I nuovi strumenti di finanziamento per le PMI: una possibile applicazione alle imprese sarde

The financial crisis has highlighted the structural weakness of Italian firms, highly bank-dependent and characterized by high leverage as well. The proposed solutions to finance and favour the recovery – promoting the direct access of firms to the financial market – are theoretically robust and acknowledged by the financial literature – although difficultly implementable due to an Italian financial market not adequately developed. Apart from the aforementioned issues, this study presents a detailed empirical analysis on the dynamics of the Minibond-market (two years after its launch) and analysis – through the employment of “early warning” models based on a sample of 1.225 firms – the endogenous features (linked to the financial structures of the issuing firms) that have influenced firms about the choice of issuing, or not, the Minibonds.