49 research outputs found
The cost and availability of credit for firms in industrial districts
The marked differences that distinguish ItalyĂâs productive and financial structure make location both geographical and within an industrial district an important factor that can influence firmsĂâ access to bank credit. The paper investigates how a firmĂâs 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 ĂâisolatedĂâ 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-ĂÂ -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 firmsĂâ 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
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
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
Credit constraints in Italian industrial districts
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 âMarshallian industrial districtâ, whose productive system has been thoroughly studied but whose financial features are partially overlooked. This paper aims at investigating how the location of a firm in an industrial district affects its ability to resort to external finance, mostly bank loans. The econometric analysis on a panel of 1700 firms over the 1989â1995 period shows that firms located inside industrial districts have an advantage in terms of financial relations with the banking system: both the cost of credit and the probability to face financial constraints are lower. Nevertheless, the cyclical pattern of this advantage is not in favour of district firms: following the tightening of monetary policy, increases in interest rates on bank loans are proportionally higher for firms inside the district; furthermore, also the advantage consisting in an easier access to credit market disappears after the 1992â1993 recession.
Costo e disponibilita' del credito per le imprese nei distretti industriali
Consiglio Nazionale delle Ricerche - Biblioteca Centrale - P.le Aldo Moro, 7 ,Rome / CNR - Consiglio Nazionale delle RichercheSIGLEITItal
Riqualificazione e ri-progettazione del paesaggio" Comune di Roseto degli abruzzi.
Progetto selezionato Il concorso riguardava la riqualificazione di un area delimitata da due ex fornaci. Si sono pertanto analizzati i caratteri e la consistenza delle costruzioni esistenti, ipotizzandone lâeventuale riuso e la tipologia degli interventi