Legal Instruments for Promoting Business Stability and Long-Term Investment: A Comparative Analysis of Enhanced Voting Rights in France

Salvatore Capasso^a, Riccardo Fava^b, Andrea Filippetti^b, Antonio Zinilli^c

^aCNR-DSU, Consiglio Nazionale delle Ricerche – Dipartimento di Scienze Umane e Sociali, Patrimonio Culturale
^bCNR-ISSiRFA, Consiglio Nazionale delle Ricerche – Istituto di studi sui sistemi regionali federali e sulle autonomie “Massimo Severo Giannini”
^cCNR-IRCrES, Consiglio Nazionale delle Ricerche – Istituto di Ricerca sulla Crescita Economica Sostenibile

DOI: 10.36134/PBDSU-2025-13 Download as .PDF

The policy brief examines the enhanced voting rights introduced in France in 2014 through the Florange Law and later adopted in Italy as a tool to encourage corporate stability and promote long-term investments. In France, enhanced voting rights were made automatic unless companies chose to opt out. However, analyses of the top 100 French companies showed that this law did not significantly impact their economic performance, such as profitability or market value.

In Italy, enhanced voting rights were introduced in 2014 and strengthened in 2024 to facilitate the listing of Italian companies on the stock exchange without losing managerial control. Unlike in France, in Italy, enhanced voting rights are applied only if approved by the shareholders’ assembly.

The French experience suggests that enhanced voting rights alone do not guarantee positive effects. To make them more effective in Italy, it is recommended to complement them with incentives for investors, closely monitor the outcomes of the regulation, and introduce measures to improve corporate governance and attract new capital, creating a favorable environment for sustainable business growth.

How to cite

Capasso, S., Fava, R., Filippetti, A., & Zinilli, A. (2025). Strumenti legali per l’incentivazione della stabilità aziendale e degli investimenti a lungo termine: un’analisi comparata del voto maggiorato in Francia (DSU Policy brief 13). CNR-Dipartimento di Scienze Umane e Sociali, Patrimonio culturale. https://doi.org/10.36134/PBDSU-2025-13.

Last updated: 31 March 2025