relation to equity and GDP. The positive gap in firms' leverage between Italy and other euro-area countries has widened in …In the run-up to the financial crisis Italian firms significantly increased their debt in absolute terms and in … recent years, despite the outstanding debt of Italian firms has decreased since 2011. In this work we document the magnitude …

two key aspects of the latter: the non-distribution constraint and the stakeholder oriented governance system. We develop … investment, whilst the latter has a positive effect. We then analyze a longitudinal data set of balance sheets of 800 firms … operating in the social residential sector in Italy and show that, once controlled for observable characteristics, for …

This work analyses the main trends in bond financing by Italian non-financial firms and its role in relation to bank … crises encouraged non-financial firms, especially the larger ones, to use bond instruments as an alternative to (rationed …