile) e dalle disposizioni contenute nel T.U.F., va oggi infatti completata con le nuove disposizioni contabili derivanti dall'applicazione degli IAS, ed in particolare dell'IFRS2, con le novità introdotte dalla cosiddetta Nuova Legge sul Risparmio (D. L. n. 262/2006), con le linee di comportamento descritte nella terza versione del Codice di Autodisciplina (Best Practice Code, 2006), con le prescrizioni di tipo previdenziale e fiscale contenute nelle Leggi "Finanziaria" del 2006 e del 2007, nonché con le novità in materia di governance bancaria volute da Mario Draghi (emanate a Marzo di quest'anno ma da recepire entro il 30 Giugno 2009). La seconda parte dell'elaborato, prendendo spunto dai diversi approcci utilizzati in letteratura (Capitolo 3), e con riferimento al contesto italiano, fornisce invece un'analisi empirica del sistema di compenso applicato agli amministratori. Dapprima è tracciata, relativamente al periodo indagato (1999-2006), la dinamica temporale della ricchezza distribuita ai propri amministratori dalle società italiane. Successivamente viene fornita una stima dell'intensità degli incentivi impliciti nei directors' pay-packages (i.e. pay-performance sensitivity), unitamente ad una analisi delle determinanti che ne sono alla base. L'ipotesi che guida tale parte del lavoro è che in un contesto caratterizzato da proprietà concentrata, a causa della capacità dell'azionista di maggioranza di estrarre risorse dalla società, è ragionevole presumere che gli amministratori risultino destinatari di una remunerazione meno sensibile alle performances dell'impresa e tendenzialmente più elevata. Più semplicemente la questione che viene posta è se gli amministratori scontano la possibilità d'espropriazione, componendo convenientemente il proprio pacchetto di compenso. I risultati ottenuti confermano la validità dell'impianto d'ipotesi proposto ed evidenziano che la qualità della corporate governance è la variabile chiave. Le imprese dotate di un efficace ed efficiente governo societario riescono a controllare il processo di formazione delle remuneration policies impedendone manipolazioni opportunistiche. Le imprese caratterizzate da weak corporate governance risultano invece non solo incapaci di attuare politiche retributive volte alla massimizzazione del valore d'impresa, ma anche esposte all'estrazione di risorse da parte dei propri amministratori. ; What the largest corporation pay their top managers is one of the most analyzed topics in corporate finance since Jensen and Murphy, 1990. As they noted (Jensen and Murphy 2004), a well-designed remuneration package for executives attracts the right executives at the lowest cost; retains them at the lowest cost (i.e. encourage the right executives to leave the firm at the appropriate time); and motivates executives to take actions that create long-run shareholder value and avoid actions that destroy value. However, several recent studies have shown that the characteristics of real world compensation contracts rarely meet their counterparts in compensation contracting theory because of the executives' capability to influence the terms of their compensation package to their personal advantage. For example, Yermack (1997) provides evidence that executives influence timing of their stock option awards, receiving at-the money options just prior to releasing news that increases company stock prices. Bebchuk, Fried, and Walker (2002) and Bebchuk and Fried (2003, 2004) argue that the practice of granting options at-the-money (rather than out-of-the-money or with exercise prices indexed to market movements) reflects the influence of rent-seeking managers trying to maximize their compensation in ways that are largely camouflaged to investors and the public. Going ahead, others empirical research give proofs that the executives' power to influence their pay package is stronger when shareholders are diffuse and more passive (Bertrand and Mullainathan, 2001), and when the corporate governance is weaker (Garvey and Milbourn, 2006; Harford and Li, 2007). At the same time, the expropriation literature shown that dominant shareholders, especially in firms with poor corporate governance (Klapper and Love, 2004; Durnev and Kim, 2005; Dahya, Dimitrov and McConnell, 2008) and in countries with weak legal protection (La Porta, Lopez-de-Silanes, Shleifer and Vishny, 2002; Claessens, Djankov, Fan and Lang, 2002; Durnev and Kim, 2005), are able to divert resources from others shareholders to himself for personal consumption. Since expropriation implies fewer resources assignable to marginal shareholder, the firms which are ex ante more likely to be expropriated, trade at discounted valuations. Despite the considerable empirical evidence on the costs bore both by the dominant shareholder and by the minorities in case of expropriation, the literature doesn't provide evidence of the cost supported by directors. Expropriation, in fact, represents, ex ante, a cost also for directors. First, it's a direct cost which negatively affects the expected overall compensation rewarded, when directors have part of their remuneration which is tied to company's performances. Since expropriation is a net loss for the company, which leads to a correspondent fall in the company market valuation, the closer is the alignment of directors' interests with those of shareholders, the bigger is this cost. Second, since directors have to perceive the maximization of shareholders' wealth (i.e. avoid loss of it), expropriation should affect negatively the director's reputation capital. This work examines the director's compensation in firms which are more likely to be expropriated by their dominant shareholders. In essence, the question I address is whether directors discount the expropriation's possibility, setting up conveniently their compensation's contract. I explore this issue using a sample of directors' compensation data of Italian Listed firms made up over the period 1999-2006. The case of Italian Listed companies is of particular interest for several concomitant reasons. First, Italian firms have been historically more prone to choosing a closely-held ownership structure characterized by a wide separation between ownership and control (Johnson, La Porta, Lopez de Silanes and Shleifer, 2000; Faccio and Lang, 2002; Volpin, 2002; and Barontini and Caprio, 2006; Mengoli, Pazzaglia, and Sapienza, 2006). Second, Italy is a country where the low protection of minority shareholders allows controlling shareholder to extract a considerable amount of private benefits (Bigelli and Mengoli, 2004; McCahery and Vermeulen, 2004; and Bigelli, Merhotra and Rau, 2006). Finally, Italy is a country where the high dominant shareholder's capability to replace directors and where the low efficiency of the job-market of directors, provide narrowed incentives to directors in order to effective monitoring dominant shareholder's actions (Barontini and Caprio, 2002; Volpin, 2002). Overall, results confirm the testable hypotheses, and provide evidence of the key-role exerted by corporate governance. Firms with strong corporate governance are able to monitor the compensation policies creation process avoiding opportunistic manipulation. On the opposite, firms with weak system of corporate governance seem unable to implement compensation policies directed at the firm value maximization, and, going ahead, seem to be expropriated also by theirs directors.