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Using a spatial general equilibrium model, this paper investigates the resilience of European Union regions under three alternative recessionary shocks, each activating different economic adjustments and mechanisms. We measure the vulnerability, resistance and recoverability of regions and identify key regional features affecting the ability of regions to withstand and recover from unexpected external shocks. The analysis reveals that the responses of regions vary according to the nature of the external disturbance and to the pre-shock regional characteristics. Finally, it seems that resilience also depends on factor mobility. The analysis, although designed before the onset of the Covid-19 pandemic, offers interesting insights into how to use a general equilibrium framework to study resilience in such a context.
Filippo Di Pietro; Patrizio Lecca; Simone Salotti. Regional economic resilience in the European Union: a numerical general equilibrium analysis. Spatial Economic Analysis 2020, 1 -26.
AMA StyleFilippo Di Pietro, Patrizio Lecca, Simone Salotti. Regional economic resilience in the European Union: a numerical general equilibrium analysis. Spatial Economic Analysis. 2020; ():1-26.
Chicago/Turabian StyleFilippo Di Pietro; Patrizio Lecca; Simone Salotti. 2020. "Regional economic resilience in the European Union: a numerical general equilibrium analysis." Spatial Economic Analysis , no. : 1-26.
Filippo Di Pietro; Maria Elena Bontempi; María-José Palacín-Sánchez; Reyes Samaniego-Medina. Capital Structure across Italian Regions: The Role of Financial and Economic Differences. Sustainability 2019, 1 .
AMA StyleFilippo Di Pietro, Maria Elena Bontempi, María-José Palacín-Sánchez, Reyes Samaniego-Medina. Capital Structure across Italian Regions: The Role of Financial and Economic Differences. Sustainability. 2019; ():1.
Chicago/Turabian StyleFilippo Di Pietro; Maria Elena Bontempi; María-José Palacín-Sánchez; Reyes Samaniego-Medina. 2019. "Capital Structure across Italian Regions: The Role of Financial and Economic Differences." Sustainability , no. : 1.
Inadequate access to finance for small and medium-sized enterprises (SMEs) can present a major impediment to SMEs’ contribution towards driving sustainable economic growth. The aim of this article is to investigate the role of life cycle on SME financing decisions while focusing on trade credit. To this end, we study whether trade credit and its firm-factor determinants differ depending on the stage of life cycle of the SMEs. For the empirical analysis, a sample is employed of manufacturing SMEs operating in 12 European Union countries over the period 2008–2014 and a panel data model with fixed effects is applied. We find that the business life cycle influences trade credit and that this influence is stronger in young firms, although this relation is non-linear across the firms’ life cycle. We further show that the impact of firm-factor determinants on trade credit differs across the business life cycle in terms of magnitude levels. Our results demonstrate that the business life cycle matters when analysing trade credit, and it should therefore be considered when managers and policymakers strive to solve the financial problems of an SME and to consequently incorporate the SME into the sustainable economy.
Francisco-Javier Canto-Cuevas; María-José Palacín-Sánchez; Filippo Di Pietro. Trade Credit as a Sustainable Resource during an SME’s Life Cycle. Sustainability 2019, 11, 670 .
AMA StyleFrancisco-Javier Canto-Cuevas, María-José Palacín-Sánchez, Filippo Di Pietro. Trade Credit as a Sustainable Resource during an SME’s Life Cycle. Sustainability. 2019; 11 (3):670.
Chicago/Turabian StyleFrancisco-Javier Canto-Cuevas; María-José Palacín-Sánchez; Filippo Di Pietro. 2019. "Trade Credit as a Sustainable Resource during an SME’s Life Cycle." Sustainability 11, no. 3: 670.
This paper aims to evaluate the relationship between capital and liquidity creation following the implementation of the Basel III rules. These regulatory measures target both increased capital ratios and a reduction of banks’ maturity transformation risk, which could result in excessive constraints on bank liquidity creation, thereby negatively affecting economic growth. Using a simultaneous equation model, we find a bi-causal negative relationship, which suggests that banks may reduce liquidity creation as capital increases; and when liquidity creation increases, banks reduce capital ratios. Our results therefore imply a trade-off between financial stability (higher capital, reduced risk) and economic growth (liquidity creation).
Barbara Casu; Filippo Di-Pietro; Antonio Trujillo-Ponce. Liquidity Creation and Bank Capital. Journal of Financial Services Research 2018, 56, 307 -340.
AMA StyleBarbara Casu, Filippo Di-Pietro, Antonio Trujillo-Ponce. Liquidity Creation and Bank Capital. Journal of Financial Services Research. 2018; 56 (3):307-340.
Chicago/Turabian StyleBarbara Casu; Filippo Di-Pietro; Antonio Trujillo-Ponce. 2018. "Liquidity Creation and Bank Capital." Journal of Financial Services Research 56, no. 3: 307-340.
Trade credit and bank credit constitute two of the most important external sources of finance for small firms. The purpose of this paper, first and foremost, is to explore the complementary or substitutive relationship between trade credit and bank credit by considering the joint determination of both resources on small and medium-sized enterprises (SMEs), and second, it analyses how the country institutional factors affect these two resources. Specifically, we introduce the efficiency of the legal system and the development of the financial sector. For the empirical analysis, we use a simultaneous equations model across a sample of 60,377 SMEs operating in 12 European Union countries over the period 2008–2014. The results suggest that two resources, trade credit and short-term bank credit, are simultaneously determined and negatively related in SMEs. The results also suggest that trade credit and bank credit depend on country institutional factors.
María-José Palacín-Sánchez; Francisco-Javier Canto-Cuevas; Filippo Di-Pietro. Trade credit versus bank credit: a simultaneous analysis in European SMEs. Small Business Economics 2018, 53, 1079 -1096.
AMA StyleMaría-José Palacín-Sánchez, Francisco-Javier Canto-Cuevas, Filippo Di-Pietro. Trade credit versus bank credit: a simultaneous analysis in European SMEs. Small Business Economics. 2018; 53 (4):1079-1096.
Chicago/Turabian StyleMaría-José Palacín-Sánchez; Francisco-Javier Canto-Cuevas; Filippo Di-Pietro. 2018. "Trade credit versus bank credit: a simultaneous analysis in European SMEs." Small Business Economics 53, no. 4: 1079-1096.
Filippo Di Pietro; María José Palacín Sánchez; José L. Roldán. Regional development and capital structure of SMEs. Cuadernos de Gestión 2018, 18, 37 -60.
AMA StyleFilippo Di Pietro, María José Palacín Sánchez, José L. Roldán. Regional development and capital structure of SMEs. Cuadernos de Gestión. 2018; 18 (1):37-60.
Chicago/Turabian StyleFilippo Di Pietro; María José Palacín Sánchez; José L. Roldán. 2018. "Regional development and capital structure of SMEs." Cuadernos de Gestión 18, no. 1: 37-60.
Within the line of research in entrepreneurship and economic development that defends the entrepreneurial activity as a tool for job creation and activation of the economy, we will perform an empirical analysis in Spain of the relationship between the institutional environment, specifically the entrepreneurial finance variable , capital structure and growth of young firms. To this end, this study focuses on the business context of young Spanish SMEs and uses information from the GEM and SABI databases for the period 2008-2015. Using the panel data methodology, empirical evidence is provided that access to finance favors the indebtedness of young Spanish SMEs, and leverage is an explanatory factor of job creation. The data is consistent at the country and regional levels. Therefore, an institutional effort, both public and private, that facilitates financing entrepreneurs will favor the creation of employment and economic growth. The authors have contributed equally to this research. [Emprendimiento, financiación para los emprendedores y creación de empleo: Evidencias a través de datos de panel]Dentro de la línea de investigación en emprendimiento y desarrollo económico que defiende la iniciativa emprendedora como herramienta de creación de empleo y activación de la economía, vamos a realizar un análisis empírico en España de la relación entre entorno institucional, concretamente de la variable apoyo financiero, estructura de capital y crecimiento de jóvenes empresas. Para ello, este estudio se centra en el contexto empresarial de las jóvenes PYMES españolas y utiliza información de las bases de datos GEM y SABI para el horizonte temporal 2008-2015. Mediante la metodología de datos de panel se aporta evidencia empírica de que el apoyo financiero favorece el endeudamiento de las jóvenes PYMES españolas, y el apalancamiento es un factor explicativo de la creación de empleo. Los datos son consistentes a nivel país y a nivel regional. Por tanto, un esfuerzo institucional, tanto público como privado, que facilite el acceso a la financiación empresarial favorecerá la creación de empleo y el crecimiento económico. Todos los autores han contribuido de igual manera en esta investigación.
Manuela Vega Pascual; Filippo Di Pietro; Rafaela Alfalla-Luque. Entrepreneurship, finance entrepreneurs and job creation: Evidence from panel data. WPOM-Working Papers on Operations Management 2017, 8, 44 -65.
AMA StyleManuela Vega Pascual, Filippo Di Pietro, Rafaela Alfalla-Luque. Entrepreneurship, finance entrepreneurs and job creation: Evidence from panel data. WPOM-Working Papers on Operations Management. 2017; 8 (2):44-65.
Chicago/Turabian StyleManuela Vega Pascual; Filippo Di Pietro; Rafaela Alfalla-Luque. 2017. "Entrepreneurship, finance entrepreneurs and job creation: Evidence from panel data." WPOM-Working Papers on Operations Management 8, no. 2: 44-65.
Jose L. Barbero; Filippo Di Pietro; Catherine Chiang. A rush of blood to the head: Temporal dimensions of retrenchment, environment and turnaround performance. Long Range Planning 2017, 50, 862 -879.
AMA StyleJose L. Barbero, Filippo Di Pietro, Catherine Chiang. A rush of blood to the head: Temporal dimensions of retrenchment, environment and turnaround performance. Long Range Planning. 2017; 50 (6):862-879.
Chicago/Turabian StyleJose L. Barbero; Filippo Di Pietro; Catherine Chiang. 2017. "A rush of blood to the head: Temporal dimensions of retrenchment, environment and turnaround performance." Long Range Planning 50, no. 6: 862-879.
This paper empirically analyzes the determinants of credit default swap (CDS) spreads from a sample of 45 listed European banks over the 2004-2010 period. We use variables related to accounting- and market-based data, an indicator of liquidity in the CDS market and several variables from the macroeconomic environment in which these financial institutions operate. These variables are analyzed during both the pre-crisis period (2004-2007) and the crisis period (2008-2010). The primary conclusion is that the market variables have the greatest explanatory power. Additionally, we find that the explanatory power of the model is considerably higher during the crisis period than it is during the pre-crisis period.
Reyes Samaniego Medina; Antonio Trujillo-Ponce; Purificación Parrado-Martínez; Filippo Di-Pietro. Determinants of bank CDS spreads in Europe. Journal of Economics and Business 2016, 86, 1 -15.
AMA StyleReyes Samaniego Medina, Antonio Trujillo-Ponce, Purificación Parrado-Martínez, Filippo Di-Pietro. Determinants of bank CDS spreads in Europe. Journal of Economics and Business. 2016; 86 ():1-15.
Chicago/Turabian StyleReyes Samaniego Medina; Antonio Trujillo-Ponce; Purificación Parrado-Martínez; Filippo Di-Pietro. 2016. "Determinants of bank CDS spreads in Europe." Journal of Economics and Business 86, no. : 1-15.
ResumenEste trabajo estudia los efectos de la situación económica sobre el crédito comercial en las pequeñas y medianas empresas. Para lograr este objetivo, se analiza una muestra de pymes españolas durante los años 2004 a 2011, periodo que incluye una etapa de expansión y otra de recesión, utilizando la metodología de datos de panel. Los resultados muestran que el ciclo económico afecta de manera significativa al crédito comercial recibido y concedido, produciéndose un aumento en la etapa de bonanza económica y una contracción durante la crisis. Además, son las empresas más vulnerables financieramente las que durante la crisis, por un lado, tienen más dificultades para conseguir financiación vía crédito comercial, pero al mismo tiempo más incrementan su crédito a clientes. Por último, aquellas firmas con mayor capacidad de generar recursos conceden más crédito a sus clientes.AbstractThe objective of this work is to study the effects of the economic situation on trade credit received and granted, in small and medium-sized enterprises. To this end, using the panel data methodology, we analyse a sample of Spanish SMEs during the years 2004-2011: a period that includes two phases, one of expansion and another of recession. The results show that the economic cycle significantly affects trade credit received and granted, which both increase in the period of economic boom, and contract during a period of crisis. In addition, constrained firms receive less credit from suppliers during the crisis, while their accounts receivables increase. Finally, those firms with greater capacity to generate internal resources grant more credit to their customers
Francisco-Javier Canto-Cuevas; María-José Palacín-Sánchez; Filippo Di Pietro. Efectos del ciclo económico en el crédito comercial: el caso de la pyme española. European Research on Management and Business Economics 2016, 22, 55 -62.
AMA StyleFrancisco-Javier Canto-Cuevas, María-José Palacín-Sánchez, Filippo Di Pietro. Efectos del ciclo económico en el crédito comercial: el caso de la pyme española. European Research on Management and Business Economics. 2016; 22 (2):55-62.
Chicago/Turabian StyleFrancisco-Javier Canto-Cuevas; María-José Palacín-Sánchez; Filippo Di Pietro. 2016. "Efectos del ciclo económico en el crédito comercial: el caso de la pyme española." European Research on Management and Business Economics 22, no. 2: 55-62.
Improving water practices among small farmers in a water scarce area like the Yucatan Peninsula in Mexico is a complex task. Despite government attempts to enforce regulations and question the possibility of adjusting prices, the misuse of this scarce resource continues. Most farmers are, at best, motivated to aim for a minimum level of compliance, with very few striving to engage in best practices. This article seeks to make a proposal about the best drivers for inspiring best practices in an effort to improve the use of water management in the area. It proposes that a virtue ethics approach that explicitly focuses on the cultivation of an attitude of respect for water founded on three key principles (participation, hydrosolidarity and proactive engagement) is the best solution for Yucatan. This hypothesis is the result of developing a singular methodology based on Partial Least Squares (PLS), according to structural equation modeling (SEM), that could be replicated anywhere to ascertain which measures are best suited in a particular context. Using a small sample size, this research ascertains what is required to achieve best practices with regards to the management of water in that particular area.
Rafael R. Ramírez; Leanne Seeliger; Filippo Di Pietro. Price, Virtues, Principles: How to Discern What Inspires Best Practices in Water Management? A Case Study about Small Farmers in the Yucatan Peninsula of Mexico. Sustainability 2016, 8, 385 .
AMA StyleRafael R. Ramírez, Leanne Seeliger, Filippo Di Pietro. Price, Virtues, Principles: How to Discern What Inspires Best Practices in Water Management? A Case Study about Small Farmers in the Yucatan Peninsula of Mexico. Sustainability. 2016; 8 (4):385.
Chicago/Turabian StyleRafael R. Ramírez; Leanne Seeliger; Filippo Di Pietro. 2016. "Price, Virtues, Principles: How to Discern What Inspires Best Practices in Water Management? A Case Study about Small Farmers in the Yucatan Peninsula of Mexico." Sustainability 8, no. 4: 385.
Francisco-Javier Canto-Cuevas; María-José Palacín-Sánchez; Filippo Di Pietro. El crédito comercial en el sector turístico: Ciclo económico y factores determinantes. International Journal of World of Tourism 2016, 3, 38 -45.
AMA StyleFrancisco-Javier Canto-Cuevas, María-José Palacín-Sánchez, Filippo Di Pietro. El crédito comercial en el sector turístico: Ciclo económico y factores determinantes. International Journal of World of Tourism. 2016; 3 (6):38-45.
Chicago/Turabian StyleFrancisco-Javier Canto-Cuevas; María-José Palacín-Sánchez; Filippo Di Pietro. 2016. "El crédito comercial en el sector turístico: Ciclo económico y factores determinantes." International Journal of World of Tourism 3, no. 6: 38-45.
Francisco-Javier Canto-Cuevas; María-José Palacín-Sánchez; Filippo Di Pietro. Trade credit in SMEs: a quantile regression approach. Applied Economics Letters 2015, 23, 945 -948.
AMA StyleFrancisco-Javier Canto-Cuevas, María-José Palacín-Sánchez, Filippo Di Pietro. Trade credit in SMEs: a quantile regression approach. Applied Economics Letters. 2015; 23 (13):945-948.
Chicago/Turabian StyleFrancisco-Javier Canto-Cuevas; María-José Palacín-Sánchez; Filippo Di Pietro. 2015. "Trade credit in SMEs: a quantile regression approach." Applied Economics Letters 23, no. 13: 945-948.
Palacín-Sánchez M.-J. and Di Pietro P. The role of the regional financial sector in the capital structure of small and medium-sized enterprises (SMEs), Regional Studies. This article examines the role that the financial sector plays in explaining differences in the capital structure of small and medium-sized enterprises (SMEs) across regions belonging to a single country. Specifically, it studies the effect of the development of the financial sector and of banking market concentration on leverage of firms. This research uses a sample of 8142 SMEs representing every Spanish region for the period 1999–2007, and applies the panel data methodology. The results suggest that the capital structure depends on the regional financial sector, in terms of both its level of development and its degree of competition.
María-José Palacín-Sánchez; Filippo Di-Pietro. The Role of the Regional Financial Sector in the Capital Structure of Small and Medium-Sized Enterprises (SMEs). Regional Studies 2015, 50, 1232 -1247.
AMA StyleMaría-José Palacín-Sánchez, Filippo Di-Pietro. The Role of the Regional Financial Sector in the Capital Structure of Small and Medium-Sized Enterprises (SMEs). Regional Studies. 2015; 50 (7):1232-1247.
Chicago/Turabian StyleMaría-José Palacín-Sánchez; Filippo Di-Pietro. 2015. "The Role of the Regional Financial Sector in the Capital Structure of Small and Medium-Sized Enterprises (SMEs)." Regional Studies 50, no. 7: 1232-1247.
This article studies the influence of regional institutional environment, measured as regional development, on capital structure of small and medium-sized enterprises (SMEs). Furthermore, the standard firm-factor determinants and the business sector of the firm are also incorporated. To this end, this research analyses a sample of Spanish SMEs where all regions of Spain and are considered, and uses Partial Least Squares (PLS), a variance-based structural equation modelling (SEM) in the form of Partial Least Squares (PLS). In this respect, PLS has several clear advantages to multiple linear regression (MLR). Thanks to this innovation, we could identify how each of these factors explains the variation in the capital structure. The results show that although firm factors and the business sector explain a large proportion of the variance of capital structure of SMEs, it is important to take into account the regional institutional environment to better ascertain the level of debt of SMEs in a single country. Spain provides a suitable and unexplored laboratory for the analysis of regional differences in the financial structure of SMEs, since, on the one hand, SMEs constitute the most relevant firms in this country, and on the other hand, Spain shows regional disparities at various levels.
Filippo Di Pietro; María-José Palacín-Sánchez; José-Luis Roldan-Salguero. Regional development and capital structure of SMEs. 2015, 1 .
AMA StyleFilippo Di Pietro, María-José Palacín-Sánchez, José-Luis Roldan-Salguero. Regional development and capital structure of SMEs. . 2015; ():1.
Chicago/Turabian StyleFilippo Di Pietro; María-José Palacín-Sánchez; José-Luis Roldan-Salguero. 2015. "Regional development and capital structure of SMEs." , no. : 1.
This article examines whether the capital structure of small and medium-sized enterprises (SMEs) and its firm-factor determinants are different across regions belonging to a single country. This subject is relatively innovative in capital structure research, since the majority of the studies carried out in a single country have neglected to take into account the region in which firms operate to explain leverage. To this end, we study whether the capital structure and its firm-factor determinants—size, asset structure, profit, growth, and age—differ depending on the region in which the SMEs are located. For the empirical analysis, panel data methods are applied to a sample of firms from all regions of Spain for the period 2004–2007. Our results not only suggest that there are regional differences in the SMEs capital structure but also confirm that the impact of firm-factor determinants on leverage differs across regions in terms of signs, magnitudes and significance levels.
María José Palacín-Sánchez; Luis M. Ramírez-Herrera; Filippo Di-Pietro. Capital structure of SMEs in Spanish regions. Small Business Economics 2012, 41, 503 -519.
AMA StyleMaría José Palacín-Sánchez, Luis M. Ramírez-Herrera, Filippo Di-Pietro. Capital structure of SMEs in Spanish regions. Small Business Economics. 2012; 41 (2):503-519.
Chicago/Turabian StyleMaría José Palacín-Sánchez; Luis M. Ramírez-Herrera; Filippo Di-Pietro. 2012. "Capital structure of SMEs in Spanish regions." Small Business Economics 41, no. 2: 503-519.