La struttura di Corporate Governance di Pirelli

The aim of this thesis is to explore and eventually identify a link between the Corporate Social Responsibility and the stock market of Pirelli. In the first part the general definition of corporate governance and corporate social responsibility were given, introducing a brief analysis of the ¿socio-environmental awareness¿ of these two concepts. The second part is dedicated to Pirelli, the tire industry and the main players in this sector, including Michelin and Goodyear. Furthermore Pirelli's structure of share ownership and its governance structure were analyzed, together with a short report on the latest award and recognitions received by the Italian company. Finally, the thesis analyzes how the stock prices changed. After analyzing a number of sources, from academic writings to online resources, different hypothesis were described: (i) the possible link between a CSR investment and stock performances; (ii) the relationship between social rating and financial capital structure; (iii) the complementarity of corporate responsibility and a firm's performance; (iv) the impact that CSR ratings have on stock prices. The conclusion reports how a link could exist, even if influenced by numerous factors, such as the way data are selected, how shareholders decide to invest and the field of investment. However a non-linear relationship between CSR and financial performance could exist, but further research is required in order to better understand those interactions.