Italy is characterized by strong differences both in the productive and in the financial structure. Small and medium firms tend to concentrate in the so called 'Marshallian industrial district', whose productive system has been thoroughly studied but whose financial features are partially...

The marked differences that distinguish Italy�s productive and financial structure make location both geographical and within an industrial district an important factor that can influence firms� access to bank credit. The paper investigates how a firm�s location in an industrial...

The paper looks at the characteristics of Italian non-financial firms that accessed the bond market for the first time between 2002 and 2013. The results of logit estimations indicate that first-time bond issuers are significantly larger and more frequently listed on the stock exchange than...

The financial crisis that started in August 2007 has led to a worsening in the conditions of credit supply to customers. Since the second half of 2008, several measures have been adopted in order to sustain access to credit for both firms and households, such as debt moratoria, provisions of...

The analysis of the determinants and the effects on firm performance of venture capital finance for a sample of Italian enterprises indicates that small, young and more innovative firms are more likely to be financed by a venture capitalist. Our results confirm that venture capital can help...

This paper describes recent developments in the Italian industrial system and investigates the main factors affecting its competitiveness. Our analysis provides a picture of widespread weaknesses. Production levels in all industries are lower than those before the crisis; with the exception of...

This paper analyzes firms� difficulties in accessing credit before and during the crisis, by focusing on two of their characteristics: financial fragility and growth prospects. Our econometric analysis indicates that fragile financial conditions were associated with a much higher than...

Italy is the European country where firms with fewer than 10 employees account for the largest share of value added and employment. On the basis of data from the company balance sheets and the Central Credit Register during the period 2003-2010, this work contributes to the analysis of these...

This report analyses and reviews the corporate finance structure of non-financial corporations (NFCs) in the euro area, including how they interact with the macroeconomic environment. Special emphasis is placed on the crisis that began in 2007-08, thus underlining the relevance of financing and...

Trade credit arises from delayed payments between firms. It is not easy to identify its determinants since they are connected to organisational,technical, commercial and financial factors.In this paper we empirically examine the determinants of the usage of trade credit by Italian industrial...