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Mafia Infiltration and Ownership Dynamics in Italian Companies during Covid-19

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Abstract

We examine how government-mandated Covid-19 business closures impacted on the ownership structure of Italian private companies and investigate the mechanisms whereby the mafia infiltrates the legal economy during crises. Using a novel dataset tracking monthly shareholder changes, we show that an increase in the days of closure reduced the number of firms undergoing ownership changes, although significantly less so in provinces with strong mafia presence. This is especially true in the sectors that are historically prone to mafia infiltration and those more severely affected by the Covid-19 liquidity crisis, and in micro-firms, which tend to be more financially vulnerable.

Suggested Citation

  • Roberta De Luca & Rosalia Greco & Giovanni Immordino, 2025. "Mafia Infiltration and Ownership Dynamics in Italian Companies during Covid-19," CSEF Working Papers 750, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    • Handle: RePEc:sef:csefwp:750
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    File URL: https://www.csef.it/WP/wp750.pdf
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    More about this item

    Keywords

    Mafia Infiltration; Covid-19; Firm ownership;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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