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

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...

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Veröffentlicht in:The Manchester school 1999-06, Vol.67 (3), p.325-345
Hauptverfasser: Cobham, David, Cosci, Stefania, Mattesini, Fabrizio
Format: Artikel
Sprache:eng
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Zusammenfassung: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.
ISSN:1463-6786
1467-9957
DOI:10.1111/1467-9957.00150