Work

The Italian Financial System: neither Bank Based nor Market BasedManuscript received 21.10.96; final version received 9.12.97.

Year: 1999

Type: article

Abstract: New data on the sources of finance for the non‐financial corporate sector show that Italian firms as a whole use more equity finance than their Anglo‐Saxon counterparts, and smaller Italian firms use equity more intensively than larger firms. Both findings 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‐à‐vis both financial markets and intermediaries, and the Italian financial system should be seen as substantially different from either the high internal finance systems of the USA and the UK or the bank‐based system of Japan.

Source: Manchester School

DOI: 10.1111/1467-9957.00150

Authors: David Cobham, Stefania Cosci, Fabrizio Mattesini

Institutions: University of St Andrews, University of Molise, Libera Università Internazionale degli Studi Sociali Guido Carli

Language: English

Topic: Corporate Finance and Governance

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: green

OpenAlex ID: W2014239135

FWCI: 1.657

Cites:

Cited by: 37

Related to: 10