Do local financial and legal systems affect SMEs capital structure?

This note investigates the role of institutional differences at the local level as determinants of firms' capital structure. Specifically, its aim is to empirically assess whether and to what extent SMEs' financial decisions are affected by local financial development – evaluating this influence both ceteris paribus, and by allowing it to be conditional on different levels of legal enforcement inefficiency. Controlling for debt inertia, firms' heterogeneity and endogeneity problems, we find that local financial development may be an important determinant of SMEs' capital structure, and that firms appear to have better access to financial debt in areas characterized by a higher quality of the legal system. Thus, despite the international process of capital markets integration, local financial institutions do not seem to become irrelevant for SMEs, which are in need of well developed institutions at local level to gain easier access to external financial resources.firms' capital structure; bank debt; local financial development; local enforcement system, SMEs.

Total factor productivity heterogeneity: channelling the impact of institutions

This paper aims to contribute to the debate on the determinants of differentials in firms’ productivity. We test the hypothesis that macro factors, especially the quality of local institutions, play a role in explaining firm productivity in Italy. To this end, following Fӓre et al. (1994), we decompose the Malmquist index of total factor productivity (TFP) change for approximately 7,500 manufacturing small and medium-sized firms, and we proxy province-level institutional quality using the IQI index (Nifo and Vecchione, 2014). The results of our stimations suggest that better local institutions might help firms better combine inputs, approach the optimal size, and ultimately be more productive

Total factor productivity heterogeneity: channelling the impact of institutions

This paper aims to contribute to the debate on the determinants of differentials in firms’ productivity. We test the hypothesis that macro factors, especially the quality of local institutions, play a role in explaining firm productivity in Italy. To this end, following Fӓre et al. (1994), we decompose the Malmquist index of total factor productivity (TFP) change for approximately 7,500 manufacturing small and medium-sized firms, and we proxy province-level institutional quality using the IQI index (Nifo and Vecchione, 2014). The results of our stimations suggest that better local institutions might help firms better combine inputs, approach the optimal size, and ultimately be more productive

The Productivity of Italian Industrial Suppliers (1998-2006). Does Participation in Global Value Chains Matter?

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Gut microbiota composition in COVID-19 hospitalized patients with mild or severe symptoms

Background and aimCOVID-19, the infectious disease caused by SARS-CoV-2 virus that has been causing a severe pandemic worldwide for more than 2 years, is characterized by a high heterogeneity of clinical presentations and evolution and, particularly, by a varying severity of respiratory involvement. This study aimed to analyze the diversity and taxonomic composition of the gut microbiota at hospital admission, in order to evaluate its association with COVID-19 outcome. In particular, the association between gut microbiota and a combination of several clinical covariates was analyzed in order to characterize the bacterial signature associate to mild or severe symptoms during the SARS-CoV-2 infection.Materials and methodsV3–V4 hypervariable region of 16S rRNA gene sequencing of 97 rectal swabs from a retrospective cohort of COVID-19 hospitalized patients was employed to study the gut microbiota composition. Patients were divided in two groups according to their outcome considering the respiratory supports they needed during hospital stay: (i) group “mild,” including 47 patients with a good prognosis and (ii) group “severe,” including 50 patients who experienced a more severe disease due to severe respiratory distress that required non-invasive or invasive ventilation. Identification of the clusters of bacterial population between patients with mild or severe outcome was assessed by PEnalized LOgistic Regression Analysis (PELORA).ResultsAlthough no changes for Chao1 and Shannon index were observed between the two groups a significant greater proportion of Campylobacterota and Actinobacteriota at phylum level was found in patients affected by SARS-CoV-2 infection who developed a more severe disease characterized by respiratory distress requiring invasive or non-invasive ventilation. Clusters have been identified with a useful early potential prognostic marker of the disease evolution.DiscussionMicroorganisms residing within the gut of the patients at hospital admission, were able to significantly discriminate the clinical evolution of COVID-19 patients, in particular who will develop mild or severe respiratory involvement. Our data show that patients affected by SARS-CoV-2 with mild or severe symptoms display different gut microbiota profiles which can be exploited as potential prognostic biomarkers paving also the way to new integrative therapeutic approaches

Out of sight, out of mind! Bank branch closures and new firm creation in Italy

ABSTRACTBuilding on the literature underscoring the importance of lending relationships and the role of banks’ structural and organisational features in favouring firms’ access to credit, we investigate the effect of branch closures on firms’ birth rates in the Italian local credit markets in 2000–2020. Despite the potential relevance, the implications of de-branching activity have received modest attention from scholars thus far. By employing various measures of branch closures and econometric methodologies, we find that the de-branching process negatively affects the establishment of new firms, and this detrimental impact appears stronger as the closures involve older branches. The results also show that our main findings seem ascribable to the closures carried out by large/medium-sized banks. As a policy implication, our work suggests that – although driven by technological transformations and banks’ necessity to rationalise costs – authorities should consider the potential negative consequences that bank de-branching may entail for new business creation

The Adoption of Information Technology by Small and Medium Sized Italian Manufacturing Firms

Our empirical study aims at identifying the determinants of Information Technology (IT) adoption by small and medium sized Italian manufacturing firms (Information Technology, Organisation of Production, Small and Medium Sized Firms