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Minibonds and investment: Do they promote intangible assets?

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  • Pisicoli, Beniamino
  • Marchionne, Francesco
  • Beccari, Gabriele

Abstract

This paper examines whether the 2012 introduction of minibonds, a new market-based financial instrument specifically designed for small and medium enterprises, has promoted intangible investments in Italy. We address selection bias by applying a propensity score matching (PSM) and test our hypotheses using a panel Difference-in-Differences (DID) approach. Our results show that minibond-issuing firms invest in intangibles, a component difficult to finance via bank credit, more than other firms and more than they invest in tangibles. We also find that (i) this effect is persistent over time, (ii) minibond-issuing firms attract additional resources from other intermediaries after issuing minibonds, and (iii) alternative financing, such as minibonds, can reduce financial constraints. Results are corroborated by a large number of robustness exercises, including changes in matching criteria, in the matching algorithms, or when resorting to different estimators.

Suggested Citation

  • Pisicoli, Beniamino & Marchionne, Francesco & Beccari, Gabriele, 2025. "Minibonds and investment: Do they promote intangible assets?," Journal of Policy Modeling, Elsevier, vol. 47(6), pages 1222-1245.
    • Handle: RePEc:eee:jpolmo:v:47:y:2025:i:6:p:1222-1245
    DOI: 10.1016/j.jpolmod.2025.09.006
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    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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