Implicazioni e possibili motivazioni della scelta di non quotarsi da parte delle medie imprese italiane (Earnings Management and Financial Constraints for Listed and Not-listed Firms. Is There Any Rationality for Not Going Public?)

English Abstract: This paper compares a sample of ten years (2002-2011) mid-size Italian listed companies with a sample of similar unlisted companies with comparable size and operating in a similar industrial sector. Data shows that listed companies recorded growth rates considerably higher than unlisted in terms of turnover, investment and employment, also thanks to a greater use of debt capital. Listed companies, moreover, in addition to having generated more profitability, have been less affected by the effects of the financial crisis which spread out in 2007 and the resulting recession that began in 2009.The results confirm, also for the Italian market, a lower "quality" of the accounting data for the unlisted companies that can be traced back to the set of practices named as “earnings management”, although they bear a similar tax burden (if not higher) than that of listed companies. Unlisted companies also have greater financial constraints in terms of raising risk capital and there is clear evidence of reduced access to bank credit for non-listed companies.For these reasons, their investment opportunities are more constrained to self-financing, as indicated by the higher sensitivity of cash flow investments to listed companies