-
Journal menu
- General information
- Editorial Board and External Reviewers
- Journal Policies
- Publication Ethics and Malpractice Statement
- Instructions for authors
- Paper reviewing
- Article processing charge
- Feedback from stakeholders
- Journal’s Open Access statement
- Order hard copies of the journal
- 50 most cited papers in the journal
THE FINANCING METHODS FOR SMALL AND MEDIUM COMPANIES: COMPARISON BETWEEN ITALY AND GERMANY
Download This Article
Matteo Rossi 
, Elisa Giacosa , Alberto Mazzoleni
Abstract
The aim of this paperis to identify the appropriate financing methods for Small and Medium-sized Enterprises (SMEs) - with particular reference to alternative instruments to the banking ones- by comparing Italian and German companies. Based on a sample of Italian and German SMEs and thanks to a quantitative method, the research methodology was developed by the following logical steps: i) illustration of the informative matrix used, thanks to which it’s possible to identify different types of financing instruments (also those alternative to the banking ones) the most suitable for the analyzed companies; ii) adoption of the informative matrix to the sample of Italian and German companies; iii) comparison Italy-Germany. Several differences emerged between Italian and German small and medium-sized companies, regarding the most suitable suggested financing forms. The degree of effectiveness of the financing instruments alternative to the debt appears influenced by the analysed space-time context. With reference to Italy, the effectiveness of these instruments is rather modest. With reference to Germany, it occurs the opposite scenario. The originality of the paper is linked to the current profound changes in both economic and normative terms. The research tries to lead companies to change their financial culture, also considering financial instruments alternative to the bank debt particularly suitable for small and medium-sized enterprises.
Keywords: Financing Sources; Smes; Italian Small And Medium-Sized Enterprises; German Small And Medium-Sized Enterprises; Financial Culture; Alternative Financing Instruments; Minibonds; Commercial Paper; Listing
How to cite this paper: Rossi, M., Giacosa, E., & Mazzoleni, A. (2016). The financing methods for small and medium companies: comparison between Italy and Germany. Corporate Ownership & Control, 13(3-2), 366-377. https://doi.org/10.22495/cocv13i3c2p9
