Nel libro di prossima uscita edito da Gallo e D’Arcangelis, "Mercati finanziari, strumenti derivati e gestione del rischio: un tributo alla lezione di Franco Caparrelli" per i tipi di McGraw-Hill, una mia parte riguarderà la gestione dei rischi nelle PMI: Risk management in Italian SMEs: survey results, di cui si riporta l'abstract. Il libro raccoglie una serie di contributi scientifici e di ricordi in memoria di Franco Caparrelli, relatore della mia tesi di specializzazione, oltre ad amico e collega, scomparso nell'agosto del 2004.
Abstract
In this paper we present the results of a survey on risk management done on a sample of 85 nonfinancial SMEs (small- and medium-sized enterprises) from the northeastern part of Italy, an area with one of the most dynamic regional economies in Europe. We tested two determinants of the generally accepted theoretical hypothesis that enterprises manage risks to maximise their firm’s value: (1) firms act to reduce the costs of financial distress, and (2) to prevent that the internally generated cash flow falls to a level that would require the firm to incur costly new debt. Unlike other empirical studies, the tests were done on all the principal types of corporate risk, using the importance of risk as the indicator used to classify the firms. The results, in accordance with the theory, indicate that firms indeed manage credit risk to prevent or stem the costs of financial distress. Ambiguous results, as in other papers, were found regarding the second determinant. We noted that the behaviour of firms varied with the type of risk. These findings are consistent with some recent papers that look specifically at the heterogeneous aspects in corporate risk management.
Flavio B
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