Artículo
Capital structure across Italian regions: the role of financial and economic differences
Autor/es | Di Pietro, Filippo
Bontempi, María Elena Palacín Sánchez, María José Samaniego Medina, Reyes |
Departamento | Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones |
Fecha de publicación | 2019 |
Fecha de depósito | 2020-04-01 |
Publicado en |
|
Resumen | The objective of this article is to analyse how regional financial and economic differences
influence the capital structure decisions of small and medium-sized enterprises (SMEs). Specifically,
this paper considers the ... The objective of this article is to analyse how regional financial and economic differences influence the capital structure decisions of small and medium-sized enterprises (SMEs). Specifically, this paper considers the regional financial and economic differences in four ways: the development of the financial sector in the region, bank market concentration, the financial cost of obtaining funds, and regional economic development. For this purpose, we used unbalanced panel data from 26,504 SMEs across the 20 Italian regions and over the period from 2004 to 2010. This work is completed with an analysis of a no-crisis (2004–2007) and a crisis period (2008–2010). The results show that the regional differences in the degree of financial sector development, banking concentration, and local economic situations have a significant impact on the leverage level of SMEs, while the cost of obtaining funds is only relevant during a period of economic stability. These results suggest that insights can be derived from data disaggregation at the regional level inside the same country. These regional divergences in the capital structure of SMEs could influence regional economic resilience. |
Cita | Di Pietro, F., Bontempi, M.E., Palacín Sánchez, M.J. y Samaniego Medina, R. (2019). Capital structure across Italian regions: the role of financial and economic differences. Sustainability, 11 (16) |
Ficheros | Tamaño | Formato | Ver | Descripción |
---|---|---|---|---|
Capital structure across Italian ... | 600.9Kb | [PDF] | Ver/ | |