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Small banks and innovative entrepreneurial culture in Italy: A historical perspective

Stefania Cosci, Loredana Mirra and Giuseppe Terzo

Economics Letters, 2023, vol. 230, issue C

Abstract: Based on provincial (NUTS 3) data from a comprehensive survey conducted in 1927 by the Italian National Statistical Institute (ISTAT), this paper investigates the effect of the historical presence of small financial institutions on current start-up rates. It finds evidence that their presence positively affects current start-up rates in high and medium-high technology manufacturing sectors. In contrast, it does not find any significant effect in low and medium-low technology manufacturing sectors. These results suggest that the local presence of small financial institutions may have been essential in promoting the development of entrepreneurship in those sectors that are intrinsically more opaque and riskier.

Keywords: Local banks; Entrepreneurial culture; Italian provinces; Historical data; Panel data (search for similar items in EconPapers)
JEL-codes: L26 O33 R11 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:230:y:2023:i:c:s016517652300263x

DOI: 10.1016/j.econlet.2023.111238

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