1. Assetto proprietario, market liquidity e reputazione finanziaria

Does a country's environmental policy affect the value of small and medium sized enterprises liquidity in the energy sector?

Cash management is important for energy SMEs, which, differently from large firms, face severe financial constraints and need to seize growth opportunities to ensure their survival. This paper, analyzing a large sample of European energy SMEs, finds a positive effect of holding a buffer of cash on firm performance. It shows that a stock of cash allows energy firms to prevent negative contingencies and/or achieve valuable growth patterns and investments. Moreover, considering that the energy i...

The relationship between political connections and firm performance: An empirical analysis in Europe

This paper analyzes the role of corporate political connections in firm performance from 31 European countries using LexisNexis®, a database that provides a highly standardized indicator of political links. Our results suggest that the political connections of managers and board members gradually gnaw away at firm performance, especially in the case of individuals with greater decision-making power, i.e. senior executives and CEOs. We respond to the need for objectivity and generalizability o...

The role of government policies for Italian firms during the COVID-19 crisis

This paper aims to respond to this research question: "How effective have government incentives been in preserving firm profitability and growth during the COVID-19 crisis?". We used a large, representative sample of Italian companies, which has produced a deeper study than the macro analyses provided by national statistics. Results shows that government policies alleviated the negative effects of the pandemic on troubled companies, but it was not enough to maintain the same financial health ...