I nuovi strumenti di finanziamento per le PMI: una possibile applicazione alle imprese sarde

The financial crisis has highlighted the structural weakness of Italian firms, highly bank-dependent and characterized by high leverage as well. The proposed solutions to finance and favour the recovery †" promoting the direct access of firms to the financial market †" are theoretically robust and acknowledged by the financial literature †" although difficultly implementable due to an Italian financial market not adequately developed. Apart from the aforementioned issues, this study presents a detailed empirical analysis on the dynamics of the Minibond-market (two years after its launch) and analysis †" through the employment of †œearly warning†� models based on a sample of 1.225 firms †" the endogenous features (linked to the financial structures of the issuing firms) that have influenced firms about the choice of issuing, or not, the Minibonds.