DSpace - Tor Vergata >
FacoltĂ  di Economia >
CEIS - Centre for International Studies on Economic Growth >
Research papers >

Please use this identifier to cite or link to this item: http://hdl.handle.net/2108/360

Full metadata record

DC FieldValueLanguage
contributor.authorAlfò, Marco-
contributor.authorTrovato, Giovanni-
description.abstractOur aim is to analyze the effect of public subsidies on the development path of Italian small and medium enterprises (SMEs). Public subsidies to SMEs have been often used with the aim of favoring economic growth in less developed regions. The main theoretical arguments justifying this intervention are related to the idea that public subsidies can solve lack-of-capital problems deriving from asymmetric information. According to Stiglitz and Weiss (1981), public subsidies to rationed firms can reduce the informational gap, leading subsidized firms to reduce their financial constraints and to increase their investment levels. Results obtained modelling leverage, performance and investment behaviour in a panel of around 1,900 enterprises over the years 1989 to 1994 seem to confirm the working hypotheses. However, they can not be considered as conclusive and further research is needed in this context.en
format.extent1330139 bytes-
relation.ispartofseriesCEIS Tor Vergata Research Paper; 80en
subjectpublic subsidiesen
subjectcredit rationingen
subjectasymmetric informationen
subjectMarkov regression modelsen
titleCredit rationing and the financial structure of Italian small and medium enterprisesen
subject.jelC33; Models with panel dataen
subject.jelD21; Firm behavioren
subject.jelD82; Asymmetric and private informationen
Appears in Collections:Research papers

Files in This Item:

File Description SizeFormat
SSRN-id897503-1.pdf1298KbAdobe PDFView/Open

Show simple item record

All items in DSpace are protected by copyright, with all rights reserved.