Scelte di struttura finanziaria in imprese multi business. L’effetto della relatedness sul comportamento finanziario

The studies on capital structure didnot consider the role of an importantstrategic factor; the diversificationof the firm – both relatedand unrelated – has only recentlybeen studied as a determinantof capital structure.The aim of this article is to verify thisrelation in Italy. In particular, themain theoretical approaches, commonlyused to explain the link betweendiversification and capital structure,are investigated.In particular, the two typesof diversification, related or unrelated,have opposite effects on debt.Specifically, a related-diversificationstrategy, which is associatedwith lower debt ratios, has a negativeinfluence on leverage. By contrast,unrelated diversity, which is associatedwith higher debt usage,has a positive effect on debt.