The financial leverage in medium-sized companies: an Italian survey

Q3 Business, Management and Accounting

International Journal of Globalisation and Small Business Pub Date : 2016-09-03 DOI:10.1504/IJGSB.2016.078788

E. Giacosa, Laura Broccardo, M. Rossi

引用次数: 6

Abstract

The aim of our work is to highlight the impact of a series of company variables on the financial leverage in a medium-sized company. It permits to evaluate the effect of several decisions on the financial leverage, making them more aware. The sample is composed of all Italian medium-sized companies belong to the manufacturing food and beverage sector, extracted by Amadeus. The sample is composed of 4,705 firms, and the observed period was 2010-2011-2012-2013. It emerged a moderate correlation between liabilities and fixed assets. In addition, fixed assets have not been properly funded by permanent capital, creating probable financial tensions. In addition, we verified the company's attitude to repay debts, thanks to its core business: it emerged a strong and a moderate correlation between liabilities and revenues, decreasing each year; indeed, the core business, thanks to its attitude in generating cash, is useful to pay debts.

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中型企业的财务杠杆:一项意大利调查

我们的工作目的是突出一系列公司变量对中型公司财务杠杆的影响。它允许评估若干决策对财务杠杆的影响，使他们更加了解。该样本由Amadeus提取的所有意大利中型企业组成，属于食品和饮料制造业。样本由4705家企业组成，观察期为2010-2011-2012-2013。负债和固定资产之间出现了适度的相关性。此外，固定资产没有得到永久资本的适当资助，可能造成金融紧张。此外，我们验证了公司的偿债态度，得益于其核心业务:负债与收入之间出现了强烈而适度的相关性，且逐年下降;事实上，由于其在产生现金方面的态度，核心业务对偿还债务是有用的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Journal of Globalisation and Small Business Decision Sciences-Information Systems and Management

CiteScore

1.90

自引率

0.00%

发文量

期刊介绍： The goal of the IJGSB is to explore the opportunities and threats of globalisation for small businesses as well as small businesses" strategic options in an increasingly global world. Dramatic changes in contemporary society and the economy have impacts on small businesses. The changing environment negatively influences the development and survival of smaller organisations in some areas and creates new opportunities for small businesses in others. Small firms" managers increasingly have to cope with global as well as local competitive dimensions. Research in this broad field thus is highly relevant.