Roberto Guida

Campus Bio-Medico University | unicampus ·  Faculty of Engineering

We study the impact of measures devoted to relieving financial constraints for the growth and survival of Italian innovative start‐ups. Using balance sheet data on innovative start‐ups and information on the use of the Italian Central Guarantee Fund for small and medium‐sized enterprises, we evaluate whether access to the fund, relieving financial...

The European Union introduced a directive aimed at reducing trade credit due to its supposedly negative effect on the European economy. This contrasts with the redistribution view arguing that trade credit could facilitate the financing of credit‐constrained firms by more liquid suppliers. But does trade credit mainly flow from relatively unconstra...

Using a novel measure of relationship lending based on the kind of information banks use to assess borrowers, we investigate the role of relationship lending in firms’ capital structure. Using a unique dataset of European manufacturing firms, we measure relationship lending based on three dimensions (closeness, soft information, exclusivity) and re...

Although lease financing provides a significant source of funds enabling many companies to invest, few studies examine the determinants of leasing in Continental Europe and we are aware of no study on the Italian case. This paper investigates the relationship between financial constraints and leasing decisions for a sample of Italian firms. In part...

This paper studies the impact of the reform of the Employees Severance Indemnity (ESI) fund on Italian firms’ capital structure for a sample of 4680 Italian firms observed over the period 1991-2000. We find that, controlling for various factors affecting firms’ total leverage, ESI is a substitute for firms’ leverage. We also find that the degree of...