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La crisi finanziaria nei bilanci delle imprese: una nota con i dati Mediobanca [The financial crisis in the italian companies’ financial statements: insights from mediobanca’ data]

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Abstract

The financial crisis had a severe impact on financial statements of Italian manufacturing companies: in 2012 total revenues are still under the level got before 2009, while gross margins (EBITDA) are even below the level of 2007. The decrease of the accounting depreciation rates allowed the companies to contain the fall of net margins (EBIT). The cutback of fixed investments and the slow dynamic of the operating working capital have allowed the companies to limit their external financial needs, whose coverage came mainly from bond issues and net increases of short term financial debts. Length: 33 pages Keywords : Crisi finanziaria, Imprese manifatturiere, Bilanci, Struttura finanziaria, Credit crunch, Redditività, Fabbisogni finanziari

Suggested Citation

  • Franco Varetto, 2014. "La crisi finanziaria nei bilanci delle imprese: una nota con i dati Mediobanca [The financial crisis in the italian companies’ financial statements: insights from mediobanca’ data]," CERIS Working Paper 201411, CNR-IRCrES Research Institute on Sustainable Economic Growth - Torino (TO) ITALY - former Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY.
    • Handle: RePEc:csc:cerisp:201411
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    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General

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