Autore
Bottasso, Anna

Titolo
Il comportamento ciclico dei margini di profitto in presenza di mercati del capitale meno che perfetti: un'analisi empirica su dati di impresa in Italia.
Periodico
CERIS-CNR. Working Paper
Anno: 1997 - Fascicolo: 20 - Pagina iniziale: 1 - Pagina finale: 23

In this paper the cyclical behaviour of markups in presence of imperfect capital markets has been analysed from an empirical point of view. A markup equation has been estimated including among regressors a leverage variable. This approach is based on the hypothesis that more leveraged firms have a lower level of internal net worth and are more likely to be affected by problems induced by capital market imperfections. The empirical analysis has been conducted on a panel of 1168 Italian manufacturing firms observed over the period 1977-1993. Overall results suggest the existence of financial constraints which induce firms to reduce markups; since this incentive is higher during recessions, it seems that capital market imperfections have a procyclical impact on markups.



Testo completo: http://www.ceris.cnr.it/ceris/workingpaper/1997/wp20_97BOTTASSO.PDF

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