1,720,984 research outputs found
In family we trust. Religiosity and credit rationing in family-owned firms
No full textThis paper investigates the influence of regional religiosity on credit rationing for family-owned firms in Italy. By using data from the VIII UniCredit Survey on medium-sized enterprises, we examine how the intersection of family ownership and religious engagement is related with firms’ access to credit. The results indicate that family firms are generally more likely to face credit restrictions; however, this likelihood is significantly reduced in regions with high levels of religious participation. This suggests that religious norms, which convey trustworthiness and lower risk in family firms, enhance their chances of obtaining credit from banks
Bank screening technologies and the founder effect: Evidence from European lending relationships
No full textThis article provides evidence on the existence of a founder-effect in the bank screening process for a sample of European family firms. Firstly, we find that firms’ founders are sig- nificantly associated with a larger request for information during the screening stage. Sec- ondly, founders are more likely to be required for both hard and soft information, whereas nonfamily CEOs are required to provide mostly hard data. Finally, the probability of being subject to deeper and more intense screening procedure is found to increase as founders get close to their retirement age, confirming banks’ concerns for founders’ succession in family firms
Le imprese ad alta crescita nelle Marche
No full textL'obiettivo del presente Rapporto è investigare l'evoluzione e le principali caratteristiche distintive delle High Growth Firms delle Marche, attraverso l'adozione del modello dei "Growth-Trigger Points", sviluppato da Brown e Mawson (2013). Il campione utilizzato per lo svolgimento dell'indagine comprende 47 imprese marchigiane con almeno 10 addetti e con un tasso di crescita in termini di fatturato superiore al 50 percento nel periodo 2010-2013. Attraverso l'analisi dei bilanci aziendali e le interviste dirette alle imprese, il Rapporto intende fornire una rappresentazione ampia del fenomeno delle High-Growth Firms nelle Marche, con particolare riferimento all'evoluzione storica delle imprese, alla natura dei punti critici sperimentati, al ruolo dell'ownership familiare, dei vincoli finanziari e della performance nel processo di sviluppo dell'impresa
Relational capital in lending relationships: evidence from European family firms
Full text linkThe aim of this paper is to investigate the role of family CEOs’ relational capital and non-family CEOs’ managerial skills in the context of bank relationships for a large sample of small- and medium-sized European firms. The results indicate that family firms appointing family managers are significantly more likely to maintain soft-information-based and longer-lasting lending relationships than family firms managed by professionals, and that these closer bank-firm ties reduce the likelihood of experiencing credit restrictions. Moreover, we find that having professional CEOs does not directly affect the probability of being credit rationed. Hence, family relational capital appears to have a univocal beneficial impact on bank-firm relationships
Multiple banking relationships. The role of firm connectedness
No full textThis paper sheds light on the role of firm social connectedness in multiple banking relationships, controlling
for other firm-level determinants. Using a large sample of Italian manufacturing firms, we develop novel text-
based measures of firm connectedness and multiple banking relationships. We measure firm connectedness
by exploiting information on the number of links that a non-financial firm has with any other non-financial firm
through individuals who hold a position (such as shareholder, administrator, and technical or administrative
employee) in both firms. The paper finds empirical evidence that firm connectedness is positively associated
with the number of banks lending to the firm. This effect is stronger for younger, smaller, and more indebted
firms, suggesting that firm connectedness favors the diffusion of soft information and ultimately their access
to multiple sources of credit by reducing negotiation and transaction costs. Connectedness, on the other
hand, does not seem to reduce firms’ incentives to increase the number of lenders in order to minimize
hold-up risks
The distributional impact of local banking. Evidence from the financial and sovereign-debt crises
No full textThis paper investigates whether local cooperative banks played a role in mitigating income inequality within Italian municipalities following the main crises that marked the European landscape from 2008 to 2015, namely the financial and sovereign-debt crises. Our empirical findings indicate that, despite the overall rise in income inequality during the post-crisis periods, municipalities hosting at least one cooperative bank branch experienced a comparatively smaller increase. This mitigating effect on income inequality is not observed in the case of non-cooperative banks. Furthermore, the size of the cooperative banking sector emerged as a significant factor in shaping income distribution: municipalities characterized by larger amounts of cooperative banks loans and deposits displayed lower levels of income inequality. The distributional impact of cooperative banks following the two crises was particularly pronounced in smaller municipalities, and where the degree of financial and industrial development was higher
Recensione del volume "Scienza e tecnica. Dalla rivoluzione scientifica alla rivoluzione digitale di Giulio Peruzzi e Valentina Roberti" (Roma, Donzelli – Padova, Padova University Press, 2022, VIII, 311 pp.)
No full textRecensione sul volume di Giulio Peruzzi, Valentina Roberti, Scienza e tecnica. Dalla rivoluzione scientifica alla rivoluzione digitale, Roma, Donzelli- Padova, Padova University Press, 2022, VII
Innovation over the industry life-cycle. Does ownership matter?
Full text linkThis paper considers the impact of firm ownership on innovation over the industry life-cycle. By analyzing a sample of 9602 European manufacturing firms, we first confirm established evidence that firms focus on product-oriented innovation during the growth stage of the industry life-cycle, and on process-oriented innovation during maturity. When firm ownership is taken into account, we find that this pattern is strongly reversed by the shifts from growth to maturity, but only for family firms, as these firms are significantly more prone to introduce risky product innovations during maturity. Controls for firm size, financial resources and other firm-specific variables, together with an explicit consideration of managerial ability, help in rejecting the hypothesis that family firms rely on product innovation for the inferior ability to manage process and organizational innovation. In addition, we find that the adoption of risky product innovation during maturity is mainly associated with family ownership, not management. By contrast, family management favors risk-avoiding behavior, except in the case of experienced family CEOs
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
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