nep-cfn New Economics Papers
on Corporate Finance
Issue of 2012‒02‒08
one paper chosen by
Zelia Serrasqueiro
University of the Beira Interior

  1. SMEs and the challenge to go public: evidence from a recent survey By Marianna Caccavaio; Jacopo Carmassi; Giorgio Di Giorgio; Marco Spallone

  1. By: Marianna Caccavaio (LUISS Guido Carli University); Jacopo Carmassi (LUISS Guido Carli University); Giorgio Di Giorgio (LUISS Guido Carli University); Marco Spallone (Universitˆ degli studi di Chieti e Pescara and LUISS Guido Carli University of Rome)
    Abstract: Italian SMEs go public much less than SMEs located in other European countries, even though their relevance for the national economy is relatively higher in terms of employment and value added. Why do Italian SMEs so scarcely rely on equity as an external source of finance, despite the option of getting listed on SME-dedicated stock market segments? In this paper we address this question by analyzing the responses to a questionnaire that we submitted to a sample of listed firms and institutional investors. We also suggest policy interventions to provide Italian SMEs with the appropriate incentives for listing.
    Keywords: SMEs, IPO, equity financing, financial constraints.
    JEL: G1 G3
    Date: 2012

This nep-cfn issue is ©2012 by Zelia Serrasqueiro. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.