The aim of this study is to assess the effectiveness of the Italian State Credit Guarantee Scheme (Central Guarantee Fund). The paper analyzes the impact of the program on SMEs’ profitability considering the firm size and sector. The analysis is performed using propensity-score matching estimators and the Difference in Differences regressions on a proprietary sample of about 38,000 SMEs in the period 2007–2009. Overall, the Central Guarantee Fund generated an increase in the profitability of guaranteed firms during the period of economic downturn. However, significant differences emerged across firms by size and sector. The effect is positive and robust only for micro- and small-sized firms, and the most relevant improvement in the profitability is recorded for firms operating in the manufacturing sector. This implies that more customized programs are necessary to reach a higher value for money in entrepreneurial policies

Caselli, S., Corbetta, G., Rossolini, M., Vecchi, V. (2019). Public Credit Guarantee Schemes and SMEs’ Profitability: Evidence from Italy. JOURNAL OF SMALL BUSINESS MANAGEMENT, 57, 555-578 [10.1111/jsbm.12509].

Public Credit Guarantee Schemes and SMEs’ Profitability: Evidence from Italy

Rossolini, M
;
2019

Abstract

The aim of this study is to assess the effectiveness of the Italian State Credit Guarantee Scheme (Central Guarantee Fund). The paper analyzes the impact of the program on SMEs’ profitability considering the firm size and sector. The analysis is performed using propensity-score matching estimators and the Difference in Differences regressions on a proprietary sample of about 38,000 SMEs in the period 2007–2009. Overall, the Central Guarantee Fund generated an increase in the profitability of guaranteed firms during the period of economic downturn. However, significant differences emerged across firms by size and sector. The effect is positive and robust only for micro- and small-sized firms, and the most relevant improvement in the profitability is recorded for firms operating in the manufacturing sector. This implies that more customized programs are necessary to reach a higher value for money in entrepreneurial policies
Articolo in rivista - Articolo scientifico
Credit Guarantee Scheme, SMEs, public policy, firm profitability, economic additionality
English
22-gen-2019
2019
57
555
578
reserved
Caselli, S., Corbetta, G., Rossolini, M., Vecchi, V. (2019). Public Credit Guarantee Schemes and SMEs’ Profitability: Evidence from Italy. JOURNAL OF SMALL BUSINESS MANAGEMENT, 57, 555-578 [10.1111/jsbm.12509].
File in questo prodotto:
File Dimensione Formato  
jsbm.12509.pdf

Solo gestori archivio

Tipologia di allegato: Publisher’s Version (Version of Record, VoR)
Dimensione 203.19 kB
Formato Adobe PDF
203.19 kB Adobe PDF   Visualizza/Apri   Richiedi una copia

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10281/220361
Citazioni
  • Scopus 10
  • ???jsp.display-item.citation.isi??? 10
Social impact