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179 records from EconBiz based on author Name
1. Leverage at Entry and the Growth of Newly Incorporated Companies
abstractThe use of debt for financing new companies comes with screening and monitoring by lenders that help focusing on achieving long-term growth. Debt-induced governance further brings entrepreneurs to pursue growth opportunities. By contrast, as more debt is used and leverage increases, entrepreneurs are brought to adopt risk-averse strategies that lead to lower expected growth. Using a large sample of over 200,000 European newly incorporated companies we document an inverted-U shaped relationship between leverage at entry and long-term growth that is consistent with our hypothesis. We also find that more investor-friendly country-level systemic conditions make this relationship steeper
Da Rin, Marco; Di Giacomo, Marina; Sembenelli, Alessandro;2022
Availability: Link Link
2. Corporate income taxation, leverage at entry, and the growth of entrepreneurial companies
Da Rin, Marco; Di Giacomo, Marina; Sembenelli, Alessandro;2018
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link
3. Does ICT investment spur or hamper offshoring? : empirical evidence from microdata
abstractWe provide evidence on the effect of ICT investment on the propensity to offshore for a sample of Italian manufacturing firms. To deal with the endogeneity of ICT investment we adopt an innovative identification strategy based on the availability of local broad band facilities. Contrary to previous literature focusing on services, we find a negative effect of ICT on offshoring. Furthermore, when splitting the sample according to the technological level, the effect is negative and significant only in the sub-sample of low-tech firms. This suggests that ICT capital substitutes for foreign workers in performing routine tasks in low-tech industries.
Benfratello, Luigi; Razzolini, Tiziano; Sembenelli, Alessandro;2015
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
4. Corporate Income Taxation, Leverage at Entry, and the Growth of Entrepreneurial Companies
abstractWe study whether corporate income taxation affects the long-term growth of newly incorporated companies through its effect on their choice of leverage at entry. We find that a decrease in corporate income taxation leads to a sizeable decrease in leverage at entry, and that the distribution of leverage at entry is persistent over several years. This effect on initial conditions has long-term implications: we document an inverted-U relationship between leverage at entry and long-term corporate growth, conditional on survival. These effects are economically sizeable and stronger in countries with better creditor rights and more transparent financial transactions
Da Rin, Marco; Di Giacomo, Marina; Sembenelli, Alessandro;2019
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5. Multinationals, competition and productivity spillovers through worker mobility
Nilsson-Hakkala, Katariina; Sembenelli, Alessandro;2018
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link
Citations: 2 (based on OpenCitations)
6. Foreign Direct Investment, Competitive Pressure and Spillovers. An Empirical Analysis on Spanish Firm Level Data
abstractA short review of the theoretical and empirical evidence indicates that Foreign Direct Investment (FDI) has the potential to increase the intensity of competition as well as to act as a channel for technology transfers. One would expect, all else equal, an increase in average productivity following a wave of FDI, as multinational corporations (MNCs) enjoy higher levels of effciency. At the same time, the entry of foreign firms has also been associated with an increase in competitive pressure on the domestic market. Using a large firm level data set covering all sectors of Spanish manufacturing during the period 1983-1996, we attempt to disentangle these two effects by estimating a dynamic model of firm level profitability. We find that FDI has a positive long-run effect on the profitability of target firms, but this is limited to firms belonging to R&D intensive sectors. In addition, the results indicate that foreign presence dampens margins. However, this effect appears to be more than compensated by positive spillovers in the case of knowledge intensive industries
Sembenelli, Alessandro; Siotis, Georges;2016
Availability: Link Link
Citations: 5 (based on OpenCitations)
7. Foreign Direct Investment and Mark-Up Dynamics : Evidence From Spanish Firms
abstractA review of the literature indicates that Foreign Direct Investment has the potential to increase the intensity of competition and to act as a channel for technology transfers. Using a Spanish firm level data set, we disentangle these effects by estimating a dynamic model of firm level performance, which we proxy by mark-ups. We find that FDI has a positive long-run effect on the mark-ups of targets, but this is limited to firms in R&D intensive sectors. In addition, we find weak evidence that foreign presence dampens margins. However, this effect appears to be more than compensated by positive spillovers in the case of knowledge intensive industries
Sembenelli, Alessandro; Siotis, Georges;2016
Availability: Link
8. Entrepreneurship, Firm Entry, and the Taxation of Corporate Income : Evidence from Europe
abstractCan tax policy foster the creation of new companies? To answer this question, we assemble a novel country-industry level panel database with data on entry (by incorporation) for 17 European countries between 1997 and 2004. Our analysis is based on recent models of how corporate taxation affects firm's incorporation decision. We compute effective average tax rates and study how the taxation of corporate income affects entry rates at the country-industry level. Drawing on the political economy literature, we account for the possible endogeneity of taxation. We find a significant negative effect of corporate income taxation on entry rates. The effect is concave and suggests that tax reductions affect entry rates only below a certain threshold tax level. We also find that a reduction in corporate tax rates is more effective in countries with better institutional infrastructure. Our results are robust to alternative measures of effective taxation and to the use of alternative and additional explanatory variables
Da Rin, Marco; Di Giacomo, Marina; Sembenelli, Alessandro;2016
Availability: Link Link
Citations: 6 (based on OpenCitations)
9. Form of Ownership and Financial Constraints
abstractThe authors analyze whether form of ownership affects the substitutability of internal and external sources of finance. In particular, they test whether financial constraints are more severe for independent firms, and whether members of large national business groups suffer different constraints than subsidiaries of foreign multinational corporations. The results for leverage and investment equations estimated for a panel of Italian companies suggest that: a) independent firms face more severe financial constraints than other firms do; and b) members of national groups and subsidiaries of multinational corporations are not oversensitive to cash flow in their investment decisions. But leverage equations suggest interesting differences between the two groups. In particular, agency costs arising from the conflict between managers and shareholders are more important for subsidiaries of multinational corporations
Schiantarelli, Fabio; Sembenelli, Alessandro;2016
Availability: Link
10. The Maturity Structure of Debt : Determinants and Effects on Firms' Performance? Evidence from the United Kingdom and Italy
abstractFirms tend to match asset ...
Schiantarelli, Fabio; Sembenelli, Alessandro;2016
Availability: Link
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