1,720,990 research outputs found
Effetti della riforma del diritto societario civile sulla finanza delle società di capitali
No full textMain financial factors influencing the survival, development and performance of family firms
No full textSometimes the impossibility of employing an adequate level of debt may prevent family firms from developing or reaching high performance; however, they can increase their ability to collect debt finance thanks to personal assets to collateralize or personal guarantees, supplied by family members. Furthermore, agency costs of equity are negligible in family businesses, owing to the insignificant separation among the functions of ownership, control and management and their intra-familial altruistic linkages, but agency costs of debt are high, as family firms are usually small or medium-sized enterprises and, thus, more opportunistic and little transparent. Agency conflicts between majority and minority shareholders prevent family firms, to some extent, from getting equity finance and developing, as non-family and minority shareholders may undergo a loss of personal wealth. The level of debt tends to increase when family firms grow. In the early stages of its development, a family-owned firm usually relies on personal savings and sources of capital provided by friends and relatives; while, in the later stages of its growth, a family-owned firm can more easily employ debt and external equity to finance its development
Funzionamento, scelta e gestione dei fondi comuni di investimento. L’approccio dell’investitore
No full textI fondi comuni di investimento costituiscono per il risparmiatore un universo sempre più complesso e variegato che crea opportunità di investimento ed aspettative di rendimento, ma che al tempo stesso richiede una notevole conoscenza dei suoi rischi e delle sue problematiche.
Nell’ottica dell’investitore che desideri acquisire consapevolezza ed un certo grado di autonomia decisionale, questo libro propone un modello per la scelta e gestione dei fondi comuni di investimento. Il percorso delineato è compiuto talvolta autonomamente dal singolo investitore, in parte con il concorso di consulenti finanziari e in alcuni casi da operatori finanziari cui è stata delegata la gestione delle risorse affidate.
Si spera di avere fornito non solo un contributo operativo a chi intenda impiegare il proprio capitale, ancorché parzialmente, in fondi comuni di investimento, ma anche di avere offerto elementi descrittivi ed interpretativi per quanto riguarda il processo di selezione e gestione degli investimenti nei medesimi strumenti finanziari
Le determinanti della struttura finanziaria delle imprese. Profili teorici ed empirici
No full textIl libro fornisce un’ampia analisi dei principali lavori teorici ed empirici sui fattori che condizionano la struttura finanziaria delle imprese. L’influenza delle determinanti esaminate – come le imposte, il dissesto finanziario, i conflitti di agenzia, le asimmetrie informative, la dimensione aziendale, la struttura proprietaria e gli effetti di sistema - viene proposta in relazione alla loro capacità di massimizzare il valore per i soci dell’impresa e dell’azienda nel suo complesso e quindi di delineare una struttura finanziaria ottimale
GHG Emissions of Italian Unlisted Firms and Bank Debt
Full text linkIn this paper I investigate the effect of the greenhouse gas emissions of a sample of 478 Italian unlisted firms on their bank debt, in the context of the growing attention and awareness for climate change issue. My findings show that unlisted firms generating low levels of greenhouse gas emissions borrow less long-term, short term, and total bank debt than unlisted firms generating high levels of greenhouse gas emissions, to finance their growth opportunities. Being the first work analyzing this topic, to the best of my knowledge, further empirical research could also investigate the impact of greenhouse gas emissions on the bank financing of unlisted firms of different countries, representing specific cultural and political approaches towards climate change problems
Main determinants of capital structure and financial sustainability among Italian listed non-financial firms: an empirical survey
No full textThe Determinants of Capital Structure Choice: Evidence from Italian Family Firms
No full textThis paper analyses the financing choices of Italian family firms by employing a dynamic linear panel data
model. The debt-to-equity ratio of Italian family firms is clearly influenced by its previous dynamics. Italian family-owned
firms trade off the costs of financial distress against the tax benefits of debt financing. They also try to take advantage of
their current profitability. Italian family firms may also accumulate earnings and may need to invest available cash in
tangible fixed assets over time, while they use more debt when the ownership concentration is higher, as blockholders can
more easily extract wealth from creditors. The empirical findings may also imply greater difficulties for women in
accessing debt finance compared to men, even if the results are not robust. Furthermore, the explanatory variables,
influencing the debt-to-equity ratio of Italian family firms in general, play a very similar role in the four categories of
Italian family firms - small, large, manufacturing and services. However, the results for Italian family firms in general, and
for those in the small and services categories in particular, appear to be more robust in terms of statistical tests, compared to
those of the other two groups of enterprises
An Empirical Investigation of the Debt Maturity of Italian Family Firms
No full textThis study examines, through a dynamic panel data methodology (GMM-SYS) applied on a sample of 1,224 Italian family firms, whether and how the debt maturity structure of Italian family firms is determined by asset maturity, taxes, agency conflicts between managers and shareholders and between shareholders and creditors, liquidity risk, asymmetric information, the recent crisis, and the past dynamics of the debt maturity structure itself. Firstly, Italian family firms do not immediately adjust their maturity structure to its target and this adjustment is costly. There is no evidence of the maturity matching principle, nor of taxes influencing the debt maturity of Italian family firms. Conflicts of interests between managers and shareholders increase as Italian family firms get older, hence older Italian family firms use more long-term debt. Moreover, the scarce presence of conflicts of interest between shareholders and creditors causes long-term debt to augment, as it is used to properly exploit growth opportunities and thus, finance long-term investments. Both low-quality and high-quality Italian family-owned businesses tend to use short-term debt, since the former are screened out of the long-term debt market and the latter employ short-term debt to signal their quality when new positive information becomes available. Finally, lower asymmetric information increases the amount of long-term debt Italian family firms can get, whereas the crisis has had a negative impact on their debt maturity and this is linked to a reduced need for long-term debt to finance the permanent assets of Italian family firms. My empirical research represents an attempt to interpret the main determinants influencing the debt maturity structure of Italian family firms, by using an advanced econometric model which can better explain the financial behaviour of the firms being surveyed. Because the work deals with Italian family firms, no comparison based on country-specific aspects has been made among family firms belonging to different countries. Moreover, the absence of detailed yearly information on the ownership, board of directors, and managers prevented me from further enhancing the knowledge of the relationship between agency conflicts and debt maturity of Italian family firms. However, these two limitations may constitute further streams of future applied research
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