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Crescita e sensibilità degli investimenti al cash flow nelle imprese del Mezzogiorno


  • Giuseppe Cinquegrana
  • Domenico Sarno


The analysis of the financial constraints on the firm growth deals with the relationship between the capital structure and the growth of the firm. On this subject there is a massive body of theoretical and empirical studies producing significant, but controversial results. The aim of the paper is to show that the growth of the Mezzogiorno’s small and medium sized firms is financially more constrained compared to the firms of the same size belonging in the other Italian regions. In order to confirm this thesis an empirical analysis about the sensibility of the investment on the internal finance is provided. From the estimates of the Eulero’s investment equation augmented by the cash flow variables follows that the contribution of the internal finance on the growth is higher for the Southern firms. The conclusions underline the larger difficulties by the Southern firms to access to external financial sources due to the higher opacity of the firms and the lower degree of the development of the financial markets in the Southern regions.

Suggested Citation

  • Giuseppe Cinquegrana & Domenico Sarno, 2009. "Crescita e sensibilità degli investimenti al cash flow nelle imprese del Mezzogiorno," STUDI ECONOMICI, FrancoAngeli Editore, vol. 0(97), pages 91-109.
  • Handle: RePEc:fan:steste:v:html10.3280/ste2009-097003

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    Cited by:

    1. Giuseppe Cinquegrana, 2014. "Effetti differenziali delle politiche monetarie sugli investimenti delle imprese industriali italiane: un’analisi con metodologia panel," RIVISTA DI ECONOMIA E STATISTICA DEL TERRITORIO, FrancoAngeli Editore, vol. 2014(3), pages 40-78.

    More about this item

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill


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