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The financial structure of Italian start-ups, in good and bad times

Emilia Bonaccorsi di Patti () and Valentina Nigro ()
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Emilia Bonaccorsi di Patti: Bank of Italy
Valentina Nigro: Bank of Italy

No 449, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: We analyse the financing sources of over 360,000 Italian start-ups registered between 2003 and 2010. The data show that, before the Global Financial Crisis, 50 per cent of start-ups borrowed from banks when they were one year old, and that bank loans covered 16 per cent of total assets on average. In the post-crisis period we find that the frequency of borrowing by one-year-old start-ups declines by 5 percentage points, and the difference does not disappear as firms become older. We also document that the post-crisis decline in borrowing from banks is more marked than that observed for older firms, controlling for business characteristics.

Keywords: start-ups; corporate finance; financial constraints (search for similar items in EconPapers)
JEL-codes: D22 G32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ent and nep-eur
Date: 2018-07
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