Dinamica di lungo periodo delle strutture finanziarie delle imprese italiane. Quaderni IRCrES 26

Quaderni n. 26

Dinamica di lungo periodo delle strutture finanziarie delle imprese italiane
Long-term dynamics of the financial structures of Italian companies

Franco Varetto
CNR-IRCrES, Consiglio Nazionale delle Ricerche – Istituto di Ricerca sulla Crescita Economica Sostenibile, Strada delle Cacce 73, 10135 Torino, Italia
corresponding author: francoww21s@gmail.com

 

Abstract

In this research the modifications in the financial structures of Italian companies, based on data collected by Mediobanca, are analyzed over the period 1989-2023. The long-term evolution of financial structures has been characterized by a significant increase in capitalization, driven by rising equity levels and a reduction in financial debt. The decision rules adopted by companies have tended to favour the structural time-balance between long-term assets and permanent liabilities. The analysis of interdependence between asset and liabilities, and sources and applications of funds, confirmes strong correlations, in contrast with the assumptions of basic financial theory, which is built on financial independence. The study identifies 14 clusters of financial policy; their dynamic transitions highlight a fundamental fragility within the Italian productive system.

Keywords: financial structure, financial policy, economic performance, accounting ratios, cluster analysis, canonical correlation.

 

JEL codes C31, C32, C38, G32, L25, L60, L70, L80, L90, M41

DOI: 10.23760/2499-6661.2026.26

ISBN: 978-88-98193-41-7

ISSN (online): 2499-6661

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How to Cite

Varetto, F. (2026). Dinamica di lungo periodo delle strutture finanziarie delle imprese italiane. Quaderni IRCrES 26. CNR-IRCrES. http://dx.doi.org/10.23760/2499-6661.2026.26