This paper advocates for incorporating timely measures of firms' current situation and future expectations when disentangling real effects of credit supply from demand-side factors. Identification of supply-side effects in firm-level analyses often relies on balance sheet variables to control...

Does R&D affect hirings, separations or both? Different answers to this question imply different behavioural responses of firms to innovation. Using a sample of Italian manufacturing firms, this paper explores the effects of R&D intensity on hiring, separation and churning rates. Based on...

I distretti costituiscono uno degli assi portanti della struttura industriale italiana, ed hanno sostenuto la crescita dell’economia nazionale nell’ultimo trentennio del secolo scorso. Negli anni più recenti, tuttavia, anche nei distretti, come in tutta l’industria italiana, sono in atto...

In this paper we investigate the implications of labour and capital market imperfections for the relationship between firm size and earnings. To establish that such a question is of interest we need to show that the firm size-wage effect cannot be explained by either the observed or unobserved...

Using a microeconomic model and data from the Establishment Panel of the German Institute for Employment Research, we analyze the optimal establishment size against the background of rent-seeking workers and the influence of works councils. The theoretical part shows that establishment size has...

This paper examines the dynamic that is generated between the main traits of Entrepreneurial Orientation (EO) –autonomy, innovativeness, risk-taking, proactiveness, and competitive aggressiveness– and network relationships for the international expansion of a business. The current study uses...

This study examines the relationship between the proportion of women in top management positions of banks and the financial performance of these institutions. Using prudential data from supervisory reporting for all credit institutions in the Grand-Duchy of Luxembourg from 1999 to 2013, we find...

Fondazione Ugo La Malfa has recently produced the first systematic Analysis of Budget data of medium and large size manufacturing companies located in the Italian South. The study, carried in cooperation with the Research Department of Mediobanca, includes 3 sets of data: - budget data for...

This paper explores the fundamental factors that determine the financing decisions of Italian small-medium sized companies in the service sector. I develop a descriptive model of the choice between financing instruments, assuming that a company needing new finance may issue either equity or...

Using data from a randomized control trail in Sri Lanka, this paper explores whether cash and in-kind grants helped microenterprises approach the productivity level of SMEs.  The paper first estimates production functions and subsequently treatment effects on TFP levels.  Most significantly,...