Corporate mobility and macroeconomic statistics: evidence from the redomiciliations of Italian companies

Cristina Bove (), Stefano Federico (), Giuseppina Marocchi (), Silvia Sabatini () and Enrico Tosti ()
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Cristina Bove: Bank of Italy
Stefano Federico: Bank of Italy
Giuseppina Marocchi: Bank of Italy
Silvia Sabatini: Bank of Italy
Enrico Tosti: Bank of Italy

No 963, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: This paper examines the instances of redomiciliation by Italian multinational enterprises (MNEs) between 2012 and 2024, focusing on their reasons, their macroeconomic impacts, and on the statistical challenges involved in the analysis. Over the period in question, sixteen Italian firms, with a total market capitalization of €280 billion, relocated their legal headquarters abroad. The largest share of firms moved to the Netherlands, largely motivated by the country's governance framework, which allows for multiple voting structures that strengthen the position of controlling shareholders. In most of the remaining cases, the redomiciliation followed the merger with a foreign competitor or a process of corporate restructuring. These redomiciliations significantly impacted Italy's macroeconomic statistics, particularly as regards its international portfolio and direct investment position, and slightly reduced gross national income (GNI). In the study, we highlight a number of conceptual and practical challenges for statisticians, including residency classification and data compilation, and underscore the need for international standards to address these issues. Monitoring and transparent reporting are crucial for countries affected by (such) corporate mobility.

Keywords: redomiciliations; corporate inversion; macroeconomic statistics; globalization (search for similar items in EconPapers)
JEL-codes: F23 F60 G32 G34 (search for similar items in EconPapers)
Date: 2025-09
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