Do public subsidies reduce credit rationing? A matching approach

Public support to firms has been a traditional and important industrial policy measure in many countries for several decades. One of the reasons for public intervention is the existence of market failures or imperfections. Informational asymmetries between borrowers and lenders of funds in particular are used to justify subsidies to firms, especially small and medium-sized enterprises. Within this framework, the main purpose of public subsidies is offsetting market imperfections. Although there is a great deal of literature on the effect of state aid in Italy, there is no agreement on its effectiveness. See Bagella and Becchetti (1998), Bronzini and De Blasio (2006) and Adorno, Bernini and Pellegrini (2007). These papers and many others focus on the effects on productivity, debt ratio, profitability and employment, but no empirical studies so far have analyzed the impact of public subsidies on credit rationing. This paper therefore makes a contribution to current empirical literature by examining the effects of public funding on credit rationing of small and medium-sized Italian firms. The basic idea of the paper is that public subsidies affect firms’ ability to obtain more funds. This is because incentive has a positive effect on investments, which, in turn, act negatively on credit rationing through collateralization. The problem of self-selection arises in this analysis, because in public financing programs, firms are selected on the basis of common characteristics. So subsidized firms and unsubsidized firms cannot be considered random draws. In order to overcome this problem, I use a Propensity Score Matching model. My results suggest that public subsidies reduce the probability of a firm being credit rationing.C2; H2

A propensity score analysis of public incentives: The Italian case

Public support to firms has been a traditional and important industrial policy measure in many countries for several decades. One of the reasons for public intervention is the existence of market failures or imperfections. Informational asymmetries between borrowers and lenders of funds in particular are used to justify subsidies to firms, especially small and medium-sized enterprises. Within this framework, the main purpose of public subsidies is offsetting market imperfections. This paper makes a contribution to current empirical literature by examining the effects of public funding on credit rationing of small and medium-sized Italian firms. The results suggest that public subsidies reduce the probability of a firm being credit rationingPropensity score; Credit rationing; Public subsidies

Resisting the Mafia’s Oppression Through Children’s Literature

Attraverso l’analisi di quattro libri per l’infanzia ed adolescenza sulla mafia ed antimafia, questo articolo mette in risalto sia le funzioni narrative di tali racconti che quelle più propriamente sociali e culturali. Per l’analisi delle funzioni narrative, l’articolo si serve delle teorie strutturali di Vladimir Propp – soprattutto quelle relative alla persona drammatica dell’eroe e del “cattivo” – come delle teorie della narrazione del trauma. Queste ultime sono particolarmente favorevoli all’interpretazione degli orrori e tragedie causate dalla mafia nelle vite dei protagonisti. È proprio attraverso l’analisi delle funzioni narrative e letterarie che i racconti assumono il valore di testimonianze di una società che vuole cambiare sposando quei valori della legalità che possono creare una controcultura a quella mafiosa

Gli investimenti per le infrastrutture di trasporto

In un contesto di crisi economica e di risorse scarse è importante comprendere quali siano gli effetti della spesa pubblica per indirizzare le decisioni dei policy maker verso interventi prioritari. Gli investimenti in infrastrutture di trasporto, infatti, sono uno dei principali strumenti di politica economica a disposizione dell’operatore pubblico non solo per incrementare la competitività del sistema, ma anche per stimolare la domanda interna. Per tali ragioni, una parte significativa della letteratura si è concentrat a nella stima degli effetti diretti ed indiretti di tali investimenti. Tuttavia, in tale contesto è altrettanto importante individuare l’ammontare di spesa effettivamente destinato alle infrastrutture di trasporto. Nelle comparazioni internazionali per la quantificazione della spesa dello Stato in infrastrutture si utilizzano gli investimenti fissi lordi rilevati dalla contabilità nazionale; tale voce però rappresenta solo un’approssimazione della spesa complessiva. Per una migliore stima si dovrebbe tener conto anche della spesa trasferita dal governo centrale alle amministrazioni locali per finanziare la formazione di capitale e, sia pure in parte, degli altri trasferimenti correnti utilizzati per gli investimenti fissi. Tuttavia, in entrambi i casi i dati non sono disponibili a livello europeo. Con l’obiettivo di fornire una stima della spesa destinata alle infrastrutture di trasporto, questo lavoro da un lato effettua un confronto internazionale analizzando i dati dei principali paesi europei, dall’altro perviene ad una quantificazione dell’ammontare di risorse pubbliche destinate alle infrastrutture di trasporto attraverso l’analisi dei dati del bilancio dello Stato. Combinando le informazioni che derivano dalle classificazioni economica e funzionale con quelle dei singoli capitoli del bilancio perviene ad una disarticolazione della spesa per tipologia in infrastrutture viarie, ferroviarie, portuali ed aeroportuali. Infine, affronta il tema della velocità di erogazione della spesa destinata alla realizzazi one di opere pubbliche, attraverso un’analisi dei residui del bilancio. Si tratta di un tema rilevante anche alla luce dei recenti decreti legislativi n. 228 e n. 229 del 29 dicembre 2011 di attuazione dalla Legge di riforma della contabilità e finanza pub blica (L. 196/2009), che hanno introdotto importanti modifiche nelle procedure di valutazione e monitoraggio delle opere pubbliche

Escenaris per a les regions europees i les províncies de l'Arc Llatí

Els autors desenvolupen les prospectives quantitatives dels tres escenaris integrats descrits al capítol anterior. En concret, es proporciona un breu resum dels aspectes metodològics de les prospectives quantitatives i, especialment, es descriuen en detall els resultats empírics obtinguts en els àmbits provincial i regional

Weekday and weekend days correlates of sedentary time and screen-Based behaviors in children

The aim of this study was to compare weekday and weekend day correlates of sedentary time, as well as some specific screen-based behaviors, in a sample of 213 Spanish six to eleven year-olds (8.68 +/- 1.75 years), 76 boys (8.79 +/- 1.75 years) and 137 girls (8.73 +/- 1.75 years), who wore GT3X accelerometers for 7 days. Screen-based behaviors were reported by parents through questionnaires. Different potential correlates of sedentary time and screen-based behaviors were measured, and data were analyzed using general univariate linear models and multiple regression analysis. Results revealed high levels of screen-based behaviors, both during weekdays and weekend days. From the different significant correlates for each screen-based behavior analyzed, gender, age, hours of extracurricular PA, children''s MVPA and having a TV in the bedroom were identified as the main correlates in most of the behaviors analyzed. The design of multicomponent intervention programs seems advisable. El objetivo de este estudio fue comparar diferentes determinantes de tiempo sedentario en días entre semana y fines de semana, así como determinados comportamientos de consumo de pantallas, en una muestra de 213 niños de 6 a 11 (8.68 ±1.75) años, 76 chicos (8.79 ±1.75) y 137 chicas (8.73±1.75). El tiempo sedentario fue determinado mediante acelerómetros GT3X, que los sujetos llevaron durante 7 días. Los diferentes comportamientos de consumo de pantallas fueron reportados por los padres mediante cuestionarios. Se midieron diferentes potenciales determinantes de tiempo sedentario y consumo de pantallas, y los datos fueron analizados mediante modelos lineales univariantes y análisis de regresión múltiple. Los resultados revelaron altos niveles de consumo de pantallas, tanto en días entre semana como en fines de semana. De los diferentes determinantes para cada tipo de comportamiento de consumo de pantallas analizados, el género, la edad, las horas de AF extracurricular, la AFMV de los niños y tener una TV en el dormitorio, fueron identificados como los principales. El diseño de programas multicomponentes de intervención parece recomendable

The MUSIC model of motivation: Its utilization in the e-learning context and graduate students’ perceptions of its effectiveness

The current study aimed to evaluate an online learning experience based on the music model of motivation in an educational technology post-graduate program in Oman. In order to understand the motivational perceptions of students regarding the instruction, a two-phase, sequential explanatory mixed method research design was conducted in this study. The quantitative data was collected from 40 students who enrolled in one class in which the instructional design was implemented for 2 weeks. After collecting the quantitative data, 10 students who voluntarily participated in the study's second phase were asked to respond to open-ended questions. The quantitative and qualitative data were interpreted and reported together by researchers. In conclusion, this research revealed that instructional design based on the music model of motivation is effective in increasing the motivation of students for each component of the model. Therefore, the researchers recommended expanding the use of the music model in the context of e-learning especially with part- time postgraduate students

The supply side of innovation diffusion - A UK SME broadband adoption perspective

Recent research suggests that the majority of the Small and medium sized enterprises (SMEs) e-business research focusses primarily on studying innovation diffusion within the SMEs themselves with limited research into the supply-side of innovation diffusion This study examines the supply side of innovation diffusion to SMEs in south east United Kingdom (UK). It aims to examine and provide an indepth view of the broadband diffusion process to SMEs in UK by exploring the views and activities of the various groups involved in the process with a particular focus on the supply side. Innovation diffusion and social construction of technology theory are applied to extend a framework with a view to address some of the issues not covered in previous literature. Our research results suggest that even though the various social groups are working towards the same goal, both sides have a very different view of what the expectations are from the supply side of innovation diffusion. We believe that our results are useful to providers looking to diffuse broadband as well as other IT innovations to SMEs