Conventional explanations of diversification and multinationality both point to size/growth related motives and firm-specific intangible assets as the driving forces. However, previous empirical studies have rarely exploited this commonality by investigating multinationality and diversification...

This paper provides empirical evidence on how EU leading firms adjusted to European economic integration with respect to the following strategic variables: entry/exit decisions in the product/geographic space (diversification/multinationality). A novel dataset, including detailed information on...

This paper investigates the relationship between investment and internal finance by addressing two recent topics within the theory of imperfect capital markets: the financial accelerator hypothesis and the controversy over the source of the investment-cash flow sensitivity. Using a panel of...

This paper investigates whether financial pressure has an impact on the performance of state-owned firms. By combining different theoretical frameworks, we explore the conditions under which debt discipline becomes effective even for state firms. Using a panel of 1318 Italian state and private...

The new CERIS panel on Italian firms covers the period from 1977 to 1997. The panel is unbalanced and includes 1710 manufacturing firms with at least five consecutive years. It contains condensed balance sheet and profit and loss data (collected from Mediobanca annual directory "Le Principali...

Il presente scritto ha un duplice scopo: presentare le nuove basedati di impresa costruite presso il CERIS e predisporre un manuale d'uso per future ricerche. L'obiettivo ambizioso che ha spinto l'Istituto a investire ancora una volta risorse nell'arduo (e poco remunerativo) compito di...