Authors:Alessandro Ghio Abstract: This article examines the relationship between corporate social media communication and financing for Small and Medium Entities (SMEs). First, it provides a critical analysis of prior literature on the use of corporate social media and the potential benefit and costs for SMEs. It then discusses current evidence on the relationship between corporate social media, the cost of equity and the cost of debt. Next, it provides empirical evidence on the impact of corporate social media use on the cost of debt for a set of small and medium firms listed on the Alternative Investment Market London. Lastly, it proposes future research avenues about the association between corporate social media communication and corporate financing. This study provides important theoretical and empirical evidence on how social media are revolutionizing corporate disclosure and the important implications for SMEs and their financing. PubDate: 2021-12-31 DOI: 10.14276/1971-8357.2897
Authors:Serena Fatica, Roberto Panzica Abstract: Sustainable debt instruments play an increasingly important role in scaling up financing of private investment for the low carbon transition and the other ambitious environmental and social goals set at the EU and global level. Having already emerged as the star of climate finance, green bonds are becoming increasingly popular as companies need to fund operations that are more environmentally friendly in the context of a sustainable recovery from the coronavirus crisis. After an overview of the literature on this new asset class, the paper highlights that reporting on the use of proceeds is considered a crucial element for the success of green bond markets, as it provides investors with an unprecedented degree of transparency. Finally, the paper provides some evidence on the Italian green bond market in the European context. PubDate: 2021-12-31 DOI: 10.14276/1971-8357.2956
Authors:Wildmer Daniel Gregori, Maria Martinez Cillero Abstract: This study empirically investigates the determinants of the probability that a European Union firm received and completed a takeover bid. Our identification strategy relies on the logit method-ology, using cross-border acquisitions and firm level balance sheet data for the years 2008-2018. We find that higher productivity in-creases the probability of acquisition, except for large firms. Higher firm liquidity, and listing status also increase the probability of a cross-border acquisition. On the other hand, age, profitability, higher indebtedness and equity levels are negatively related to the probability of acquisition. Some sectoral variation, dividing high vs low tech sectors, is also observed in our estimates. PubDate: 2021-12-31 DOI: 10.14276/1971-8357.2900
Authors:Andrea Bellucci, Gianluca Gucciardi, Daniel Nepelski Abstract: Questo articolo analizza le differenti caratteristiche delle imprese, e in particolare delle PMI, che accedono a forme di sovvenzionamento pubblico o finanziamento privato. In quest’ottica, si prende in esame uno dei sussidi pubblici più diffusi orientato alle PMI giovani e innovative dell’Unione Europea (Orizzonte 2020) e lo si confronta con il finanziamento di Venture Capital, uno strumento tipicamente orientato a finanziare l’equity di aziende analoghe. Confrontando le caratteristiche delle imprese che ricevono l’uno o l’altro tipo di strumento, riscontriamo al contrario differenze significative nelle caratteristiche aziendali delle imprese finanziate dai due strumenti, sia in termini dimensionali (ricavi, asset) che di fase di sviluppo. PubDate: 2021-12-31 DOI: 10.14276/1971-8357.3012
Authors:Luca Pennacchio, Sara Moccia Abstract: Il presente lavoro intende verificare se la distribuzione territoriale delle nuove imprese dipende dalla concentrazione del mercato bancario locale. A tal fine, si stima un modello econometrico con dati provinciali (NUTS-3) per il periodo 2011-2019. Le stime mostrano l’esistenza di un legame non lineare tra nascita di nuove imprese e concentrazione bancaria: nelle province in cui la concentrazione bancaria è bassa, una maggiore concentrazione favorisce la nascita di nuove imprese, mentre nelle province dove la concentrazione bancaria è elevata, una maggiore concentrazione ha un impatto negativo sulla creazione di nuove imprese. Tali risultati suggeriscono che la concentrazione del mercato bancario locale ha un impatto rilevante sull’attività imprendito-riale regionale e può aumentare le disparità territoriali nei tassi di nascita delle nuove imprese. PubDate: 2021-12-31 DOI: 10.14276/1971-8357.2946
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