Pyramidal groups, in Italy and elsewhere, represent a model of separation of ownership and control. Pyramids typically have blockholders which extract private benefits of control at the expenses of minority shareholder. This paper focuses on the Italian case where the number of pyramids is...

This paper empirically investigates the role of the efficiency of judicial enforcement in shaping firms� financial structure, by focusing on the choice between trade credit and alternative external sources. Suppliers have an advantage over other short-term lenders in enforcing credit...

Secondo Alfred Chandler l'impresa famigliare √ɨ un modello di controllo che via via √ɨ destinato a lasciare posto alla moderna grande impresa manageriale. La persistenza della natura famigliare del capitalismo britannico sarebbe stata una delle cause del declino...

Italian Abstract: Il lavoro analizza i divari territoriali nell’accesso al credito delle imprese tra il 2008 e il 2019 e descrive il funzionamento del mercato del credito nel Mezzogiorno. Il settore produttivo meridionale è caratterizzato da un maggiore rischio di credito; anche a parità di...

In this work we consider the link between corporate governance and social responsibility (CSR) in local utilities companies. More specifically, we use the term 'tool of corporate governance' as a tool able to support the governance of a company to reach its strategic aims, reconcile efficiency...

Il lavoro analizza il processo di riallocazione della proprietà nei settori manifatturieri di 16 paesi europei nel biennio 2006-2007, concentrandosi sullo studio dei fattori istituzionali, settoriali e tecnologici alla base di fusioni ed acquisizioni. In particolare si esaminano le determinanti...

More than a decade has now gone by since the crises of Banco di Napoli, Banco di Sicilia, Sicilcassa and the majors southern “Casse di Risparmio” have actually decreed the vanishing of an independent banking system in southern regions, but the economic and political debate on the effects of...

Using Bank of Italy data on Italian banks in the period 1990-2004, the paper analyses the short and long-run effects of the concentration of the banking industry on the availability of credit to small and medium-sized firms. Our study employs a bank-based approach and investigates the...

The banking industry is consolidating at an accelerating pace, yet no conclusive results have emerged on the benefits of mergers and acquisitions. We analyze the Italian market, which is similar to other main European countries. By considering both acquisitions (i.e. the purchase of the majority...

During the past decade all industrial countries attracted sizeable inflows of foreign direct investment (FDI), excluding Italy and Japan: this fact has been interpreted as evidencing a deterioration in Italy�s structural competitiveness. This paper presents the results of a survey conducted...