Le microimprese in Italia: una prima analisi delle condizioni economiche e finanziarie (Micro-Enterprises in Italy: A First Analysis of Economic and Financial Conditions)

43 Pages Posted: 6 May 2013

Date Written: April 23, 2013

Abstract

Italy is the European country where firms with fewer than 10 employees account for the largest share of value added and employment. On the basis of data from the company balance sheets and the Central Credit Register during the period 2003-2010, this work contributes to the analysis of these companies describing their economic and financial conditions and their relations with banks based on a sample of about 500,000 companies, of which more than 400,000 are classified as micro-enterprises. On average, they have lower profitability and higher debt, largely bank debt, than the other size classes. The proportion of loans made by the partners and shareholders is significant, a feature that can mitigate some of the risks associated with their weaker financial conditions. Econometric estimates indicate that micro-enterprises must provide more guarantees and pay higher rates of interest. In all aspects investigated in our work, the heterogeneity of micro-enterprises is much higher than for the other size classes, which suggests broad scope for future research.

Note: Downloadable document is in Italian.

Keywords: micro-enterprises, business companies, employment, banking relationships

JEL Classification: G21, G32, L25

Suggested Citation

De Mitri, Stefania and De Socio, Antonio and Finaldi Russo, Paolo and Nigro, Valentina, Le microimprese in Italia: una prima analisi delle condizioni economiche e finanziarie (Micro-Enterprises in Italy: A First Analysis of Economic and Financial Conditions) (April 23, 2013). Bank of Italy Occasional Paper No. 162, Available at SSRN: https://ssrn.com/abstract=2261197 or http://dx.doi.org/10.2139/ssrn.2261197

Stefania De Mitri

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Antonio De Socio

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Paolo Finaldi Russo (Contact Author)

Bank of Italy ( email )

Via Nazionale 91
00184 Roma
Italy

Valentina Nigro

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

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