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

Roberta De Luca (), Rosalia Greco () and Giovanni Immordino
Additional contact information
Roberta De Luca: Bank of Italy, https://www.bancaditalia.it/homepage/index.html
Rosalia Greco: Bank of Italy and Bocconi Baffi Center., https://www.bancaditalia.it/homepage/index.html

CSEF Working Papers from Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy

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.

Keywords: Mafia Infiltration; Covid-19; Firm ownership (search for similar items in EconPapers)
JEL-codes: D22 G32 K42 (search for similar items in EconPapers)
Date: 2025
New Economics Papers: this item is included in nep-eur, nep-law and nep-sbm
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Persistent link: https://EconPapers.repec.org/RePEc:sef:csefwp:750

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