The Causes and Consequences of Venture Capital Financing. An Analysis based on a Sample of Italian Firms

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 reduce financial constraints for firms that are more difficult for external investors to evaluate. We also show that larger firms resort to venture capitalists when their indebtedness with banks is high and we find evidence that venture capital financing is more frequent after periods of high growth and investment, a result that points to the advisory role of the venture capitalist. A novel result emerges; venture capital also finances firms with multiple banking relationships. In the presence of multiple lending, banks could have greater difficulty monitoring firms with asymmetric information; moreover, if firms default, banks are likely to have a weaker bargaining position. In these cases, the amount of bank credit is probably near its limit and firms need to resort to venture capital, a contract that reduces the amount of guarantees needed to access external finance.Venture capital, Private equity

The cost and availability of credit for firms in industrial districts

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 district, along with its financial characteristics and the quality of its relations with the banking system, can influence the availability and cost of credit. The econometric analysis performed on a sample of 1,700 manufacturing firms for the period 1989-95, of which about half were located in an industrial district, shows that, size and performances being equal, district firms had a lower cost of credit and were less likely to be credit-rationed. This result is not ascribable to closer customer relations with the banking system than for “isolated” firms; it is likely instead that an economically rich and integrated environment and the type of production organization prevailing in such areas are conducive to credit intermediation. In addition, it is possible that the network of relations between district firms gives the firm greater bargaining power vis-à-vis the banking system, and that this is reflected in conditions of access to credit. Despite the positive overall results, the cost advantage has an adverse cyclical pattern: during phases of monetary tightening, the increase in interest rates on bank loans is proportionately higher for district firms. In addition, the initial easier access to credit appears to have vanished after the 1992-93 recession.

Il debito commerciale in Italia: quanto contano le motivazioni finanziarie?

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 firms. We use an original database that contains detailed information from an ad hoc survey of Bank of Italy on trade credit, from Italian Central Credit Register on banking relations and from firmsÂ’ balance sheet.The focus of the paper concerns the role of financial reasons among the determinants of trade credit demand. The Bank of Italy survey shows that financial motives are less frequent than transactive ones; nevertheless we find a positive correlation between financial reasons and the amount of accounts payable, while the opposite occurs for firms that delay the payments to their suppliers in order to control the quality of purchased goods. The main findings of our empirical analysis are: i) financial determinants of trade credit demand are more frequent among firms in financial distress (rationed firms, firms with lower unused lines of credit and firms with a higher cost of credit); ii) firms in financial distress and firms in trouble have more accounts payable; iii) finally, these firms do not obtain from their suppliers a higher amount of accounts payable (or more delayed payments) but they are able to increase their usage of trade credit by paying over the due date.trade credit,corporate finance,credit rationing

Victime ou pas? : le vécu des proches de personnes ayant commis un crime grave médiatisé

Dans le cadre de ce mémoire, nous nous intéressons au vécu de proches d’individus ayant commis un crime grave médiatisé. L’objectif général était d’explorer le vécu des proches de contrevenants. Pour ce faire, quatre sous-objectifs ont été mis de l’avant, soit 1) explorer les perceptions des proches de contrevenants sur les conséquences du crime; 2) comprendre le vécu des proches par rapport aux perceptions des autres; 3) explorer les perceptions des proches sur leurs besoins et 4) mettre en lumière le rôle joué par les médias sur le vécu des proches de contrevenants. Afin de répondre aux objectifs, sept proches d’individus (N=7) ayant commis un crime médiatisé ont été interviewés dans le cadre d’entrevues semi-dirigées. Une analyse thématique a ensuite été effectuée en lien avec les différents objectifs de recherche. L’analyse des résultats nous a permis de révéler qu’il existe un conflit entre la perception des participantes et celle de la société. Ces dernières ont rapporté se sentir associées au criminel et vivre également une perte de contrôle. Or, toutes ont mentionné l’absence d’empathie de la part de la société et un manque d’intérêt général face à leur bien-être (objectif 1 et 2). Les analyses nous ont également permis d’identifier les souffrances découlant du conflit, soit le sentiment de doute et de blâme vécu par le proche et les besoins découlant du conflit, soit le besoin d’information, le besoin d’aide financière, ainsi que le besoin d’aide psychologique et de support (objectif 3). De plus, le sentiment de honte, la perte de vie privée et les réactions peu sensibles des autres sont tous des thèmes qui sont ressortis lors des analyses en lien avec le rôle des médias sur les souffrances et les besoins des participants (objectif 4). Finalement, sans que nous n’ayons questionné cet aspect directement en lien avec le rôle des médias, le thème des besoins et du bien-être des enfants lors de la médiatisation du crime a été relevé dans les discours des répondants.In this study, we are interested in the experiences of relatives of offenders, who have committed a crime. The general objective of this study is to explore the experience of offenders’ relatives. In order to do this, four sub-objectives have been proposed: 1) to explore the perceptions of relatives regarding the consequences of the crime; 2) understanding the experience of offenders’ relatives regarding how they are be perceived by others; 3) explore the perceptions of the offenders’ relatives regarding their needs; and 4) highlight the role of the media on the experiences of offenders’ relatives. In order to meet these objectives, seven relatives of offenders (N = 7) who committed a mediatized crime were interviewed in semi-directed interviews. A thematic analysis was then carried out in relation to the various research objectives. The analysis of the results revealed that there is a conflict between the perception of participants and the perception of society. The latter were reported to feel associated with the criminal and also experienced a loss of control. All of the participants mentioned the lack of empathy on the part of society and a lack of interest in their wellbeing (objective 1 and 2). The analysis also allowed us to identify the suffering arising from the conflict, experienced by respondents who often felt doubt and blame while also experienced needs such as the need for information, the financial need, and the need for psychological aid/support (objective 3). Also, the feelings of shame, loss of privacy and insensitive reactions by others were all themes that emerged during the analyzes related to the role of the media on the suffering and needs of the participants (objective 4). Finally, without questioning this aspect directly related to the role of the media, the themes of needs and the well-being of the children during the mediatization of the crime was noted in the narrative of the respondents

Access to credit in times of crisis: measures to support firms and households

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 guarantees on specific types of loans, and various forms of incentives to increase the supply of lending. The initiatives aimed at firms have been sizeable, involving financial resources up to as much as 5 per cent of total bank loans granted between the beginning of 2009 and September 2011. The corresponding value for households has been more modest, slightly above 1 per cent; this is mainly because of the strict qualification requirements applied to some of the initiatives and to their limited financial endowment.access to credit, debt moratoria, guarantee provisions

Punden Sebagai Pusat Kehidupan Sosial dan Budaya Masyarakat Desa Klepek Kabupaten Kediri

Desa Klepek memiliki kearifan lokal dalam aspek kehidupan sosial dan budaya. Aspeksosial budaya yang dimiliki sangat menarik untuk dibahas dalam penelitian ini. Aspeksosial budaya yang terdapat disana berhubungan dengan satu tempat sakral yangdijadikan pusat yaitu punden. Kepercayaan masyarakat desa Klepek menganggap pundensebagai titik pusat kehidupan sosial mereka. Hal ini terlihat adanya kegiatan tradisimasyarakat yang tidak terlepas dari keberadaan punden tersebut. Kegiatan tradisi yangterdapat disana yaitu nyadranan, barik’an dan tradisi sebelum hajatan. Fokus padapenelitian ini yaitu aspek kehidupan sosial dan budaya yang terdapat di desa Klepek.Metode penelitian ini menggunakan metode kualitatif yang didalamnya terdapat tentangdata deskriptif tertulis ataupun lisan dari sumber objek. Dengan hubungan antara aspekkehidupan sosial budaya dengan punden maka dapat menghasilkan data indentifikasiberupa keragaman aspek sosial budaya

Tipologi Pintu Dan Jendela Pada Fasad Rumah Di Kampung Biru Arema Kelurahan Kiduldalem

One mindset about the development of thematic villages around the riverbank area (DAS) is a bout the new paradigm coming from the Malang city government. Jodipan (KWJ) Colorfulkampong, 3D kampong (tridi), and White kampong in Klojen kampong can now be said to have been transformed because of this mindset. Currently there were new tourist villages,namely Kampung Biru Arema, which located in the Kiduldalem sub-district, which that had just been formalized and was in the process of being changed different with Jodipan, which has a variety of distinguished building color characteristics, Kampung Biru Arema only had one color that matches its name, which is blue. One of the characteristics that candistinguish between buildings with another to understand is the characteristics of the facade type a building. It can see these elements in the form of door and window opening elements. The purpose of this study was to identify the typology of doors and windows on the facades of houses in Kampung Biru Arema. The method used in this paper is a descriptive qualitative method, with a typology approach. The residential building is chosen as an object through the purposive sampling method. This study focused on the identification and analysis of door and window elements in house facades located in Kampung BiruArema RW.05 neighbourhood of Kiduldalem village, Malang cit

Short-term physiological effects of a very low-calorie ketogenic diet: Effects on adiponectin levels and inflammatory states

Adipose tissue is a multifunctional organ involved in many physiological and metabolic processes through the production of adipokines and, in particular, adiponectin. Caloric restriction is one of the most important strategies against obesity today. The very low-calorie ketogenic diet (VLCKD) represents a type of caloric restriction with very or extremely low daily food energy consumption. This study aimed to investigate the physiological effects of a VLCKD on anthropometric and biochemical parameters such as adiponectin levels, as well as analyzing oligomeric profiles and cytokine serum levels in obese subjects before and after a VLCKD. Twenty obese subjects were enrolled. At baseline and after eight weeks of intervention, anthropometric and biochemical parameters, such as adiponectin levels, were recorded. Our findings showed a significant change in the anthropometric and biochemical parameters of these obese subjects before and after a VLCKD. We found a negative correlation between adiponectin and lipid profile, visceral adipose tissue (VAT), C-reactive protein (CRP), and pro-inflammatory cytokines such as tumor necrosis factor-α (TNF-α), which confirmed the important involvement of adiponectin in metabolic and inflammatory diseases. We demonstrated the beneficial short-term effects of a VLCKD not only in the treatment of obesity but also in the establishment of obesity-correlated diseases