The capital structure choices of agro-food firms: evidence from Italian SMEs

Rossi, Matteo; Lombardi, Rosa; Nappo, Fabio; Trequattrini, Raffaele

doi:10.1504/ijmp.2015.072768

Cited by 20 publications

(22 citation statements)

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“…Many researchers have investigated the behavior of firms' capital structure aiming at detecting whether pecking order or trade -off hypothesis can better explain this behavior, but their results are contradictory. Using various methods, some of them conclude that pecking order hypothesis is dominant (Macas Nunes & Serrasqueiro, 2017;Trinh et al, 2017;Pacheco, 2016;Balios et al, 2016;Atiyet, 2012;Sheikh et al, 2012;Vijayakumar, 2011), while others support the superiority of trade -off theory over pecking order hypothesis (Sardo & Serrasqueiro, 2017;Rossi et al, 2015;Wang, 2013). Below, some of these surveys are presented, while a much more detailed presentation may be seen in Martinez et al (2018).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Vijayakumar (2011) using a sample of 26 firms of Indian automobile sector investigated the adjustability of the two theories and concluded that pecking order paradigm overbears the trade -off hypothesis during the period 1996-2009. On the other hand, the research of Rossi et al (2015) resulted that trade -off theory is much more appropriate than pecking order hypothesis in explaining the managers' decisions on capital structure using a sample of 82 Italian firms in the Agro-food industry for a period beginning in 2007 and ending in 2011, while Wang's (2013) Chatzinas and Papadopoulos (2018) used data for 142 non-financial listed in Athens Stock Exchange firms and conclude that both theories can explain the capital structure's behavior depending on the general economic conditions. Banga and Gupta (2017) examined the capital structure of small and medium sized firms in India for a period from 2007 to 2012.…”

Section: Literature Reviewmentioning

confidence: 99%

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2018

Eur. j. econ. bus. stud.

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Designing and adapting organizations to secure viability and increase performance is a challenge. Research models often fail to integrate corporate social responsibility (CSR) aspects in the concept development and its implementation. Therefore, the aim of this study is to propose a holistic approach how organizations can be designed, changed and managed considering its implications to service management under a CSR approach. Hereby the Viable System Model was applied. Its structure can be applied to any kind of structured organization and for its management with goals to be achieved in modern society; however focus of the research is the cluster of charity organizations. Goal of the developed model is to be able to react to all potential organizational environments by taking decisions correctly and in the right moment based on the needed information reducing service lead times and manpower allocation as well as increasing the service level. To ensure this, service management tasks were assigned and standardized communication channels were defined. In conclusion this proposed approach empowers organizations to have internal mechanisms to secure viability by pursuing the goal of a high performance CSR approach. Service management tasks according to planning horizon levels Definition of recursion levels within a service organizationService management tasks and their classification to the VSM systems Identification of the needed information flows between organization and service recursion levels and within the service management level Applying the model for charity organizations After having described the methodology, the VSM as a reference model is compared with other approaches. As described ISSN 2411-9571 (Print) ISSN 2411

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Untitled

2018

Eur. j. econ. bus. stud.

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“…Within this context, a proper definition of the financial structure has been made (Grandinetti and Nassimbeni, 2007), along with the balance between different sources of financing (Capasso et al, 2015;Giacosa and Mazzoleni, 2017;La Rocca, 2007), the attitude of self-financing (Brealey et al, 1999;Rossi et al, 2015), the balance between financing and investments (Golinelli, 1994;Miglietta, 2004) and the suitable level of financial independence from third parties (Giacosa and Mazzoleni, 2016). In terms of funding, a company needs to choose between equity and external borrowings (Miglietta, 2004;Rossi, 2014, b;Rossi et al, 2015), as their equilibrium influences the financial and economic situation in terms of financial costs and the freedom of action in terms of investment strategy and independence from third-party investors (Baginski and Hassel, 2004;Bernstein and Wild, 1998;Brealey et al, 1999;Singer, 2000).…”

Section: Literature Reviewmentioning

confidence: 99%

Why small and medium-sized firms tend to make recourse to external debt: An investigation into an Italian sample

Mazzoleni¹,

Giacosa²,

Maria³

2017

Afr. J. Bus. Manage.

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The purpose of this research is to identify the determinants impacting companies' financial structure in SMEs belonging to different economic sectors. The research is due to the current situation which characterizes the banking system and the companies' environment. Within this context, both companies and stakeholders need to identify the determinants impacting these companies' financial structure in order to optimize their decisions in terms of short and medium-long term goals and internal/external sources. In a previous research, the frame work of this study has been presented in which some variables impacting companies' financial structure have been identified. Finally, our sample is composed of 12,175 Italian companies; 2% of them are bankrupt; 97% have external debts. The present research identifies the relationship between variables introduced by the literature on the level of indebtedness. In particular, the following variables have been analysed to assess their impact on suitable funding methods: The growth of the company, the attitude to repaying financial debts, the companies' financial situation, their age, size, intangible assets ratio, and economic sector. The present research has some interesting theoretical and practical implications, along with some limitations linked to the sample and research method.

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“…Among them, analysis of the financial structure allows to judge the degree of rigidity or elasticity of loans, on the one hand, and the company's decisions taken in terms of financing resources, on the other. In addition, the impact of financial decisions on the economic aspects is debated at length because of the influence of financial costs (Brealey, Myers and Sandri, 1999;Capasso, Gallucci and Rossi, 2015;Golinelli, 1994;La Rocca, 2007;Miglietta, 2004;Rossi et al, 2015).…”

Section: Literaturementioning

confidence: 99%

A decision model for the suitable financing for small and medium enterprises

Giacosa

Mazzoleni

2016

IJMFA

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This research proposes a "model of selection of the financing sources" which allows to identify both the financing entity to which the company may resort and the appropriate financing methods for the company (with particular reference to alternative instruments to the banking ones). Based on a sample of small and medium-sized Italian companies, and thanks to a quantitative method, the proposed model permits to select the financial sources, in order to choose the most appropriate financing methods for small and medium companies. It allows to suggest to the owners/or to the management appropriate debt-covering instruments different from the banking ones. The application of the model enables to change the financial culture within the company by expanding the knowledge and the use of alternative financing instruments to the bank and working on management unpreparedness and capital inadequacy of the companies. The originality of the research is coherent in the current context of the reference, which is changing in a profound way for both economic and normative reasons as well as presenting a different perspective in the light of the companies' experience of the past years.Reference to this paper should be made as follows: Giacosa, E. and Mazzoleni, A. (2016) 'A decision model for the suitable financing for small and medium enterprises', Int.

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The capital structure choices of agro-food firms: evidence from Italian SMEs

Cited by 20 publications

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Why small and medium-sized firms tend to make recourse to external debt: An investigation into an Italian sample

A decision model for the suitable financing for small and medium enterprises

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