New data on the sources of ¢nance for the non-¢nancial corporate sector show that Italian ¢rms as a whole use more equity ¢nance than their Anglo-Saxon counterparts, and smaller Italian ¢rms use equity more intensively than larger ¢rms. Both ¢ndings can be understood in terms of the structure of industry and banking in Italy and the relations between them. Firm managers have considerable autonomy vis-a© -vis both ¢nancial markets and intermediaries, and the Italian ¢nancial system should be seen as substantially di¡erent from either the high internal ¢nance systems of the USA and the UK or the bank- based system of Japan.
Cobham, D., Cosci, S., Mattesini, F. (1999). The Italian financial system: neither bank based nor marked based. MANCHESTER SCHOOL, 67(3), 325-345 [10.1111/1467-9957.00150].
The Italian financial system: neither bank based nor marked based
MATTESINI, FABRIZIO
1999-01-01
Abstract
New data on the sources of ¢nance for the non-¢nancial corporate sector show that Italian ¢rms as a whole use more equity ¢nance than their Anglo-Saxon counterparts, and smaller Italian ¢rms use equity more intensively than larger ¢rms. Both ¢ndings can be understood in terms of the structure of industry and banking in Italy and the relations between them. Firm managers have considerable autonomy vis-a© -vis both ¢nancial markets and intermediaries, and the Italian ¢nancial system should be seen as substantially di¡erent from either the high internal ¢nance systems of the USA and the UK or the bank- based system of Japan.Questo articolo è pubblicato sotto una Licenza Licenza Creative Commons
