429 research outputs found
LE IMPRESE MINORI E LE NUOVE REGOLE DEL CREDITO: IL RUOLO DEI CONSORZI DI GARANZIA FIDI E DI BASILEA 2
No full textOn large enterprises: new findings from a European comparison
No full textCorporate governance, Firm performance, G32, G34, L25,
Regole, governance e struttura finanziaria della media impresa
No full textAbstractThe recent evolution of Italian capitalism shows the increasing relevance of medium-sized enterprises (MSE) at three levels: the economic and institutional environment, the ownership structure and the financing policy. A comparison of the financial structure of Italian MSEs with some European countries, using BATCH data, shows their financial fragility, where the prevalence of debt over equity justifies the still strong and close relationship between control and management and the ancient bank-firm relationship based on short-term external finance and multiple business lending. These factors slow down firms' expansion and consequently the need for companies to grow so as to face the new global market. Finance is confirmed as a determinant of growth both in size and in organisation. Using Mediobanca data we verify that, as long as firms expand mainly by means of self-financing, growth will be limited and the organisation remains strongly family-based. We conclude that a pivotal role for the Italian firms' growth lies in a "revised" relationship between size, governance and firms' financial structure, especially in the perspective of the new rules introduced by the New Basel Accord. We show that their current asset and financial distress could be solved by promoting an adequate economic and institutional environment that really develops a market of firms' control. [...
Sistema elettrico italiano e generazione da fonti rinnovabili: problematiche regolatorie e risposte emergenti
No full text
Performance e competitività: un’analisi Constant Market Share
No full textThis paper aims to investigate how competitiveness and structural factors have impacted on the dynamic of market shares in eight major world economies - China, France, Japan, Italy, Netherlands, The United Kingdom, The United States - over the period 1998-2007. To this end we apply the «constant market share» analysis by decomposing the growth in the exports of manufacturing sectors into five separate components according to the formulation suggested by Fagerberg and Sollie (Fagerberg and Sollie, 1987). In the empirical analysis we also use a sector breakdown following Pavitt's (1984) taxonomy, in order to highlight the relationship between innovation activities and export performance. Our main findings suggest that although Italian market shares have decreased both in the traditional sectors and specialized suppliers, the foreign trade structure is still strongly linked to these industries
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